Have the fees gone down?

[Bloomie]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

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[hisslyness]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

Mempool is down.. so you do not have bid for position on the next block...


Also for anyone who has hundred of small transactions, now is a good time to consolidate your unspent transactions....

[LFC_Bitcoin]

Fees have dropped dramatically in recent weeks. You can check the best/advised transaction fees here -

https://btc.com/stats/unconfirmed-tx

[Question123]

The transaction fee of the bitcoin already decreased and that's good to us because for us we can transfer bitcoin anywhere we want.  I hope the transaction fee will become stable and will not increase again.  Count to think of it from 10 dollars fee from cents dollars now we can save more money from bitcoin. The segwit now very works it's very helpful to us for sure many people are now happy.

[magneto]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

You can pretty much send with something like 20 sats/byte right now and still get confirmations.

The number of unconfirmed transactions have gone down dramatically. This has contributed to the decline in fees as well.

Just not that long ago fees were pretty much around 0.002 BTC per transaction, while now it's less than 0.0001 BTC for my transactions from electrum. Pretty amazing if you think about the volatility that involves, from around more than $40 per transaction to under $1.

Fee history can be viewed here, btw: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

[player514]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

Yes, the fees are down right now because of the lack of unconfirmed transactions. When there's a large overflow, then only will you end up with terrible fees. As of now, you can use blockchain.info to check how many unconfirmed transactions there are.

As of now, you'll have much less of a fee than you would have had in December because everyone was trying to sell back then. It's a little more stable as of now.

[Febo]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

There were spam attacks on Bitcoin and increased number of transactions during Nov-Jan ATH spikes. Combining both events fees went crazy. Right now are back to normal. We will see what will neer future bring. if it will stay like this that is perfect.

[batang_bitcoin]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

You were lucky mate for sending with few cents unlike my wrong move last time during the attack I paid $160 which is really painful yet I don't have choice by that time. 
Good thing that people are starting to use Segwit wallets, this will give a faster transactions and lesser fees. The suffering of long transactions and expensive fees is eventually lessen due to this.

[Baofeng]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

Yes, the fees has been down. Mempool is not that clogged and the unconfirmed transactions is down between 3K-4K at any given time. One reason for the dramatic downturn is that the network spammer has suddenly stop.

Segwit though is not yet accepted by big exchanges but soon they will like Coinbase. And we all know that exchanges are one of the biggest network spammer as well but most of them have withdrawals in batch, which also help alleviate the network congestion.

[terrific]

There's no congestion in the network + the attacks are gone too = low fee and quick transactions.
This is a very light network and we all want bitcoin to remain cool and stable with this situation.

[bitserve]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

Yes. Mempool is almost empty. Everything working as expected.

[pooya87]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

a lot of things are not right here.
1. you transferred BTC but you are talking about fees in $
2. you didn't say how big your transaction size was in bytes. 20 cents may be huge for one tx and too small for another
3. if we assume your tx size was the usual 226 bytes then you paid at least 10 times the fee that you should have paid. mempool is empty right now and less than 1 satoshi/byte transactions can go though as high priority which means 1-2 cent fees

[Fazlurkhan.kz]

The bitcoin transaction fee depends upon the traffic of transactions received in a particular time. That means if there are a lot of people making transactions then that increases the traffic affecting the fee and results in the increase in the transaction fee. Whereas if the traffic of the fee is less, the fee will be less.
As there was seen a significant fall in the transfer of bitcoin in the last few months the fee also has decreased quite a lot.

[Crytptohack]

As mentioned earlier in this thread, the mempool has dropped significantly since Dec 22nd which was the peak.  The average transaction fee at that time was $55 UDS.  The average transaction fee currently is around $3 UDS's.

[1Referee]

The average transaction fee currently is around $3 UDS's.

Legacy fees yes. Segwit fees are probably not even 10% of that in order to obtain first block confirmations in current 'empty' network circumstances. It doesn't take all that long before the 0.16 client will be released, and once that happened, people will be able to utilize Segwit by default which will be a major jump forward. I seriously can't wait to see how the network will behave at the time we're going through a similar usage spike as last year, but then with Segwit fully utilized, or at least for 90%. If Ver and Wu want to contribute to this network stress test by spamming the shit out of it, then feel free! I am actually interested in seeing how they burn their money in a deep hole for a good cause.

[fabiorem]

Yes, theres only 3000 unconfirmed transactions right now.

Im quite impressed, it was really some parties spamming it.

And the price seems to stabilize around 10k. Maybe can we be at this price for the entire year?

[severaldetails]

I have recently read an article that said the fees are now as cheap as they the last time over a year ago. The question is why so. Of course there are less transactions, otherwise that would not be possible. But why less? Maybe a spam wave has finally ebbed off, and what we see now is about the size of the mempool bitcoin would have always had without any spam transactions?

[aceptamosbitcoin]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

The $25 December fees was due attack over Bitcoin Network. The mempool was filled with useless/dust (unspendable) transactions.

Those low fees are the normal state of the Network. If Bitcoin goes mainstream, fees will mooning again without LN adoption.

[dothebeats]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

There were spam attacks on Bitcoin and increased number of transactions during Nov-Jan ATH spikes. Combining both events fees went crazy. Right now are back to normal. We will see what will neer future bring. if it will stay like this that is perfect.

Any legitimate sources for this? AFAIK those massive spikes in fees are caused by numerous people wanting to get their coins sent from A to B and some traders trying to arbitrage because of the large spreads in between exchanges. Though that doesn't seem to account for all of the transaction, still I cannot remember any talks about spam attacks during the ATH run since everybody is eyeing on gains and not the problems bitcoin is facing (and partly, if the spam attacks were real, the party/ies who did it somehow lost in their agenda.)

[aceptamosbitcoin]

I just transferred about 1 BTC to a wallet and the fee was something like 20 cents. Is that right? I recall having fees of $25 back in December for the same amount. I'm using Segwit by the way.

There were spam attacks on Bitcoin and increased number of transactions during Nov-Jan ATH spikes. Combining both events fees went crazy. Right now are back to normal. We will see what will neer future bring. if it will stay like this that is perfect.

Any legitimate sources for this? AFAIK those massive spikes in fees are caused by numerous people wanting to get their coins sent from A to B and some traders trying to arbitrage because of the large spreads in between exchanges. Though that doesn't seem to account for all of the transaction, still I cannot remember any talks about spam attacks during the ATH run since everybody is eyeing on gains and not the problems bitcoin is facing (and partly, if the spam attacks were real, the party/ies who did it somehow lost in their agenda.)

It was full of dust/unspendable transactions, moving few K satoshi with 200-300K fees. I think that was around the alleged Ver's attempt to made people switch from BTC to BCC. Somebody calculated that those transactions cost the attacker nearly $5M/day. But those $5M/day are nothing, compared to the money somebody made from BCH pump and dump. If I find some free time to dig around, I will look for few TX examples from this period.