Topic: Why are transactions much faster now? (Read 1162 times)

You didn't even read the post directly above yours before posting, did you?

@Don Pedro Dinero time to lock this before it turns into a spam mega thread.

Low transaction rate the rush for transactions is over (for now). It's a great time to move from your personal address to another.
more and more pools are having low transactions that goes to their pool. more and more users adopt to segwit and Lightning network = low transactions to pools more faster than the usual transaction time with small fees.

I guess this is an example of the higher end of spam. On the face of it quite well written and informative. Unfortunately, if you had spent time reading the thread rather than just the title you would have learned a lot. Mainly that you are almost completely wrong. Segwit adoption is hardly increasing at the moment while we all await Core 0.16.0 being released at which point many of the large services will be able to switch over. The Lightning Network is embryonic at the moment and only accounts for a handful of transactions. The only thing you got right is that hashing has increased, presumably due to increased ASIC supply. Go back and have a read of the thread and you'll find the other reasons.

It's quite simple to be honest, as more users adopted segwit and also with lightning network going live, the blockchain was relieved by a huge margin. This led to faster confirmation times with the fees being lesser than what it was, when there were over 200k unconfirmed transactions and piling in the mempool.
Also, as shown by statistics, there has been a major surge in hashing power over the past few weeks and this is a big contributing factor as faster blocks mean faster conformation times.

Bitcoin price affects the bitcoin users. Low price means very risky to move and just continue to hold. You can transact that fast because of the transaction traffic. If there are a lot of accounts holding, there would not much transactions to be made, therefore , there are more space on whom will transact on that moment. On the other hand, lower fees is just an evidence that fees are equivalent to bitcoins price.

Maybe its because the miners of the said blockchain can't handle properly the number of transaction that has been send in a particular day. That's why it takes some delay for the confirmation that cause long period of tine before its has been transfer. And because you paid a low transaction fee, then definitely they will not prioritize your transaction against to those people who paid higher transaction fee.

I think I have not yet experienced fast transaction with sending funds to another external wallet. This usually takes sometimes until the confirmation has been finally made because maybe there are few miners in which they cannot accommodate the increasing number of users in the cryptocurrency today and another reason is that if you made a lesser transaction fee to them, then the confirmation will also take time.

This has happened a lot less recently due to Bcash changing the difficulty retarget algorithm on 13th November last year. The only times it has happened since then are when the big the ramp-ups in price occurred. It needs a pretty large shift in the BCHBTC price for that to happen. There is always a certain amount of change in the hashrate due to variance of luck.

https://fork.lol/pow/hashrate

If you look at the dotted line for total hashrate of BTC and BCH combined you can see that. Then scroll down to the second chart and you can see that the spikes in Bcash share of the hashrate do not last very long now as the difficulty retarget every block soon makes the profitability very close to 1:1 again.
It all brings back memories of multipool mining shitcoins in 2013 before they worked out decent difficulty retarget algorithms.

do you see the spikes on the graph?
starting around August and going through October,November,December 2017 and happening every now and then quite consistently?
this is when Bitcoin Cash mining is way more profitable than mining bitcoins
so lot of hash power is diverted towards mining BCH,thus creating a sudden drop in the hashrate for bitcoin and longer times between the blocks
cause of this the mempool is slowly clogging up and transactions are becoming more and more expensive
it has been better lately with the bitcoin price not so volatile and bitcoin cash dropping price,but this is a factor to consider still

I think those who abandon bitcoin are those dumb money who entered the crypto since december 2017, after they encountered the massive gains in the first week of january they thought that they can go rich overnight and after experiencing the massive dips these dumb money got shaken and pull out their money..
Nevertheless speed of transaction maybe caused by less transactions made and increased of miners as more people who actually gained more profits in the past weeks have cashout and decided to have passive incomes and purchased mining rigs..These data can be confirmed by more demands of graphic cards now adays not for gaming but for mining cryptocurrencies..

Coinbase is one of the worst offenders as they do not even batch withdrawals they are effectively are spamming the network with high fee transactions 24/7. A few weeks ago they had an outage that prevented withdrawals for 2hrs and the number of transactions entering the mempool halved during that time.

Another bad behaviour I have witnessed is Poloniex sweeping their deposits to a central address. I know they need to do it but they don't need to dump 7 blocks worth of data all at once at 3x the required fee. This forces anyone who needs a quick confirmation to outbid them.

And finally a pat on the back for HitBTC for using Segwit with fees below market rate.
Example. https://btc.com/1a1997b7a16c3ea2f1dc21b95a8f838efb1146ddab3b4140ae69d7957c69557e

I noticed a very large block go through so I had a look to see what was in it and it was mostly transactions to that same destination address. Have a look at the raw size versus the virtual size.

---

When you see something like that please don't quote it. If you have to then just replace the text with ~snip~.
The moderator has deleted it and probably banned the user for plagiarism. Always use the report to moderator link and they'll take care of it.

You are completely deviating from the topic O.P is discussing about.And most of your text is copy pasted from your previous posts or from other articles(https://i.imgur.com/PHhphEv.png ).
You deserve a ban for your shit posting.

Now the fees is again at 20+ sat, probably this is because of reduction in number of transactions(almost 50% reduction), supposedly due to the drop in the price,
increase in segwit usage and batching of transactions by exchanges.
Because of increase in mining power, we are finding blocks at a faster rate now.

