WOW- Bitcoin Fees AREN'T Too High Anymore

[ChiBitCTy]

There's just so much FUD being spread around this forum and so few users who actually take the time to educate themselves.  All this does is un-arm yourself to being able to fight back against the worthless FUD.  If you're a bitcoin supporter than do your homework and educate yourself so that you can help stop the spreading of the many bitcoin misconceptions.  

Everyone should be aware that the Lighting Network has been implemented. While the process will take a little time, it's off to a great start (If you're unaware of the L.N. , how it works, or need further clarification please check out this short/easy read article - https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5).


Fee Chart:



Once the L.N. is up and running, when all wallets add it to their platform (as well as the likes of SegWit)..things will be that much brighter for an already improved bitcoin platform.  

If you want to truly learn more about BTC and educate yourself & dont like reading.. you'll find no better youtube channel than this one: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ

[litec0ins]

There's just so much FUD being spread around this forum and so few users who actually take the time to educate themselves.  All this does is un-arm yourself to be able to fight back again the worthless FUD.  If you're a bitcoin supporter than do your homework and educate yourself so that you can help stop the many bitcoin misconceptions. 

Everyone should be aware that the Lighting Network has been implemented. While the process will take a little time, it's off to a great start (If you're unaware of the L.N. , how it works, or need further clarification please read this short article - https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5).

One of the last blocks mined- (Block #509796) -minimum fee paid was 2.77 sat/Byte. This represents a fee of around BTC0.000005 ($0.05) for an average sized transaction.

Fee Chart:
https://i.imgur.com/v3tbCRb.jpg


Once the L.N. is up and running, when all wallets add it to their platform (as well as the likes of SegWit)..things will be that much brighter for an already improved bitcoin platform. 

That 's not too bad, I guess bcash doesn't have any ammo no more now.

[30Burger]

There's just so much FUD being spread around this forum and so few users who actually take the time to educate themselves.  All this does is un-arm yourself to be able to fight back again the worthless FUD.  If you're a bitcoin supporter than do your homework and educate yourself so that you can help stop the many bitcoin misconceptions.  

Everyone should be aware that the Lighting Network has been implemented. While the process will take a little time, it's off to a great start (If you're unaware of the L.N. , how it works, or need further clarification please read this short article - https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5).

One of the last blocks mined- (Block #509796) -minimum fee paid was 2.77 sat/Byte. This represents a fee of around BTC0.000005 ($0.05) for an average sized transaction.

Fee Chart:
https://i.imgur.com/v3tbCRb.jpg


Once the L.N. is up and running, when all wallets add it to their platform (as well as the likes of SegWit)..things will be that much brighter for an already improved bitcoin platform.  

If you want to truly learn more about BTC and educate yourself- you'll find no better youtube channel that this one: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ

Good to know.  I stopped doing Bitcoin transactions because they were so high.  I preferred Litecoin TBH.  I'm going to give it a go next time and see what my fees are like.

[jayc89]

There's just so much FUD being spread around this forum and so few users who actually take the time to educate themselves.  All this does is un-arm yourself to be able to fight back again the worthless FUD.  If you're a bitcoin supporter than do your homework and educate yourself so that you can help stop the many bitcoin misconceptions.  

Everyone should be aware that the Lighting Network has been implemented. While the process will take a little time, it's off to a great start (If you're unaware of the L.N. , how it works, or need further clarification please read this short article - https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5).

One of the last blocks mined- (Block #509796) -minimum fee paid was 2.77 sat/Byte. This represents a fee of around BTC0.000005 ($0.05) for an average sized transaction.

Fee Chart:



Once the L.N. is up and running, when all wallets add it to their platform (as well as the likes of SegWit)..things will be that much brighter for an already improved bitcoin platform.  

If you want to truly learn more about BTC and educate yourself- you'll find no better youtube channel that this one: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ

People could be using the Lightning Network though I am sure that they would announce if it were released. Someone is mining a lot of Bitcoins.

[cynical]

This is great news and when lightning transactions start being used on a large scale there should be more useage and adoption for micro payments, But i think bitcoin will be used on a large scale as a store of wealth and as a speculative currency.
The lightning network will be one less negative feature of bitcoin essentially ending the debate about fees and times.

[avikz]

Lightening Network is a good news for the health of the bitcoin network. The transactions will be super fast and the fees will be minimum. We already have an wallet that supports LN and that is ZAP. While I will be moving to that wallet shortly, I request everyone to do the same, because that is one solution to the entire scaling issue that bitcoin network had faced few weeks back. Through LN it is possible to handle huge numbers of transactions with minimum fees possible. The altcoins will not stand a chance.

[bitart]

...

