The number of pending transactions in the bitcoin memory pool has decreased by 90 percent in the last few weeks. On the Bitcoin blockchain, unfinished transactions are held in the mempool for miners to approve.
As a result, bitcoin fees have dropped significantly.. In addition, it is stated that the prices and transaction times offered by bitcoin fee estimation tools for wallet applications have decreased.. Approval can be obtained within 10 minutes for fees below $1.
Bitcoin fee estimation tool, which has just been implemented in Blockchain, has won the industry’s appreciation.. The estimator works with “satoshis per byte” logic to make a more accurate price estimation.. Accordingly, transactions can be made at a fee of $0.19 with a confirmation time of less than 1 hour.
Bitcoin pioneer and cryptocurrency wallet platform Jaxx COO, Charlie Shrem, tweeted on Thursday that his $2000 transaction was confirmed in 6 minutes and paid a fee of $0.25. explained.
Why did the fees drop?
Towards the end of May, the size of the bitcoin mempool reached 120 GB, breaking the all-time record. The large pool of confirmed transactions caused jams and delays on the bitcoin blockchain.. The delay of the transactions also brought with it higher transaction fees.
The mempool between May 1 and June 15 was quite full as the transactions were not confirmed.. Previously, unconfirmed transactions accumulated in the mempool were cleared when the weekend came, as fewer transactions were made than during the week.. However, when the pool could not be cleaned even during relatively stagnant times, it filled with more processes than usual during the one-and-a-half month period.
The size of the pool suddenly dropped from 120GB to 20GB. Analysts attribute the sudden decrease in size to SegWit. With SegWit approaching, spam transactions are thought to stop targeting the bitcoin blockchain.
Source: Cointelegraph
Cited news: coin-turk