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Topic: Did you notice? Bitcoin transaction fees are very low now compared last months. (Read 377 times)

patrickj (OP)

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Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 05:34:08 AM

Did you notice that BTC fees are very, very low? To send some money from ledger and paid only 10 cents for fees!
It was few dollars just 4-5 weeks ago.
This is great for whole community.
Here are you few links where you can check current transaction fees:
1) Almost all time low: https://blockchain.info/charts/transaction-fees?timespan=all
2) This is maybe even better chart: https://blockchain.info/charts/transaction-fees-usd?timespan=all
What could be the reason for this? Lighting Network is not reason because it is still in test phase and once it get implemented we will be able to send huge money for few cents and it will be crypto paradise!
In my opinion, the main reason is Segwit. Few days ago we got info from Coinbase that they are going to start using Segwit. It looks like others did the same. At the moment, we have very strong BTC. Very low fees, I will check speed of transactions but even with slow transactions it is better then it was few days/weeks/months ago.

Source: Hero Pumps telegram group

What do you think? Any other reasons for this less fee?

zeingrind777

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 05:42:39 AM

I think this is good, we do not need to pay expensive fees when sending. but the speed of the transaction with a low cost should take a longer time. when I send a bitcoin to buy an item, I have to add a fee for a faster delivery in order for my purchase to be processed immediately.

charlotte04

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 05:51:19 AM

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Some said that the fees became lower because less people are using it, maybe the fees are getting higher because there are many people using it and miners had a hard time doing transactions.

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 05:56:29 AM
Last edit: February 17, 2018, 07:52:41 AM by zander09

I think the reason why fees are very low now is because bitcoin price are low, if the bitcoin price are going higher again for sure the fees are also high. For now the price of bitcoin are going up again but the fees are still low and i think its good.

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 06:03:38 AM

Quote from: charlotte04 on February 17, 2018, 05:51:19 AM

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Some said that the fees became lower because less people are using it, maybe the fees are getting higher because there are many people using it and miners had a hard time doing transactions.

I agree. I think the value of the transaction fees reflects more on the traffic. Maybe it's because most people are holding? However, the prices has been slightly increasing, so evidently, the current traffic is enough to move its value.

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monir34

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 06:08:25 AM

Yes. I have seen the most of wallet Bitcoin transaction fee is very low. It's happen due to down Bitcoin price and also mining. Because there is no make too much transaction so minner also become low difficulty. That transaction fee now acceptable. But before one month it was out of control.

stompix

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 10:11:29 AM

Quote from: zander09 on February 17, 2018, 05:56:29 AM

You managed to contradict yourself in just two lines.
The fees are lower now than when bitcoin was at 6k,as obviously there is no correlation between price and fees.
The only thing that matters is the number of transactions waiting in the mempool.

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Did you notice that BTC fees are very, very low?

Some of us saw that 10 days ago...
https://bt.irlbtc.com/view/2900547

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tachi641

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 12:15:57 PM

Nobody wants to pay high fee for the transaction so it is good that Bitcoin transaction fees should be low so that more and more people would join this community.

St4yInTh3D4rk

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 12:20:30 PM

Yes,I have noticed and the fee for single transaction is less than a dollar now this is because there are only 8000 unconfirmed transaction on the memepool,so the fee is only based on the number of unconfirmed transactions.
It will be more better if everyone start to use segwit address since the transaction will be more faster than the legacy address so we can keep the number of unconfirmed transaction at less.

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Bytem3

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 12:31:30 PM

#10

Yeah, fees are pretty reasonable. Costs like $1 to transfer or even less

Looking forward to Lightning Network update!

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denzkilim

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 12:33:32 PM

#11

Quote from: Notcalculator on February 17, 2018, 06:03:38 AM

Quote from: charlotte04 on February 17, 2018, 05:51:19 AM

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Some said that the fees became lower because less people are using it, maybe the fees are getting higher because there are many people using it and miners had a hard time doing transactions.

The demand on bitcoin for now are few that's why the fees are dramatically low for now. The moment that the demand for bitcoin is high again, I thinks the fees will start to fly high again just like what happened on the previous year. You're correct the more traffic on bitcoin blockchain the more higher the fees are and vise versa to low traffic on the network.

BitcoinHodler

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 12:36:05 PM

#12

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Source: [ u rl=https :// t.me/HERO_Pumps]Hero Pumps[/url] telegram group

What do you think?

i think you should stop "following" and "advertising" pump and dump groups because they never end well for you. doesn't matter if you are the newbie follower of these scammers or if you are the scammer pumper themselves. you all will be dissolved by a big whale or a bigger group with more experience.

Holding Bitcoin More Every Day

monkeydominicorobin

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 12:40:22 PM

#13

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Your ignorance of law of supply and demand shows after making your statement. The fees will always be proportional to the value of Bitcoin. Nobody is dictating the fees.

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stompix

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 01:05:58 PM

#14

Quote from: monkeydominicorobin on February 17, 2018, 12:40:22 PM

Your ignorance of law of supply and demand shows after making your statement. The fees will always be proportional to the value of Bitcoin. Nobody is dictating the fees.

And you're one fine example of ignorance.

1 June 2017 , average fee 4$ , BTC price 2.3k$
1 October 2017 , average fee 2.5$ , BTC price 4.3k$
1 December 2017, average fee 6$, BTC price 10 k$
1 January 2018, average fee 24$, BTC price 13.5 k$
Right now, average fee 3$...BTC price 10 k$

What is proportional here?

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UsernameBitcoin

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 17, 2018, 01:07:41 PM

#15

Quote from: Blackvoodoo on February 17, 2018, 12:33:49 PM

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Quote from: stompix on February 17, 2018, 10:11:29 AM

Yes the fees are very low now. The number of transactions have reduced reduced a lot.

There is some corelation because when Bitcoin went up to 20k it was in the news and lots of newcomers started coming into bitcoin and both no. of transactions and the fees increased.

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 22, 2018, 06:20:10 PM

#16

Wow with this fee BTC can use to shopping Grin

taeewo

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 22, 2018, 06:33:00 PM

#17

Quote from: patrickj on February 17, 2018, 05:34:08 AM

Yes i noticed that and also dont take longer to confirm, this what we really want, its greedy miners that are causing the high transactions fee which delays confirmations several times

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 22, 2018, 06:35:56 PM

#18

People are saying it's because of Segwit, but I don't understand how?

Did they increase the blocksize to 2mb or something under the table? I'm confused.

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 22, 2018, 06:38:51 PM

#19

It is a good thing that bitcoin has lower transaction fees. Things are heading the right direction

redhondaxrm125

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Re: Did you notice? Bitcoin transaction fees are very low now compared last months.

February 22, 2018, 06:40:20 PM

#20

The fees are low man. For goodness sake just be happy about it. Do not go out trying to complicate things that are really not that complicated. Sure it may be something that can really poke on your curiosity cells but if you do not entertain it that much, it really wouldn't matter. I suggest you to just be happy with the good news unless it is becoming too fishy.

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