Fees are now low.. take advantage of bech32 full segwit and save

[btctaipei]

as of Fri Nov 13 05:12:46 UTC 2020
blocks were not full (block#656695, 656702,.. )
mempools are well within 5MByte

time to consolidate coins or reduce fee paid in your future transactions by converting non segwit coins into full segwit.

[slaman29]

In fact, time to also push and push services to please upgrade to full segwit:) I personally actually still receive my monthlies into an old legacy address because I consolidate in that wallet and if I send to my bech32 90% of my services do not support it!!

But yes, take advantage people. This won't last long with bull run coming;)

[Yogee]

In fact, time to also push and push services to please upgrade to full segwit:)

Exactly. Just take a look at the data in bitmover's thread about Segwit adoption https://bitcointalk.org/index.php?topic=5283078.0

I also posted in a related topic that even some of the most "influential" people in the Bitcoin community like Jameson Lopp don't even implement it in their own project. https://bitcointalk.org/index.php?topic=5282776.0

But yes, take advantage people. This won't last long with bull run coming;)

Aren't we there yet? I mean not the "final stage" but we've been on a run for some months after the March-April pandemic sell off.

[pooya87]

In fact, time to also push and push services to please upgrade to full segwit:) I personally actually still receive my monthlies into an old legacy address because I consolidate in that wallet and if I send to my bech32 90% of my services do not support it!!

if any service hasn't updated their system to accept a feature that was added nearly 4 years ago i don't think they will do it now. the only thing you can and should do is to stop using such services because the only reasons why they haven't performed any upgrades are: being malicious, being incompetent or not have any money to pay a developer to add the 4 year ago upgrade. in any case this type of service should be avoided.

[Beparanf]

as of Fri Nov 13 05:12:46 UTC 2020
blocks were not full (block#656695, 656702,.. )
mempools are well within 5MByte

time to consolidate coins or reduce fee paid in your future transactions by converting non segwit coins into full segwit.

It's a good a idea to consolidate on SegWit Address for future transaction, The problem is not all user are using segwit wallet too especially those services. Many user and services are using legacy wallet so in the end, You will still pay same transaction fee for sending BTC to non-SegWit wallet and you will just waste fee for transaction fee.

The fee on legacy wallet is low too, anyone can use this opportunity to directly pay bills in advance or transfer BTC to exchange to convert on coin that has low transaction fee.

[Leviathan.007]

Considering the befit you can get from the last generation of wallets and the discount you get from it many exchanges and bitcoin related companies are using this technology coinbase is one big example and anyone who is not using using these wallets will use them soon, because during this bitcoin bull run bitcoin price is moving hardly people will transfer a huge amount of bitcoin and network will be crowded by people and increase the fee, during this time segwit wallet will help a lot.

[Husires]

Thanks for this recommendation, I paid about $ 7 to send $ 20 last week, so a large portion of my money was lost in the transfer fees, and I will update all my bitcoin bech32 full segwit and start using a better wallet in the coming days.

Why did not the fees increase with the increase of in the price? Often people sell more currencies and make a lot of transactions, causing the price to rise.

[hd49728]

time to consolidate coins or reduce fee paid in your future transactions by converting non segwit coins into full segwit.

Reduce fees mean to two things need to be done.

- Reduce size of your transaction: bech32 address can help (smaller size)
- Consolidate your small inputs when fee is low (with bech32 address can be the best, you will get smaller size when you consolidate small inputs with bech32 address)
- Take the good mempool, low size and low fee to move your consolidated bech32 input.

With Legacy address, consolidated input can help you save fee when you move your bitcoin at times fee is high on the network. Smaller size always help you to save fee.

[dothebeats]

I still don't understand why a lot of people are still using legacy addresses for personal use when they can just do the switch to a bech32 one. It's a no-brainer for the switch, especially with the reduced sizes for transaction meaning low fees overall. Given the recent attention bitcoin has garnered from all fronts, plus the possibility of a bull run within the horizon, I would definitely make the switch while the seas are calm if I haven't yet.

[concept2]

I am a bitcoin holder so it is nothing to be worried about the transaction fee. Most of my coins goes  to my pc wallet and I will not touch them until bitcoin hit $40000 or higher. Maybe I am a daydreamer but I have a strong faith in bitcoin. This time will not be the same as the past and we have achieved a lot of new improvement and technologies.

Whales are collecting bitcoin, so do I. Holding is the best option. However, it is better to take this advantage to convert to bech32 full segwit if you usually use bitcoin, especially if you are a bitcoin gambler

[Silberman]

as of Fri Nov 13 05:12:46 UTC 2020
blocks were not full (block#656695, 656702,.. )
mempools are well within 5MByte

time to consolidate coins or reduce fee paid in your future transactions by converting non segwit coins into full segwit.

