Bitcoin transaction fees and pending transactions back to normal

in blocktrades •  last year

It looks like bitcoin transactions have returned to the new normal again since the Segwit switchover. You no longer need to pay $10 USD to get a transaction through in a reasonable amount of time and the queue of pending unconfirmed transactions have dropped back to normal levels.

To put the relative performance in perspective, over the past couple of days we were seeing Bitcoin transactions on BlockTrades that took 2 days to confirm. Similar transactions with similar fees paid are now processing in an hour or less through our system.

Here's the current report from https://bitcoinfees.21.co. Previously transactions paying fees up to 180 sat/byte were showing Inf (basically it means the confirmation guestimator had no idea how long the transaction would take). Now it's estimated 0-90 minutes for transactions in that fee range.

Bitcoin fees still aren't nearly as cheap as they used to be, however, in part because of the rise in price of Bitcoin. So I still recommend transferring reasonably large amounts when you make a transfer.

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This is good news. Any thoughts on what this means for Bitcoin Cash?

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Hopefully that it will triple in value in two weeks. I purchased when it was at the top for a few minutes a month back then halved its value :( sigh... nice post @blocktrades Cheers ;) @decentralization

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@decentralization : I agree that You say, I assume
this is an opportunity business crypto

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I am using LTC for transactions such as moving between markets due to low fees :)

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Smart steemian you are.

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That's some serious word :D I singed up today :D

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Hmm yeah, it is good, and mining of LTC is good and easy too :)

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what kind of hardware do you use for mining LTC?

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I looked...I didn't see any hardware.

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use antminer D3 for LTC if you want a specific hardware for mining
https://www.cryptocompare.com/mining/bitmain/antminer-d3-miner/

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emm. I'll ask you for an answer
to the question @everittdmickey

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I have a batch of LTC....looking to add more...a nice run of late.

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@taskmaster4450 I also have Titan Miner (KNC Batch 1-300 + MH Scrypt)
I get with the price: US $ 2,800.00 in the year 2016 ago

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Better yet use Steem, even faster and free.

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@slavix Im agree

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or just use Steem and never deal with transaction fees/ Why even use Any fee when you can move money around with no fee?

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Dash is even cheaper and faster than LTC.

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Just use steem instead!

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Exactly!

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Yes the transaction fees are never free on any other coin that I know of, and steem being free to send makes steem usable as money not just as some social media site. The money thing should just be advertised first and foremost, like bitcoin, bitcoin is just seen as money and people don't need it to have a social media site that comes with it!

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Support and grow where you are, it is for good reason.

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it is better to use steem

edit...Thank you for your response and for sorting things.

Sent follow up message via wallet transfer:

Transfer 1.903 STEEM to blocktrades

memo.....442e8750-0849-48ea-8c1f-29887c09001

Can you confirm transaction .........cannot find at Bitshares. Please assist.

Miners are back from BCH to BTC and Segwit blocks started showing up.

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its starting to sound like Segwit will become its own fork of Bitcoin now? or are we just going to have lightning network BTC transactions soon for cheap and very fast?

And will Bitcoin Core just always have incredibly higher and higher fees now?

jesus christ , bitcoin fees could get so high that any amount of bitcoin under $100 will be wiped out

has anyone ever stopped to realize how much 0.0006 BTC is when Bitcoin is $100,000 a bitcoin? its $60 ! is that a reasonable transaction fee? Damn will bitcoin core juyst stop gaining value and will new versions of bitcoin just gain all the money? will coinbase just go out of business now? or will they add the new coins? what is the current transaction fee of bitcoin cash? 24 cents? wow that sucks litecoin is muchc heaper isnt it? well since steem is the cheapest at 0 it makes the most sense

steem wins the transaction fee debate period and for this reason steem will have all the small investments of the world, people who want to transfer money freey will use steem

steem will be used as the ultimate digital money, why use anything else? its the best crypto for the masses

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Are you the owner of zerohedge.com? Love the site BTW.

LTC is great alternative. :)

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This post received a 1.5% upvote from @randowhale thanks to @vysmek! For more information, click here!

I just voted for you for witness. I see you've been supporting #teamcanada hard so thought u deserved it. Cheers

Great news, I love @blocktrade for the good news update, so as what will be a thought to get this on an application for much logger

Whether there is influence with the amount of exchange that we send or the effect of rice happening at the price of being up and down !
And @blocktrades thank you for information

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thanks for the link, very interesting

Your article is so great, and I love it so much, if I could be like you, I would do the same ,,, @blocktrades

That's good to see, now hopefully wheni get my paycheck i won't be having to pay those large transaction fees i did last week. Still, I'll figure out a way too stop using bitcoin on the daily and use it more like gold. Only using to spend on large transactions, or just bag holding.

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It seems clear this is the early stages of an evolutionary and revolutionary process. So exciting.

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Yes it's, and I'm very that I'm part of it.

