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Author Topic: [2018-05-29] Bitcoin Core Fees Fall to Their Lowest in Years  (Read 95 times)
sncc
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May 29, 2018, 08:50:29 AM
 #1

Fees on the bitcoin core network have reached their lowest in seven years, with the median cost of sending BTC currently standing at $0.11. While there are several reasons why BTC fees are low, one of them is obvious: less people are using the network. The number of daily transactions has dropped sharply since last year, and has declined further in the past month.

Read more: https://news.bitcoin.com/bitcoin-core-fees-fall-to-their-lowest-in-years/
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May 29, 2018, 03:50:06 PM
 #2

The low fees are good news, but the way in which news.bitcoin.com is attempting to rename the Bitcoin chain using their articles is bad news.  I'm not giving them any further traffic unless they stop doing that.  I'd suggest others do the same.

It's also disingenuous to state that less people are using the Bitcoin network, since, with the advent of Lightning, it's no longer possible to keep count of all the off-chain transactions being made.  It's impossible to tell how many people are using Bitcoin now.  I'm not reading the full article, but I assume it's another pitiful attempt at promoting BCH via manipulative means.

You can't take anything on that site at face value anymore.

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May 29, 2018, 04:06:55 PM
Merited by Carlton Banks (1)
 #3

I don't think that it's correct to say that less people are using Bitcoin now, because less transactions doesn't mean less users, it could mean that users doing less transactions than before. The peak of transactions per day coincides with the recent Bitcoin rally and huge trading volumes, so we can assume that the biggest use-case was trading and that explains why there's less trasnactions now as we are entering slow bearish market. I think hodling also counts as using Bitcoin, and I doubt that the number of hodlers is decreasing, most of the community is still pretty optimistic about the future.

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May 29, 2018, 04:30:46 PM
Merited by Carlton Banks (1)
 #4

They are using the "Bitcoin Cash" mentality to explain this phenomenon.. the typical "BTC has no tx volume" argument. What

they neglect to mention is that SegWit adoption has increased a lot since last year and that many micro transactions are now

running on the Lightning Network. {still in beta testing stage} So, we have a huge improvement since last year, when the

tx volume was at it's highest. {Nov 2017 to Jan 2018} This is just going to become faster and cheaper as the Lighting

Network reach maturity.  Wink

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May 29, 2018, 05:10:57 PM
 #5

This is just going to become faster and cheaper as the Lighting Network reach maturity.  Wink

Eventually, so many people will probably be more familiar with Lightning than they are with the main chain1 that even those that don't care about technical arguments will know these claims about Bitcoin's capacity are just plain wrong

1once Lightning is mature, there's much less incentive to use on-chain transactions to introduce people to Bitcoin with the typical low amounts of BTC, which Lightning is better suited to providing

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May 29, 2018, 07:28:23 PM
 #6


1once Lightning is mature, there's much less incentive to use on-chain transactions to introduce people to Bitcoin with the typical low amounts of BTC, which Lightning is better suited to providing

It makes sense to not clutter Bitcoin's blockchain for every day transactions, but how much data will there be stored on-chain when a high volume channel closes? I was wondering this for a while, but there isn't much interesting or useful to find other than a wide set of different calculations and explanations. I find it quite funny how Roger Ver makes BCH look like it's gaining massive merchant adoption, while in reality merchants are opening up for plenty of more altcoins, but he of course doesn't want to point that out. I watched a video just now where they happily share that CheapAir accepts BCH, while the Tweet from CheapAir also mentioned LTC and DASH, lol. Cheesy Merchants don't give shit about BCH, they just want to reach every major crypto community.
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May 29, 2018, 07:32:26 PM
 #7

With lightning network comes into the picture the fee will become even lower, and end the fiasco of unreasonable fees for good.
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May 29, 2018, 07:50:54 PM
 #8

With lightning network comes into the picture the fee will become even lower, and end the fiasco of unreasonable fees for good.

High fees have only ever been needed to make ASAP transactions, you could always pay less than the most expensive fee, just with a delayed confirmation depending on how little you paid.

Anyone who paid high fees in the past thought it was worth it, they needed a fast payment. They would find a way to wait otherwise.

And it'll always be like that, there will be quiet times (when it's a good time to set up payment channels or tidy up dusty outputs in your wallet), and there will be super busy times, when you sit back and let everyone do what they should've done months ago. Bitcoin network congestion is a bit like Christmas shopping lol, there's always plenty of masochistic people who just love to all go together on Christmas Eve.

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May 29, 2018, 08:06:41 PM
 #9

The low fees are good news, but the way in which news.bitcoin.com is attempting to rename the Bitcoin chain using their articles is bad news.  I'm not giving them any further traffic unless they stop doing that.  I'd suggest others do the same.

It's also disingenuous to state that less people are using the Bitcoin network, since, with the advent of Lightning, it's no longer possible to keep count of all the off-chain transactions being made.  It's impossible to tell how many people are using Bitcoin now.  I'm not reading the full article, but I assume it's another pitiful attempt at promoting BCH via manipulative means.

You can't take anything on that site at face value anymore.
I would really say that the news given was legit but the one who posted is really non deserving website to visit on. We do have the same feeling when it comes to this one where trying to manipulate and promote BCH is really a disgusting thing for me and now it do gives me the impression not to look back with this site. Shame on Ver.

Its normal for the network to have that low fees and checking out the entire network it isnt really congested anymore or do have many transactions, this is a good thing on lower fee but i dont like that less people do make use of it.We cant really point out the value.


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May 29, 2018, 11:05:15 PM
Merited by DooMAD (2)
 #10

People are forgetting about batching. Almost no exchange did before and now is practically a rule. This helped to decongest the network a lot. In addition, the comparison is in dollars and if the total value is low, the relative will also appear low.
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May 30, 2018, 05:46:10 PM
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There is no excitement. There are no positive and negative news too. People have no interest in bitcoin. This is normal in this situation.

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May 30, 2018, 07:58:32 PM
 #12

There is no excitement. There are no positive and negative news too. People have no interest in bitcoin. This is normal in this situation.

What are you rambling about? Do you have any facts to back up this assumption? Because I have some that paint a completely different picture:
The number of transactions is 220 thousand per day. Market cap is at $125 099 766 827 which is 2,5 times higher than the second most popular crypto. The number of blockchain wallet users is constantly growing, which you can confirm here: https://blockchain.info/charts/my-wallet-n-users
Clearly some people have interest.
Any questions?   

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May 31, 2018, 12:06:31 AM
 #13

Another day, another fucking idiot pumping bitcoin DOT com domain news stories.

"But wait, its good news, right?"

Listen motherfuckers, this "Bitcoin Core" branding bullshit is a Roger Ver-ism. It isn't fucking core. Core is a goddamn client that runs on the Bitcoin network.
The mouth-breathers in BCash land don't call their shit "Bitcoin ABC" -- they just want to BECOME Bitcoin -- so they pull this shit to make some differentiation that doesn't exist in the first place.

sncc? Can you stop being an asshole posting this ass-clown's articles? It would be very helpful.

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