Bitcoin Forum

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please. As I thought that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens, I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

SegWit was activated + spam attack stopped = no huge backlog = no competition for getting in blocks = low transaction fees

it shows that people who have invested in bitcoin don't care about these swings. they are holding their coins.
it is the traders who are already keeping their coins on exchanges (and of course a small number of others too) who are selling and buying back.

in the future please report fees in satoshi/Bytes which is more understandable .

edit:
https://i.imgur.com/JhNO7tl.jpg

between the highs in those months, is when everything is normal, no spam attack, no high fees and everything smooth.

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

the person who sent that transaction can only know the real answer to this question. but from what I have seen so far, the issue has always been with the wallet or any customized wallet they are using. it estimates fees wrong and includes a ridiculous fee like this.

and this possibility is the most possible! because if you go back to the previous outputs it spends, they are all including ridiculous fees.

I remember coinbase used to do this and lose a lot of money because of it.

As always the person behind is the one who is responsible.
Sticky fingers, bad configured client, bad configured application or..
Somebody who was in a real hurry to move those coins.
It might even be a "hacked" wallet, there are thousands of possibilities and reasons for it.

A human error, perhaps. I too, am a victim of my own negligence that made me send a transaction fee worth than the actual amount that I want to send. The good news is most of the transactions right now are below $3 which has been the norm for the last few weeks.

Bitcoin the king of microtransactions yet again? ::)

Majority of the BTC wallets need to integrate and made Segwit available for most of us to utilize before most of the users would even think of using a Segwit address.

I told everyone this was just a temporary speed bump. These things never last for long no matter what they are. The lower transaction for using their temporary too but hey let's take advantage of them while they're there. I have seen transaction fee are lower now at online wallet like coinbase but exchanges like c-cex still have high fee to withdraw that is 0.002 .

It's nice to finally see this again.  I was able to send something like $100
for about 8 cents in fees, and the transaction only took about 30 minutes
to confirm.  That's not bad; a month ago that would have cost me about
$4. The only way bitcoin will ever be accepted by the masses is if you
don't have to pay a lot to use it.

The amount involved was huge. The total amount sent was BTC0.589172, which is equivalent to more than $2,000. And the fee paid was less than 3% of this amount, although it was not needed. The sender paid a fee of 7,449.558 sat/B, when less than 1/100th of that was needed for quick confirmation.

The backlog is almost empty(2248 unconfirmed transactions). I think you could go with 0.0001 and maybe even have a confirmation in the next block.

Some wallets miscalculate the transaction fees, that's why some people still overpay it

It is true that some of the exchanges as well as some online wallets still charge a higher transaction fees even though the price of transaction has gone down,it might take some time to see a change as we as a group need to voice our opinion to these services so that they reduce their fees ,the transaction fees has gone down if you are using your own wallet and it is a good sign for bitcoin users.

It could be the wallet, like about a month ago, in the Mycellium mobile wallet, it was only allowed to choose fee from a drop down list, like low-prio, economy, high fee, etc. That time, users payed 10x higher fee compared to the market with the low-prio settings, because of the wallet's predefinied fee structure.
Now, Mycellium has developed their mobile wallet (at last...), and now, you can set your own fee.
Thanks to this, (and to the empty mempool, and to the weekend), now it's possible to have 2 confirmations in 20 minutes time with a fee of 20 sat/B.

The spammer, whoever he is and who has shown to be a rascal, has seemingly given up for now. There is no use to waste more of his resources in a lost cause. Maybe he finally realized that Bitcoin Core will unconditionally not accept and implement a hard fork to a bigger block size until all the other much safer alternatives like Segwit are tried and tested.

This is what I observed on some services on which they are stuck on charging their users on the high fees we do see before.They are still charging the same amount as of now which do really sucks and I decide not to make any transactions as of now.This is why I do make alternatives on using Electrum which the fees do really goes back to normal and not hurting me too much when I do send some funds on other wallets.

the backlog aka mempool can not be 100% empty! because there is someone somwhere in the world that is making a transaction and sends it in the mempool and blocks are only found every 10 minutes on average!

in other words 2000 unconfirmed transactions is like mempool being empty.

