transaction fees after segwit

[CoinOnTheBeach]

Did anyone feel a difference in the transaction fees recently?
I was wondering of it only me or you did not have much luck with noticing the differnce either?
Apparently it should be noticeable already..

https://www.ccn.com/increased-segwit-adoption-may-have-finally-solved-bitcoins-fee-problem/

[1714608381]

1714608381

[jseverson]

Fees have been incredibly low for a while now. Paying 1 sat/byte for transactions has been pretty commonplace. The current recommended fee is at 4 sats/byte according to https://coinb.in/#fees.

If you haven't noticed the difference, you're probably using an online exchange/wallet that doesn't give much freedom in choosing fees.

Segwit probably had something to do with it, but most people I see seem to believe it has more to do with the fact that the (alleged) spam attack on the network has stopped.

[Xavofat]

There has been a fairly drastic increase in the percentage of transactions being sent that are SegWit transactions.  Some major groups such as blockchain.info and Coinbase have finally become SegWit ready, so an increasing number of users are sending SegWit transactions on a regular basis.

The Lightning Network is now just beginning to be used in mainnet with user friendly wallets like Eclair starting to pop up.

I don't see SegWit as the end of the scaling problem by a y means - this is only a short to medium term solution - but it does seem to have had a positive impact so far.

[franky1]

low fee's are due to intentional spamming by mixer bots stopping..
not due to segwit.

though segwit is activated. the actual adoption of people using segwit addresses is too low to cause impact. which is the major thing that made me laugh. it seems the amount of actual community that trust segwit is low.

even the pools that were loud advocates of segwit are still afraid to even put their block rewards on segwit keys
heres BTCC pool
https://blockchain.info/block/00000000000000000017733b93cbe6b8f2852ea560f9b4c12a1ab1995487363b

1) thier reward address is legacy (begins with 1..) its not segwit(begins with bc1q)
2) they also are not filling their blocks (64kb), which is why fees are low. because there is no spam

[boy130]

A lot of people are attributing the decrease in fees seen as of late to the increase in segwit adoption. Whilst this is partially true, there has also been a number of other factors at play that have lead to a big drop in fees.

[1] Many exchanges have started bundling transactions together to reduce transaction sizes, this is arguably the real reason for the low fees we see, as exchanges we responsible for most of the network spam we had to deal with last December

[2] There has been a spike in mining power dedicated to bitcoin, as Bitcoin rallied faster than other cryptos people dedicated their ASICs to BTC pools, rather than mining upcoming altcoins that had the potential to appreciate faster than BTC

[3] There are simply fewer transactions now. Here you can see that there has been a significant drop in n transactions/day, decreasing from a peak of over 400,000tx/day to under 200,000 as of April 2018. https://blockchain.info/charts/n-transactions - This means less competition for blockspace, and hence less tx fee gouging by the miners.

[4] The advent of some lightning wallets has moved some transactions off chain, this probably accounts for a very small part of the reduction we have seen.

That being said, there is a slight increase being seen recently, as I have seen up to 30sat/byte being necessary for the next block at peak times.

[solarion]

Did anyone feel a difference in the transaction fees recently?
I was wondering of it only me or you did not have much luck with noticing the differnce either?
Apparently it should be noticeable already..

https://www.ccn.com/increased-segwit-adoption-may-have-finally-solved-bitcoins-fee-problem/

After the time bitcoin and altcoins fall in the market itself we are seeing the bitcoin transaction fee very much and mempool seems almost empty. So transaction fee has been reduced around 5 sat/byte.
After the segwit has been implemented on various wallet. Now we are seeing the bitcoin fees has been decreased to 1 sat/byte bro.
However, you please have the transaction on segwit whenever you are making low or high amount of fees.

[Anycoin Direct Support]

Hello CoinOnTheBeach,

We have definitely noticed a large decrease in transaction fees here at Anycoin Direct. It has also allowed us to make smaller purchases of bitcoin possible which in turn makes it easier for new users to get acquainted with the bitcoin network. To make sure you pay this low fee you should always set up your wallet in such a way that you decide your own fees. The following website here can give you an overview of how much fee you should send with each transaction.

The implementation of native SegWit addresses has not been as large as implied in the article. You can find an overview of the exchanges, brokers and wallets that have actually implemented these addresses here. As stated before the low costs of transactions is also due to the lower amount of transactions across the network. We do however encourage the wider implementation of native SegWit by more exchanges and brokers. It will help scalability and keep transaction fees lower when there is a huge amount of transactions on the bitcoin network again.

With kind regards,
The Anycoin Direct team     

[Dread Pirate Roberts]

Segwit does provide new innovations and provide a smaller transaction fee excess in comparison with other wallets that have not segwit. and already a lot of exchange that uses wallet that supports segwit because in addition to the same security but provides other benefits such as a much lower fee and faster network transaction.

[russaa8]

Yesterday I made translations from my address bitcoin, the commission makes me very happy, it is very small. But the exchanges did not cut their commissions until the bitcoyons came out, and that's not very good ...

[Su_BTC]

Now fee also high and very slow to confirm transaction 
I think BTC will die soon

[onnz423]

There is a very simple explanation to this. At the current time of your question there were over 15k unconfirmed transactions, and due to the 2MB block limit, only a few thousands transactions are able to fit into one bitcoin block, bitcoin miners became greedy and chose only the higher fee transactions. This means that your lower fee transactions will be confirmed at a much slower pace then usual. If you wish to have a faster confirmation time you will need to ensure that you chose a higher fee, this goes for both legacy and segwit addresses.

[Ayyaz Mahmood]

I think Segwit does provide new innovations and provide a smaller transaction fee excess in comparison with other wallets that have not segwit. and already a lot of exchange that uses wallet that supports segwit because in addition to the same security but provides other benefits such as a much lower fee and faster network transaction.