Bitcoin Forum

Looking at the graph below from https://dedi.jochen-hoenicke.de/queue/#30d (https://dedi.jochen-hoenicke.de/queue/#30d) the transaction fees have dropped significantly. Not exactly sure how to read this chart though.

https://i.imgur.com/0yWdMHy.jpg

Along with lower transaction fees, and South Korea not banning crypto, and Wall Street shorts closing this Friday, I think we're going to see a nice recovery soon.

Currently it's 240 satoshi/byte but still very expensive to my mind. Of course it's low compared to 940 satoshi/byte but miners just want much money, it will have a nice recovery soon or after segwit and so much panic it won't be as high as it was, maybe 400-500 satoshi will be optimal for regular period of price will continue to rise, otherwise if it falls, transaction fees will be like this or a little bit low.

I am thinking of selling one bitcoin which is currently in a paper wallet. If I import it to a Blockchain wallet, how much will I have to pay in fees to do so?

If you are prepared to wait a few hours, try the lower fees and just be patient your transaction will go through. The best time to do transactions is on the weekend - for some reason overall transactions are lower and the mempool starts to clear pretty fast.

That's a good news although. In past few days it's read too much higher. It's shouldn't be . 2000 sat/b is way much higher for faster transaction ,or we had to wait too many hats for complete transaction . Now it's good to see the dates cheap transaction. Thanks to miners

Comparatively the transaction fee has decreased a lot than the days of much increase which happened weeks ago when the network congestion was experienced high. During those days users too ignored the transaction fee because of the increased price standing above $16000.

Fees are going up with every attack against Bitcoin and then when the attack is over, they are back to normal. I guess some people have too much money and are bored.

That's really a good progress.This situation would improve more if all of us start using Segwit addresses completely.It was really a bad time to pay such a high fee of dollars for even lower amounts.

You could actually modify the fee below the 240 satoshi/byte and still expecting the transaction to get confirmed with "normal" speed. What makes the fees keep sticking at 240sat/byte is that many exchanges and platforms still keeping their "expensive" fee and didn't update it to the latest.
To prove it, see https://bitcoinfees.earn.com/. Just minority of transactions still sticking with 240 sat/byte fee while the rest are switching over to more cheaper fee with normal speed.


No, people who want their transaction to be prioritized by paying ridiculously high fee and spam attack are the factors that could trigger the ridiculously high fee.

Because the network spam has somewhat stopped. Or it could be that there are less transactions, or people are moving to Segwit already. I try to test it myself (legacy address) today and pay around 300 satoshi/byte, and it was instant (well probably < 7 minutes). That's was the quickest transaction I my so far. But I still prefer Segwit, way way cheaper.


Yup, using Segwit should be the norm now. You don't have to pay high tx fees and it will gradually reduces the network the traffic.

Im very happy and little satisfied of the transaction of the transaction fee of the bitcoin in the coinbase the fee is 0.0005 only comapre to last few weeks which is 0.001 plus and that's not good to us who have little income here in bitcoin. I remembered last few hours ago the transaction fee is only 20k satoshi.  I hope it will happen again the fee like that not 0.001 I hope the fee as of now of 0.0005 will decrease more so we can send bitcoin where ever we want. I think that's why other people not buying bitcoin because of the fee which is high so if they send bitcoin they less their capital.

Transaction fees going down could also mean a bad thing.

If the transaction fees are going down, it's possible that fewer people are using bitcoin in day to day transactions. You can probably already tell that this isn't a good thing if you're a proponent of blockchain technology. We need more people using Bitcoin so that the value of it can increase due to increased support of BTC.

Well, it's such a welcomed development. Basically, I have stopped keeping tabs on how high or low the transaction fee of bitcoin is because I stop using my bitcoin for trading and also have a segwit ready address. I think the reduced transaction fee could be as a reduction in the flow of bitcoin or probably many people are holding now since the price have been unstable recently.

Yesterday I do transactions, but I see the cost still same. I don't know if another country the fees going down.
I hope the fees will going down, so we can do transactions by daily. My transactions before the fees is up much.

