Bitcoin Forum

I think Bitcoin fees have reduced recently. Is it due to Segwit?

They ARE reducing, only about 29,000 transactions in the mempool now, down from over 200,000 in mid December:

https://dedi.jochen-hoenicke.de/queue/#24h

I think two things are happening. Bitcoin's price was at an all time high in mid December and a lot of those transactions were from people hurriedly sending coins to the exchanges to cash out. Now that the price has fallen, people are hodling again.

Also - I'm pretty sure a large exchange has started batching transactions. It might be Coinbase, who announced in early Jan that they were looking at doing this. In December about 50% of the mempool was just Coinbase and GDAX transactions, so if they're batching, that's a big reason the mempool has cleared.,

that's will be one of the causes , that because of it bitcoin will explose these year
because it will be more useful

Coinbase has not started batching yet but its good other exchanges have started doing that. What do you think of segwits impact?

Yes the bitcoin transaction fees have reduced too much now and it has become back to normal now which is a good sign of stability. Wee can expect it to rise in price again since the low fees might attract the users again. Many people sold their BTC just because of the ridiculously high fees charged for making transactions. Now that everything is back to normal we might see a gain  again. This might be the spike we were waiting for since the price fall of BTC

It must be another exchange that has started batching then, because the drop in the mempool is dramatic.

Segwit use is still only around 20%, so it isn't big enough yet to reduce the mempool by 80%. It must be something else.

This is really great news.. I was hoping for a solution for the fees and it looks like Coinbase and other similar services took it upon themselves to help with this.. At least we can still use Bitcoin as an effective and cheap payment platform again.

yes we wait aja hopefully the cost is not deficient, right we also do not know maybe belom har har

I think so?? Maybe? but i read some articles that they are on test net they implement Lightning Network already and i hope that the transaction will reduce fees.

Although it is good news, it simply due to the conjecture and not due to any improvements on bitcoin's part. Unless lightning network gets implemented, we are never going to reach low fees and high speeds which would enable bitcoin to become a payment method for daily use.

segwit is one of the causes of transaction fee reduction.
I think some segwit in launch because want to anticipate the problem of fee and now proved successful.
with reduced cost of bitcoin transcription is already in the sure that the use of bitcoin will burst again
and cause the price to return high

Then I guess it is being ready for the new pump that will happen in this year. If the fee reduces, then the possibility of it being transacted will also increase and that will be a great news. I just hope it is true and it will be really implemented since there are a lot of bitcoin users that are having a pain out of these fees.

Yeah, they are obviously reducing. It is the result of lower traffic. When the value was reaching crazy heights, the number of investors kept on increasing, which resulted in a very high traffic and high fees, very long confirmation period. Now, due to the dip, alot of people cashed out and I don't think alot of them would be investing again anytime soon.

Yes Segwit is the one of the reason for bitcoin fee reduction.Due to this fee reduction,many transaction may occur.And which in term increase the price of bitcoin as compared to current situation.

Yea the transaction fees have gone down and are back to normal as it was before, I recently did a transaction with 47/byte and surprisingly it didn't take much time. This is a good sign of stability and we can look forward to the increase in the price of bitcoin. Many users who shifted to altcoins for transaction issues may also come back to bitcoin now.

Bitcoin pricess now incres and most of the people use for future invest and improve business process. Bitcoin process is changing. So if you will sell coin it will increas the prices for the trading process. Now People will be wait for the prices incres for the change the bitcoin for other currency. So people waiting for prices increas. One increas the prices and compete the trading process on time. You fees is low on time.

We can all experiencing somehow again the stabilised P2P network system we all used to know, this is perfect sign for investor come back to the match.   ;D

Fees need to reduce even more. Fees had become very high and caused problems for many people.

Transaction fees seem to have lowered, maybe due to Segwit, but probably there's some other reason. Lightning Network still is in a test phase, although some people already sent transaction on the Network, so it's neither because of LN. The point is, the price is increasing again, that's what we're waiting for.

Yes, it did. It reduced and is still reducing. One of the possible reasons is Segwit. Plus the low volume of transaction/traffic. I hoe this is the answer since high fee cost has been a hassle to every Bitcoin enthusiast.

I think Bitcoin prices are showing signs of significant improvement over the last few days and I am sure in February or March the Bitcoin price may start to rise consistently and may soon reach $ 50,000 this year. Right now it is an opportunity for everyone to invest in Bitcoin because the current price of Bitcoin is very cheap

They are reducing but what some people have conveniently left out is that the price of bitcoin is nearly halved in that time as well. That to me is important because % wise I don't think things have gotten much better.

I'm not sure if that's true in the first place. There is no way such development can take place on that much short period. If that has to be true then there would have been movement in the forum itself.

