Transaction fee down to $0.11! SegWit works! - page 2.

eternalgloom

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Quote from: dr.cheema on February 23, 2018, 03:08:50 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

dr.cheema

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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/

yesuidanggan

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SegWit thinks that it is an optimization technology that can help bitcoin to expand in size. The transaction cost of SegWit technology is half of the normal transaction, saving a lot of transaction costs for BTC people!

That's a good sign for the market!

ganlianshifu1

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The use of SegWit will undoubtedly have a positive impact on transaction costs, speed and future technology. Other digital currencies, such as bitcoin's cash and its relative advantage, will be weakened.

pat4cryptoreal

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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.

JL421

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A moment silence for all the bcash supporters looks like bitcoin defeated them , though as someone said only 10% address are segwit but as this news spread amount less transaction fees I'm sure by end of this year number of people using segwit would be more than 50%

supermine

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Quote from: eternalgloom on February 22, 2018, 06:10:00 PM

Quote from: odolvlobo on February 22, 2018, 03:49:38 PM

Segwit usage is still low. It is more likely that transaction volume has dropped because the crash scared a lot of people away.

Segwit usage is still barely at 10%, but I would say that it is very slowly going up.
I also doubt that this has a big effect on the current mempool size, probably some effect though...

Take a look at these charts of segwit usage:

Source: http://segwit.party/charts/#

But I don't think that was the point that OP was making, he's just happy that he's saving so much on fees.

You are right the segwit usage is only 11% at the movement but it is slowly going up and there is a reason for that to happen is coinbase gonna implement segwit soon,so I think it will help that percentage to increase a lot since most of the users uses coinbase as their bitcoin wallet.
But this is not happened due to the segwit,this is happening due to the empty memepool,but if all the users change to segwit then it will help the number of unconfirmed transctions under control for now if the price increases the more number of transaction also will increase will result back again what happened in December 2017.

chris200x9

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Quote from: pinoyden on February 23, 2018, 02:00:24 AM

Quote from: Herbert2020 on February 23, 2018, 01:52:06 AM

Quote from: ?? on ??

The question is will crypto exchanges pass this benefit to the customers. Binance blatantly refuses to lower the bitcoin transtion fees.

exchanges want to make more money, that is all they care about and higher withdrawal fees is one of their main sources of income after trading fees. and since they are not trustworthy people make a lot of withdrawals since they don't want to leave their coins on exchanges and so they keep paying these fees and the exchange enjoys the free money they get.

ive been using different online exchanges on the past and i can say that not all of them had a high withdrawal fees because there were still few that their transaction fees were pretty inexpensive but their service is still excelent despite of their cheap rates. and now i also notice that the transaction fee when sending or requesting for a withdrawal had gotten much lower and i think this is because of the recent price drop of bitcoin and not because of segwit.

I partially accept your statement I agree that price drop is also one of the main reason to reduce transaction fee but after the SegWit we saw a huge change in transactions fee. So I think the SegWit works.

krishnaverma

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Quote from: odolvlobo on February 22, 2018, 03:49:38 PM

Segwit usage is still low. It is more likely that transaction volume has dropped because the crash scared a lot of people away.

Yes that is the main reason. There are less transactions happening currently. This results in faster transfer and lower fees.The segwit change will be put to test when we again see higher levels like $20000.

batang_bitcoin

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Quote from: Sithara007 on February 23, 2018, 01:51:00 AM

I am not sure about what happened, but 3-4 days back I paid just $0.05 for one of my transactions. It can also be due to the fact that the number of transactions are low. But my issue is that the exchanges are still charging as much as $20 to withdraw our coins.

What exchange are you using? If you'll just plainly send wallet -> wallet transaction and your wallet is Segwit ready then you will pay a cheap fee. Coinbase is testing it out and maybe next week it will roll out. I did some transactions with a legacy wallet and I consider the fee is still cheap but Segwit is much cheaper. This is it boys, investors will be back and we don't have to pay $35 fee for a $5 coffee.

pinoyden

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Quote from: Herbert2020 on February 23, 2018, 01:52:06 AM

Quote from: ?? on ??

