question about unfairly cheap TX

[daoneway]

So i sent about 20$ worth of BTC to a friends wallet with samourai yesterday since i wasn't able to pay for our pizza via bitpay with it because they apparently don't support their address format.

I paid 10 cents and it confirmed within like 10-20minutes. Im watching https://dedi.jochen-hoenicke.de/queue/#all and realise were at almost all time low tx fees.

While watching jochen hoenickes mempool website i realize i dont really understand it properly i think.

No i didn't search the whole web for an answer yet though i did some research on my behalf but im still not entirely sure how TX fees were able to drop this fast.

also has it something to do with segwit?

please let me know; looking forward to your opinion

[bitart]

So i sent about 20$ worth of BTC to a friends wallet with samourai yesterday since i wasn't able to pay for our pizza via bitpay with it because they apparently don't support their address format.

I paid 10 cents and it confirmed within like 10-20minutes. Im watching https://dedi.jochen-hoenicke.de/queue/#all and realise were at almost all time low tx fees.

While watching jochen hoenickes mempool website i realize i dont really understand it properly i think.

No i didn't search the whole web for an answer yet though i did some research on my behalf but im still not entirely sure how TX fees were able to drop this fast.

also has it something to do with segwit?

please let me know; looking forward to your opinion

Yes, SegWit has a part in it, but it's more about the demand on Bitcoin. Nowdays (after the drop in price in January) there are less transactions daily, so the mempool is nearly empty (OK, not empty but much better compared to last December). So if you combine Segwit with the moderate interest in bitcoin, you'll get the answer why the fees went down like this. Use this period of time if you want to transfer coins from addresses into one address, because it can change anytime.

[icohdcoin]

Segwit has been gradually increasing in usage which has played a part. Bitcoin services seem to be putting more effort into optimising their transaction usage too (eg batching transactions).

The largest factor probably is the reduced hype after December due to the price correction/crash/whatever. I imagine this would make for a lot less frantic transactions made to and from exchanges etc..

[ManaMan]

SegWit might helped a bit since people were not satisfied with services that haven't adopted SegWit and thus they made adoption a bit faster. But there are a lot of 3rd party light wallets that many people use without the SegWit support.

I think that price crash had something to do with it as well. Because many people stopped or slowed their trading routines and thus number of transaction in memory pool got reduced. If we had the same traffic like in December we would see huge amount of transactions waiting to be confirmed because we don't have yet good SegWit adoption.