Largest ever in BTC history. 1.314MB block mined. Segwit is expanding.

[kotbi]

The newly mined segwit block 484398 is largest ever in bitcoin history.  Congrats!

And minutes later, yet another largest block came out lol.  1.372MB!

[1714078999]

1714078999

[1714078999]

1714078999

[HODLwearz]

yeah a lot of people didn't understand that segwit was a block size increase

[AdamCooper]

This is indeed good news. Let's hope nore blocks this size and bigger will be mined.

[Skyborn]

It's pretty cool that the whole seg wit thing is working out as planned. I hope things can change for the better from now on. I'm not really technical but it seems like seg wit is serving it's purpose well.

[bitcoinmaniac52]

SegWit is already resulting in extremely significant reductions of fees. Before it was implemented in order for your fee to clear in under an hour you needed to send at least 451+ sats/byte fees, but now you can send as little as 151+ sats/byte fees for the same results. And you can also send 0 fee transactions and they will go through... who would have thought that?!

[Qartersa]

Segwit was not a block increase by the way. What it does is that it changes how the block reads data. Pretty hard to understand it technically, but that is what it does. Actually what happens in segwit is that it makes 1mb into almost 4mb because of its mechanism. The recent bitcoin code upgrade included segwit and the block size increase to 2mb. Both are different from each other.

[hatshepsut93]

Meanwhile mempool is only a few megabytes big and cheap transactions get confirmed in a few hours. This proves a few points: high fees were caused by spam attack; high fees were also caused by bad wallet software - most wallet don't allow their users to chose custom fees; most importantly, there's no need for blocksize increase yet, SegWi2x is unnecessary and very dangerous for those who would follow it - they are going to risk losing their Bitcoins and ending up in with weak coins, even though they might have huge hashpower in the beginning.

[kotbi]

SegWit is already resulting in extremely significant reductions of fees. Before it was implemented in order for your fee to clear in under an hour you needed to send at least 451+ sats/byte fees, but now you can send as little as 151+ sats/byte fees for the same results. And you can also send 0 fee transactions and they will go through... who would have thought that?!

Are you kidding? In the past a couple of days I always sent with 5 sats/byte or 4/bytes, and it goes out quickly lol

[TooDumbForBitcoin]

Finally positive news! Roger Ver is lonely and sad at this moment somewhere with his BCC dishonor

[Cereberus]

151 satoshi/byte is the medium time fee in Electrum wallet(also in bitcoinfees website) and the 250 satoshi/byte is the fee needed for extremely fast confirmation.

This is really good news as only a few days or weeks ago, we needed at least 400 satoshi/byte for a medium time confirmation and above 500 satoshi/byte for extremely fast confirmations.

Now the satoshi/byte is being cut in half from more than 500 to 250 to have extremely fast confirmation.

[Josepht]

151 satoshi/byte is the medium time fee in Electrum wallet(also in bitcoinfees website) and the 250 satoshi/byte is the fee needed for extremely fast confirmation.

This is really good news as only a few days or weeks ago, we needed at least 400 satoshi/byte for a medium time confirmation and above 500 satoshi/byte for extremely fast confirmations.

Now the satoshi/byte is being cut in half from more than 500 to 250 to have extremely fast confirmation.

This is because the person(s) who spammed the network last few weeks probably stopped, so the mempool is empty. That causes the tx fees to fall obviousely.


I do understand that everyone is happy here, but according to this website: http://segwit.party/charts/#, still only 1.3% of all transcations are segwit transactions. There is still a long way to go.

[eaLiTy]

SegWit is already resulting in extremely significant reductions of fees. Before it was implemented in order for your fee to clear in under an hour you needed to send at least 451+ sats/byte fees, but now you can send as little as 151+ sats/byte fees for the same results. And you can also send 0 fee transactions and they will go through... who would have thought that?!

I am not sure about that as i did a low fee transaction after the forking but things changed rapidly after that as i had to input higher fees and transaction times were making me crazy and this was the case even last week,i am not sure whether things have changed now ,but i would like to see that happening because i started bitcoin to transact with lower fees and faster transaction and that is how things should be.

[kotbi]

151 satoshi/byte is the medium time fee in Electrum wallet(also in bitcoinfees website) and the 250 satoshi/byte is the fee needed for extremely fast confirmation.

This is really good news as only a few days or weeks ago, we needed at least 400 satoshi/byte for a medium time confirmation and above 500 satoshi/byte for extremely fast confirmations.

Now the satoshi/byte is being cut in half from more than 500 to 250 to have extremely fast confirmation.

Use blockchain wallet, you only charged by 5 satoshi/byte. lol

[ImHash]

Yes fees are low now thanks to SW but we still need to wait a few months to see how this could really help the adoption and from there we might even see prices like $7000. I just don't like to see Wu's name on every transaction

[geac.xraekhurcoe]

Hope the fee cost keep reducing, that way it was, was making the fiat system viable again.

[kotbi]

I was tempted to try 1 sato/byte, but kind of worried it would be stuck there forever

[JL421]

This should continue to increase in the coming future bitcoin will start setting up even more higher records the funny part is most mining power comes from china itself and they are the one banning bitcoin. I feel more happy now as long as mining continues bitcoin will never die

[alyssa85]

Can the segwit blocks get to over 2mg before november? If they can then segwit2x is unnecessary, isn't it?

[LFC_Bitcoin]

Thanks for making this thread OP, really nice to read after all the bull shit & civil war stuff that's been going on for ages. I too am anxious to get an answer to the post directly above mine here though.