Bitcoin's transaction fee lowered by 4000%

[FanatMonet]

Oh yes, I remember those crazy times when to send a block, you had to pay 100,000-150,000 Satoshi. Then I personally used LTC and ETH for transfers, use BTC  was very expensive and very long, it seems that transactions took 2-3 hours. It’s good that these days have passed.

[1714769070]

1714769070

[Assface16678]

The high transaction fees in 2017 was occasioned as I read by Mempool attack. So then we had a lot of congested transactions. I suffered this then, couldn't just sell my bitcoin whenever I wanted because of fees and slow confirmation. Some custodian wallets worked fine then but with a fixed fee, I have never been a fan of Custodian wallet because of the risk they pose no key not your money. In 2017, viabtc came to my rescue by using their free service in speeding up my transaction. 

I love the silent truth in Tones post that scaling is working as regards bitcoin but scammers refuse to admit it. Maybe he regards some altcoin founders who always lash out on bitcoin because of high transaction fees and slow confirmation in the past as been scammers.

Time by time the price of the bitcoin increase and also the same with the transaction fee, we experience today that the market price of the bitcoin came from the lower price that is below five thousand dollars has a low transaction fee but now the price coming back and reached over ten thousand dollars but that increase also the platform that supports the use of crypto currency will now increase their transaction fee because they know the possibility of the bitcoin transaction fee will be increased too. As an investor, it is better if we make some trading to avoid having lost of money too because this method can help to lessen the transaction fee.

[iamsheikhadil]

I still remember that time lol, when I almost gambled away or lost most of my holdings and when I had like 0.002 btc or something, more than half of it went for a simple transaction and before I could see it I broadcasted the transaction and the fee was deducted haha. Glad the fees are so low now it feels good!

[erikalui]

Yeah, I sent a transaction 2 weeks back and it costed me $0.35 (0.00003612) for a $250 transaction which is almost 0.1% of the amount and confirmation took 5 minutes while earlier had to pay minimum $5 in Nov 2019 while 2017 was expensive where each transaction had to have $10 fee attached. It's cheaper than ETH transactions.

[NeuroticFish]

It's cheaper than ETH transactions.

Yep, and still the (brainwashed?) Bcashers continue with their false advertising even in this thread, and now I'll even answer to that.

* Coins in Blue process more transactions per day than bitcoin at a lower fee than bitcoin. *

One blue has similar or higher fees, one is a worthless shitcoin that has low fees because nobody is using it and the third is not a proper decentralized coin.

[1Referee]

Ethereum alone process over 770000 transactions yesterday.

The far majority of those are dApp transactions. Not native Ether transactions. Makes a big difference.

Bitcoin Cash process over 40000 transactions yesterday.

One address's spam transactions accounts for over 50% of those 40,000 transactions.

Bitcoin SV process over 600000 transactions yesterday.

Price fetching data and weather fetching data.

Ripple process over 880000 transactions yesterday.

I don't know exactly what the ratio is between operations that are marked as transactions and actual transactions, but I can say that not all of them are actual transactions.

It's such a desperate attempt to talk down on Bitcoin. I do however agree that there should be more on-chain throughput, but that's a matter of time only with Segwit gaining more adoption and Schnorr hopefully this year.

Also, services are batching transactions to save on fees, which means that the actual number of transactions does go down, but the actual value transacted on-chain not.

[Twentyonepaylots]

Yeah, I sent a transaction 2 weeks back and it costed me $0.35 (0.00003612) for a $250 transaction which is almost 0.1% of the amount and confirmation took 5 minutes

Transaction fees are pretty low these days, but how do these things happen? Let me remind you guys that people are holding rather than spending and trading because of so much speculation this year as bitcoin halving is awaited by many. Confirmed transactions today are 292, XXX almost 2x of the highest in 2017 which was at 450,XXX. The congestion really affects it that's why we have low fees now.

while earlier had to pay minimum $5 in Nov 2019 while 2017 was expensive where each transaction had to have $10 fee attached. It's cheaper than ETH transactions.

Lol. I even paid around $20 back in 2017 for a small scale transaction and that was really really embarrassing for me. But do not celebrate yet, I think the worst and higher is yet to come.

[wiss19]

I probably start with a question, have you noticed the decrease in transaction fee of average bitcoin transaction of today?

In the past 2017, the demand for bitcoin is nearly the same for today. And according to this resource, the bitcoin's average fees today is $0.50 dollars in comparison to $20 dollars wayback 2017.

