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Author Topic: Have Bitcoin fees lowered after SegWit? How and Why ?  (Read 244 times)
SidharthMalhotra
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October 04, 2017, 03:30:25 AM
 #1

Have Bitcoin fees lowered after SegWit? How and Why ?

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October 04, 2017, 03:43:22 AM
 #2

the Bitcoin network, a consortium of miners opting to receive an upgrade called "SegWit." SegWit (short for Segregated Witness) is software that will enhance the ability of Bitcoin (BTC) to perform more efficient transactions. There are pros and cons, those who oppose the solution support different methods to achieve the same goal, namely by increasing the block size.
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October 04, 2017, 04:24:45 AM
 #3

Have Bitcoin fees lowered after SegWit?
yes, you can check the previous blocks and compare them with the blocks which were being mined in 2-3 months prior to SegWit activation

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How and Why ?
Spam attack against the network stopped. the reason is probably because the fork(s) happened and the spammers wanted these forks.

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October 04, 2017, 04:28:19 AM
 #4

Is this a joke? Because I can't notice any drop in the fees. Even yesterday I paid a combined $7.50 for two small transactions. A few weeks back, it was OK. I was paying around BTC0.0001 for some of my transactions. But since then, there has been a big jump in the fee.

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October 04, 2017, 06:16:14 AM
 #5

Have Bitcoin fees lowered after SegWit? How and Why ?

I think that the main purpose of Segwit is to make transactions faster,not cheaper.
Miners don`t want lower fees,they will lose a lot from that.
The bitcoin fees decreased a little bit,but that was becasue of the China ban and the big price drop that happened previous month.I still doubt that Segwit will bring any huge benefit for the bitcoin community.



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October 04, 2017, 08:11:50 AM
 #6

Is this a joke? Because I can't notice any drop in the fees. Even yesterday I paid a combined $7.50 for two small transactions. A few weeks back, it was OK. I was paying around BTC0.0001 for some of my transactions. But since then, there has been a big jump in the fee.

either your wallet is broken or you are creating huge transactions with lots of inputs that you are paying such high amount of fees. my suggestion is changing your wallet to another decent wallet or stop accepting lots of inputs and try to keep your keys free of dust.

I have been paying about 1000-2000 satoshi for the past couple of months and I get a high priority in the next block that comes. that is $0.04 fee

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October 04, 2017, 08:21:05 AM
 #7

Is this a joke? Because I can't notice any drop in the fees. Even yesterday I paid a combined $7.50 for two small transactions. A few weeks back, it was OK. I was paying around BTC0.0001 for some of my transactions. But since then, there has been a big jump in the fee.

either your wallet is broken or you are creating huge transactions with lots of inputs that you are paying such high amount of fees. my suggestion is changing your wallet to another decent wallet or stop accepting lots of inputs and try to keep your keys free of dust.

I have been paying about 1000-2000 satoshi for the past couple of months and I get a high priority in the next block that comes. that is $0.04 fee
I've seen peaks where there are around 30.000 unconfirmed transactions that'll drive the fees up for a couple of hours, but usually transactions with lesser amounts of fees still get through the same day.
Most of the time though mempool is pretty empty with less than 10.000 unconfirmed transactions at any given time, I've seen transactions of less than 50 satoshis/byte go through after a couple of hours.

I'd suggest to always add your fees manually and check on https://bitcoinfees.21.co/


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October 04, 2017, 08:53:04 AM
 #8

Is this a joke? Because I can't notice any drop in the fees. Even yesterday I paid a combined $7.50 for two small transactions. A few weeks back, it was OK. I was paying around BTC0.0001 for some of my transactions. But since then, there has been a big jump in the fee.

either your wallet is broken or you are creating huge transactions with lots of inputs that you are paying such high amount of fees. my suggestion is changing your wallet to another decent wallet or stop accepting lots of inputs and try to keep your keys free of dust.

I have been paying about 1000-2000 satoshi for the past couple of months and I get a high priority in the next block that comes. that is $0.04 fee
I've seen peaks where there are around 30.000 unconfirmed transactions that'll drive the fees up for a couple of hours, but usually transactions with lesser amounts of fees still get through the same day.
Most of the time though mempool is pretty empty with less than 10.000 unconfirmed transactions at any given time, I've seen transactions of less than 50 satoshis/byte go through after a couple of hours.

