Transaction fee down to $0.11! SegWit works!

countryfree

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Quote from: Thirdspace on February 24, 2018, 08:51:21 AM

Quote from: 300pips on February 24, 2018, 06:57:17 AM

Wonderful, Bitcoin is now as fast as LTC Litecoin. Say goodbye to BitcoinCash small blocksize drama. All we need is a Segwit.

BitcoinCash was created just to accomodate a few bitcoin holders to make quick cash
they see the problem with congested network and use the opportunity to blow it up big
have you wondered why there are drasticaly less spam transactions filling the mempool now? Cool

and strangely while btc.com recommends 5 Satoshis/vbyte | 0.00001 BTC/KvB
as I'm writing, bitcoinfees.earn.com still showing 110 satoshis/byte Shocked

as recommended fee

I have yet to understand why some people use a website to see how much the transaction fee should be.
Your wallet will recommend you an amount, and you can manually adjust it, so there's just no need for an external source of info. Or you may check mempool size, eventually.

Thirdspace

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Quote from: 300pips on February 24, 2018, 06:57:17 AM

Wonderful, Bitcoin is now as fast as LTC Litecoin. Say goodbye to BitcoinCash small blocksize drama. All we need is a Segwit.

BitcoinCash was created just to accomodate a few bitcoin holders to make quick cash
they see the problem with congested network and use the opportunity to blow it up big
have you wondered why there are drasticaly less spam transactions filling the mempool now? Cool

and strangely while btc.com recommends 5 Satoshis/vbyte | 0.00001 BTC/KvB
as I'm writing, bitcoinfees.earn.com still showing 110 satoshis/byte Shocked

as recommended fee

ldah94

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SegWit has been a marvel, it has allowed an improvement in the scalability of the bitcoin platform, is slowly but gradually being adopted among more and more reference entities in the bitcoin world such as Coinbase that announced that its preliminary tests had been satisfactory and would support this technology the next week, and Bitfinex, another of the big exchanges in the segment, which has also confirmed that it will start using it and that thanks to segwit they will be able to offer bitcoin withdrawal fees that are 20% lower, in addition to faster transaction speeds than never. This will allow bitcoin payments to be activated again as an electronic payment format.

300pips

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Wonderful, Bitcoin is now as fast as LTC Litecoin. Say goodbye to BitcoinCash small blocksize drama. All we need is a Segwit.

JebediahBullfrog

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Quote from: vv181 on February 24, 2018, 06:03:32 AM

I don't think massively segwit adoption has a big role in the current cheap transaction fee. I'm sure it's possibly because the Bitcoin network transaction volume is dramatically down, so that could be the reason the transaction fee is cheap.

This exactly. A welcome change from a month or two ago !

Aura

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SegWit usage hasn't increased much more than during the high fee period. The transactions on the network seem to be decreased, so there is less spam on the network than before. This results a decreasing mempool which eventually stops the competition of miners selecting the highest fees, now they just include (almost) all transactions in the block

vv181

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I don't think massively segwit adoption has a big role in the current cheap transaction fee. I'm sure it's possibly because the Bitcoin network transaction volume is dramatically down, so that could be the reason the transaction fee is cheap.

countryfree

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Transactions are down a bit, but there were over 200K daily on the day I made mine, so it wasn't a slow day. I agree that could have played a role, though, just as like my SegWit-enabled wallet.

numizmat

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SegWit fix will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors: Bitcoin Fees Have Dropped Dramatically As The Currency Is Hit By Low Usage

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It is great the transaction fee is lower now but SegWit is only part of it! When bitcoin was heavily traded and there were like 200 000 unconfirmed transactions, no doubt they were not able to fit into mined blocks and (SegWit or no SegWit) only the highest fee transactions were selected by miners and confirmed.

Now, with only 5 000 unconfirmed transactions (2.5 % of previous demand), all of them will be included in a few next blocks no matter if the fee is high or low.