I like your post @blocktrades and thank you for information.👍👌😊

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Blocktrades-Final-Cube2-300px.gif

And here's a post explaining how I made it which includes a selection of different sizes. Enjoy

BLOCKTRADES | An Animated Gif

Thanks.
@animate
PS. I've also popped you a little memo just in case you miss this reply.

From @beukahma1 to @blocktrades
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please help me,
because this is my first introduction ,, I really expect this from you,
for my initial capital to play steemit ,, @blocktrades

@blocktrades - That is a relief to know. I lost a fair bit of money in transaction fees recently when I decided to change exchanges. at 180/byte, the fees are still high and 0-90 minutes time is not idea for quick online transactions but at least things seem to have started returning to normal. If bitcoin is to have a wider application and acceptance, this issue will need to be resolved. Of course, advent of debit and credit cards based on crypto will enhance acceptability to a large extent since the transaction times would not then matter except for that one transaction when we transfer balance to the card account.
Thanks for the heads up. Upvoted.

Regards,
vm2904

@blocktrades my gf @ihatebanana still has a pending transaction that she sent over 1.5 days ago and hasn't even shown up in her wallet yet. Any help with this?

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I see a transaction from her from yesterday. The bitcoin was sent and confirmed, so if it's not showing up check that her bitcoin wallet is synched.

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Thanks, will have her check!

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hi @blocktrades ! i check my bitcoin wallet , but i have not received anything.

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Hi, you can see the funds were sent here: https://blockchain.info/tx/6bf1f607d5c740e6375924a6af2756bb79e9e33f49bc34f5d4bad205788590c1
Make sure your bitcoin wallet is synched up to the blockchain.

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Hi!! I send 6.400 SBD one hour ago and they haven´t appear in https://blocktrades.us/, I mean in your page the transaction is not reflected, thanks in advance for information

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Hi Alex, you put your litecoin address in the steem memo field instead of the memo from our system. I've refunded your SBD, so you can try again with the proper memo.

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@blocktrades your website appears to be down, please check out, been trying to access it

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Oh my god!! @blocktrades excuse me for my mistake!!! I feel very ashamed!!
Thanks so much!!

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i have not recyve my btc. my id transaction acbc7135-bde6-4ce5-bbaa-2c789ef09528

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refund, thanks!!!

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You didn't send enough SBD to pay the bitcoin transaction fee. I've refunded your SBD, but please read this post to trade with us effectively: https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently

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@blocktrades I sent 2 transactions yesterday (one for steem $ one for SBD). No BTC received in my wallet. I was only sent 6 cents instead of $11 lol?

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Please voet my comment

Yikes, my last btc transfer gave me quite a scare, took forever and yes, the fees too. I agree with the rest that ltc is way better in terms of speed and fees.

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Thanks

I wish I could get more steem but those bitcoin fees really eat at what I want to invest! So sad...

@blocktrades ! You guys are solid, the rest of the exchanges do whacky stuff, use you guys daily!

if i make a transfer of 1sbd would it be transferred? how long would it take?

That might be the Sunday effect where transactions drop.

The hashrate has moved back to bitcoincash, which means there may be delays again on the bitcoin network.

I like your post @blocktrades

good news from @blocktrades , thanks you so much

Thanks for this useful info! According to https://blockchain.info/unconfirmed-transactions there are not many unconfirmed transactions and about 10.54 transactions are proccessed per second

Nice post 👍

Thank you for sharing and information, good idea

waw ,,, it is amazing, this is what i am waiting for from you, indeed you are very extraordinary in making article article, once again very amazing @blocktrades

Thanks information @blocktrades

Good article. Thank you.

So you have to transfer whole lot of money instead of transfering small amount ?
Anyway thanks for the info.
Keep on posting.

Litecoin can handle higher transaction volumes thanks to faster block generation. If bitcoin tries to match this, it will require a significant update to the code everyone has in the current bitcoin network.
Blockchain litecoin can be proportionally larger than bitcoin's
When liteco-block blocks can more quickly reduce the risk of multiple spending attacks - this is theoretical in case both networks have the same hashing power.
A trader can bear a minimum of two confirmations within five minutes, when they have to wait 10 minutes for a bitcoin confirmation.

Use LTC only

I have read about eSteem application in good-karma post. Very eager for all who install eSteem application. All posts are sent makes all users steemit more spirit in using it.forgot my apvote master. @jasonmunapasee do not visit my page.

tnx... its nice. tnx for update

Saya belum faham benar mengenai #bitcoin atau #bloktrades namun membaca artikel ini, jadi sedikit menambah ilmu. Memang semua itu perlu #introduce dan #science untuk melangkah kesana.

Terimakasih atas share nya @blocktrades.

image

That is great News for the entire crypto space.

Big Daddy gets a Fix :)

Good news but I honestly think that in the long run BTC will have serious problems again, this is just buying some time.

i was suprised using ether, how much faster and cheaper ether was to use for transactions.

That is encouraging. The transactions fees and slow confirm time were a major point of contention. It is good to see that segwit is having a positive impact.

I still feel that BTC, ultimately, becomes a store of value as opposed to money used for small transactions.

