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Author Topic: Fees have been low after Segwit's growing adoption. Thanks Segwit.  (Read 423 times)
Wind_FURY
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August 24, 2018, 08:29:34 AM
Merited by ebliever (5), eternalgloom (2)
 #1

After Segwit, the fees have been becoming very low. But expect it to be high again once the bull market returns or someone floods the mempool again. The good news is that it will be expensive for the spammers to flood the network. Let's dare them to do it again to show the whole community that Bitcoin's blocks can reach 2mb because Segwit. Cool



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August 24, 2018, 08:50:01 AM
 #2

This is good and all, but we have yet to see how it handles floods. A stress test is required.

I'm part of a movement to make the forums better.
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August 24, 2018, 09:13:33 AM
Last edit: August 24, 2018, 11:21:45 AM by eternalgloom
Merited by Pursuer (2), Red-Apple (1), buwaytress (1)
 #3

It really surprises me how many people and services are still not using Segwit though.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.



If you're still using legacy addresses, it's definitely time to switch!

Edit:

Source: https://transactionfee.info/charts/payments/segwit

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August 24, 2018, 09:18:39 AM
 #4

Definitely. The mempoor can definitely be flooded again like we had at the end of last year, but chances are it definitely will be less flooded due to the increase on SegWit adoption(unless we see a significantly bigger hype compared to last year's).

It really surprises me how many people and services are still not using Segwit though.
Even the Blockchain.info(now .com) still doesn't support segwit. Like what the hell?

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August 24, 2018, 09:38:42 AM
 #5

Definitely. The mempoor can definitely be flooded again like we had at the end of last year, but chances are it definitely will be less flooded due to the increase on SegWit adoption(unless we see a significantly bigger hype compared to last year's).

It really surprises me how many people and services are still not using Segwit though.
Even the Blockchain.info(now .com) still doesn't support segwit. Like what the hell?

It is strange that blockchain.com is still not support SegWit, they announced that it would be this year - but seems they are to busy with adding BCH and by changing the domain. Roger Ver was one of owners, maybe he have some influence even today - by what that service takes as its priorities, it is not hard to see what is going on there.

SegWit will be tested only when next big BTC pump is start, but it is nice to see that almost 50% of all transaction is using SegWit. Since fees are too low most users do not see the difference and advantage of using SegWit, but when time comes they will switch to cheaper option.

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August 24, 2018, 10:00:46 AM
 #6

technically speaking the fees went down because of 3 main reasons which i will list in order of importance effect:
1. spam attack against bitcoin network stopped for whatever reason: maybe because SegWit was activated finally, maybe because BCash went away, or maybe because Dash and other altcoins that were spamming got dumped hard. but the spam attack stopped.

2. price became more stable, specially in the past 4 months. and without huge rises or huge falls there is always less transactions on the network.

3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.

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August 24, 2018, 10:05:33 AM
 #7

Definitely. The mempoor can definitely be flooded again like we had at the end of last year, but chances are it definitely will be less flooded due to the increase on SegWit adoption(unless we see a significantly bigger hype compared to last year's).

It really surprises me how many people and services are still not using Segwit though.
Even the Blockchain.info(now .com) still doesn't support segwit. Like what the hell?

It is strange that blockchain.com is still not support SegWit, they announced that it would be this year - but seems they are to busy with adding BCH and by changing the domain. Roger Ver was one of owners, maybe he have some influence even today - by what that service takes as its priorities, it is not hard to see what is going on there.

SegWit will be tested only when next big BTC pump is start, but it is nice to see that almost 50% of all transaction is using SegWit. Since fees are too low most users do not see the difference and advantage of using SegWit, but when time comes they will switch to cheaper option.