Less number of transactions+Increase in hashing power=Low fees!

yes, it is true, the price affects the fast or slow transactions, because it is a means or gas used to transact.

Communication of transactions is much faster now, because exchange together with the other transactions are simply coordinated. I think because of that many people are attracted to sending different transactions. However there were times that transactions systems were overload and it results of crashing down.

That's why some transactions were trafficking into blockchain and because of that sending to correct wallet were not happen on time.

so far crypto transaction speed is improving i believe, ethereum and bitcoin which is knew to be one of the slowest are now improving. But for me nothing beats LTC when it comes to transaction speed so far base on my own experience. I am also looking for NEM since they are really now going for the CATAPULT feature, but not that updated much about it maybe i'll be going to check that myself.

Look at the top sawtooth edge of the graphs. As transactions accumulate, the graph climbs. When a block is mined, that block's transactions are removed. This causes the graph to suddenly drop.* You'll notice that usually the sawteeth are uniform - climbing, drop back, climbing, and drop back. Sometimes the jaggy keeps climbing a while before dropping. This happens when a block is late. Other times there are two or more drops in quick succession. This means that blocks were mined (much) faster than 10 minutes apart.

* The software is obviously sampling at some interval detached from the block mining times. Some time after a block is mined, the charting software merely captures smaller numbers to graph. It then draws a diagonal line between the previous (higher) sample and the new (lower) sample. In reality, it should drop straight down.

Look at the bottom of a jaggy. Notice what color is found there. Look up that color in the legend. This tells you that transactions at that fee level were mined in that block. Look at the colors higher in the jaggy. Convert them to fee levels. That means some transactions paid that much to get in the block.

If you are looking to save on fees, look for the lowest bottom of a jaggy within the timescale of when you want the transaction to confirm. Translate that color to the fee. Beware, the graph is of past data. You don't know what's coming in the future. New transactions may flood onto the network. Your cheap fees may run away from you. You may have to wait weeks before fee levels come into the range of your transaction.

If your transaction must be in the next block, choose a color band at the top edge of the jaggies.

If you'd like your transaction in the next block, but are OK with waiting a bit, pick a color band that ends in middle of a sawtooth drop.

The top graph is the number of transaction. This plots the data without giving emphasis to any particular transactions.

The bottom graph is the size of waiting transactions. When (lower) color bands in this graph are bigger than the top graph, you can infer that the cheap transactions are large, involving many inputs and/or outputs. Exchanges or merchants consolidating transactions will be here. This graph is useful to estimate how many blocks it would take to mine everything: Imagine taking 1MB slices off of this graph. How many would it take? Keep in mind that new transactions are always arriving.

The middle graph is the amount of fees pending. This isn't as useful. Sometimes there is a sudden bloom of a higher color band that's totally invisible in the top graph and slightly visible in the bottom graph. This means that someone flooded the network with large moderate fee transactions. This could be an exchange that needed to consolidate UTXOs *NOW*. The reason for the bloom is that this is a nonlinear transformation of the bottom graph - the higher fee levels get magnified.

Sometimes you'll notice the bottom band reducing in size. It is possible that a miner mined their friend's cheap transactions. However, in almost all cases this instead means that the mempool was full and this node discarded the cheapest transactions. You'll usually notice the bottom band reduce as a higher band increases.

Because you can see the exact (more or less) fee distribution of the transactions currently waiting for confirmation, and you can see both the near and far historic trends. You can see if transactions in a certain fee range were picked up during the last hour, day, or week. You can figure out the overall trajectory to know whether the fees condition is flat, getting better, or getting worse. You can know if the current congestion is a temporary thing that just started and might disappear in a day, or if it's been going on for days or weeks.

Coinbase are indeed amazing. Non-batched transactions, unneeded crazy high fees that just inflate the mempool's going rates because everyone else has to compete with them, and no option to select lower fees in case you don't need the quickest confirmation. Right now, when 10 sat/b will 99% get you in the next block, they charge approximately 200 sat/b. And why should they care? They pass on the fees to their captive users.

Do other web wallets and exchanges act the same? I think Coinbase might be the largest player, but if others are acting similarly I do wonder if these companies are the main reason for the very high fees whenever there's congestion.

The hash rate is still higher than the difficulty, which is good in such times, I guess.

Is it likely that the drop in fees is because miner spammers are thinking twice about hurting the bitcoin name now that the entire crypto market is at a low point?

When BTC is at a high, it would be tempting to benefit from hurting its name. But now that everyone is hurting, it makes sense to ease off, rather than kill the golden goose.

Just seems like a normal decline in number of transactions on-chain as the price has fallen. Better fee estimation doesn't affect the number of transactions on-chain, although better batching definitely does. I do not know of any major exchange that went from non-batching to batching recently though. Coinbase - I am still looking at you.

SegWit adoption still seems low. However, exchanges need to remember that the best time to do this type of migration is when the markets are calm. The number of on-chain transactions are low, the fees are low. It is safer to do things now, and when the next run up in price and transaction volume happens, they can be prepared with better systems in place. Coinbase - I am still looking at you.

Today, the fees in satoshi/byte are as low as they were in November, but the demand for Bitcoin transactions is actually bigger, because it's main use-case - trading, has more volume now than in November, so this is a bit strange, although the price is also higher, so it can partially explain this. I suspect two things happened - the very expensive spam attack has finally stopped and exchanges have started focusing more on their fee estimation algorithms and batching (SegWit adoption is still low).