Plenty of BTC traffic.. unlike the other empty highway. :D   Probably more to do with exchanges batching and certain mining pools stopped spamming.  

https://txhighway.com/  

That's really good, hope transaction fees stay in low fees because I felt difficult when transaction fee so high, that's cut some money from my profit.. I think may be soon we can see bitcoin reach up to $ 20k, will be great combination if bitcoin price recovery and low fee transaction.

It's still expensive but definitely declining, which is great for bitcoin. I'm not sure why transaction fees/times are going down.

not sure why you posted this here!
the way you read the chart is that if you want to estimate the fees you should pay, then you use the first (the topmost) chart called "Unconfirmed transction count". you move your mouse over the chart and see how many are paying how much.
the chart you posted is the total amount of fee sorted by fee/byte that the transactions are paying. for example the latest point on the chart shows the total fee is 7.172BTC and for example transactions paying 100+ satoshi/byte pay a total of 0.796BTC of this 7.172BTC

Always get your current fee information here, then set it via custom settings in your wallet...

https://btc.com/stats/unconfirmed-tx

I think its because most people are now using SegWit wallet thats why the fees are dropping. With the help of SegWit and the up and coming LN maybe the fees will much more lower than it is today. I did transfer some bitcoin earlier and it was quite fast using SegWit compared to the past few days when im still not using one.

Yes, and the number of unconfirmed transactions is decreasing. The fastest and cheapest transaction fee seems to have stagnated slightly above 200 satoshis/byte, but, as far as I understand, even 20 satoshis/byte transactions are now feasible (although slow). This may be due to Segwit adoption or because someone stopped spamming the network, or both.

A good note for all traders, it's a good chance to expand your portfolios and branch through other exchange.
It will not last, i think it should go up next month or so. The economic environment will be affected with the change, lower fees will not suffice for long without changes on the market price due to underlying factors like players and investors.

This is most probably just because there are less transactions being made compared from the past weeks. I'd like to hope that this is because of more people using segwit so that major exchanges and wallets would adopt it, but the adoption rate is still slow.
Honestly, 200+sat/b is still expensive. I guess we'll just have to wait for lighting network even though it's still highly experimental.

Just a reminder, now is good time to tidy up your wallets. If you have 1000+ transaction, you may want to combine some of the transaction, for when the comes to move large amounts urgently.

I am currently getting confirmation for 22,168 (bytes) for about 0.00274 BTC. Starting to transfer some BTC to a SegWit Wallet as well.

This is way better sats/byte than before, I used to pay up to 1000sat/byte just for an instant confirmation. It's still expensive but it's better than nothing happened and was improved.

Indeed this is a big improvement from december's fees. And the time it takes for it comolete is also something to be happy about. Hopefully this continues so we won't have to go through buying alts to make cheap and fast transfers.

That's good even i was shocked i sent few transactions with fees at 50 byte and it got 3 confirmations in just half an hour , this is surely because of few developers working behind the scenes , with this one thing is surely proven that hard fork don't have any effect there are created for the developers income only bch was a healthy fork till date and i do feel it can reach at $10k if this support continues.
Btw i use this site for the amount of fees would be suitable: bitcoinfees.earn.com .

I was also shocked, before the dips happen I made a transaction and by thay time the fee were too high even you choose the slowest option, but now, just today, the fee were quite unnoticeable, i mean too low than before, i guess it's a good start to buy more alts sonce yransaction fees were allowing us to niy at low fees too.

You do realize this is because people are using BTC LESS than before?

I usually take the stats from https://btc.com/stats/unconfirmed-tx and https://blockchain.info/unconfirmed-transactions graph, if unconfirmed tx is still in the number below 80k, then the tx fee will be more cheaper and quickly will taken by miner into the chain. Yes, low fess and fast confirmed this is what we want from this. But we need to realize, by the time many people will using Bitcoin for doing daily trading and it will increasing daily tx on network.

People were already using segwit blockchain. Only few people were using legacy blockchain and they started to leave it as you know. The reason, there is less spam transactions on btc blockchain now.

