ㅤ

[Symmetrick]

ㅤ

[DaveF]

Makes you wonder how much of the congestion / high fees were new users getting into BTC for the 1st time and did not know any better. The price was high, it looked for a bit like it would keep going up so everyone wanted in on it.
BUT, they did not know about here, they did not read about BTC. They just went out and bought some BTC and paid the fees to transfer it to their own wallet and did not know any better.

Yeah, you don't want to leave your coins at some exchange, but waiting for a drop in fess would save them a bundle. But they don't, and the next person does not, and so on.

-Dave

[stompix]

I want to believe that the tendency for such commissions will continue and that you will not have to overpay. This will make the network more usable and attract more people.

Not going to happen!
The moment lower fees attract more people there are more transactions, there is competition for that space, the fees go up.
What I've seen and I appreciate it as a bad indicator is that for about a month and a half we're constantly below network capacity, lately without having a day in which a half-empty if not totally empty block is mined.

The number of transactions is taking a plunge

and you can only blame it on two causes

a) positive, people have migrated massively to LN, that's a longshot
b) 50/50 people have stopped using it as a currency and are just holding and waiting.

[casperBGD]

~snip

a) positive, people have migrated massively to LN, that's a longshot
b) 50/50 people have stopped using it as a currency and are just holding and waiting.

agree on this, I am more to second choice, that people are holding and waiting for a price increase, or whatever is going to happen
there is more and more BTC on LN, but it is really far from any mainstream adoption, even for BTC long-term users, and I do not think that any meaningful activity on LN is influencing lower fees, since that activity is small percentage of total activity

current parameters for LN are almost 15k nodes and 2000 BTC locked, which is a tiny market fraction, according to Bitcoin Visuals

[Bttzed03]

^ Can we also assume that many traders/speculators are content with leaving their money on exchanges? They can deposit fiat or stable coins > buy bitcoin > let it sit there for a while or withdraw using an altcoin like xrp/doge. Exchanges do not have to compete with other users and we know that it's them that usually use high fees for BTC transactions

[Leviathan.007]

In my own idea this not going to be happened to see nearly zero fees in the bitcoin network, in the other world the fees can not be much lower than this. Since the fees are going lower and lower there will be more interest from bitcoiners and traders to transfer their funds and this increase of interest can make the network more crowded again. Also, I believe the reason why we pay fewer fees is the price of bitcoin and since the price is doing a complex and spin movement, the fees are lower, once a sharp price movement happens, the fees will increase again because of more interest in the network.

[dkbit98]

This low transaction fees for Bitcoin won't last forever so don't be overly delighted, but I think that main problem before was caused by big exchanges who don't care so much about fees like regular users..
People are now withdrawing coins from exchanges in massive numbers (maybe because of regulations) and I think that is resulting in generally lower fees, mempool is empty even now and you can send BTC for 1 sat/vB fee or $0.06.
Roger Ver, his Bcash friends and Faketoshi are very quiet now or at least I don't hear them at all  

[raisajahan]

Its really a good news for us that the reduction of bitcoin network fees because the less network fees the more attract people. When people willing to use bitcion network then the price of bitcoin will increase. So i think it is a good news for bitcoin.

[crwth]

Before I was always hesitant to transact my BTC when going in and out of my wallet because of the fees and I was surprised to see that you only need 3-4 sat/byte now and save so much. I checked the mempool size statistics to make sure I wasn't going to send that transaction and wait for days and lo and behold, it's fast. Continuing this for everyone would make it easier to have real-world applications more and more.

I'm curious as to what the minimum withdrawal from exchanges would be. I remember 50k sats in Binance, not sure now.

[ranochigo]

I want to believe that the tendency for such commissions will continue and that you will not have to overpay. This will make the network more usable and attract more people. 

Everyone wants to believe that.

Unfortunately, it is never going to happen. If you were to have the price sustained at sub 40K levels and assuming no fees, then you're also assuming that the transaction rates remains the same. It isn't going to be the same if there are more users, due to an increase in the rate. Bitcoin hasn't been viable as a currency for a long time now, so the decrease in the transaction volume is almost directly correlated with the price. This shouldn't really be a distraction from the scaling problems we're having right now.

[Jawhead999]

Its really a good news for us that the reduction of bitcoin network fees because the less network fees the more attract people. When people willing to use bitcion network then the price of bitcoin will increase. So i think it is a good news for bitcoin.

I don't think low fees will make Bitcoin price will increase, however it could attract more trader in the market. Usually when Bitcoin price is increase, the fees also increase since the network is busy of bunch transaction.

Usually the fees were lower on weekend, this condition is much different from the past.

[Lucius]

I want to believe that the tendency for such commissions will continue and that you will not have to overpay. This will make the network more usable and attract more people. 

Nothing has changed in the way transactions are processed, so the increased interest in investing in BTC will raise the price of transactions again when retail users start trading again. I’m sure many active crypto retailers have taken a vacation because we are now at the peak of summer in the northern hemisphere - and last year was marked by a pandemic that suspended tourism.

