Bitcoin transaction fees and pending transactions back to normal

[LixiR]

It looks like bitcoin transactions have returned to the new normal again since the Segwit switchover. You no longer need to pay $10 USD to get a transaction through in a reasonable amount of time and the queue of pending unconfirmed transactions have dropped back to normal levels.

To put the relative performance in perspective, over the past couple of days we were seeing Bitcoin transactions on BlockTrades that took 2 days to confirm. Similar transactions with similar fees paid are now processing in an hour or less through our system.

Here's the current report from https://bitcoinfees.21.co. Previously transactions paying fees up to 180 sat/byte were showing Inf (basically it means the confirmation guestimator had no idea how long the transaction would take). Now it's estimated 0-90 minutes for transactions in that fee range.

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[DaMut]

i might be wrong but if you're using 180 sat/byte you need a time around 0-300 minutes every 1 confirmation.
and the fastest and the cheapest based on https://bitcoinfees.21.co/ is 450 satoshi/byte which is need 0-40 minutes evert 1 confirmation.
so if you use 180 sat/byte you need around 1-17 confirmation,
and 0-1 confirmation for using 450 satoshi/byte
correct me if i am wrong,even though it's an estimate time based on fees but because of this we can make an estimate for every trx that we did,

0-90 minutes for them whose using 331-360 satoshi/byte,
right ?

(everything is based on the tables,so i don't understand why you said 0-90 minutes/conf  for them whose using 180 sat/byte)

[Baofeng]

i might be wrong but if you're using 180 sat/byte you need a time around 0-300 minutes every 1 confirmation.
and the fastest and the cheapest based on https://bitcoinfees.21.co/ is 450 satoshi/byte which is need 0-40 minutes evert 1 confirmation.
so if you use 180 sat/byte you need around 1-17 confirmation,
and 0-1 confirmation for using 450 satoshi/byte
correct me if i am wrong,even though it's an estimate time based on fees but because of this we can make an estimate for every trx that we did,

0-90 minutes for them whose using 331-360 satoshi/byte,
right ?

(everything is based on the tables,so i don't understand why you said 0-90 minutes/conf  for them whose using 180 sat/byte)

I uses 150 sat/byte and it confirmed just over a hour. I'm no complaining and for me its quite faster as compare to before. Are we really feeling the effects of Segwit now and miners like Bitmain has really switch to Segwit as we understand they did not and mining 0 blocks initially that cause the network traffic.

I'm not saying the https://bitcoinfees.21.co/ is not accurate, but sometimes if you get lucky and even with smaller fees, the transaction is picked up just like my experience of paying less transaction fee and pick in the next 5 blocks.

[Taki]

I was hoping that SegWit will solve the situation with high fee transactions and seemed the day has come.
But I move all my weekly payments to my exchanger's address for some time ago, so I don't care about this fees. I made it to skip this high fees. I know that it's dangerous to hold money on an exchanger, but I cash it out weekly so the risk to loose everything is minimal.

[Xavofat]

I was hoping that SegWit will solve the situation with high fee transactions and seemed the day has come.

SegWit has had little effect so far.  If you want to benefit from it, you will have to actually send SegWit transactions, which of course you're not doing and you just expect everyone else to make things happen for you.

As someone correctly said on Reddit:

I think a lot of people were never really clear on what SegWit actually IS (and isn't).

A lot of people assume SegWit is some gift from the heavens, that if it only activates it will fix every problem and make the backlog go away and make fees go down and take us TO THE MOON as soon as it activates.

The reality is that SegWit is largely just a new transaction format which stores its signatures separately from transaction data, in a way that's easily separated off for relaying to non-SegWit nodes. It will take some time before it gets adopted and used in any significant measure, and even then the actual effect will be moderate- even if 100% of the transactions in a block are SegWit transactions, you've still only got (depending on the specifics of the transactions) 2-3MB or so worth of transaction space.

We can see blocks marginally higher than 1MB here now.  You can also see the number of SegWit transactions mined in blocks here.

Since people got quite desperate to activate SegWit due to opposition, they unfortunately started mentioning the benefits to such an extent that people thought it was just going to fix scaling forever, but it won't.  There's a long way to go on that front.

[cleygaux]

Still nothing's changed I tried to send $2 at my bitcoin external wallet from my local exchange site but the smallest fee cost me almost $9, this unacceptable for me its totally pain to average bitcoin users like me.

[TastyChillySauce00]

still, 480sat/byte to at least get a confirmation on the right time. Still not a convenient way to send money though, I'd definitely prefer the other way which is using altcoin.
Maybe some of you guys consider 1 hour for a confirmation is "fast" but not for me, transaction p2p with other people online need to be done fastly and definitely not within an hour or more.

[Saidmod]

Still nothing's changed I tried to send $2 at my bitcoin external wallet from my local exchange site but the smallest fee cost me almost $9, this unacceptable for me its totally pain to average bitcoin users like me.

