Did you notice? Bitcoin transaction fees are very low now compared last months.

[mahibul49]

yes i already noticed this one and i am really excited for this news bcz its really good for us.i know bitcoin is future and now i feel it.

[Razick]

Yeah and it's pretty crazy considering how high they were and impossible it was to do transactions not long ago. I think the implementation of Segwit by large players is the reason for it.

[spngebob]

It is because there are not so many transactions, so logically less transactions means lower fee, nobody is "fighting" to get his transaction confirmed first.
Earlier today there were only 2000 unconfirmed transactions and 50sat/byte was more than enough for confirmation within first block.

[September11Myth]

I guess this is because the Lightening Network is starting to work. I'm glad, because now it becomes possible to use bitcoins again - a few months ago, when sending whatever would cost at least 20$, using Bitcoin was not a choice at all.

[ololajulo]

 Not all exchanges anyway, Some exchanges are still yet to reduce their transaction fee, even some big new volume exchanges that I won't mention.

[nightmanisrightman]

Not all exchanges anyway, Some exchanges are still yet to reduce their transaction fee, even some big new volume exchanges that I won't mention.

Doesn't matter if they short term stay away, the long term incentives make it so that they will switch over eventually. If your opponent is getting more action because they have a lower service fee you will reduce your service fee yourself, especially if you believe you are the bigger, badder exchange in all this.

[eaLiTy]

Yes the transaction fees have come down and i was able to send coins with a mere two thousand satoshi after a very very long time and i am glad to see the changes happening ,i hope this continues like this and i really do not see the complete transformation to segwit ,yet the fees have come down a lot,in the mean time we will once again see the merchants that dropped accepting bitcoin will once again start accepting it ,which is really cool.

[ronyfastlife]

Wow This is really amazing news for us. Last week its charged me 10$, But not sure what is present charge now. If its below 1$ then its really a great news for Crypto World.

[numizmat]

The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - Bitcoin Fees Have Dropped Dramatically - A Tale of Direct Proportion (some more thoughts on these low fees)

[senin]

I want to believe that the increase in the speed of bitcoin transactions and lower commission rates is explained by the slow implementation of SegWit. However, this is hardly true. Most likely, such at first glance, the changes for the better are due to the fact that the number of transactions has now fallen due to a drop in demand for bitcoin and a partial fall in its popularity.

[darkywis]

Yeah, I notice that, too. And also here in our country we have our own wallet that converts bitcoin to local currency with small fees. I hope it will stay cheap when bitcoin rise again.

[Geoll29]

This is great news for everyone if the bitcoin fees are lower now. I think this is because more investors are joining so bitcoin can lower their fees and still earn good profit.

[pooya87]

The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - ~url] (some more thoughts on these low fees)

if you ever check the mempool stats over the long run where it was higher and then dropped back to normal levels (which you call as 60% drop) you can clearly see that nothing about it was "normal". first it was at the current low levels and fees were low. then a steady number of spam transactions started being injected into the mempool hence increasing the backlog in a very short time. then when fees went up, the spam attack plateaued keeping the fees and the number of unconfirmed transactions fixed.
if it were genuine, it would have either increased steadily reaching 300k, 400k, 500k, ... or stopped and started falling.
after it stopped, the mempool was emptied in a short time and things went back to normal.

this has nothing to do with usage.

[sofi@]

Yeah, I've notice that bitcoin transaction fees suddenly drop compare last month, maybe because the value of bitcoin start to recover from $7500 now back to $11000. Since online wallets depends their charges or fees on the current market situation of bitcoin, a sudden pump or dump can really affects transaction fees. Good thing we keep on recovery.

[stompix]

The fact is that lower usage means lower fees. In fact, transaction costs are at their lowest now for 18 months. It’s a simple case of supply and demand. Of course, SegWit fix is designed to increase efficiency, which will undoubtedly have a continued impact. But, across the board, transaction volumes are down around 60%, meaning that there isn’t the same kind of backlog. This is added to the fact that Bitcoin has been rejected by major banks and credit card providers of late, meaning that it simply hasn’t been an option for many would-be transactors (Stripe is a good example) - ~url] (some more thoughts on these low fees)

if you ever check the mempool stats over the long run where it was higher and then dropped back to normal levels (which you call as 60% drop) you can clearly see that nothing about it was "normal". first it was at the current low levels and fees were low. then a steady number of spam transactions started being injected into the mempool hence increasing the backlog in a very short time. then when fees went up, the spam attack plateaued keeping the fees and the number of unconfirmed transactions fixed.
if it were genuine, it would have either increased steadily reaching 300k, 400k, 500k, ... or stopped and started falling.
after it stopped, the mempool was emptied in a short time and things went back to normal.

this has nothing to do with usage.

Not only that.
The spam attack was clear but there were a lot of companies such as exchnges and online wallets that didn't care about the costs as they transferred all that to the client as withdraw fees and they kept on doing simple one output transactions.

Coinbase probably is the best (or worst? ) example as it took them months to implement batch payments.
But it seems they finally got things right:
https://blog.coinbase.com/announcing-segwit-support-on-coinbase-4e51117857c7

If more follow this path probably even a spam attack won't have any effect.

[Irdina]

The cost of bitcoin transactions is low because the bitcoin price falls.And last year the high bitcoin price hence the cost of expensive bitcoin transactions,This is the usual thing that is important the delivery process smoothly.