Fee Finally Down below 40 Sat/vb

[Gladitorcomeback]

Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.



Fortunately, when I checked fee today it's dropped to 40 sats/vb which comes as a relief. This reduction in transaction costs not only makes Bitcoin more practical for everyday use but also aligns with the original vision of a peer-to-peer electronic cash system. Bitcoin lower fees have benefits of more inclusive financial ecosystem which enable broader adoption and utilization of Bitcoin for various transactions. As fees decrease, the benefits of a decentralized and efficient digital currency become more evident.

[bounceback]

Fortunately its good news for me as participants in signature campaign few days later payment distribution with lower fees below 40 Sat/vb than usually have set up fees transaction above 120 Sat/vb. Last time make transaction sending bitcoin need more than two days with fees set up around 100 Sat/vb and get problem exactly when bitcoin going drop suddenly.

Hope upcoming days decreasing with lower fees transaction of bitcoin keep stable for long term and not get difficult for us have waiting longer time when sending bitcoin.

[yhiaali3]

Yes, good news for everyone. I think everyone is now very relieved to see these simple fee numbers after great suffering during the last period due to congestion and the rise in fees to record numbers.

Discussing high fees has been the hottest topic over the past period because it caused a lot of anxiety and problems for Bitcoin lovers due to high fees and delays in transactions, as many of them were forced to use Altcoin.

The network situation is now stable and I hope it maintains this rate because it is satisfactory for both Bitcoin holders and miners.

[PX-Z]

I checked it and you're right, it's my first time to see below 300k unconfirmed transactions too, idk what's the reason but i hope it will be much lower soon. My average tx fee when dining transactions is $4 with 70 sats/vb and it's too much just a fee when i never do it when sending with any other payment transactions, either banks/wallets or other crypto which is really frustrating.

[joniboini]

It surprised me a little bit to see a sharp contrast between today and last week. Just a few days ago somebody posted that he failed to send transactions with 20 sat/vb because the mempool is congested so he can't consolidate his transaction. I believe right now is a good time to do that if anyone consolidates their inputs to avoid paying a lot of fees when the mempool is getting congested again.

I checked it and you're right, it's my first time to see below 300k unconfirmed transactions too, idk what's the reason but i hope it will be much lower soon.

One of the reasons is likely people stop printing NFTs with high fees. I remember seeing more or less the same pattern when ordinal first became popular. The mempool got heavily congested, then got cleared within a few weeks after that, albeit the number of unconfirmed transactions is still high.

[Ambatman]

Finally, it's a relief hopefullycomeback, Tired of ordinals doing comebacks. This past months has weighed on the scalabilty of Bitcoin that many had to switch to alternatives or just leave the funds without moving it. I still wonder how people during emergency withdrawn theirs

I checked it and you're right, it's my first time to see below 300k unconfirmed transactions too, idk what's the reason but i hope it will be much lower soon.

i think people are barely making transactions since festive period is over and most are just observing market in respect to ETF approval.

[Fivestar4everMVP]

Just a few days ago,

The challenge which presented hardship with Bitcoin transfers which is as a result of high fees is not something that started or lasted for few days, it started and lasted for several weeks actually.

And I also just checked the mempool and realized that the fees are now sitting at a little above 40 sats per visual byte as at the time typing this comment, this is indeed a relieve for many of us.

But to be honest, i don't think a temporal relieve is what we should be celebrating, but what we should actually endeavor to celebrate is a lasting solution to the menace, and this brings me to the question that, is there nothing, like something that can be built and implemented into the bitcoin network, that will ensure that the fees remain low forever?

I think this is what we should find, build, implement and then, we can celebrate, not rejoicing over a temporal relieve whereas, tomorrow, the fees could her even higher again, making people lose money they never planned on losing, through transaction fees.

[SmartGold01]

The fees are not always stable sometimes it would drop to 30 sat/vbyte I have also made transaction with that and it confirmed within some few days, even as it went below 40 sat/vb it might still increase within the next time frame. The most funniest part of it is that when it gets too high to 100 sat/vbyte there will be always be competition and as then every user wants their payment to quickly confirm by increasing to about 120, 150 if possible to 200 sat since they can't exercise patient anymore. When people just maintain 40 sat/vbyte you would see that they will all confirmed the problems is people increasing their fees wanting their payments to confirm so easily.

[examplens]

Okay, but does anyone know what is the reason for the fee correction?

As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24

[sampoerna]

Transaction fees will always change, especially when the price of Bitcoin gets higher and the network gets denser. then transaction fees will also be higher, increasing drastically and quite difficult to stabilize or decrease again. even currently the lowest transaction is 61 sat/vB. and it's still changing.

And when I want to send Bitcoin from electrum and the transaction fee is very high. many times higher than usual. while I still don't really understand how to use the Lightening Network to send Bitcoin. Does anyone understand this?

[Baofeng]

Okay, but does anyone know what is the reason for the fee correction?

As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24

I will speculation that maybe those spamming the network might have slow down a bit that's why the mempool fees goes down a bit. But still it's very expensive for average joe like the majority of us.

And looking at the current tx fees, it somewhat increase again,



So we really can't say for certain that fees are going back to normal as the attack continues again.

[vegasus]

Even though it's only been a few hours since you posted the transaction fee for Bitcoin, it's still at that number. but now the transaction fit has actually increased again to 67 sat. This is really annoying because several times it failed to transfer assets because of the high fees.

I think I will postpone it continuously until I reach a fairly reasonable fee for sending my Bitcoins. but the more I wait, the more months I've been waiting, I haven't managed to get a fee that's at least reasonable. Maybe because the timing wasn't right or I checked the transaction during peak hours so there were a lot of transactions on the network.

[defy]

anytime there is a drop in price there seems to be a drop in the transaction fees, this is what i'm experiencing so i wait for price drops to move my coins.

the down side is that if they are on an exchange they have to sit there longer than i would ordinarily like.

[LogitechMouse]

For an average investor like me, who's more of a holder of Bitcoin, it's good to see the fees going down, but I'm not affected that much.

Even back then when the fees are very high, I don't care because I'm not using Bitcoin for everyday transactions. The only problem that I faced though was the fact that I needed to reallocate my money and buy altcoins instead of Bitcoin because I wanted to transfer it after buying it on an exchange, and the fees on Bitcoin were very high at that time, so I opted into different altcoins.

Nevertheless, it's good to see the fees of Bitcoin going down to as low as $2 per transaction. Will this be the new normal for transaction fees of Bitcoin? I mean will we be able to see the fees to be stable at around $2?

[tbct_mt2]

For an average investor like me, who's more of a holder of Bitcoin, it's good to see the fees going down, but I'm not affected that much.

If you only hold your bitcoins in your wallets, don't move it when mempools are congested, fee rates are high and transaction fee is expensive, you are not affected.

Even back then when the fees are very high, I don't care because I'm not using Bitcoin for everyday transactions.

You have to use it some day but to avoid affect from mempools and people race in fee race to be at tip of mempools, you must have very good plan and allocation of your fund, in bitcoin, altcoins and fiat currency or cash. If you only have bitcoin, you will surely be affected.

Nevertheless, it's good to see the fees of Bitcoin going down to as low as $2 per transaction. Will this be the new normal for transaction fees of Bitcoin? I mean will we be able to see the fees to be stable at around $2?

I love cheap fee rates and cheap transaction fee to but with current fee rate about 30 sat/vbyte to 40 sat/vbyte, it is not time for $2 transaction fee. We will have to wait a few more weeks to see it with a big if that Ordinals will not bring this problems back to mempools.