Bitcoin Transaction Fees Dropping Dramatically

in bitcoin •  11 months ago

Screen Shot 2018-02-13 at 7.58.41 PM.png

I recently checked one of my public bitcoin addresses and saw this announcement from

Screen Shot 2018-02-13 at 7.45.39 PM.png

This announcement is further explained here. I decided to check my hardware wallet for what the transaction fees are these days. I do understand that transaction fees vary by time of day and day of week, but they are significantly below what I remember even last August at the time of the fork. This screen shot was taken at 7:45 pm (EST):

Screen Shot 2018-02-13 at 7.51.15 PM.png
(highest tx fee selected)

Above I selected the highest fee possible and still got less than a quarter USD. This is the normal transaction fee image below...

Screen Shot 2018-02-13 at 7.52.17 PM.png

It was between $3 - 4 dollars last August and I'm not even running a lightning node. Unfortunately I see a lot of people falling for the BS on bitcoin. One conspiracy theory that has taken hold is Blockstream is a banker implementation of bitcoin. I don't see any signs so far of this being true. The code is open source on both the Lightning Network and Bitcoin.

Maybe they're talking about centralized exchanges like Coinbase. That however is to be expected. The centralized world of fiat currency is full of these gouging tactics.

The accusation is that there are a few people working for Blockstream who have "connections" to the Bilderbergers through AXA. These connections do seem to check out. However it isn't unusual to consult bankers on technology to facilitate transaction processing.

I'm a voluntarist and programmer who was first attracted to bitcoin a year ago tomorrow (my first transaction on Coinbase). Since then I have studied the underlying technology and am enrolled in Ivan OnTech's Blockchain Academy. The truth seems to be the opposite of what non technical people assume is the truth.

I do however hold an equal position in Bitcoin Cash. I don't know which way this is going to turn out, but a couple of factors do bother me.

  1. My tech experience tells me that large blocks above 1 GB will centralize mining too much. I also have read through most of the Satoshi Nakamoto emails about increasing block size. To me it's clear that he hadn't thought too deeply about how this would affect mining. In those early days, he was skeptical that bitcoin would even work.

  2. Bitcoin Cash as far as I know only has one full time developer. Blockstream has over 200. Who do you think will be able to continue to innovate? From what I've seen of Bitcoin Cash's Github, many of the commits they have were written by Blockstream.

The world is a very nuanced place, so while I'm not necessarily skeptical of claims of collusion (authority will most certainly try), I am very skeptical of their ability to do so. For one thing, I remember working in a corporate environment which I finally escaped in Oct 2006. Employees often develop an acrimonious relationship to their employer if they stay long enough. I suspect the same is the case of banking employees fed up with banking corruption. I know of at least one person who works in that industry who wants to see these rulers of the Fed fall on their face.

At this point, it makes me wonder if Roger Ver was bought off by the banking system to spread lies about bitcoin. I would hope that he hasn't caved into pressure from the banks. I still don't think that Roger has done this, but I think being rich in bitcoin has clouded his judgement and ambitions. I'm just not seeing any of the accusations being made as being accurate. If anyone can find how KYC is implemented in Lightning Network, please let me know and I will investigate.

Donations (public bitcoin address):


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Btc is dead, long live steem.

Bitcoin’s Hash Rate Jumps Up


How long is the time between confirmation of blocks at the moment? Last I saw it was around 7:20 so a difficulty adjustment will soon come to bring it up to 10 minutes.

I think there is room for both with both experimenting different alternatives going forward. The groups know very well the limitations of both as adoption increases and the need for scalibility arises. Lightning network will help but still not solve everything for the blockchain. Only time will tell...

Batch Transactions and SegWit Start Taking Hold

thanks. things are looking good.

Vollow & votes @wannis

This post has received gratitude of 7.91 % from @appreciator thanks to: @zoidsoft.