That's the reality now and its better to send much bigger amounts for you to not feel the charges on transaction fees. When i started bitcoins it has no transaction fee at all and until this coming years the fees are much higher than the small funds that we need to transfer.

[webtricks]

Still nothing's changed I tried to send $2 at my bitcoin external wallet from my local exchange site but the smallest fee cost me almost $9, this unacceptable for me its totally pain to average bitcoin users like me.

Agreed to some extent. Segwit has very meagre impact so far and can end up being hoax in crypto world soon.
Bitcoin recommended fees is still 0.00108 BTC which is around $5 per transaction. This is very high than being normal fees.
Also some web wallets are charging arbitrary fees. BTC.COM alone has 0.005 BTC as optimal fees. Such harassment from web wallets may bring negative trends soon in Bitcoin ecosystem. Things needed to be improved.

[adam1230]

I agree that bitcoin fees are huge.
I always choose an altcoin to make payments cause of high fees in bitcoin. Segwit didnt solve the issue and thats why BCC is rising.

[Proton2233]

Yesterday I did the transaction. Payment of 0.001 btc. In my purse there is a choice between expensive and cheap transaction. This price is cheap for the transaction. Before the confirmation takes 10-15 minutes. Yesterday I waited 45 minutes.

[swissguy]

Currently bitcoin is confirming pretty fast with even low fee so i think we not need to pay much unnecessary for just confirming the transaction

[grermezter]

It looks like bitcoin transactions have returned to the new normal again since the Segwit switchover. You no longer need to pay $10 USD to get a transaction through in a reasonable amount of time and the queue of pending unconfirmed transactions have dropped back to normal levels.

To put the relative performance in perspective, over the past couple of days we were seeing Bitcoin transactions on BlockTrades that took 2 days to confirm. Similar transactions with similar fees paid are now processing in an hour or less through our system.

Here's the current report from https://bitcoinfees.21.co. Previously transactions paying fees up to 180 sat/byte were showing Inf (basically it means the confirmation guestimator had no idea how long the transaction would take). Now it's estimated 0-90 minutes for transactions in that fee range.

I just sent someone money and I had to pay $1.41 as the transaction fee even though it was a bit much I was happy that the transaction was able to go through after just 11 minutes which is okay for me. It's good though but the fees are just too much which is to be expected due to the recent rise in prices.

[swissguy]

It looks like bitcoin transactions have returned to the new normal again since the Segwit switchover. You no longer need to pay $10 USD to get a transaction through in a reasonable amount of time and the queue of pending unconfirmed transactions have dropped back to normal levels.

To put the relative performance in perspective, over the past couple of days we were seeing Bitcoin transactions on BlockTrades that took 2 days to confirm. Similar transactions with similar fees paid are now processing in an hour or less through our system.

Here's the current report from https://bitcoinfees.21.co. Previously transactions paying fees up to 180 sat/byte were showing Inf (basically it means the confirmation guestimator had no idea how long the transaction would take). Now it's estimated 0-90 minutes for transactions in that fee range.

I just sent someone money and I had to pay $1.41 as the transaction fee even though it was a bit much I was happy that the transaction was able to go through after just 11 minutes which is okay for me. It's good though but the fees are just too much which is to be expected due to the recent rise in prices.

can you please tell me how much $$ worth BTC you transferred to pay 1.41$ worth fee ?

[Kprawn]

Is this for SegWit to SegWit addresses? Dope.... do not think so. Do not blame the code... blame the fckn miners. 

The whole mining scene is being dominated by greedy ass Chinese miners and it is time for other countries to get knee deep

into Bitcoin mining to break their hold on Bitcoin. I hope the Russians are going to give them a run for their money. 

[swissguy]

Is this for SegWit to SegWit addresses? Dope.... do not think so. Do not blame the code... blame the fckn miners. 

The whole mining scene is being dominated by greedy ass Chinese miners and it is time for other countries to get knee deep

into Bitcoin mining to break their hold on Bitcoin. I hope the Russians are going to give them a run for their money. 

and who said that Russians will solve this and they are not greedy ?

[~Spawn~]

Hopefully miners will stop switching to bcash.

[Lanatsa]

It looks like bitcoin transactions have returned to the new normal again since the Segwit switchover. You no longer need to pay $10 USD to get a transaction through in a reasonable amount of time and the queue of pending unconfirmed transactions have dropped back to normal levels.

To put the relative performance in perspective, over the past couple of days we were seeing Bitcoin transactions on BlockTrades that took 2 days to confirm. Similar transactions with similar fees paid are now processing in an hour or less through our system.

Here's the current report from https://bitcoinfees.21.co. Previously transactions paying fees up to 180 sat/byte were showing Inf (basically it means the confirmation guestimator had no idea how long the transaction would take). Now it's estimated 0-90 minutes for transactions in that fee range.

Seems the fees doesnt really change at all because when i do tried to check it out the fees are still the same which is having a minimum of $9-$10 minimum tx fee which do really sucks when you do make microtransactions.
This is why i dont make active transfers because the fees required is really too high. This would be only good if you do make bulk transactions.