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Author Topic: Low transactions fees but fast  (Read 1558 times)
Zocadas
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September 17, 2017, 08:01:38 AM
 #1

Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?
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September 17, 2017, 08:24:21 AM
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Neither. The amount of tranaactions on the network has decreased substantially, as compared to weeks before when most transactions were paying upwards of 400 satoshi. The frequency of the blocks was quite high within the previous hour or so and the number of unconfirmed transactions were cleared in a relatively short period of time.

The factor affecting the volume of transaction is another thing altogether.

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September 17, 2017, 08:45:58 AM
 #3

As ranochigo says, network doesn't have as many transactions as two weeks before. You can take a look yourself here: https://blockchain.info/unconfirmed-transactions

Right now I'm looking at it and there's 1,100++ . It's been at very low levels for as far as I can remember this week. Potentially, any block found next should be able to clear that entire backlog immediately. And this has happened with me twice with 10 sats/byte fee transactions, where I was confirmed in the following block. In fact, the last few blocks have all not been full, so I'm guessing the miners are just filling up with whatever they can find.

Two weeks ago, you were competing with tens of thousands of other txs. Miners in general will include txs with higher fees in their blocks. So you always have to pay a fee somewhat proportional to the network's degree of congestion.

But for a better estimate, you can refer to this instead: https://bitcoinfees.21.co/

According to that right now, even a 1 sat/byte fee gives you a 90% chance of getting confirmed in the next block. Even 0 fees could be confirmed in 6 hours Wink

Zocadas
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September 17, 2017, 09:01:05 AM
 #4

So indirectly caused by the news and price dropping, the network was less busy, I guess. The fees were higher than now for months, also as price was under 3000$.
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September 17, 2017, 09:10:22 AM
 #5

Its very simple. Chinese miners stopped spamming like they did for the last year.
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September 17, 2017, 09:18:11 AM
 #6

The network is not very busy these days. 4 weeks ago it was really hard to sent bitcoins with low transaction fees but now it is very easy to send with even low transaction fees and fast speed. I think this whole thing is happening only because of Chinese people. Most of them stopped mining Bitcoins because the government is literally against the Bitcoin and its exchanges there. However, I think it's somewhat good for us. 4 Weeks ago I sent 0.13$ USD and the fees were dam high I paid 2$ in transactions fees to send 0.13$.
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September 17, 2017, 06:26:51 PM
 #7

now i understand why my tx got confirmed in next block even though i had fees less than 5 sat/ byte.

i thought i was very lucky and people complaining on the forum of increased fees were stupid. but this thread clears the issue.

i thought this was becuase of segwit too., but could not confirm what caused this.

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September 17, 2017, 06:43:15 PM
 #8

Yes the fees now aren't high or skyrocketed as they used to be a month or two ago.
But I think you should know what's going on.
The network isn't that busy now. Just head over to https://blockchain.info/unconfirmed-transactions and you'll see that there's less than 2k transactions only that are unconfirmed.

It just can't be better. It used to be much more than this.
That's just what makes me almost sure that spamming the network isn't kidding and that's what actually happens.

And it's done for a reason of course. Network more congested means we pay more fees.
There must be a direct solution to this issue. The bitcoin network can't stay under the hands of the greedy ones.
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September 17, 2017, 09:35:30 PM
 #9

If i am not wrong due to segwit2x implement and hard fork now the block size is increase so the transaction will get confirmed very fast and even the fees is also low.
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September 18, 2017, 01:37:51 AM
 #10

Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?

I also notice this yesterday i send a bitcoin to another wallet i was shocked the fee is frigin low its like 187 sats but the next part is so shocking. i check the blockchain for my transaction and boom it confiremd instantly and took only i guess 3minutes and bitcoin arrives safely on to another wallet. maybe this is happining because bitcoin price has droped low and fees also becomes low but a faster rate transfer or they could be other reason? hmmm??

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September 18, 2017, 02:22:49 AM
 #11

Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?