I'd suggest to always add your fees manually and check on https://bitcoinfees.21.co/

yeah, I usually take a look at number of unconfirmed transactions in the mempool using blockchain.info and if it is less than 5000 then I just pay 1-5 satoshi per byte for my transactions and have my confirmation in the next block.
if the number of unconfirmed transactions were more than 5000 then depending on how much I change it using my Electrum and what it suggests. but I rarely am in a rush to pay anything bigger so I either end up paying the same low amount or I don't make any transactions until mempool is back to normal.

I have seen the 21.co website give bad (very high) fee suggestions though so be careful when using it.

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October 04, 2017, 11:39:11 AM
 #9

I think that the fees after the segwit will be lowered because the network of bitcoin will become faster and more efficient because of the bigger sizes of the blocks so i think the miners will have more chance to confirm and make profit from bitcoin and because of segwit all of the people who are in bitcoin will get benefit for that especially the bitcoin users who make regular transactions.

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October 04, 2017, 11:45:23 AM
 #10

Segwit activation hasn't had much effect yet as very few people have a wallet with the ability to use it. We are still waiting for the most popular wallets, Bitcoin Core and Electrum to release implementations which will hopefully increase the capacity of the network.
Fees go up and down depending on the backlog of transactions in the mempool, the last month has had many periods when it was possible to get cheap transactions through and other times when it was expensive. That's just how it works.


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October 04, 2017, 11:57:17 AM
 #11

Have Bitcoin fees lowered after SegWit? How and Why ?
The main reason why they implement SegWit is to have a fast transaction, not because of fees. If they lower the fees the miners will not profit from it.
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October 04, 2017, 12:21:45 PM
 #12

Segwit activation hasn't had much effect yet as very few people have a wallet with the ability to use it. We are still waiting for the most popular wallets, Bitcoin Core and Electrum to release implementations which will hopefully increase the capacity of the network.
Fees go up and down depending on the backlog of transactions in the mempool, the last month has had many periods when it was possible to get cheap transactions through and other times when it was expensive. That's just how it works.



Well it recently hit about 7% of all bitcoin transactions being of segwit format, this is significative. Consider that segwit usagei s still very limited to expert users until we have more wallets supporting it at the GUI level.

Also Roger Ver and Bitmain spam has gone low too recently.


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October 04, 2017, 12:24:53 PM
 #13

Well it recently hit about 7% of all bitcoin transactions being of segwit format, this is significative. Consider that segwit usagei s still very limited to expert users until we have more wallets supporting it at the GUI level.

Also Roger Ver and Bitmain spam has gone low too recently.

Ok 7% is not totally insignificant but it only reduces the Tx size a little. When Core and Electrum have it I'd hope to see that number increase a lot.

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October 04, 2017, 12:40:29 PM
 #14

Have Bitcoin fees lowered after SegWit? How and Why ?

so far I have not found out. I think the fixed fee is determined by how much priority you want. back to the initial system, if you want your transactions to take place quickly, of course you should choose a larger fee.


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October 05, 2017, 08:34:58 PM
 #15

So a larger fee = faster transaction?

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October 05, 2017, 08:37:06 PM
 #16

So a larger fee = faster transaction?

Larger fee = higher probability of confirmation in the next block. This is because miners obviously have reason to pick up a transaction with higher transaction fees (per kb of transaction size).


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Koadharber
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October 05, 2017, 08:41:11 PM
 #17

Is this a joke? Because I can't notice any drop in the fees. Even yesterday I paid a combined $7.50 for two small transactions. A few weeks back, it was OK. I was paying around BTC0.0001 for some of my transactions. But since then, there has been a big jump in the fee.
Seconded on this one. I experience sudden change of fees which it becomes cheaper and later on it goes back into its ridiculous rate this is the thing why i dont make such active transactions because the fees hurting me too much and asking to my mind whats the purpose of that fork if the fees are still the same.lol


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xBitHodler
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★777Coin.com★ Fun BTC Casino!


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October 05, 2017, 08:48:10 PM
 #18

The fees have lowered for a few reasons:
1) The attack on Bitcoin network has stopped so there are fewer transactions pending.
2) Thanks to Segwit softfork, we can now have blocks bigger than 1 MB = more transactions per block
Now there's going to be another fork called Segwit2x which will increase the blocksize to 8 MB.

rido
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October 10, 2017, 07:13:06 PM
 #19

maybe after segwit and bitcoin will go down ,, segwit price is very expensive so it is not affordable to buy it ,, that's my opinion.
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