Bitcoin's transaction fee lowered by 4000%

[bilalaura]

So all of that means that segwit had nothing to do with lower fees?

[bitgolden]

Is Vays using Bitpay all the time ... ?

it's true, bitpay is ridiculous. i was buying a gift card yesterday through the bitpay wallet and they tried to charge me > 0.0002 BTC (> $2) in network+miner fees. if there is a very small increase in network congestion, they exponentially increases the required fees.

i imported my seed into electrum and saved by shopping elsewhere. it's too bad reliable amazon gift card vendors are becoming so hard to find.

The only reason why it is getting difficult to find amazon gift card vendors is because of this huge fees they need to pay for each transaction. There are wallets which charge minimum fees and why shouldn't we consider using them rather than going for some platforms which usually charge heavy fees as compared to the current mining difficulty?

As far as I know BitPay, they keep a constant fees no matter what the difficulty level is for mining. This might usually get your transaction confirmed a bit sooner but you have to pay for it. I never pay any invoices on bitpay only because of the fees. I find some other wallets reliable for myself.

[gentlemand]

5. We have Satoshi. Craig Wrigth. Nuff said.

You lucky, lucky, lucky thing so you are. O the envy I feel.

So all of that means that segwit had nothing to do with lower fees?

Of course it does. It allows more transactions in every block. That reduces fee pressure. It doesn't eliminate it but there's that much more headroom than there was before.

[shoreno]

demand for btc on the year 2017 is much bigger than compare to the demand today . i can prove that if you take a look at the price . price now is only at 10k max but prices back then are at 18 to 20k  usd  .  that is the reason why you see decline on the fees  but i agree that segwit and batching helps because people could be using it which means lesser traffic on the traditional sending of btc  . i know that if a network is congested , the fee are also becoming high because miners only prioritize bigger fees  ,

[konfuzius5278]

The demand can not be the same.
If 4 times more TX per block (and thats not realistic) it would cause 5 Dollar instead of 20.
Believe me if demand is high enough fee will be very high again

[Swordsoffreedom]

demand for btc on the year 2017 is much bigger than compare to the demand today . i can prove that if you take a look at the price . price now is only at 10k max but prices back then are at 18 to 20k  usd  .  that is the reason why you see decline on the fees  but i agree that segwit and batching helps because people could be using it which means lesser traffic on the traditional sending of btc  . i know that if a network is congested , the fee are also becoming high because miners only prioritize bigger fees  ,

Yes, segwit is a reason, price has vastly dropped of bitcoin compared to what is was in the 2017 it is true that that reducing the fee of transactions will attract more user to use bitcoins and use it to transact money. I think the price dropped because of the increase of users when many countries attempt to banning BTC, but for the bitcoin lovers out there reducing the fee this much will be a good decision in favor of them.

[darewaller]

Is Vays using Bitpay all the time ... ?

it's true, bitpay is ridiculous. i was buying a gift card yesterday through the bitpay wallet and they tried to charge me > 0.0002 BTC (> $2) in network+miner fees. if there is a very small increase in network congestion, they exponentially increases the required fees.

i imported my seed into electrum and saved by shopping elsewhere. it's too bad reliable amazon gift card vendors are becoming so hard to find.

Yeah, seriously. I never really pay attention to all these influencers but when I happen to read their stuff like I am now, I have to wonder. If these guys are all bitcoin experts, and they're actually making knowledge of this their living and getting income from all this, how is it they're still massively overpaying fees, for example, or talking in dollars and cents instead of satoshi, therefore failing to give anyone actual context?

I use Bitpay too, quite regularly actually, because food delivery in my place accepts btc but through that. Have a specific wallet just for it too, that has RBF unchecked and single inputs cause I know these guys overcharge but I know that's BitPay charging excessively and not Bitcoin fees being "too high".

Bitpay charges heavy duty for each platform. Even if we have to pay a invoice which is less than $10, we would have to pay the same heavy fees for the same transaction. This actually makes a lot of people to stop using bitpay only because they lose more than they earn in fees.

But, I do not really think that this might be the case in the coming times. Bitcoin halving is about to reduce the transaction fees by 50% and hence bitpay too has to consider this in order to stay in the market or else none of the people might ever go for bitpay if they have the same fees even after the halving process is completed. There is no problem for us to pay some fees if the transaction is in huge sum but for minor transactions, I personally hate paying such fees.

[fiulpro]

I would say the fee is , the fee was still the same , it is never dependent on the amount of bitcoins you are sending , you could have been sending only 1% more then the fee itself and the price will stay the same still.
It is an average , but if we are talking about the everyday matters , it is still not less , the amount is still the same.
SegWit and Lightning did reduce some but at the same time when you try and send BTC from a normal address to these or vice versa , you actually have to pay the same :')

[buwaytress]

Bitpay charges heavy duty for each platform. Even if we have to pay a invoice which is less than $10, we would have to pay the same heavy fees for the same transaction. This actually makes a lot of people to stop using bitpay only because they lose more than they earn in fees.

But, I do not really think that this might be the case in the coming times. Bitcoin halving is about to reduce the transaction fees by 50% and hence bitpay too has to consider this in order to stay in the market or else none of the people might ever go for bitpay if they have the same fees even after the halving process is completed. There is no problem for us to pay some fees if the transaction is in huge sum but for minor transactions, I personally hate paying such fees.

Well yeah, the network fee that BitPay charges is per transaction, regardless of amount, or eventual size of tx (since you still have to pay the actual miner fee), but the thing is, because of the way its algorithm overestimates the fee required for next-block confirmation (which is the only way to get your invoice paid, other than to have no RBF or double spend detection), you're also forced to pay really high miner fees.

And because it's the merchant that uses BitPay, I have to keep using it.

On the other hand, BP's use of invoice makes it quite easy for refund as I've found...

Also, halving doesn't reduce tx fees at all. You sure you understand what btc halving is?

[Google+]

I would say the fee is , the fee was still the same , it is never dependent on the amount of bitcoins you are sending , you could have been sending only 1% more then the fee itself and the price will stay the same still.
It is an average , but if we are talking about the everyday matters , it is still not less , the amount is still the same.
SegWit and Lightning did reduce some but at the same time when you try and send BTC from a normal address to these or vice versa , you actually have to pay the same :')

transaction fees will always remain the same from year to year it's just that the exchange value is different because the exchange value of bitcoin which always has an up and down movement so that when compared with 2017 when bitcoin prices still touch $20k the transaction fee will expensive because of the increased exchange value.

[Artemis3]

I would say the fee is , the fee was still the same , it is never dependent on the amount of bitcoins you are sending , you could have been sending only 1% more then the fee itself and the price will stay the same still.
It is an average , but if we are talking about the everyday matters , it is still not less , the amount is still the same.
SegWit and Lightning did reduce some but at the same time when you try and send BTC from a normal address to these or vice versa , you actually have to pay the same :')

It does to a smaller extent, larger sums probably come from more sources than smaller sums, and the more inputs the higher the fee.

Still, you shouldn't be worrying about it, if you manually use the smallest fee (1 sat/B) you would always be paying a fee in cents. Whats the hurry? Check back tomorrow...

Just don't let the wallet decide the fee for you and you will never have to worry about "high fees" ever again. Besides, them wallets can be fooled easily by doing that network guessing at the wrong moment, such as when an exchange decides to move stuff around...

Just don't. 1 sat/B is good for most situations, plan ahead, most transactions don't need "Lightning".