Good to know.  I stopped doing Bitcoin transactions because they were so high.  I preferred Litecoin TBH.  I'm going to give it a go next time and see what my fees are like.

Give it a go now, this is the time to do some transactions, because the fees won't stay very low in the near future, until Lightning network will be ready... We are already over $10,000 now, and if the investors will start to put their money back to bitcoin, fees will likely to raise a bit again. I don't think that it will be 500 sat/B again, but nobody knows it for sure...
So if you want to combine your coins into one address or you want to send your coins from your legacy address to a segwit enabled one with low fees, this is the right time to do that.

[Shrinath]

In the recent weeks we have observed the implementation of Lightning Network in the transactions of Bitcoin. This is a very healthy news as far as the bulk of transactions and the associated fees are considered. Briefly, Lightning Network is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. It is dependent upon the technology of the blockchain. Using real Bitcoin / blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.

Two participants create a ledger entry on the blockchain which requires both participants to sign off on any spending of funds. Both parties create transactions which refund the ledger entry to their individual allocation, but do not broadcast them to the blockchain. They can update their individual allocations for the ledger entry by creating many transactions spending from the current ledger entry output. Only the most recent version is valid, which is enforced by blockchain-parsable smart-contract scripting. This entry can be closed out at any time by either party without any trust or custodianship by broadcasting the most recent version to the blockchain. By creating a network of these two-party ledger entries, it is possible to find a path across the network similar to routing packets on the internet. The nodes along the path are not trusted, as the payment is enforced using a script which enforces the atomicity (either the entire payment succeeds or fails) via decrementing time-locks. As a result, it is possible to conduct transactions off-blockchain without limitations.

Transactions can be made off-chain with confidence of on-blockchain enforceability. This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made. By making the transactions and scripts parsable, the smart-contract can be enforced on-blockchain. Only in the event of non-cooperation is the court involved – but with the blockchain, the result is deterministic.

[pixie85]

Where are all those anti bitcoin spammers who were making threads that Bitcoin is unusable and the fees are killing it? I sent a transaction yesterday that costed me 2$ and got confirmed in less than 20 minutes. If you want to wait you can pay just 1$! That's less than they'd charge me for withdrawing money from an ATM in another country.

[RNC]

Yes but they are not low and it will not be forgotten that the development team did nothing to reign in the
miners because they are miners themselves.

My guess is that a lot of people left after being held to ransom and they won't be coming back
again and are using coins that are not or rising faster then then BTC but the fees are like $0.11
per transaction.

Where are all those anti bitcoin spammers who were making threads that Bitcoin is unusable and the fees are killing it? I sent a transaction yesterday that costed me 2$ and got confirmed in less than 20 minutes. If you want to wait you can pay just 1$! That's less than they'd charge me for withdrawing money from an ATM in another country.

We are not spammers and you just feel the need to be protected from the truth, censorship in other words and you have been getting
lots of that anyway with members that don't run with the propaganda being banned all the time here.

[Kavallo]

I guess the lightning Network has just rescued Bitcoin in the last moment before it would go extinct for its totally absurd fees. Let's hope the fees will diminish a bit more though-

[RNC]

I guess the lightning Network has just rescued Bitcoin in the last moment before it would go extinct for its totally absurd fees. Let's hope the fees will diminish a bit more though-

Sure mate, we always wanted banking hubs like Lightning offers with all the fees that will rise just like
the transaction fees went sky high in the past and of course we always wanted everything to be off block but in the
real world this will see the death of bitcoin because people are not buying this scam about Lightning.

[FrueGreads]

Where are all those anti bitcoin spammers who were making threads that Bitcoin is unusable and the fees are killing it? I sent a transaction yesterday that costed me 2$ and got confirmed in less than 20 minutes. If you want to wait you can pay just 1$! That's less than they'd charge me for withdrawing money from an ATM in another country.

Given the low number of unconfirmed bitcoin transactions I would say you paid a lot for your transaction. What wallet are you using? I think you could have made your transaction for for 1 dollar or so. I know electrum usually suggests fees a little higher than what you would have to pay, so it's good to always check how much you should pay for yourself and adjust it. Of course that if your address had a few outputs already, then that value would be more normal.

[pixie85]

Yes but they are not low and it will not be forgotten that the development team did nothing to reign in the
miners because they are miners themselves.

My guess is that a lot of people left after being held to ransom and they won't be coming back
again and are using coins that are not or rising faster then then BTC but the fees are like $0.11
per transaction.

