Hm... Didn't see it like that. But one of the benefits of SegWit was to make it possible to fit more transactions into one block. Shouldn't that cause transaction fees to be lower? Maybe now there's simply more transactions that before and that's the reason for the transaction fee increase you are mentioning.
there are not more transactions though
the promises of the devs adding segwit were false promises trying to get people not to grow bitcoin but to be lulled into activating a new TX feature, which sole purpose was to make locking up transactions possible so people can then be off-ramped to other networks under the new regime of telling people that bittcoin should not be used more often but less often and people should stop using bitcoin and instead shift value over to other networks
While I appreciate your dedicated time to reply here, I need to say that things are a bit more complex than outlined in your post. We just don't know yet how fees will work out and people have already said in the past (around 2017/2018) that Bitcoin will be impossible to use because of high fees.
Well...
What happened?
Nothing like that. Fees are cheaper than ever most of the last 5 years.
segwit increased TPS... WHEN?
moving upto 2017 bitcoin had the capacity of upto 4200 tx, and was in reality moving upto ~2500 average.. then segwit came in. and.............. 5 years later.. hmm.. flatline
The number of transactions that have happened is not a proof that the capacity didn't increase.
In fact, SegWit reduced network congestion and that's also a reason why we still have low fees of 0.10 cent today. There *could* be more transactions while tx fees will remain low due to SegWit / Lightning.
Yeah, I remember how SegWit dropped the transaction prices and I guess something similar will have to be created so that more transactions fits into one block. Then maybe the block reward payed only by a transaction fee will be enough.
I didn't think that fiat will be worth anything in 120 years. I just made an example how would that look today in fiat value. But I guess one of the solutions is layer2 for small transactions. I'd write "we will see" but I guess we won't. Maybe our kids will see
1. they didnt drop the fee..
they instead made old transaction formats 4X more expensive. here its in the code. its a 4X increase of legacy
https://github.com/bitcoin/bitcoin/blob/master/src/consensus/consensus.h#L21https://github.com/bitcoin/bitcoin/blob/623745ca74cf3f54b474dac106f5802b7929503f/src/consensus/validation.h#L143see it says *4
imagine paypal had a 20cent fee per payment. and promised a 4x fee discount if people use paypal+.. then you find out what they actually done was make regular paypal initially 80cents to say that paypal+ is 4x cheaper (20cents).. and then weeks later they removed the fee formula that made prices 20cents and made it so paypal+ was $1-$3 average. meaning regular paypal(legacy) was $4-$16
What?
Legacy transactions didn't become 4x more expensive because SegWit was introduced?
Legacy transactions are just more expensive compared to SegWit transactions because SegWit transactions are cheaper because SegWit transaction have less block weight than legacy transactions.
Spinning this around that legacy transactions are now 4x more expensive does not make any sense...
In general, even legacy Transactions are benefiting from SegWit because it's much more unlikely to have a congested network.
also fee's in 2009-17 were sub 1cent-10cents.. fee's are now $1-$3
You can still get transactions of around 0.10$, I don't see a problem...
Even by using a legacy address, you can get close to 0.10$ fees...
But one of the benefits of SegWit was to make it possible to fit more transactions into one block. Shouldn't that cause transaction fees to be lower?
Exactly, SegWit reduces network congestion because more tx can be fitted into one block. Less network congestion = periods of high fees are less likely
THERE ARE NOT MORE TRANSACTIONS.. FEES ARE NOT CHEAPER
please step away from listening to the propaganda idiots that fame up segwit and their altnet solutions they want people to move over to. and instead look at the actual numbers of actual charts. actual code
i showed you both the charts of fees and transactions per block.. and both are not what you think.. both actually show that fees are higher and that transactions have stopped growing and stagnated at about ~2,500tx per lock
..
read the code,
~
it does not say that serialised(legacy) / 4= stripped(segwit) fee value
it instead says stripped * 4 = serialised weight(legacy)
please read the code read the charts heck even read the hard data on your bitcoin node independently if you dont trust the charts. it will show you what you need to know.
anyway. read the charts and the code. and stop reading the fangirl twitter propagandists adverts of how they pretend they are doing things..
hard data and code does not lie. but social media of people that want others to off-ramp away freom bitcoin will lie. they want you to hate bitcoin, they want to promote their other networks as solutions to problems.. problems they put in place and pretended are technically impossible to fix. yet are technically possible to fix, just politically prevented from choosing to fix
..
as for you saying you can still get transactions for 10cents.
well yes if you are going to compare the transactions that take 12-24hours to confirm.. but using that .. compare that to the fee of transactions 7 years ago that also took the 12-24 hours to confirm. and you will see that the fee's are still more expensive now
dont play game comparing a 24 hour wait fee(today) with a 10minute wait fee(x years ago)
compare the 10min wait fee of now and in the past...
separately
compare the the 24hour wait fee of now and in the past.
EG
fee for 10min wait is ~$1.50 now, and was $0.15 in 2015
fee for 12hour wait is ~$0.15 now, and was $0.0015 in 2015
..
yep in 2015 people were saying that fees were increasing when 'sub penny' prices started becoming 10cents or more.. these days those say timings are more like $1+