Transaction fees going down~

[komjhq]

There's just 50% less BTC transactions: https://blockchain.info/nl/charts/n-transactions

People stopped using it because of the extreme fees and therefore it got cheaper again. Once they start using it again, same thing

Things will always go in swings and roundabouts like that until an equilibrium is found. I think there's more behind the reduced transactions than just the fees though. The market itself has been in a bit of a slump and there will inevitably be less transactions when that's the case.

Since the coin prices have now dropped slightly, as well as the etherium and Bitcoin are in their middle positions, then the Transaction Fee is much lower. That's just the length of Bitcoin's transactions is still quite long.

[eagleman]

Currently it's 240 satoshi/byte but still very expensive to my mind.

This is way better sats/byte than before, I used to pay up to 1000sat/byte just for an instant confirmation. It's still expensive but it's better than nothing happened and was improved.

Indeed this is a big improvement from december's fees. And the time it takes for it comolete is also something to be happy about. Hopefully this continues so we won't have to go through buying alts to make cheap and fast transfers.

Fees are starting to breakdown and definitely those people who are annoyed of the fees and started to transfer their funds into some other alts will go back to bitcoin. This might cause another good pump since CME first bitcoin future contract has expired.

People stopped using it because of the extreme fees and therefore it got cheaper again. Once they start using it again, same thing

That's the sad fact but Segwit is started to be used and pretty doing good so it's also another reason why the fees got lower.

[Chris314]

That's good news, but I'm afraid it'll go up again if bitcoin gains in value. The solution for really cheaper transactions is still to come (lightning network?).

[batang_bitcoin]

That's good news, but I'm afraid it'll go up again if bitcoin gains in value. The solution for really cheaper transactions is still to come (lightning network?).

Why are you afraid about it? Big traders and holders that sold their bitcoin before at the peak will start to come when they realized that the fees are now cheaper. And while the fees are going down, it's value has dropped down a lot too. What can we ask for? We haven't seen bitcoin's price at peak and the fees are lower down so there's consequences when something is moving upward to bitcoin.

Things will always go in swings and roundabouts like that until an equilibrium is found.

This is what's on my mind, balance.

[nokati]

I am using segwit address (samourai wallet on android) and on trezor for a couple of weeks now. Transaction fees are almost none!!!!!

wallets and exchanges really need to implement segwit as dev have made it available for couple of months now.

Ass-wholes like mycellium and blockchain.info still dont let the user use segwit (and many more wallets and exchanges)
In my book, if you are a big name and still not providing segwit, you are a bitcoin enemy and I am not going to use your service ever again. Community should really ban every big name that dont give segwit to the users yet.

[Biodom]

put in a 10sat/byte tx by mistake yesterday, dreaded it, but it confirmed overnight.
earn.com says that 1-10 sat/byte right now are confirming within 4 hr.
is it "crazy" or what?

[nokati]

problem is that btc name have got the high fees reputation already, it will take a while till people realize that feees are much lower now,
my best guess for this fee reduction is:

A) more and more is using segwit
B) LN networking is comming, so the spammers have stop spamming as if feess get lower, the urge to not using LN will be more and they hope this way it will fall.

[jamids]

put in a 10sat/byte tx by mistake yesterday, dreaded it, but it confirmed overnight.
earn.com says that 1-10 sat/byte right now are confirming within 4 hr.
is it "crazy" or what?

This would be pretty awesome then if this will be maintained. I don't mind waiting for 4 hours or overnight if I would have this transaction fee. I hope Lightning Network would be the solution though so that all those people who are using the reason of transaction fee to promote their coins would just stop. Maybe when the price of bitcoin goes up again then transaction fee would go up as well cause demand would be higher. I just check https://bitcoinfees.earn.com/ and the fastest and cheapest now is 200 sats/byte.

[Nick Abimanyu]

Looking at the graph below from https://dedi.jochen-hoenicke.de/queue/#30d the transaction fees have dropped significantly. Not exactly sure how to read this chart though.

This is true, there has been a decrease although not significant.
2 day ago i sold my bitcoin with a transaction fee of 0.0011 or about $ 12.94, and today i sell my bitcoin with transaction fee of 0.001 or about $ 11.76.

[gatti]

Looking at the graph below from https://dedi.jochen-hoenicke.de/queue/#30d the transaction fees have dropped significantly. Not exactly sure how to read this chart though.

