Bitcoin Forum

Did you notice that BTC fees are very, very low? To send some money from ledger and paid only 10 cents for fees!
It was few dollars just 4-5 weeks ago.
This is great for whole community.
Here are you few links where you can check current transaction fees:
1) Almost all time low: https://blockchain.info/charts/transaction-fees?timespan=all
2) This is maybe even better chart: https://blockchain.info/charts/transaction-fees-usd?timespan=all
What could be the reason for this? Lighting Network is not reason because it is still in test phase and once it get implemented we will be able to send huge money for few cents and it will be crypto paradise!
In my opinion, the main reason is Segwit. Few days ago we got info from Coinbase that they are going to start using Segwit. It looks like others did the same. At the moment, we have very strong BTC. Very low fees, I will check speed of transactions but even with slow transactions it is better then it was few days/weeks/months ago.

Source: Hero Pumps (https://t.me/HERO_Pumps) telegram group

What do you think? Any other reasons for this less fee?

I think this is good, we do not need to pay expensive fees when sending. but the speed of the transaction with a low cost should take a longer time. when I send a bitcoin to buy an item, I have to add a fee for a faster delivery in order for my purchase to be processed immediately.

Some said that the fees became lower because less people are using it, maybe the fees are getting higher because there are many people using it and miners had a hard time doing transactions.

I think the reason why fees are very low now is because bitcoin price are low, if the bitcoin price are going higher again for sure the fees are also high. For now the price of bitcoin are going up again but the fees are still low and i think its good.

I agree. I think the value of the transaction fees reflects more on the traffic. Maybe it's because most people are holding? However, the prices has been slightly increasing, so evidently, the current traffic is enough to move its value.

Yes. I have seen the most of wallet Bitcoin transaction fee is very low. It's happen due to down Bitcoin price and also mining. Because there is no make too much transaction so minner also become low difficulty. That transaction fee now acceptable. But before one month it was out of control.

You managed to contradict yourself in just two lines.
The fees are lower now than when bitcoin was at 6k,as obviously there is no correlation between price and fees.
The only thing that matters is the number of transactions waiting in the mempool.


Some of us saw that 10 days ago...
https://bitcointalk.org/index.php?topic=2900547

Nobody wants to pay high fee for the transaction so it is good that Bitcoin transaction fees should be low so that more and more people would join this community.

Yes,I have noticed and the fee for single transaction is less than a dollar now this is because there are only 8000 unconfirmed transaction on the memepool,so the fee is only based on the number of unconfirmed transactions.
It will be more better if everyone start to use segwit address since the transaction will be more faster than the legacy address so we can keep the number of unconfirmed transaction at less.

Yeah, fees are pretty reasonable. Costs like $1 to transfer or even less :) Looking forward to Lightning Network update (https://coincodex.com/article/1124/what-is-the-lightning-network/)!

The demand on bitcoin for now are few that's why the fees are dramatically low for now. The moment that the demand for bitcoin is high again, I thinks the fees will start to fly high again just like what happened on the previous year. You're correct the more traffic on bitcoin blockchain the more higher the fees are and vise versa to low traffic on the network.  :)

i think you should stop "following" and "advertising" pump and dump groups because they never end well for you. doesn't matter if you are the newbie follower of these scammers or if you are the scammer pumper themselves. you all will be dissolved by a big whale or a bigger group with more experience.

Your ignorance of law of supply and demand shows after making your statement. The fees will always be proportional to the value of Bitcoin. Nobody is dictating the fees.

And you're one fine example of ignorance.

1 June 2017 , average fee 4$ , BTC price 2.3k$
1 October 2017 , average fee 2.5$ , BTC price 4.3k$
1 December  2017, average fee 6$, BTC price 10 k$  
1 January 2018, average fee 24$, BTC price 13.5 k$  
Right now, average fee 3$...BTC price 10 k$  

What is proportional here?

Stop spamming random stuff.



Yes the fees are very low now. The number of transactions have reduced reduced a lot.

There is some corelation because when Bitcoin went up to 20k it was in the news and lots of newcomers started coming into bitcoin and both no. of transactions and the fees increased.

Wow with this fee BTC can use to shopping  ;D

Yes i noticed that and also dont take longer to confirm, this what we really want, its greedy miners that are causing the high transactions fee which delays confirmations several times

People are saying it's because of Segwit, but I don't understand how?