So the demand is the main factor here. SegWit only proportionally reduces the transaction size and thus a fee and also makes it easier to fit more transactions into one block, helping when the demand gets really high. It is helping, but definitely SegWit is not a decisive factor here.

cunese

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If so, then is great benefits to the currency, because the current currency transaction fee is too high, not suitable for often deal, if it is a big deal this poundage is nothing, but not practical.

barabut

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Last month it was around 35usd fee should be paid for the mid- size transaction, now it decrease to 1usd thanks to the segwit. If the high volume exchange platforms integrate to segwit it will decrease more and the transaction time is around 20 mins.

BitcoinHodler

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Quote from: eternalgloom on February 23, 2018, 05:29:44 AM

Quote from: dr.cheema on February 23, 2018, 02:08:50 AM

Bitcoin transaction fee is down to $3, average cost of sending a bitcoin transaction is cheaper than it's been in a year and a half, showing the price isn't the cryptocurrency's only unpredictable metric these days.

https://www.coindesk.com/bitcoin-low-fees-why-happening-why-matters/

You can get away with paying far less than 3 dollars, even with non-segwit transactions. You don't have to pay 100 sats/byte
My transactions are going to pretty fast at 5 sats/byte

On bitcoinfees.earn.com you can see that transactions under 10 sats/byte still get confirmed in about 2 blocks

stop using "bitcoinfees.earn.com" website for fee estimations. it is the worst source for that on the internet. there are better places like this site: https://coinb.in/#fees which you can use to get a good estimation for fees.

for example today transactions with less than 1 satoshi/byte (for example 0.7 satoshi/byte) are getting confirmed fast. but that site above is still suggesting a high fee!

Dapper

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It's been this way for at least a month. I'm certainly happy with it.

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Quote from: eternalgloom on February 23, 2018, 05:29:44 AM

Quote from: dr.cheema on February 23, 2018, 02:08:50 AM

Bitcoin transaction fee is down to $3, average cost of sending a bitcoin transaction is cheaper than it's been in a year and a half, showing the price isn't the cryptocurrency's only unpredictable metric these days.

https://www.coindesk.com/bitcoin-low-fees-why-happening-why-matters/

You can get away with paying far less than 3 dollars, even with non-segwit transactions. You don't have to pay 100 sats/byte
My transactions are going to pretty fast at 5 sats/byte

On bitcoinfees.earn.com you can see that transactions under 10 sats/byte still get confirmed in about 2 blocks

That's right. You have to pay 100 satoshis/byte only if you need your transaction to be confirmed super fast, like in less than 30 minutes, but if you can afford waiting an hour or so, you can pay as low as 2 satoshis/byte today. Only I don't recommend to anyone to set the transaction fee to zero because although it looks like it will be confirmed anyway these days it might end up sticking in the meme pool for infinity.

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Transactions fees are significantly lower, that is true. If this is only because of Segwit I'm not sure but it's something that could help Bitcoin if the level of fees stays so low. But anyway big thumbs up for Segwit and hope that the question of transaction fees will be solved as an issue.

eyesopen

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This is great news.
This will also help with Bitcoin in the future being adopted more by traders hopefully.
Next step is to get mass adoption and people using the segwit addresses.

We need possibly better education too for those who may not be up to speed https://coinpupil.com/bitcoin/what-is-bitcoin/difference-between-segwit-segwit2x/

cosmoo

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Wow! That's great news, very pleasently to read. Thanks for sharing it, because I did not make transactions for a week.

kiver

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Really Good news this will have a great impact on crypto one of the biggest problem of bitcoin has been fixed let see what will happen next Wink

countryfree

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Quote from: pat4cryptoreal on February 23, 2018, 01:53:36 AM

This low transaction fee is only applicable to transaction in blockchain.info. Transaction fee in most of the exchangers is extremely high especially when bitcoin is involve. The exchangers should also work on their transaction fee.

What are you talking about?
I haven't used blockchain.info nor any exchange.

Topic: Transaction fee down to $0.11! SegWit works! (Read 570 times)