Decreased transaction fees after segwit activation

[vero8]

I'm curious how the segwit activation will influence the transaction fees

I have here the transaction fees of a few wallet providers before the SA
For a transfer of 5 EUR equivalent in Bitcoin the fee was:
- Blockchain -regular (time > 1 hour): 0.61 EUR - priority (time < 1 hour): 1.15 EUR (30 juli 2017)
- Exodus - 1,47 EUR (30 juli 2017)
- Spectrocoin - 1,50EUR (30 juli 2017)

It could be nice to sum up transaction fees from the wallet providers you guys use as well before as after the SA, so we all get an overview.

For easy comparison take fees for an equivalent of 5€.

[DooMAD]

I'm curious how the segwit activation will influence the transaction fees

I have here the transaction fees of a few wallet providers before the SA
For a transfer of 5 EUR equivalent in Bitcoin the fee was:
- Blockchain -regular (time > 1 hour): 0.61 EUR - priority (time < 1 hour): 1.15 EUR (30 juli 2017)
- Exodus - 1,47 EUR (30 juli 2017)
- Spectrocoin - 1,50EUR (30 juli 2017)

It could be nice to sum up transaction fees from the wallet providers you guys use as well before as after the SA, so we all get an overview.

For easy comparison take fees for an equivalent of 5€.

If you're asking us to predict the effect on fees, then sorry if this is vague, but in truth, we can only speculate.  No one knows for certain what will happen.  The natural assumption is that fees would eventually be lower, but it's not a guarantee by any stretch of the imagination.  It largely depends how much traffic the network sees in future, what percentage of transactions are actually utilising the new SegWit keypairs and whether you are using the new keypairs or not.  There's no simple answer without the aid of a crystal ball or time machine, I'm afraid.  We'll have to wait and see.

I'll link to a previous post where I urge people not to set unrealistic expectations about SegWit.  It's almost certainly an improvement, but it's not a magic bullet and it doesn't kick in with immediate effect.

If you want people to list the fees they pay to compare, it's probably best to price them in BTC as well as EUR, just to highlight the difference the exchange rate makes at any given time.

[buwaytress]

What you're suggesting here is to compare how (wallet) services change their fees, not so much how effective the cost of sending transactions are. You can get this just by monitoring bitcoinfees.21.co. From what I've noticed, fees from wallets/sites have only been going up, instead of adjusting to the network.

If wallet fee comparison is what you want to look at, then you'll also need to take into account the actual fee used in the transaction against each wallet. Ie. If Wallet A charges a flat X fee, but what is its actual Y fee spent in the transaction?

[Coffee135]

I heard that the fee per transaction will be reduced, and the time of the transaction will decline. It's a good prospect, but confirmation of this I do not see. Perhaps we're in a hurry and you need to wait. In any case, the price of bitcoin has increased and it will help to offset the costs of the transaction.

[Iranus]

The wallet providers just have an interface for paying a fee to the miners.  All good wallets let you choose your transaction fees, so you don't do a comparison of what the wallet providers set by default (if they have a default), you do a comparison of how long a transaction is likely to take to confirm with different fees.

As for SegWit, it would increase the transaction capacity.  How much this decreases the fees by depends on two factors:

-How many people are using the network and how close it is to full
-How many people upgrade to newer SegWit clients and use SegWit transactions

Personally I think that SegWit will drastically reduce the fees because the transactions being sent will not be near the network's max capacity and the fee market will subside.  However as more transactions are sent this might change back.