When people return to their usual rhythm, things will start to change - so why be surprised by something like this, some remember the fees from the end of 2017 very well. When it comes to overpaying, it's not just that the network is congested - many users use the automatic suggestions of their crypto wallets and pay more than necessary. When you learn to calculate the optimal fee and when you know the purpose of the transaction, you will not pay more than you need.

Of course, there will always be those who think that anything above $0.10 is too expensive, even if the amount of their transaction was 1000 times more.

[hd49728]

Lightning network has big increase in total channels but if people store and move Bitcoin on centralized exchanges, Lightning network is not available now.

The increase and fall of transaction fees can be caused by demand of transactions. Demand can be higher if Bitcoin rises or falls big enough to create panic or fomo. When people have less demand to make transactions, transaction fee will be cheaper.

Nodes on Bitcoin’s Lightning Network Double in 3 Months

[hatshepsut93]

I want to believe that the tendency for such commissions will continue and that you will not have to overpay. This will make the network more usable and attract more people. 

What's so good about Bitcoin having 0.1% of Visa's transaction capacity and not even fulling it? Bitcoiners tell every day that Bitcoin is getting more and more adopted as a currency, but on-chain data doesn't seem to support it, as all the major on-chain activity coincides with large trading activity.

But if Bitcoin will be seeing at least some adoption over time, the fees are bound to grow, because of hos limited the block space is. In 10 years people will forget about <$1 fee, if not, it would actually be a worrying sign.

[SFR10]

The near-zero fees on the Bitcoin mainnet continue to delight.
~Snipped~
I want to believe that the tendency for such commissions will continue and that you will not have to overpay.

Unfortunately, it won't last forever. If the value of BTCitcoin rises again for another week, it'd probably lead to more people ^{[mostly outsiders]} using it for the wrong reasons, and that "always" leads to higher fees ^{[both intentionally and unintentionally]}.
^{- On each of the previous ATH moments, we had to deal with outrageous fees and if it keeps going up, I expect the same thing to happen.}

This will make the network more usable and attract more people. 

But as soon as more users start using it, fees would go up ^{[temporary form of "anything" shouldn't matter]}.

[roosbit]

Might this be because we coming from a bearish market which caused a lot of uncertainty around a level which could have gone either way, which is further down or a bullish move and as a result this lead to less bitcoin movements around this area as everyone waited for the next move. Anybody that was moving crypto during this uncertainty was going to enjoy paying less transaction fees as there was less activity but seeing we bullish again fees could be on the rise.

[ropyu1978]

if someone says the price of bitcoin is close to zero, i think they never understand bitcoin, they don't read about bitcoin news,, i really believe the price of bitcoin will never approach zero, only stupid people believe the price of bitcoin goes down to zero, If the price of bitcoin goes down, most people will buy bitcoin, but if the price goes up, people will resell their bitcoin, buying and selling transactions in bitcoin will never run out.

[stompix]

Nothing has changed in the way transactions are processed, so the increased interest in investing in BTC will raise the price of transactions again when retail users start trading again. I’m sure many active crypto retailers have taken a vacation because we are now at the peak of summer in the northern hemisphere - and last year was marked by a pandemic that suspended tourism.

If that would be the case we would have seen at least a bit of downside in the past years in the same period, but this is the lowest number of transactions in quite a while, only with the first semester of 2018 being that low and it's already spanning over two months, compared to last Christmas for example, we had 330k and on the 25 July only 175k.

And if you think people have been taking a break from trading, neah, Binance is still sending and receiving a ton of transactions and has lots of volumes.
Judging by the fact that even this price jump hasn't managed to put any pressure on the mempool is for me an indicator of complete holding.

if someone says the price of bitcoin is close to zero, i think they never understand bitcoin, they don't read about bitcoin news,, i really believe the price of bitcoin will never approach zero, only stupid people believe the price of bitcoin goes down to zero,

Nobody is saying that, learn to read twice before telling others they are stupid.

[NeuroticFish]

This will make the network more usable and attract more people. 

But as soon as more users start using it, fees would go up ^{[temporary form of "anything" shouldn't matter]}.

Yes and no. It depends on what wallets will these "more users" happen to use.
If it's various online services and wallets to be used, the fees will not decrease. If it's proper wallets, it can, on the other hand.

Also, I (still) have a feeling that it's traders, trading services and trading bots who create the congestion on the mempool, not the average Joe.


However, LN success should attract more users than a (temporary) reduction of the on-chain fees.

[worle1bm]

Its really a good news for us that the reduction of bitcoin network fees because the less network fees the more attract people. When people willing to use bitcion network then the price of bitcoin will increase. So i think it is a good news for bitcoin.

I don't think low fees will make Bitcoin price will increase, however it could attract more trader in the market. Usually when Bitcoin price is increase, the fees also increase since the network is busy of bunch transaction.

Usually the fees were lower on weekend, this condition is much different from the past.

The network will soon witness traffic as soon as traders once again start making the transactions as memepool is empty and fees is low they will try to grab this opportunity and once again the fees will rise and transactions will take time to confirm with mempool filled of unconfirmed transactions.So this is just a temporary low fees time and will gradually increase over time to once again reach high.They might be holding at this time with prices increments and sell later on and we will see the fees coming back to normal again.