Those coins that you're talking about are cheap to send but they are also cheap to buy. If you have a crypto coin that costs 0.1 USD per transaction but the coin costs $100 it's nothing special. What if the value rises tenfold. Will the fees remain at 0.1 USD? What if the coin gains a million users. Will that change the transaction cost?
a 100 USD coin that costs 0.1 USD to send is just as expensive as a 1000 USD coin that costs 1 USD to send.
Bitcoin is a 10000 USD coin that costs 1-2 USD to send.

We are not spammers and you just feel the need to be protected from the truth, censorship in other words and you have been getting
lots of that anyway with members that don't run with the propaganda being banned all the time here.

Nobody is getting banned on this forum for opinions. You get banned for spamming, copying and similar activities.

[Xavofat]

In the recent weeks we have observed the implementation of Lightning Network in the transactions of Bitcoin.

No major wallets have implemented it, so it is having pretty much no effect on the fees.
Currently, Bitcoin fees are very sporadic and unreliable.  Looking at one day and saying "hey, the fees are pretty low today" really doesn't help Bitcoin to become more useful as a payment system.

The Lightning Network and wider SegWit adoption are still fairly long-term expectations.

Those coins that you're talking about are cheap to send but they are also cheap to buy. If you have a crypto coin that costs 0.1 USD per transaction but the coin costs $100 it's nothing special.

No.  The cost is the same for a new user regardless - this would rely on people all buying an arbitrary amount of Bitcoin in order to begin spending it.

[pixie85]

Where are all those anti bitcoin spammers who were making threads that Bitcoin is unusable and the fees are killing it? I sent a transaction yesterday that costed me 2$ and got confirmed in less than 20 minutes. If you want to wait you can pay just 1$! That's less than they'd charge me for withdrawing money from an ATM in another country.

Given the low number of unconfirmed bitcoin transactions I would say you paid a lot for your transaction. What wallet are you using? I think you could have made your transaction for for 1 dollar or so. I know electrum usually suggests fees a little higher than what you would have to pay, so it's good to always check how much you should pay for yourself and adjust it. Of course that if your address had a few outputs already, then that value would be more normal.

Yes I used Electrum. It suggested something like 30 satoshis per byte and I went along with it because it didn't look like much compared to what I had to pay a month ago.
The main difference in cost is the number of addresses engaged in the transaction. If it moves coins from 2 or 3 in a wallet it usually ends up costing much more and that's why I ended up paying over $2 for mine.

[jakelyson]

I have not moved my bitcoins for a long time I do not track transaction fees anymore. It is good to know that the fees has lowered down significantly. It helps the system for adoption because newbies turn down bitcoin because they get turned off by long tx time and high fees.

[pixie85]

Those coins that you're talking about are cheap to send but they are also cheap to buy. If you have a crypto coin that costs 0.1 USD per transaction but the coin costs $100 it's nothing special.

No.  The cost is the same for a new user regardless - this would rely on people all buying an arbitrary amount of Bitcoin in order to begin spending it.

From what I read in his post he's talking about altcoins that are cheaper to send than Bitcoin and using them to support his view of Bitcoin being expensive to use. I don't mean new users. I mean that you can't compare a cheap with much smaller amount of users and lower market cap to Bitcoin.

[The Sceptical Chymist]

I was required to get a Segwit-enabled wallet by the last campaign I was in (and my current one, too), and it was the best thing I ever did.  The fees are incredibly low, whereas before that I couldn't send any amount of bitcoin for under $48 or so.  Those fees are absolutely insane, and they were deal-breakers for me. 

I'm not very technical minded when it comes to crypto, and thus I don't understand the difference between all of these things, but I do appreciate lower network fees when I see them.  And I know damn well that if the network continues to be as congested as it has been, and if fees continue to be high, no one in their right mind is going to continue using bitcoin.

[RNC]

There's just so much FUD being spread around this forum and so few users who actually take the time to educate themselves.  All this does is un-arm yourself to be able to fight back again the worthless FUD.  If you're a bitcoin supporter than do your homework and educate yourself so that you can help stop the many bitcoin misconceptions.  

Everyone should be aware that the Lighting Network has been implemented. While the process will take a little time, it's off to a great start (If you're unaware of the L.N. , how it works, or need further clarification please read this short article - https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5).

One of the last blocks mined- (Block #509796) -minimum fee paid was 2.77 sat/Byte. This represents a fee of around BTC0.000005 ($0.05) for an average sized transaction.

Fee Chart:
https://i.imgur.com/v3tbCRb.jpg


Once the L.N. is up and running, when all wallets add it to their platform (as well as the likes of SegWit)..things will be that much brighter for an already improved bitcoin platform.  

But last March fees were just cents and ten times lower than today's fees and you have been taken in by the propaganda about the
lightning network.

The hubs are banks and charge fees and we can all guess which way these fees will be going so maybe you should think
before hanging around six months for existing wallets to work with LN.