The Effect Of BitCoin Fees Dropping Significantly

[Ukaraki]

I think this will open way to newer coins. Transferring BTC has been painful since mid last year. I paid $23 to transfer some small transactions of approx. $1200 worth. Its almost 2% of total amount.

Bitcoin trading is a very reasonable thing, but the amount of fees we pay is pretty high, while it's hard to make a bit of money, and I feel that it is It is difficult to trade Bitcoin with other people that I have to pay for them

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[mobnepal]

I have sent out around $40 worth of bitcoin today with just 6 cents in fee.

Number of unconfirmed transactions has dropped significantly recently because there is no any spam transactions and all normal transactions are going through. So statements like bitcoin not being suitable for micro transactions is just a FUD and it was created intentionally to increase demand for other bitcoin forks with higher block size.

[squatter]

Heres a thought.

If BTC was spammed, and today's mempool count is supposed to be "normal", then does that mean the usage of BTC hasnt grown that much?

I'd say that transaction volume can be a misleading indicator for network growth. The overall trends should agree, but very large divergences (spam attacks, periods of temporarily high activity, anomalies) can occur.

I have no doubt the network has grown in the last several months, but if you look at the last 6 months, mempool size has increased as much as 50-100x over some periods. That can't possibly represent legitimate organic growth, especially when you consider how empty mempools are today.

[ChiBitCTy]

Personally I prefer facts over opinions.  The Lighting Network has just begun and it is already doing amazing things.  You've got to realize that even though fee's and transaction times have gotten better, they will continue to do so.  SegWit hasn't even been added to Coinbase's platform yet.  Lighting Network has probably been added to none at this point.  Imagine when all wallets and exchanges have added both technologies.. this are going to get REALLY good.

Here is an EASY to read write up on how the Lighting Network works- https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5

[chesegrinder]

The drop of in transaction fee of bitcoin in the network was the successful launch of lighting network, and i believe it is the follow up of the segwit. Now it is good to transfer bitcoin to bitcoin for the low fees. I do not know if this is for temporary or for long term but it will make it a stand-strong and attract new investors as last year it was the main issue of bitcoin (high-transaction-fee). In Altcoin this will be another challenge to compete.

[CryptoMark2585]

it's temporary. It may last for long, even several months but it's always temporary. This is temporary because bitcoin transactions have also become less with its value. Since not anything modified with Bitcoin, it means that much less people are using Bitcoin to make new transactions.

[Gontxi]

Not sure how many people noticed but the cost of sending BitCoin has dropped significantly of late. One of the biggest complaints about BitCoin vs altcoins is the speed in the cost. Lightning is supposed to solve the speed issue and it appears that the cost issue isn't so much of a problem these days.

The average cost was about $26 but now it's down to about $3.

My question is what effect do you think this will have on altcoins? In my view, this makes BitCoin more attractive. And secondly, does anyone believe this is a long-term change (the drop in price) or is this merely temporary?

in my opinion, the amount of decline for bitcoin transactions because the price is currently unstable and down. this is what causes the decline. I'm not too sure this will last long, it will likely rise again once the bitcoin value reaches the previous price that has been achieved.

[btc_angela]

I have sent out around $40 worth of bitcoin today with just 6 cents in fee.

Number of unconfirmed transactions has dropped significantly recently because there is no any spam transactions and all normal transactions are going through. So statements like bitcoin not being suitable for micro transactions is just a FUD and it was created intentionally to increase demand for other bitcoin forks with higher block size.

Yes, the whole argument about bitcoin not suited for micro payments is thrown out of the window. And its good to see that the spam attack has stopped and we can moved funds around in less than a dollar. What a dramatic turn around.

Yes, it may be temporary and the network spammer can resume his attack once bitcoin price surges again. But at least we have proven our point that bitcoin can really be functionally as what Satoshi wanted it to be, used as medium for small transactions across the globe.