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And how do you know congestion abate due to segwit and not just mining variance? How many transactions over pass several days are segwit tx?

Hey @blocktrades, I tried to transfer some steem to Bitcoin a few days ago and it hasnt come through. Is this because it was too little? If you could help that would be great :)

good news

This is a good first step, but still not quite where I would like to see it. I agree, use LTC for small transactions.

Great news. Was feeling like there was going to be a setback for the moment.

All small hiccups in the grand scheme of things with Bitcoin, wait till a few more network improvements and it will be near to $0 to send any transaction

@blocktrades for new information about bitcoin, your post very usefull, thank u so much, i have rebloged ur post for all steemians wish they know this information about bitcoin

Interesting!

Indeed it is a golden news for today

I paid $5 today for one transaction! It was nuts! I thought the whole point of this is to lower transaction costs lol

May i ask why Steem(bittrex) to Steem( blocktrades) is not possible? Only Steem(bittrex) to Steem dollar(blocktrades) possible?

Nice and good news thank you

thank you very much for the information

-Excellent post thanks for sharing
I am a new steemians, maybe i should study first with you, regards know me
https://steemit.com/@movietrailar please follow me
I followed and upvoted.Would you like to follow and upvote me.

Thanks for the information, this is very important to us all

👍🏻

Thanks for sharing

This is great news from such an old and reliable source. Everyone assumed there was going to be some growing pains after the switch. Innovation takes time.
Thanks @blocktrades

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This is good information, especially for seniors in steemit who earn a good return on their business. Thanks for you @blocktrades for this information..

It's very nice @blocktrades
the performance of your company I think is very good, you are so quick to fix the chaos that occurs on your company system, I love thumbs for you.

Or just use Dash, cheaper and faster than even LTC.

Little bit splendid, how can I get the app for @blocktrades??
I would love to get this application

Good news, thnx

Sir,I had an bad experience when I exchanged 18 SBD to btc using your trading.I got very little amount of btc worth around 8 USD .This happpend three days ago.

We,the poor author need your good support always.
Thank you @blocktrades

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Please read this article for methods to trade with us more efficiently: https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently

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Thank you @bloctrades
I am going to use your trade next time too.
I hope ,i will have good experience.
Your link is highly helpful
Thank you

Good post! Thanks

Use LTC, it's much cheaper, faster and easy to use.

Fees are just still way to high to use Bitcoin as a payment system... For me, it's use is still only a store of value...
I hope this will be taken into account for the future

Hawa teuh bang @blocktrades , neu peurno lon hai

Hi @blocktrades yesterday I was paying $4.95 per BTC transaction.

Liked and resteemed. Very valuable info thanks

This morning I traded some BTC for STEEMPOWER . I agree there was no delays or excess fee's . All was as I hoped for .

Back to normal....hmm...I beg to differ. I'll post something on this in a second. Thanks for sharing though.

Glad they got that little hiccup out of the way. Do you think transfer fees will always be fixed at .001btc or are we likely to see a variable rate in the future?

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The rate is actually variable now. It's kind of an auction system: your wallet decides how much it will pay based on what competing transactions already published are paying. In a lot of wallets you can set the amount you want to pay based on how long you are willing to wait. But it's a very inexact science. The picture in the post shows how long your transaction might take to confirm at the current time based on how much fee was paid for your transaction.

no it is no true i have make a transcation before 3 hours using coinbase and i have pay 5 dollar as a fee

谢谢您的分享!很期待您的文章!

Amazing news; great post!!!

Fees are still way too damn high! I remember fees well under $1 for years!! I cannot and will not recommend BTC to anyone anymore until fees get sub $1 again. What if Visa charged you $4.72 to buy a pack of gum at the gas station? Think anyone would use it? This is the fate of BTC until we can back to competing with the Visa as far as fees go. I love Bitcoin always have always will. I used to go around every day trying to get merchants to adopt it. How can I recommend it to them now??

Thanks for the update!

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Thank you for this important information. Nice to meet you. Hopefully can give the best for steemit

I never used that website before. I'll use it from now on. Very useful one. Very interesting website.

thanks @blocktrades, about this information and i am new be at steemit platform. so support me in this social media steemit.

Using ltc. Much cheaper and faster. If one is fast. Why should the others.

Or use LTC, much cheaper and faster.

Lingtning network is going to be added to bitcoin. then the transaction fees will be very and ver small.

@blocktrades All is well that ends well!

Finally some good news!! Cheers for the updates @blocktrades

I hope someday can make a transaction, thank you.

I would like to know how to trade .Can you know increat or decreat steem & bitcoin

Wonderful article brother ...! Upvoted & Resteemed ,

Very good new :))

Good to know that everything back in action to normal :D

Bitcoin is not competitive as a payment system because of high transaction fees and long transaction times.
I explain why in
Bitcoin vs Steem - Why Bitcoin can not compete long term
https://steemit.com/cryptocurrency/@slavix/bitcoin-vs-steem-why-bitcoin-can-not-compete-long-term

very helpful information from you. @blocktrades