Or that could be about the mega exchanger that was hacked recently and theft steal away 580 million NEM coins. This means that transaction over that exchangers are completely halted for the time being and this appended up the transaction which were halted for long time.

That's just presumptions but story and logic can be different really.

I believe it is due to the lightning network that increases the speed and lowers the fees for transactions

I also noticed that the fees are coming down and the time of completion is also reduced. May be owners are holding instead of selling because of the price going down as many people are on losing side of their transaction. So the coins are in the wallet and not in the blockchain.

The fees have gone down considerably and that is because of the total number of unconfirmed transactions having dropped from an average around 150,000 down to around 50,000 right now, according to blockchain.info. That's a considerable drop considering where it used to be at, and being one-third of the quantity that it used to be at is nothing less than a major statistic for the rest of the network.

The full-retard hype is over now, and we're seeing a transition back to the "normal" existence of Bitcoin. It'll see a lot of things slow down a lot.

The transactions fees is decreasing because the number of transactions struck in the mempool has drastically decreased this transactions fees reverting to normal.This increase in fees was cause by crazy increase in people investing in bitcoins when it was around $18k, which increased traffic like anything but it is normal now and soon LN would be implemented reducing fees more and increasing speed of transactions.

I actually noticed it only yesterday but I don’t know the reason why it is currently going down but it is indeed some very good news because I am sure most of us are tired about the high fees but since we had no option we just had to comply.

Maybe it's because of segwit why bitcoin transaction decreased. For sure most of us that happen and that's really happen the transaction fee is decreasing and I hope it will continue and go back again at 20k satoshi. For sure the price of the bitcoin will increase again because most the user not send their bitcoin to the other realted bitcoin business because the fee is very high.  I hope the fee will not increase again because it's hard to earn bitcoin.

Finally, the news that we have been waiting for and for which there was not enough confidence, because the bitcoin developers kept silence. If the introduction of SegWit and the network of lightning will only increase, then the situation will stabilize definitively. Yes, for bitcoin and his admirers, this month was very difficult in the context of a minimum of information about plans for improvement.

Along with that I think segwit adoption has helped the mempool, as of today segwit adoption has reached ab all time high if 18%, and recently the user "Loaded" transfered his 40k BTC to a Bech32 address this tells that you should switch to segwit even if your coins are in cold storage.

Really ? I am not aware on this though but to be honest on our country the fee is so much , so high to be precise. And I wish that the fee is go down or reduce.

Yes I think this too. Fees are lowering because less people are using it. Segwit has not been adopted widely yet.

Bitcoin skyrocketed Heaven is already a common phenomenon, but in tandem with it there is bitcoin transaction costs. In fact, if you can not solve the bottleneck of slow delivery and high costs, Bitcoin will never be among the mainstream currencies.

What kind of fees are you talking about? Exchange fees are reducing due to tough competition of new comers

If bitcoin solves the problem of high fees, I think this is a very important step for bitcoin to go mainstream and if a currency is too expensive to pay, not many will be willing to pay extra for it, Because it is not worth it.

Yes, this is one of the reasons for it.

now there are around 36k transaction stuck and compared to December where it was like 200k yes, definitely the transaction fees dropped by normal price.
Segwit and less transactions on the network are the reason for this and i guess fees are going to get back to normal price quite soon.

Yes the fees are quite getting lower now, i think it is because of the price being low this month, the price and the fees for bitcoin is directly proportional if the price goes down, so does the transaction fees for it, and if the price of bitcoin is high the transaction fees are also high.

A lot of people have been complaining about high transaction fees but it turns out that most wallet force you to overpay for your transactions. If your wallet doesn't let you set a custom fee then you should definitely think of changing it. Lightning Network is still not supported by many wallets so it will take some time before it will affect fees. SegWit makes a difference especially if you have a lot of inputs in your transaction. I would recommend anyone to switch over to bech32 address.

Well, it indirectly because of Segwit, many people are realized how useful Segwit is, and they utilize it perfectly. There are many people already migrating to Segwit and the leftover is still transactions at the legacy address so it will indirectly make the mempool lesser.

Nope. I think most of the transactions were stuck last time and that’s what caused the increased in the fees so that people won’t transact more and the miners will get rest on processing the transactions that already in the pending list. After this event recently, mempool was able to release most of the transaction leaving behind only 150k transaction in the pool to be confirmed and thus losing after the relaxed mode the prices came down. That’s the real reason behind the increased prices and now that is the reason for its drop down.

 :)  Although it is good news, it simply due to the conjecture and not due to any improvements on bitcoin's part. Unless lightning network gets implemented, we are never going to reach low fees and high speeds which would enable bitcoin to become a payment method for daily use.:)