Moreover, the reason behind this decrease and improvement we have is the SegWit and payment Batching. Before, it seems that SegWit isn't providing the best solution to solve the problem of huge transaction fees. But for today, we can see its effect since the transactions of this time is somehow the same with 2017.

In relation to the news concerning bitcoin-related searches, the demand for bitcoin seems to increase significantly over time. I just not sure if SegWit could handle an all time high and huge amount of transaction since we are near to a serious event of bitcoin halving.

There's no doubt that most of the cryptocurrency enthusiast are now suggesting a transaction using SegWit wallet address and since we now have the information regarding its effect on the bitcoin's transaction fees. I don't think we still have a reason to stay with the traditional bitcoin address.

Bitcoin halving is about to take place and in this situation, the fees would gradually lower in amount.
There is nothing new in this actually because the halving process is going to reduce the fees for each transaction to broadcast which is going to increase the demand for bitcoins which gradually would also rise the price for bitcoins.
This is going to bring the bull runs soon so we all should remain close to bitcoins as we already are.

[Serious475]

I probably start with a question, have you noticed the decrease in transaction fee of average bitcoin transaction of today?

In the past 2017, the demand for bitcoin is nearly the same for today. And according to this resource, the bitcoin's average fees today is $0.50 dollars in comparison to $20 dollars wayback 2017.

Moreover, the reason behind this decrease and improvement we have is the SegWit and payment Batching. Before, it seems that SegWit isn't providing the best solution to solve the problem of huge transaction fees. But for today, we can see its effect since the transactions of this time is somehow the same with 2017.

In relation to the news concerning bitcoin-related searches, the demand for bitcoin seems to increase significantly over time. I just not sure if SegWit could handle an all time high and huge amount of transaction since we are near to a serious event of bitcoin halving.

There's no doubt that most of the cryptocurrency enthusiast are now suggesting a transaction using SegWit wallet address and since we now have the information regarding its effect on the bitcoin's transaction fees. I don't think we still have a reason to stay with the traditional bitcoin address.

Bitcoin halving is about to take place and in this situation, the fees would gradually lower in amount.
There is nothing new in this actually because the halving process is going to reduce the fees for each transaction to broadcast which is going to increase the demand for bitcoins which gradually would also rise the price for bitcoins.
This is going to bring the bull runs soon so we all should remain close to bitcoins as we already are.

Now because of the bitcoin halving there is a lot of changes will happen because of lacking the supply of the bitcoin there is a chance that the transaction will increase highly but still, the price of the bitcoin are in a low market price the transaction fee becomes more favorable to the people.

[mocacinno]

--snip--
Bitcoin halving is about to take place and in this situation, the fees would gradually lower in amount.
There is nothing new in this actually because the halving process is going to reduce the fees for each transaction to broadcast which is going to increase the demand for bitcoins which gradually would also rise the price for bitcoins.
This is going to bring the bull runs soon so we all should remain close to bitcoins as we already are.

There is no technical correlation between the halving of the block reward and the average fee (in sat per vbyte) one has to pay in order to have a decent chance of getting your tx included in a block.

It's not the fee that's being halved, it's the block reward. Read some more here: https://en.bitcoin.it/wiki/Controlled_supply

[pooya87]

you are making a couple of additional mistakes too. when speaking of transaction fees you must never talk about them "per transaction" because it doesn't make any sense that way. instead you must always talk about them in terms of "per byte" or more accurately "per virtual bytes". then the numbers you report become more meaningful. secondly the values must be in bitcoin or a smaller unit such as satoshi to make sense. for example if i say i paid $1 for a tx you have no way of knowing whether i over paid or underpaid or it was ok. my tx size might have been 1 MB and i paid $1 for it or it might have been 170 bytes.

and finally comparing the current fees (ie. normal times) with the peak of a spam attack (abnormal special time) is not a fair comparison.

[TheGreatPython]

But, one of my friends paid up to $7 for a transaction as of recent. I couldn’t really tell why he was charged that much for a transaction I know for sure that I would have paid less and the reason he gave that caused it isn’t I am going to believe easily.

He claimed its because he received too many micro transactions and that’s why the fees he had to pay increased. He’s a retailer and he receives a lot if cryptocurrencyevery day and he also sends out a lot. So he claimed it was as a result of that, but I told him it had nothing to do with the fees, or maybe it’s true?

[mocacinno]

But, one of my friends paid up to $7 for a transaction as of recent. I couldn’t really tell why he was charged that much for a transaction I know for sure that I would have paid less and the reason he gave that caused it isn’t I am going to believe easily.

