Bitcoin Transaction Fees Significantly Decrease, Charlie Shrem Pays $0.25 Fee

in #bitcoin4 years ago (edited)

It's a breaking news that the transaction fees of Bitcoin has been significantly decreased , almost decreased by 90%. If we look back the last few weeks history then we find that in the last few weeks the size of the Bitcoin mempool (a memory place where all unconfirmed bitcoin transactions waiting to be picked up by miners ) has  significantly decreased by around 90 percent. As a low pressure on the Bitcoin mempool the amount of transactions fees are now significantly decreased by about 90% also. Most of the transaction fees are now under $1 only. On the 29th June  Charlie Shrem confirmed that one of his Bitcoin transaction worth  $2,000 was confirmed within 6 minutes after broadcasted with a very tiny fee, around $0.25 only. Ben Verret,  Bitcoin researcher & analyst stated that -

The sudden decrease of mempool size indicates that the someone or, a group has just stopped the spam transactions, because,  the activation of segregated witness (SegWit) is getting closer.

Now, the Bitcoin mempool size has been decreased from previous 120 GB to under 20 GB only.


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the fees were getting so high people were leaving bitcoin all together, they need to get their scaling under control

I just moved 46k in BTC and the fee was less than $15 usd. I think that's reasonable.

yeah because of the high transaction fees Bitcoin had I used to run around and use Litecoin or Dash to transfer smaller amounts.

glad the fees have gone down significantly, they were too high

yes fees have gone down and it is indeed a good news for the businesses.

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