What could be the reason of the bitcoin fees drop these days?

[BitMaxz]

I don't believe that this time i saw that the fee drop to 20 sat per byte. I thought that its bug but i tried to test sending few bitcoin few hours ago and my fee is too low, I paid almost 18sat/byte check my transaction here
https://blockchain.info/tx/224f6d675f2062319daf896537bad6519eedaf26ab2e4b0b0f62453408b7a103
And my transaction was confirm in few minutes i think 15 minutes or around 30 minutes.

What do you think could be the reason is it because of lightning network or it is because of low transaction traffic?
Or there are lots of people are mining bitcoin?

[squatter]

I don't believe that this time i saw that the fee drop to 20 sat per byte. I thought that its bug but i tried to test sending few bitcoin few hours ago and my fee is too low, I paid almost 18sat/byte check my transaction here
https://blockchain.info/tx/224f6d675f2062319daf896537bad6519eedaf26ab2e4b0b0f62453408b7a103
And my transaction was confirm in few minutes i think 15 minutes or around 30 minutes.

What do you think could be the reason is it because of lightning network or it is because of low transaction traffic?
Or there are lots of people are mining bitcoin?

18 sat/byte is still overpaying under the current circumstances.

It's not because of the Lightning Network. There's not much mainnet LN activity and no major services have adopted it yet. Block generation time is very close to the 10-minute interval target, so it's not hash power increasing either.

It's mainly because of low transaction volume across the network. Here's a few reasons why volume may have dropped:

I think the drop in congestion is a combination of multiple factors: 1) the market dying down lead to less deposit/withdrawal activity on exchanges, 2) wallets are improving their fee estimation algorithms, 3) exchanges are batching transactions and implementing Segwit, 4) it's probable that a significant spam attack has ended.

[justine11]

The reason why the fees is very low are, there ia no spam attack going on or ended (most likely the reason why mempool is bloated in last few months but they putting the blame on devs) that causes mempool to bloat and most of the wallets and exchanges are implementing segwit wallets anyways it a good time to use bitcoin today.

[ldah94]

one of the reasons is that the price of the bitcoin price has dropped and the other reason is thanks to segwit that thanks to the increase in blocks has allowed lower commission rates

[r32godzilla]

I don't believe that this time i saw that the fee drop to 20 sat per byte. I thought that its bug but i tried to test sending few bitcoin few hours ago and my fee is too low, I paid almost 18sat/byte check my transaction here
https://blockchain.info/tx/224f6d675f2062319daf896537bad6519eedaf26ab2e4b0b0f62453408b7a103
And my transaction was confirm in few minutes i think 15 minutes or around 30 minutes.

What do you think could be the reason is it because of lightning network or it is because of low transaction traffic?
Or there are lots of people are mining bitcoin?

Well everyone today starting to implement segwit address has made transaction fee drop.Number of people mining bitcoins have not increased considerably and so that might not be a reason.

Also,spam attacks by miners influenced by roger ver have almost stopped which were previously responsible for huge network congestion and high transaction fee.

[richardsNY]

Well everyone today starting to implement segwit address has made transaction fee drop

Implementing? You mean utilizing....

SegWit in general might play an important role, partly, but the main factor is that the insane spam attacks (although it's likely temporarily) have come to an end. I am quite sure that without the spam attacks going on at the peak moments of December last year, we would remain firmly below 0.001 BTC. On top of that, you could even see how Bitcoin was being trolled by miners where they before and after each difficulty adjustment caused insane difficulty jumps, all resulting in slower block times, which then results in more network congestion. Average block time peaked at +15 minutes while in normal circumstances it should be 10 minutes, which says enough. Currently it's even below 10 minutes.