This is true, there has been a decrease although not significant.
2 day ago i sold my bitcoin with a transaction fee of 0.0011 or about $ 12.94, and today i sell my bitcoin with transaction fee of 0.001 or about $ 11.76.

Yes .I had sell my bitcoin with 0.001 as a transaction fee a week ago.But now the transaction fee of bitcoin is around 0.0004btc .Now the transaction fee is half of old price.

[Carlsen]

I think as well that there are many people out there who dumped their coins because of the high transaction times and fees.
65MB mempool size seems to be still much compared to what it was a year ago, but the trend here goes down accordingly.
Maybe this is really the first step to bring bitcoin back to its original purpose: serving as a currency.

[BingoDog]

It looks like transactions fees are lower now but I wouldn't say this is going to be permanent situation. Fees are volatile almost like bitcoin and they are also changing all the time.
Hope they will decrease more but I'm also aware that many factors in the network and miners are influencing them so I'm prepared for worse situation also.

[arpon11]

I always said that the fees we pay in December last year was a calculated attempt to undermine bitcoin as a mode of payment for goods and services. I was surprise sending $400 Last week and I only paid $4 but in December I send $500 and I paid $110   I think there is a great improvement and that is why we can see this serious changes in mining and transactions fees. I was also thinking that in this low fees continue we may see bitcoin rising in price.

[pitiflin]

Most of the transactions fees, the ones colored with gray are the ones which have low or no fee at all. The graph shows how many transactions are pending as per the fees used, the lower the fee, higher the unconfirmed transactions and the graph.
Fee has dropped but still I am not sure on how long this is for. Better use segwit address.

[CyberKuro]

Yeah, it started since a few days ago, I've been waiting over a month for my transaction to get confirmed, and finally, it did. I have paid a very low fee in December 2017, it still confirmed though.
After the check, find this: The fastest and cheapest transaction fee is currently 190 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 42,940 satoshis.
https://bitcoinfees.earn.com/
190 says/byte is pretty good for me, well it's time to send bitcoin to exchange before the fees increase again.

[Baoo]

Well, this is a good news because in the previous period the value of transaction fees was very massive (Has reached to $ 20 for Bitcoin). In fact, a significant decrease in that value of fees would have a positive effect on the price of different currencies.
As well, In this period there was a slight rise in prices of many currencies (Such as, Bitcoin, Ethereum, Ripple, Litecoin).
Furthermore, We hope this decline in transaction fees will continue, especially for Bitcoin Which has become less than $ 1.

[Palmerson]

Well, this is a good news because in the previous period the value of transaction fees was very massive (Has reached to $ 20 for Bitcoin). In fact, a significant decrease in that value of fees would have a positive effect on the price of different currencies.
As well, In this period there was a slight rise in prices of many currencies (Such as, Bitcoin, Ethereum, Ripple, Litecoin).
Furthermore, We hope this decline in transaction fees will continue, especially for Bitcoin Which has become less than $ 1.

I want to remind you that during this time the price of bitcoin fell by almost 50%. What you won from lower transaction prices. Nothing. As soon as the price of bitcoin will rise you will pay for the transaction $ 50. Can be even more. The system has not changed. This is the main problem of bitcoin.

[AnonBitCoiner]

Now the transaction fee for bitcoin is reduced some how.Due to the Segwit the transaction fees of bitcoin is reduced.This reduce of transaction Fee of bitcoin will surely increase the transaction of bitcoin and which will impact the price of bitcoin.I had hope this will increase the price of bitcoin soon.

[Idrisu]

I am happy this has happened and that is one of the benefits of sigwith and I believe those that want to kill bitcoin using the tools' of high mining fees has been disappointed. If we should have any fees high than that of the bank then using bitcoin as a mode of payment and low fees has been defeated. Hope we would see a continuity of this and in future see transactions fees lower than this.

[alyssa85]

problem is that btc name have got the high fees reputation already, it will take a while till people realize that feees are much lower now,
my best guess for this fee reduction is:

A) more and more is using segwit
B) LN networking is comming, so the spammers have stop spamming as if feess get lower, the urge to not using LN will be more and they hope this way it will fall.

Yes. None of those merchants that have disabled bitcoin (Stripe, Microsoft, Steam) have re-enabled it.