I think Ver and bch are indeed the reasons they are holding the segwit adoption back at blockchain.info.
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August 24, 2018, 10:09:13 AM
 #8

At least this tells us that if we have legacy addresses somewhere we should swap our bitcoins to compatibility address now when there aren't many transactions that are taking place. Many services don't accept SegWit, I guess this is because they don't want to touch anything as it is working now. Wait for LN to be implemented on major wallets/services and we can see once again fees to go down and speed of transactions to increase. Fees and scalability are only temporary problems that are/will be solved in the future.
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August 24, 2018, 10:23:30 AM
 #9

Still there are many sites which havent adopted segwit. I dont see any problem doing it but a negligence from them. We have already seen the fudsters who clogged the network and we dont want another one soon. So its better to not all them.
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August 24, 2018, 10:34:17 AM
 #10

percentage of Segwit transactions

thanks, I was looking for a SegWit adoption percentage chart...

I think Ver and bch are indeed the reasons they are holding the segwit adoption back at blockchain.info.

I think in the end it was a good thing that blockchain.info has not adopted SegWit yet, at least it is a good thing that they weren't the first to adopt it. because the tensions were high in the early days and considering the fact that blockchain.info has a history of being buggy and there are multiple major fund loss incidents involving their products, I would say they might have messed things up with SegWit and added to the tension in the early days.

besides people shouldn't even be using a web wallet in first place.

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August 24, 2018, 12:35:25 PM
 #11

technically speaking the fees went down because of 3 main reasons which i will list in order of importance effect:
1. spam attack against bitcoin network stopped for whatever reason: maybe because SegWit was activated finally, maybe because BCash went away, or maybe because Dash and other altcoins that were spamming got dumped hard. but the spam attack stopped.

2. price became more stable, specially in the past 4 months. and without huge rises or huge falls there is always less transactions on the network.

3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.

Last year major spam attack was always right before/after big bitcoin hard forks,like BCH,which makes me think that the hard fork devs had something to do with all the attacks.I guess they wanted to block the bitcoin core blockchain,so more and more people will switch from bitcoin core to bitcoin cash.
Their plan failed,in the end. Grin


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August 24, 2018, 04:56:33 PM
 #12

It's not just segwit, it's the number of transactions that has gone down
Actually right now we're below January 2017 levels, far before the spam attack



The good news is that it will be expensive for the spammers to flood the network. Let's dare them to do it again to show the whole community that Bitcoin's blocks can reach 2mb because Segwit.

Let's just ...not!

Bitmain could just unplug their miners for a few hours and the whole capacity gained by segwit will be destroyed by higher blocks time. I just hope that they still have two brain cells active and don't try to put such plan into action.

3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.

This is actually one of the main reasons for the drop in transactions and it was clear when Coinbase went offline for a few hours.

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August 24, 2018, 05:03:51 PM
 #13

So even though the price hike's up the TX fee are the same? Isn't it? But in case there will be another hardfork it will cause Spam attack. Just like other Bitcoin fork.
I hope bull run start so we can test that segwit adoption.
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August 24, 2018, 05:07:25 PM
 #14

That is very good news and I hope it will continuous for a while before the bull. Am always burdened with transaction fee but at least I can breathe but there are still some site that some high fees.

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August 24, 2018, 09:44:17 PM
 #15

And don't forget to thanks Bitcoin developer/contributor who participate on SegWit development. Additionally technology such as LN and Schnorr Signature also makes transaction fees smaller and transaction size reduced Smiley

technically speaking the fees went down because of 3 main reasons which i will list in order of importance effect:
1. spam attack against bitcoin network stopped for whatever reason: maybe because SegWit was activated finally, maybe because BCash went away, or maybe because Dash and other altcoins that were spamming got dumped hard. but the spam attack stopped.

2. price became more stable, specially in the past 4 months. and without huge rises or huge falls there is always less transactions on the network.

3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.

4. Exchange/services (such as Coinbase) uses batching transaction which reduce tx size

5. SegWit actually use block weight limit which enable higher block size (a bit higher than 2MB actually on most cases)

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August 24, 2018, 10:02:37 PM
 #16

It really surprises me how many people and services are still not using Segwit though.
Now, these last couple of months, the percentage of Segwit transactions has steadily risen to just under 50%, but that can still be much better.

I kinda feel the opposite, nearly 50% in one year is pretty good. Plus, for now people don't feel pressured enough because the fees are so low, but if we'll have congestions again, adoption will speed up.