Using the segwit wallet did make quite a bit of difference as compared to the legacy. I think this whole fiasco of high transaction fees would have helped by forcing people to move their funds into Segwit wallet and use that going forward. I hope Coinbase and other exchanges get started with segwit as soon as possible as well.

In addition, the transaction is fast now in which it reach my wallet destination within 30 minutes even if i just pay for default service fee only or their minimum flat charge but before its usually to reach 3 to 5 hours in our local wallet. Maybe the transactions for this month are fewer than the last month in which more likely a panic sealing making the blockchain to become traffic and expensive, then maybe but i dont know if exchanges competation is to be consider too.

Its cheaper now and a little bit faster than before. This is a great improvement that bitcoin should keep on doing in order for him to remain on top. We will see more improvements for sure in the comings year, specially when lightning networks execute. The good thing right now is, the price are still low so better to grab this opportunity now and make profit soon.

Part of the reason the fees were so high is that some of the wallets were overestimating how much you needed to pay to send coins. That created a knock-on effect as others had to send even more to get their transactions verified.

People really need to check the mempool first and set their fee manually rather than simply accepting the fee suggested by their wallet. 

There's just 50% less BTC transactions: https://blockchain.info/nl/charts/n-transactions

People stopped using it because of the extreme fees and therefore it got cheaper again. Once they start using it again, same thing

Damn, it shows 70 sat per byte right now.Seems like I can finaly move my coins without accelerating them for an extra day.
No doubts thta the news are great but the mitcoin market cap surged greately foe the last time, which means that most people simply quited crypto or hodling for better price without making any transactions. The fee will definetely rise when the bear market end. I'm looking forward to the lightning network.

Things will always go in swings and roundabouts like that until an equilibrium is found. I think there's more behind the reduced transactions than just the fees though. The market itself has been in a bit of a slump and there will inevitably be less transactions when that's the case.

Yes indeed, until the permanent solutions has been found, we will continue seeing the changes with transaction fees, let us just enjoy it for a while and hope that the core will make it permanently and if this will get stable for sure it will drive more investors and businesses to use this digital currency,
lets always hope for the best and for the benefits of the most.

Since the coin prices have now dropped slightly, as well as the etherium and Bitcoin are in their middle positions, then the Transaction Fee is much lower. That's just the length of Bitcoin's transactions is still quite long.

Fees are starting to breakdown and definitely those people who are annoyed of the fees and started to transfer their funds into some other alts will go back to bitcoin. This might cause another good pump since CME first bitcoin future contract has expired.

---

That's the sad fact but Segwit is started to be used and pretty doing good so it's also another reason why the fees got lower.

That's good news, but I'm afraid it'll go up again if bitcoin gains in value. The solution for really cheaper transactions is still to come (lightning network?).

Why are you afraid about it? Big traders and holders that sold their bitcoin before at the peak will start to come when they realized that the fees are now cheaper. And while the fees are going down, it's value has dropped down a lot too. What can we ask for? We haven't seen bitcoin's price at peak and the fees are lower down so there's consequences when something is moving upward to bitcoin.
This is what's on my mind, balance.

I am using segwit address (samourai wallet on android) and on trezor for a couple of weeks now. Transaction fees are almost none!!!!!

wallets and exchanges really need to implement segwit as dev have made it available for couple of months now.

Ass-wholes like mycellium and blockchain.info still dont let the user use segwit (and many more wallets and exchanges)
In my book, if you are a big name and still not providing segwit, you are a bitcoin enemy and I am not going to use your service ever again. Community should really ban every big name that dont give segwit to the users yet.

put in a 10sat/byte tx by mistake yesterday, dreaded it, but it confirmed overnight.
earn.com says that 1-10 sat/byte right now are confirming within 4 hr.
is it "crazy" or what?

problem is that btc name have got the high fees reputation already, it will take a while till people realize that feees are much lower now,
my best guess for this fee reduction is:

A) more and more is using segwit
B) LN networking is comming, so the spammers have stop spamming as if feess get lower, the urge to not using LN will be more and they hope this way it will fall.