Did they increase the blocksize to 2mb or something under the table? I'm confused.

It is a good thing that bitcoin has lower transaction fees. Things are heading the right direction

The fees are low man. For goodness sake just be happy about it. Do not go out trying to complicate things that are really not that complicated. Sure it may be something that can really poke on your curiosity cells but if you do not entertain it that much, it really wouldn't matter. I suggest you to just be happy with the good news unless it is becoming too fishy.

yes i already noticed this one and i am really excited for this news bcz its really good for us.i know bitcoin is future and now i feel it.

Yeah and it's pretty crazy considering how high they were and impossible it was to do transactions not long ago. I think the implementation of Segwit by large players is the reason for it.

It is because there are not so many transactions, so logically less transactions means lower fee, nobody is "fighting" to get his transaction confirmed first.
Earlier today there were only 2000 unconfirmed transactions and 50sat/byte was more than enough for confirmation within first block.

I guess this is because the Lightening Network is starting to work. I'm glad, because now it becomes possible to use bitcoins again - a few months ago, when sending whatever would cost at least 20$, using Bitcoin was not a choice at all.

 Not all exchanges anyway, Some exchanges are still yet to reduce their transaction fee, even some big new volume exchanges that I won't mention.

Doesn't matter if they short term stay away, the long term incentives make it so that they will switch over eventually. If your opponent is getting more action because they have a lower service fee you will reduce your service fee yourself, especially if you believe you are the bigger, badder exchange in all this.

Yes the transaction fees have come down and i was able to send coins with a mere two thousand satoshi after a very very long time and i am glad to see the changes happening ,i hope this continues like this and i really do not see the complete transformation to segwit ,yet the fees have come down a lot,in the mean time we will once again see the merchants that dropped accepting bitcoin will once again start accepting it ,which is really cool.

Wow This is really amazing news for us. Last week its charged me 10$, But not sure what is present charge now. If its below 1$ then its really a great news for Crypto World.

The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - Bitcoin Fees Have Dropped Dramatically - A Tale of Direct Proportion (https://bitrazzi.com/bitcoin-fees-dropped-dramatically/) (some more thoughts on these low fees)

I want to believe that the increase in the speed of bitcoin transactions and lower commission rates is explained by the slow implementation of SegWit. However, this is hardly true. Most likely, such at first glance, the changes for the better are due to the fact that the number of transactions has now fallen due to a drop in demand for bitcoin and a partial fall in its popularity.

Yeah, I notice that, too. And also here in our country we have our own wallet that converts bitcoin to local currency with small fees. I hope it will stay cheap when bitcoin rise again.

This is great news for everyone if the bitcoin fees are lower now. I think this is because more investors are joining so bitcoin can lower their fees and still earn good profit.

if you ever check the mempool stats over the long run where it was higher and then dropped back to normal levels (which you call as 60% drop) you can clearly see that nothing about it was "normal". first it was at the current low levels and fees were low. then a steady number of spam transactions started being injected into the mempool hence increasing the backlog in a very short time. then when fees went up, the spam attack plateaued keeping the fees and the number of unconfirmed transactions fixed.
if it were genuine, it would have either increased steadily reaching 300k, 400k, 500k, ... or stopped and started falling.
after it stopped, the mempool was emptied in a short time and things went back to normal.

this has nothing to do with usage.

Yeah, I've notice that bitcoin transaction fees suddenly drop compare last month, maybe because the value of bitcoin start to recover from $7500 now back to $11000. Since online wallets depends their charges or fees on the current market situation of bitcoin, a sudden pump or dump can really affects transaction fees. Good thing we keep on recovery.

Not only that.
The spam attack was clear but there were a lot of companies such as exchnges and online wallets that didn't care about the costs as they transferred all that to the client as withdraw fees and they kept on doing simple one output transactions.

Coinbase probably is the best (or worst? :D) example as it took them months to implement batch payments.
But it seems they finally got things right:
https://blog.coinbase.com/announcing-segwit-support-on-coinbase-4e51117857c7

If more follow this path probably even a spam attack won't have any effect.

The cost of bitcoin transactions is low because the bitcoin price falls.And last year the high bitcoin price hence the cost of expensive bitcoin transactions,This is the usual thing that is important the delivery process smoothly.