Published On: Sat, May 20th, 2017

Bitcoin Fees Fall 34% As Bloated Mempool Deflates

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Amid anger and even despair over Bitcoin’s fees, the recommended rate per transaction has quietly dipped by 34% amid a drop in mempool size.
Bitcoin Fees Fall But Delays Stretch On
From a recommended 450 satoshis per byte, figures this week have fallen to just 300 according to unnamed sources quoted by crypto angel investor Alistair Milne.

Headlines you don’t see: “Recommended Bitcoin transaction fees crash 33% in 24hrs” … down from 450sats/byte to 300 and falling
— Alistair Milne (@alistairmilne) May 19, 2017

Data from meanwhile also confirms a fall in the “fastest and cheapest” transaction fee, albeit not as drastic, current figures quoting 390 satoshis per byte versus a previous 450.
Milne added the proviso that the discount was in fact volatility, a characteristic detrimental to the Bitcoin network which would be solved by Layer 2 tech, specifically the Lightning Network.
“We need Lightning ASAP,” he said in a discussion of the fee findings.

Moon Fever Versus Daily Grind
Despite fees rising at a considerable rate for the past two months, transaction delays and even failures are becoming a common narrative in Bitcoin.
An influx of new users lacking knowledge about fees has likely compounded the problem, Bitcoin’ …

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