This would be pretty awesome then if this will be maintained. I don't mind waiting for 4 hours or overnight if I would have this transaction fee. I hope Lightning Network would be the solution though so that all those people who are using the reason of transaction fee to promote their coins would just stop. Maybe when the price of bitcoin goes up again then transaction fee would go up as well cause demand would be higher. I just check https://bitcoinfees.earn.com/ and the fastest and cheapest now is 200 sats/byte.

This is true, there has been a decrease although not significant.
2 day ago i sold my bitcoin with a transaction fee of 0.0011 or about $ 12.94, and today i sell my bitcoin with transaction fee of 0.001 or about $ 11.76.

Yes .I had sell my bitcoin with 0.001 as a transaction fee a week ago.But now the transaction fee of bitcoin is around 0.0004btc .Now the transaction fee is half of old price.

I think as well that there are many people out there who dumped their coins because of the high transaction times and fees.
65MB mempool size seems to be still much compared to what it was a year ago, but the trend here goes down accordingly.
Maybe this is really the first step to bring bitcoin back to its original purpose: serving as a currency.

It looks like transactions fees are lower now but I wouldn't say this is going to be permanent situation. Fees are volatile almost like bitcoin and they are also changing all the time.
Hope they will decrease more but I'm also aware that many factors in the network and miners are influencing them so I'm prepared for worse situation also.

I always said that the fees we pay in December last year was a calculated attempt to undermine bitcoin as a mode of payment for goods and services. I was surprise sending $400 Last week and I only paid $4 but in December I send $500 and I paid $110   I think there is a great improvement and that is why we can see this serious changes in mining and transactions fees. I was also thinking that in this low fees continue we may see bitcoin rising in price.

Most of the transactions fees, the ones colored with gray are the ones which have low or no fee at all. The graph shows how many transactions are pending as per the fees used, the lower the fee, higher the unconfirmed transactions and the graph.
Fee has dropped but still I am not sure on how long this is for. Better use segwit address.

Yeah, it started since a few days ago, I've been waiting over a month for my transaction to get confirmed, and finally, it did. I have paid a very low fee in December 2017, it still confirmed though.
After the check, find this: The fastest and cheapest transaction fee is currently 190 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 42,940 satoshis.
https://bitcoinfees.earn.com/
190 says/byte is pretty good for me, well it's time to send bitcoin to exchange :D before the fees increase again.

Well, this is a good news because in the previous period the value of transaction fees was very massive (Has reached to $ 20 for Bitcoin). In fact, a significant decrease in that value of fees would have a positive effect on the price of different currencies.
As well, In this period there was a slight rise in prices of many currencies (Such as, Bitcoin, Ethereum, Ripple, Litecoin).
Furthermore, We hope this decline in transaction fees will continue, especially for Bitcoin Which has become less than $ 1.

I want to remind you that during this time the price of bitcoin fell by almost 50%. What you won from lower transaction prices. Nothing. As soon as the price of bitcoin will rise you will pay for the transaction $ 50. Can be even more. The system has not changed. This is the main problem of bitcoin.

Now the transaction fee for bitcoin is reduced some how.Due to the Segwit the transaction fees of bitcoin is reduced.This reduce of transaction Fee of bitcoin will surely increase the transaction of bitcoin and which will impact the price of bitcoin.I had hope this will increase the price of bitcoin soon.

I am happy this has happened and that is one of the benefits of sigwith and I believe those that want to kill bitcoin using the tools' of high mining fees has been disappointed. If we should have any fees high than that of the bank then using bitcoin as a mode of payment and low fees has been defeated. Hope we would see a continuity of this and in future see transactions fees lower than this.

Yes. None of those merchants that have disabled bitcoin (Stripe, Microsoft, Steam) have re-enabled it.

It depends what you are willing to pay. The lower you pay, he longer it will take but the transaction fees are very low right now if you are willing to wait a few hours. If you use Setwit wallet, you can even send it without transaction fees.

I think transaction fees are based on the current value of bitcoin because I notice when I transfer fund from my blockchain the fees are high when bitcoin value are low while fees are low when bitcoin value is high. Same thing happens to my other wallet and since bitcoin value start to pump slowly the fees are also starting to lessen. But I would suggest if you are from Philippines and have coins.ph better use it because it has no fees when transferring funds