The question is will crypto exchanges pass this benefit to the customers. Binance blatantly refuses to lower the bitcoin transtion fees.

exchanges want to make more money, that is all they care about and higher withdrawal fees is one of their main sources of income after trading fees. and since they are not trustworthy people make a lot of withdrawals since they don't want to leave their coins on exchanges and so they keep paying these fees and the exchange enjoys the free money they get.

ive been using different online exchanges on the past and i can say that not all of them had a high withdrawal fees because there were still few that their transaction fees were pretty inexpensive but their service is still excelent despite of their cheap rates. and now i also notice that the transaction fee when sending or requesting for a withdrawal had gotten much lower and i think this is because of the recent price drop of bitcoin and not because of segwit.

Herbert2020

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Quote from: ?? on ??

The question is will crypto exchanges pass this benefit to the customers. Binance blatantly refuses to lower the bitcoin transtion fees.

exchanges want to make more money, that is all they care about and higher withdrawal fees is one of their main sources of income after trading fees. and since they are not trustworthy people make a lot of withdrawals since they don't want to leave their coins on exchanges and so they keep paying these fees and the exchange enjoys the free money they get.

Sithara007

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I am not sure about what happened, but 3-4 days back I paid just $0.05 for one of my transactions. It can also be due to the fact that the number of transactions are low. But my issue is that the exchanges are still charging as much as $20 to withdraw our coins.

kingkats0803

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I believe this will revolutionize transactions of bitcoin, say for example we can use it to pay our daily needs in the near future since transactions costs may no longer be too much to cause deviance form this idea.
The next thing to fix is the waiting for the confirmation of bitcoin transaction which could take many minutes.
But in all its worth, this is a startup development

Theo222

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hoping that the fee will go down again because the price so high last time. i send small money and the fee is higher than my money.

UAE Seasider

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Anything that can help to reduce the high fees for Bitcoin transactions will certainly be welcomed by the community. The miners may not be so happy about their fees being reduced, but this will help everyone for sure. Good News

Derek86

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great news, now we can make more transactions without burden

Thefrolly

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Yeah, that is really great. I was also happy to see such low transaction fees. I wish it stayed that way but don't think it will unless bitcoin value stays low and we don't want that.

BitHodler

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Quote from: TooDumbForBitcoin on February 22, 2018, 05:23:37 PM

Because f*cking Roger Ver and bch scammers stopped network spam.

They have been responsible for 50% of the network cluttering at the moment the market reached its all time high last year. To add fuel to the already ongoing fire, Antpool contributed by mining empty blocks.

It's pathetic if you are willing to discard a minimum of $50,000 in fees that you could get when filling your block, just to troll and further clutter the network. That just shows how mentally retarded the Bcash camp is.

alyssa85

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Quote from: countryfree on February 22, 2018, 03:04:05 PM

I knew it was coming, and it's finally here. SegWit.
I made a transaction earlier today, it took about 20 minutes to be confirmed, and the fee was a ridiculous (compared to what they were a few weeks ago) 0.000012 BTC. Just a little more than a dime.

I'm really happy to share such good news. Enjoy!

I'm not sure it's down to segwit - I think it's because the number of transactions is down to Nov 2015 levels. See the following chart:

https://bitinfocharts.com/comparison/bitcoin-transactions.html

For example, the number of transactions in the last 24 hours was 186,953, whereas in December it was hitting 400,000 transactions a day.

As to why teh transactions have dropped - I think some exchanges are batching, but also the old hands who were sending coins to teh exchanges trying to cash out in Dec have stopped.

Topic: Transaction fee down to $0.11! SegWit works! - page 2. (Read 479 times)