I also notice this yesterday i send a bitcoin to another wallet i was shocked the fee is frigin low its like 187 sats but the next part is so shocking. i check the blockchain for my transaction and boom it confiremd instantly and took only i guess 3minutes and bitcoin arrives safely on to another wallet. maybe this is happining because bitcoin price has droped low and fees also becomes low but a faster rate transfer or they could be other reason? hmmm??
A dump in the price doesn't cause the fee to go low. There is no such thing like that. Network fee depends on the size of the transaction, not the value of the coin. This is happening due to less flood on the network from few days. Some are saying that it's due to segwit activation and some believe that the recent news from China is the major reason. The blockchain is unstressed by either or both of these two reasons which is causing the transaction to confirm at a much faster rate than before.
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September 18, 2017, 05:12:33 AM
 #12

If i am not wrong due to segwit2x implement and hard fork now the block size is increase so the transaction will get confirmed very fast and even the fees is also low.
You are wrong.

SegWit2X has NOT been implemented, SegWit was activated, 2X is scheduled for some time in November I believe... And the block size increase part of the hard fork was on the Bitcoin Cash blockchain, not the Bitcoin blockchain.

It is essentially a "supply and demand" equation. Currently, there are not a lot of transactions waiting to be confirmed (aka low demand), so you don't have to compete to get your transaction into a block (effectively high supply), so you can pay a smaller fee.

If 20,000 transactions appear on the network tomorrow (high demand), confirmation times will increase (low supply) and people will start paying more to get priority and fees will increase again.

As to "why" the number of transactions dropped so dramatically... Well there are a number of theories... From the "pre/Post-fork Spam attack" having stopped, to everyone calming down after the fork proved to not be the end of the world, to SegWit having saved us all, to the Chinese stopping use of Bitcoin.

Personally, I don't believe that SegWit has made any significant difference as yet due to not all wallets supporting it, not many services using it and not many users who understand it or use it.


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September 18, 2017, 05:19:44 AM
 #13

The mempool is really empty the last weeks. I don't send any transactions with more than 1 Sat/Byte. They got confirmed directly in the next block.

Just looking at the mempool right now shows me about 500 to 1000 pending transactions. All of them would fit into the next block. And I saw this picture at least in the last 2 weeks with about max 3000 TX pending.

I don't know how all those fee estimation algorithms work, but if you look just have a look at the current size of the mempool it gives you the best information if you need to put higher fees than 1 Sat/Byte or not.
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September 21, 2017, 08:00:29 AM
 #14

Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?

The maximum rate is 480 satoshi per byte. But if the price it could a factor in the transaction and the speed that you witnessed.

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September 21, 2017, 09:37:19 AM
 #15

I did a btc transaction yesterday worth around $1 with low transaction fee for something that wasn't essential or urgent. I remember, I saw a message like... "This is a transaction with low transaction fee and perhaps miners won't be accepted...... " But, transaction had completed less than an hour.
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September 21, 2017, 11:17:05 AM
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Its very simple. Chinese miners stopped spamming like they did for the last year.

I would say this is the case too... if you look at the graph, there are obvious inorganic amounts of growth all of a sudden, and it goes down again all of a sudden, this cannot be a coincidence of a ton of people starting transacting, maintaining this quota of transactions and then in sync all of them stop transacting.. that's just nonsense, so in my opinion it is obvious spam by the usual suspects (Roger Ver and Bitmain).

And of course, segwit transactions are starting to go up, which is also helping the network.

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September 23, 2017, 10:19:31 AM
 #17

Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?

i noticed that these days the transaction fees are now high and works slowly , i guess they are back to their previous state and we are now again struggling on expensive fees plus slower arriving time of transactions.

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September 23, 2017, 10:55:55 AM
 #18

May be because of the less crowd of miners but most probably may be because of its down value causes less transaction fee and quick also. Can be also because of segwit,the two chains now working.

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September 23, 2017, 02:33:45 PM
 #19

Use a better wallet that allows segwit addresses or manual fees . My tx fees are dirt cheap.

Use -

armory , electrum in 1 week will have it , trezor, greenbits , green address or ledger instead
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September 23, 2017, 03:05:59 PM
 #20

Sent just a transaction with priority and had 10 % of fees, I had two weeks before. Transaction went through very fast.
Is it because of price dropping (China news) or a new upgrade?

i noticed that these days the transaction fees are now high and works slowly , i guess they are back to their previous state and we are now again struggling on expensive fees plus slower arriving time of transactions.
You need to keep in mind the status of the mempool. As you can see here[1], the last few days, we got spammed again with multiple spam transactions, which bloats the network and make fees become more expensive. This stopped for a moment and we cleared all the backlog of transactions, so we are somehow "okay" again.

[1] https://jochen-hoenicke.de/queue/#2d

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