I observed the transaction fees for a month now after the hard fork and I'm happy that most of my fees are only 0.0001 BTC and did even paid only 0.00001 BTC so we are sure now that bitcoin low fees is going to rock now. This will make the investors back in bitcoin and I observed the confirmation has increased too, it became faster now. What about xapo now, is someone still using xapo here? They adjusted the fees now?

Maybe luck is involved, because i have been sending some transaction and most of the times i am being asked to pay as low as $0.07 as fee, Its so low to the extent that i adjust it so that the miners may get something because they are using a lot of resources for their mining and low transaction fees are not really beneficial to them.

i think its because bitcoin price has dropped so much as a result the fees now is also friggin low and why many people liked it including you,  but honestly i prefer higher transaction fees as long as the bitcoin value is high also because i can earn more on my invested bitcoins rather than a low transaction fees but a low value btc.

XAPO and all other similar services are third party and they choose whatever fees they like. and now that they have gotten a taste of some additional profit because of taking fees from their users i don't think they will change their fees. although you have to ask them. go to their support page and make a new ticket or contact them via Email and demand lower fees.

No, I'm only asking if there are some changes on their fees as blockchain.info fees are now lowered and other web wallets. This will kill their business if they will not adjust with the fees as the network fee requires only smaller fee. Even if I'll contact them but it's their final decision to stick with their fees, we can't do something about it as it is their business.

Yes, today's transaction fees are low. This is because of the collapse of Bitcoins. And if it continues it looks like it will return again as before. But I think the bitcoins will not fall further. The sudden collapse of bitcoins is just a panic selling of people who do not know what's happening. So if it's halted the rise of Bitcoins is coming back and going up again. And it may still be another All Time High. But it's really a big advantage for traders because they really will be profitable.

Right now, the number of unconfirmed transactions stands at around 5,000. And this means that even those transactions paying a fee of 1 Sat/Byte can get confirmation in a few hours time. But there is no guarantee that the fee will remain low in the medium term. No one knows when it is going to rise again.

Indeed, the number of unconfirmed transactions has declined considerably, so I think it will be worth $ 4,000 this week. The less transfer fee was something I always dreamed of.

Well it's gradually recovering and hopefully like you said by the end of the week we should be above the 4k$ threshold and regarding the low transaction fees I think the real impact will be felt when the segwit x2 is activated in November with the blocksize actually increased to 2MB.

Transaction fees are also sometimes a result of calculation policy of wallet providers.

To reduce number of user complains and assure the transfer to go through, they use normally the average past fees + a certain percentage model; if several large wallet provider use the same model, the fees can be pushed higher for nothing...

yes I'm happy with this news, I some times sending bitcoin with xapo and for priority the cost about 92k, formerly is 220k, I think bitcoin sending cost should be cheaper than bank transfer.

The low fees are an effect of the mempool that is not overflowing with transactions at the moment.
The spam waves we had during the past months seem to have ebbed away.
Why that is the case I have no clue.
Maybe they just ran out of money because of the price decrease we have seen last week?

I've done some transactions using blockchain.info and the fees have always been low from my experience. I prefer using an established website over software that I have to download to my computer.

There are some really smart people working on Bitcoin and always improving it. Also, they never rush things which is smart. They are always looking at potential mistakes and seem to upgrade Bitcoin without having some error that makes it fall apart.

You are right fees have been high in last few months and that stabled for a long time. What we are seeing now is a temporary sort of buzz that will not retain for a more time. Exactly the rate of 1-30 satoshis/byte is quite amazing if is happen. We wish that stay for last.

I worry stiffly that the era of backlog of transactions and high fees are not yet over as it looms that the Chinese government may also ban mining in that country. China is known to have the highest number of miners because of its cheap labour and electricity. If this happens that means shortage of miners would be the outcome. Shortage of miners would mean more demand. And we all know that demand sets the price of any transaction. It isn't yet Uhuru (Freedom).

Low transaction fee is something which all the investors who are investing in Bitcoin demands. I think they will be very much happy and will be satisfied by this. This transaction fee is something which needs a little attention and it will be under control after this. So far, things will be good till the time the transaction fee are low.