Let's just ...not!

Bitmain could just unplug their miners for a few hours and the whole capacity gained by segwit will be destroyed by higher blocks time. I just hope that they still have two brain cells active and don't try to put such plan into action.


I hope Bitcoin's game-theoretic fundamentals work as intended and spamming is unprofitable and very costly. I assume that the attack has stopped because they realized that it failed to achieve their goals - make people switch to Bcash out of frustration caused by high fees.

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August 25, 2018, 03:38:33 AM
 #17

I kinda feel the opposite, nearly 50% in one year is pretty good. Plus, for now people don't feel pressured enough because the fees are so low, but if we'll have congestions again, adoption will speed up.
this is 50% adoption under constant FUD about SegWit and newbies being told they will lose money if they use it with nonsense such as "everyone can spend". considering this i'd say it is more than good.

make people switch to Bcash out of frustration caused by high fees.
this doesn't make any sense!
switch to BCH for what? there are 3 groups who own bitcoin.
1. investors who want big profit
2. people using bitcoin as a currency to pay for stuff with a decentralized currency
3. people who use it as a currency and as an investment.
why would any of these switch to BCH? investors gain more profit in bitcoin, and even if they wanted to , there are a lot of altcoins for investment. they won't SWITCH, they will invest in those for more profit.
the others spending, CAN NOT switch to BCH because places they spend do not accept BCH!

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August 25, 2018, 05:49:46 AM
 #18

It's not just segwit, it's the number of transactions that has gone down
Actually right now we're below January 2017 levels, far before the spam attack



The good news is that it will be expensive for the spammers to flood the network. Let's dare them to do it again to show the whole community that Bitcoin's blocks can reach 2mb because Segwit.

Let's just ...not!

Bitmain could just unplug their miners for a few hours and the whole capacity gained by segwit will be destroyed by higher blocks time. I just hope that they still have two brain cells active and don't try to put such plan into action.

Hahaha. Bitmain would not dare. What it would start is a stronger debate for a POW change through a UAHF. But if Jihan Wu wants his mining cartel to die then no one is stopping him from killing it.


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August 25, 2018, 09:44:39 AM
 #19

Hahaha. Bitmain would not dare. What it would start is a stronger debate for a POW change through a UAHF. But if Jihan Wu wants his mining cartel to die then no one is stopping him from killing it.

a POW change will only make Bitmain and Juhan Wu stronger and much richer than they are right now!
you think they give a shit if you make their current equipment useless? not at all because you are not only making their equipment useless, you are making all ASICs useless. Bitmain will happily start building new ASICs for the new algorithm and starts selling new equipment to miners that already had ASICs but now they can not use them anymore.

to be honest I wouldn't be surprised if some day Bitmain pushed for a PoW change! practically it will create demand for their products!

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August 25, 2018, 09:52:27 AM
 #20

Additionally technology such as LN and Schnorr Signature also makes transaction fees smaller and transaction size reduced Smiley
LN does nothing to transaction size at all or transaction fees directly.
Schnorr does.

Quote
technically speaking the fees went down because of 3 main reasons which i will list in order of importance effect:
1. spam attack against bitcoin network stopped for whatever reason: maybe because SegWit was activated finally, maybe because BCash went away, or maybe because Dash and other altcoins that were spamming got dumped hard. but the spam attack stopped.

2. price became more stable, specially in the past 4 months. and without huge rises or huge falls there is always less transactions on the network.

3. with SegWit we got about 20% capacity increase (so far) which helped a lot and also some of the big services started batching their transactions which improved things a lot too.

4. Exchange/services (such as Coinbase) uses batching transaction which reduce tx size

5. SegWit actually use block weight limit which enable higher block size (a bit higher than 2MB actually on most cases)

both of these are included in #3 that i mentioned. i didn't want to put batching in another number since it was not some separate thing.
as for SegWit block size, it can be a lot bigger but it is currently not. based on its adoption the size of blocks is usually around 1.2 MB which is that 20% increase i mentioned.

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