Will transaction fees drop after Aug 1st? How long will it last?

pitham1

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Quote from: nathan_24 on July 27, 2017, 06:11:41 AM

With blockchain split or not, I am sure the new block structure allowing for more transactions will cause fees to drop, which would be great news, because they have been too high for too long imo.

But in case that happens, you think it will last for long? Will we be able to enjoy small fees like we used to in the good old days for a long period of time?

Transaction fees will drop until the number of transactions increase to fill blocks again. Segwit is a temporary solution. We may be only a few months away from having full blocks again.

HasHe

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Quote from: nathan_24 on July 27, 2017, 06:11:41 AM

With blockchain split or not, I am sure the new block structure allowing for more transactions will cause fees to drop, which would be great news, because they have been too high for too long imo.

But in case that happens, you think it will last for long? Will we be able to enjoy small fees like we used to in the good old days for a long period of time?

I think that the transaction fees has already dropped from last week.Now itself,we could send bitcoins with low transaction fee as it was before and even the confirmation time is also very fast.That has been the greatest issue of bitcoins over the past three months and now it has been almost solved.

nakata90

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Quote from: HeRetiK on July 27, 2017, 09:11:07 AM

Now that the spam attacks have stopped the fees already went down considerably. Once segwit is enabled for good it will surely drop even further, at least short to mid term. Let's see if the scaling issue can be further improved upon before we reach the next transaction growth spurt and blocks get full again. Hell, maybe enough people switch to BCC to help take pressure off of BTC Tongue

I think the fees can drop when BIP148 active SegWit2x for upgrade 2 MB blocksize. But in current BIP141 have 99% accept and if lock-in BIP141, not have BIP148 in August 1st and just is active SegWit for helps speed up transaction and network, about fees still increasing when Blockchain congestion transaction

xIIImaL

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Quote from: aakashsangwan on July 27, 2017, 08:29:35 AM

I believe that the fees per transaction will go down definitely as the size per block increases and so do the number of transactions each block can process, so definitely the mempool size will decrease and the fees will go low.

That is what the effect of Segregated witness, this allow to increase the block size and network to transaction much faster, however confirmation numbers seems increased from 2 to 5.
Already fees in online wallets have been reduced their fees to 0.0035 btc and even LBC deposit cost also seems reduced. I hope LBC will rid-off of the deposit fees and transaction fees in blockchain.

HeRetiK

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Now that the spam attacks have stopped the fees already went down considerably. Once segwit is enabled for good it will surely drop even further, at least short to mid term. Let's see if the scaling issue can be further improved upon before we reach the next transaction growth spurt and blocks get full again. Hell, maybe enough people switch to BCC to help take pressure off of BTC Tongue

aakashsangwan

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I believe that the fees per transaction will go down definitely as the size per block increases and so do the number of transactions each block can process, so definitely the mempool size will decrease and the fees will go low.

KennyR

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If the splitting happens or not, once after August 1 lot of issues get sought. One among that is the transaction fee as well the confirmation. Now itself the confirmations were found to be faster than those days of more transactions getting stuck to the network waiting several days to get it confirmed.

audaciousbeing

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Quote from: nathan_24 on July 27, 2017, 06:11:41 AM

With blockchain split or not, I am sure the new block structure allowing for more transactions will cause fees to drop, which would be great news, because they have been too high for too long imo.

But in case that happens, you think it will last for long? Will we be able to enjoy small fees like we used to in the good old days for a long period of time?

That's what is expected to happen because what led to this partially was the high transaction fees that people started paying but currently the transaction fees has dropped significantly compared to the time when the noise was the loudest and hopefully the price will drop further when full transaction loads resumes otherwise all this exercise would have been futile.

warrior333

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I think that the price of translations must necessarily fall. It's not because someone cares about the fact that you pay less per transaction, but because it restrains trade with the use of bitcoin and its development in the interest of all.

nathan_24

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With blockchain split or not, I am sure the new block structure allowing for more transactions will cause fees to drop, which would be great news, because they have been too high for too long imo.

But in case that happens, you think it will last for long? Will we be able to enjoy small fees like we used to in the good old days for a long period of time?

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