This is good to know, I have to make a transaction next week and I was thinking about all the fees that I would need to pay if a I wanted a decent chance to get it confirmed in a decent time interval but if I can make it now I can save a bunch so I will try to see if I can make it during the next days because if the network is not as busy as it has been during the past weeks then this is a good opportunity not only to send that transaction but as you say to consolidate my coins.

[DoublerHunter]

^ I also noticed that the mempool yesterday was not busy not like what happened in the previous week, even though we were not yet in a weekend but still bitcoin fees did not increase. Sounds weird and sometimes makes me wonder what is the exact reason for this. This would be the chance for us to transfer our bitcoin into other bitcoin wallet address or in a bech32 addresses and grab this opportunity. However, use a wallet that can able to modify the fees, last week I am using the Coinomi wallet it has a terrible fee.

[tabas]

Low fees should be everywhere.

Not all the time that's why OP has advised if you have transactions that are on pending, do it while you can take advantage of the lower fees.

I still don't understand why a lot of people are still using legacy addresses for personal use when they can just do the switch to a bech32 one.

I can only think of two things, laziness or not getting used to it.

[Lanatsa]

Just observe the network situation and just set the appropriate fees which you do saw that it wont really be stuck but if you are in a hurry

then its up to you if you do set out bigger fees but even on segwit it might be lesser but would still be significant if the mempool is clogged.

You do really just need to know the basics on how to set up proper fees and not just trying to go along on whats being set ex. Electrum.

[FinneysTrueVision]

Thanks for this recommendation, I paid about $ 7 to send $ 20 last week, so a large portion of my money was lost in the transfer fees, and I will update all my bitcoin bech32 full segwit and start using a better wallet in the coming days.

Why did not the fees increase with the increase of in the price? Often people sell more currencies and make a lot of transactions, causing the price to rise.

We recently had a large 42% increase in hashpower which meant the average number of blocks mined per hour was above 6. Difficulty should increase in a few days and we will see a rise in transaction fees because of this.

[Pffrt]

I was too lazy to consolidate my inputs when fees were low and I had to send tx with 100+sat per byte a few days ago with a lot of inputs which consume me a lot of fees. It would be good to have fee forecasting (for me lol) so that I can consolidate my input before it get increased.

[pooya87]

- Reduce size of your transaction: bech32 address can help (smaller size)

SegWit transactions have smaller weight not smaller size. and fees are calculated based on weight which is why you end up paying less fee.

I was too lazy to consolidate my inputs when fees were low and I had to send tx with 100+sat per byte a few days ago with a lot of inputs which consume me a lot of fees. It would be good to have fee forecasting (for me lol) so that I can consolidate my input before it get increased.

try using coin selection or move to a wallet that allows you to do that. during the times when fees are high you can select your biggest transaction outputs (aka coins) to spend instead of spending all your outputs in one transaction. for example if you want to spend 0.5BTC and have 10x 0.2BTC outputs you can just select 3 instead of all 10, if you have a bigger output like 1BTC then select that one and end up with a much smaller transaction.

[alexforneus]

Why big exchanges as binance still dont support segwit?

[Upgrade00]

Why big exchanges as binance still dont support segwit?

Not sure for other big exchanges, but the CEO of binance, Changpeng Zhao had an interview on Altcoin daily channel some weeks ago and this question was asked during that interview. You can listen to his response here - https://youtu.be/X8zKNbsQWn4

The summary is that; Integrating Bitcoin transactions into their system was a lot of work and now modifying that system to accept another address protocol would be equally a lot of work to do. It's something that is being discussed, but no concrete actions has been taken yet... So do not expect it too soon, but it would definitely be implemented.

[gabbie2010]

Why big exchanges as binance still dont support segwit?

I am also looking forward to when binance will features segwit support in their exchange this had been long overdue considering their huge numbers of customers or users.

as of Fri Nov 13 05:12:46 UTC 2020
blocks were not full (block#656695, 656702,.. )
mempools are well within 5MByte

time to consolidate coins or reduce fee paid in your future transactions by converting non segwit coins into full segwit.

The first time I started using a segwit support or enabled wallet I became an instant user, the reduced fee is coming at time when I needed to do some transactions I am happy that the transactions will be Swift with a reduced fees I knew the huge price I usually pay as transactions fees in my previous non segwit supported wallet especially during the bullish period, I hope the reduced price will continue for long period of time.