Lower transactions fees now? Bitcoin is back it is!

[jekjekman]

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please. As I thought that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens, I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

[Pursuer]

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please.

SegWit was activated + spam attack stopped = no huge backlog = no competition for getting in blocks = low transaction fees

As I though that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens,

it shows that people who have invested in bitcoin don't care about these swings. they are holding their coins.
it is the traders who are already keeping their coins on exchanges (and of course a small number of others too) who are selling and buying back.

I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

in the future please report fees in satoshi/Bytes which is more understandable .

edit:


between the highs in those months, is when everything is normal, no spam attack, no high fees and everything smooth.

[Asyifiah]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

[Pursuer]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

the person who sent that transaction can only know the real answer to this question. but from what I have seen so far, the issue has always been with the wallet or any customized wallet they are using. it estimates fees wrong and includes a ridiculous fee like this.

and this possibility is the most possible! because if you go back to the previous outputs it spends, they are all including ridiculous fees.

I remember coinbase used to do this and lose a lot of money because of it.

[stompix]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

As always the person behind is the one who is responsible.
Sticky fingers, bad configured client, bad configured application or..
Somebody who was in a real hurry to move those coins.
It might even be a "hacked" wallet, there are thousands of possibilities and reasons for it.

[dothebeats]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

A human error, perhaps. I too, am a victim of my own negligence that made me send a transaction fee worth than the actual amount that I want to send. The good news is most of the transactions right now are below $3 which has been the norm for the last few weeks.

Bitcoin the king of microtransactions yet again?

[Rinaze]

Well, that's good. Not so many people use Segwit address but why? If vast majority of Bitcoin users switch to Segwit addresses, we will be able to have even more transactions per second! I didn't have any problem with transfering my funds between addresses. About 1 month ago I paid more than $10 for a transaction which wasn't confirmed as fast as I was thinking it would take.

Majority of the BTC wallets need to integrate and made Segwit available for most of us to utilize before most of the users would even think of using a Segwit address.

[BitcoinPC]

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please. As I thought that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens, I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

I told everyone this was just a temporary speed bump. These things never last for long no matter what they are. The lower transaction for using their temporary too but hey let's take advantage of them while they're there. I have seen transaction fee are lower now at online wallet like coinbase but exchanges like c-cex still have high fee to withdraw that is 0.002 .

[Pearls Before Swine]

It's nice to finally see this again.  I was able to send something like $100
for about 8 cents in fees, and the transaction only took about 30 minutes
to confirm.  That's not bad; a month ago that would have cost me about
$4. The only way bitcoin will ever be accepted by the masses is if you
don't have to pay a lot to use it.

[RamBahadur.Gurung]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

The amount involved was huge. The total amount sent was BTC0.589172, which is equivalent to more than $2,000. And the fee paid was less than 3% of this amount, although it was not needed. The sender paid a fee of 7,449.558 sat/B, when less than 1/100th of that was needed for quick confirmation.

[Kanapka]

The backlog is almost empty(2248 unconfirmed transactions). I think you could go with 0.0001 and maybe even have a confirmation in the next block.

Some wallets miscalculate the transaction fees, that's why some people still overpay it

[eaLiTy]

Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

It is true that some of the exchanges as well as some online wallets still charge a higher transaction fees even though the price of transaction has gone down,it might take some time to see a change as we as a group need to voice our opinion to these services so that they reduce their fees ,the transaction fees has gone down if you are using your own wallet and it is a good sign for bitcoin users.

[bitart]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

As always the person behind is the one who is responsible.
Sticky fingers, bad configured client, bad configured application or..
Somebody who was in a real hurry to move those coins.
It might even be a "hacked" wallet, there are thousands of possibilities and reasons for it.

It could be the wallet, like about a month ago, in the Mycellium mobile wallet, it was only allowed to choose fee from a drop down list, like low-prio, economy, high fee, etc. That time, users payed 10x higher fee compared to the market with the low-prio settings, because of the wallet's predefinied fee structure.
Now, Mycellium has developed their mobile wallet (at last...), and now, you can set your own fee.
Thanks to this, (and to the empty mempool, and to the weekend), now it's possible to have 2 confirmations in 20 minutes time with a fee of 20 sat/B.

[Wind_FURY]

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please.

SegWit was activated + spam attack stopped = no huge backlog = no competition for getting in blocks = low transaction fees

The spammer, whoever he is and who has shown to be a rascal, has seemingly given up for now. There is no use to waste more of his resources in a lost cause. Maybe he finally realized that Bitcoin Core will unconditionally not accept and implement a hard fork to a bigger block size until all the other much safer alternatives like Segwit are tried and tested.

[dunfida]

Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

It is true that some of the exchanges as well as some online wallets still charge a higher transaction fees even though the price of transaction has gone down,it might take some time to see a change as we as a group need to voice our opinion to these services so that they reduce their fees ,the transaction fees has gone down if you are using your own wallet and it is a good sign for bitcoin users.

This is what I observed on some services on which they are stuck on charging their users on the high fees we do see before.They are still charging the same amount as of now which do really sucks and I decide not to make any transactions as of now.This is why I do make alternatives on using Electrum which the fees do really goes back to normal and not hurting me too much when I do send some funds on other wallets.

[Red-Apple]

The backlog is almost empty(2248 unconfirmed transactions). I think you could go with 0.0001 and maybe even have a confirmation in the next block.

Some wallets miscalculate the transaction fees, that's why some people still overpay it

the backlog aka mempool can not be 100% empty! because there is someone somwhere in the world that is making a transaction and sends it in the mempool and blocks are only found every 10 minutes on average!

in other words 2000 unconfirmed transactions is like mempool being empty.

[batang_bitcoin]

I observed the transaction fees for a month now after the hard fork and I'm happy that most of my fees are only 0.0001 BTC and did even paid only 0.00001 BTC so we are sure now that bitcoin low fees is going to rock now. This will make the investors back in bitcoin and I observed the confirmation has increased too, it became faster now. What about xapo now, is someone still using xapo here? They adjusted the fees now?

[yoseph]

Please look at this
https://blockchain.info/tx/161c2c92c71ec914cfbe448483f70073987890b524f7273ab1b6664e3f96ee26
Fees 0.016836 BTC
not all transactions use cheap fees. I don't know why it happened.
but lately a lot of transaction fee is very cheap

Maybe luck is involved, because i have been sending some transaction and most of the times i am being asked to pay as low as $0.07 as fee, Its so low to the extent that i adjust it so that the miners may get something because they are using a lot of resources for their mining and low transaction fees are not really beneficial to them.

[pinoyden]

It seems that Bitcoin is back to wherever it is before and I really don't know what happened, can anyone tell me please. As I thought that the downfall of bitcoin will be resulted of too much transaction that will be done of the panic sellers but it seems the reverse happens, I just sent my transaction with a $0.01 worth of bitcoin within 25 blocks and I can also choose to send it within the next block for only $1 worth of bitcoin. Any thoughts?

i think its because bitcoin price has dropped so much as a result the fees now is also friggin low and why many people liked it including you,  but honestly i prefer higher transaction fees as long as the bitcoin value is high also because i can earn more on my invested bitcoins rather than a low transaction fees but a low value btc.

[BrewMaster]

...What about xapo now, is someone still using xapo here? They adjusted the fees now?

XAPO and all other similar services are third party and they choose whatever fees they like. and now that they have gotten a taste of some additional profit because of taking fees from their users i don't think they will change their fees. although you have to ask them. go to their support page and make a new ticket or contact them via Email and demand lower fees.