He claimed its because he received too many micro transactions and that’s why the fees he had to pay increased. He’s a retailer and he receives a lot if cryptocurrencyevery day and he also sends out a lot. So he claimed it was as a result of that, but I told him it had nothing to do with the fees, or maybe it’s true?

His analysis is probably true... Loads of micro transactions = loads of unspent outputs.
If you spend these unspent outputs (so use them as an input), you'll end up with a big transaction (in size), so you'll have to pay a big fee in order to entice a miner to put this transaction into the block he/she is trying to solve.

You can play around with this wizard for a while if you want to run some simulations: https://coinb.in/#fees
You'll see the wizard NEVER asks about the monetary value of the transaction you're creating. The only things that determine the fee are the number of inputs, the number of outputs, which kind of addresses were funded with the inputs and which kinds of addresses you're funding with the outputs... That's all

At current optimal feerate, it was probably a transaction with ~50 inputs and ~2 outputs, unless he's using more "exotic" addresses, like multisig's, timelocked, p2sh's,... It doesn't matter if he was transacting $70000 or $70, a transaction with ~50 "normal" inputs and ~2 "normal" outputs would cost around ~$7 in fees

[Questat]

The last time I noticed the transaction fee is so high was only during the bull run, so basically we are not yet in a bull run right now and we might see this abnormal increase of miner's fee if the bull run will come.

actually I didn't notice that decrease of fees, in the past few months, my transaction fee was just around .50 usd to 1 usd, using the highest fee transaction with my electrum wallet.

[mocacinno]

The last time I noticed the transaction fee is so high was only during the bull run, so basically we are not yet in a bull run right now and we might see this abnormal increase of miner's fee if the bull run will come.

actually I didn't notice that decrease of fees, in the past few months, my transaction fee was just around .50 usd to 1 usd, using the highest fee transaction with my electrum wallet.

Well, in all honesty, it's very rare for me to use a high fee... Usually, i manually edit my fees, and the last couple of months it only happened once or twice that i chose a fee > 1 sat/byte. High fees are only necessary when you buy an item from a shop that uses a gateway like bitpay, and they force your transaction to be confirmed in 1 or 2 hours. If you are sending funds to other peers, or to your own wallet, a low fee is more than enough.

[WilderX]

LOL you guys are hilarious!!! BTC tx fee ONLY 0.50$ LMAO

1. The real Bitcoin that is Bitcoin Satoshi Vision is already 1500 times cheaper in tx's
2. Can scale to VISA level transactions levels and beyond
3. BSV blockchain usage has already SUPERCEEDED BTC. (see below graphs).
4. Fees in BSV network are only going down as usage grows!!! (see below graphs).
5. We have Satoshi. Craig Wrigth. Nuff said.

[stompix]

you are making a couple of additional mistakes too. when speaking of transaction fees you must never talk about them "per transaction" because it doesn't make any sense that way. instead you must always talk about them in terms of "per byte" or more accurately "per virtual bytes".

Digging deeper even the number of tx might be irrelevant in some cases..
We can have 1000 tx with a single output and 20 transactions each 100 outputs from exchanges batching their withdrawals.

Coinbase for example, when they finally started doing that they cut their outgoing tx by 20, so probably a better way to look at what is happening right now with transactions in the chain is to look at active addresses in the last 24h and number of outputs.

Outputs:



Transactions:




Based on the number of tx 2018 was the peak, based on outputs it was reached in 2019.


le:

Bitcoin: 
Transactions last 24h         321,096
Active Addresses last 24h  682,080

Shitoshi Failure:
Transactions last 24h        565,839
Active Addresses last 24h   31,743
Median Transaction Value   0.0026 BSV ($0.797 USD)

[buwaytress]

My first question to guys like these are (and he's saying he is only paying 50 cents now as compared to $20 a year ago) is, Tone Vays, what the hell are you paying 5,000 satoshi fees for?

And agree with pooya, these influencers always rub me off the wrong way because they insist on talking cents and dollars which simply doesn't give you any context of BTC price.

I pay, when consolidating (so that's >10 inputs usually) still a lot less than 5000 sats.

On a normal tx, I'm paying little more than 120 sats... 1.2 cents. OK, so like 2 days ago I wanted to get a tx asap so I spent 10 times my normal fee (10 sats/byte) and that still ended up little more than 10 cents for next-block confirmation.

Is Vays using Bitpay all the time or does he just arbitrary say to miners, here's 50 cents?

[figmentofmyass]

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.

[buwaytress]

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".