Bitcoin transaction fees hits ₱3.00 (PHP) or $0.06 (USD)
I read the news somewhere on twitter then I checked reddit for more of info, it was hard to believe and frankly I didn't. I told myself I had to see it for myself, and so I did.
I logged into Coins.ph (our local bitcoin exchange) and tried transferring a modest amount of bitcoin and behold.
So it was true, transaction fees are super cheap now and this opened up a lot of debates in reddit regarding the forks like Bitcoin Cash. I don't have an expert's knowledge with the technology so I'll stay out of those debates but if this kind of transaction fee holds for a long time then sending bitcoin here and there won't be a pain in your wallet anymore.
That's good to hear. I hope Coinbase, Exodus, and other wallet services will begin adopting SegWit too. Once the miners begin processing the 1 satoshi transactions, the fees will be really negligible. https://dedi.jochen-hoenicke.de/queue/#6m
Hooray for BTC withstanding the Operation Dragonslayer!
Yeah I think SegWit adoption is really high right now and I don't see it going down anymore.
I don't know this Operation Dragonslayer but yeah hooray!
Many people believe that Operation Dragon Slayer is an act of Bitcoin Cash supporters waging war against Bitcoin. They flooded the Bitcoin network with thousands of transactions (paid with 1 satoshi fees) everyday to discourage crypto enthusiasts from using BTC - and maybe to attract people to switch to the faster BCH. BCH supporters deny this rumor though.
I am NOT attracted to BCH. LOL! BTC/BCC/BCH caused CONFUSIONS to many and
@ryl LOST her SBD because of it. I discovered we can convert BTC address to BCH address and that's what ryl did. I also learned that we cannot send Bitcoin Cash from old address to new address and I hate all that so I'd stick to Dogecoin (Coinpot or Jaxx) and Ethereum (Binance or Jaxx) when buying/selling Steem.
Oh wow, this is great news indeed! Too often I've been hearing the complaints regarding the outrageous transaction fees in coins.ph. I'm glad they got to fix the issue.
Thanks for sharing!
Yeah transaction fees have been through the roof this past month
The high fees was for EXTERNAL transactions and not only Coinsph but almost ALL Bitcoin companies/exchanges worldwide. ;)
As Steemians, it would be a good news if @blocktrades can do something to lower Steem/SBD to Bitcoin transaction fee. If not, we can use Dogecoin and convert to BTC via Coinpot.co to SAVE fees. See my comments below. :)
If your exchange is being using the lightning network beta it might be less money for that reason. The developers of lightning network said it shouldn't be used yet because it's not ready for global use.
I don't think our exchange is yung LN right now since like you said it hasn't hit mainstream yet. The low transaction fees might not be because of LN implementation but because of something else.
FEES vary from wallet to wallet.
I see your screenshot sending PESO to another COINS.PH friend on Facebook meaning that is only an INTERNAL transaction that was supposed to be FREE if we send it via e-mail.
EXTERNAL transactions are different. :)
Try sending Bitcoin from Coins.ph to BlockTrades or Poloniex or Bittrex and see ;)
I checked and found out that Coinsph lowered fees for EXTERNAL transfers and here it is:
Binance fee is 0.001.
What we need to know as Steemians is @blocktrades fee ;)
I use Coinpot if I want to cash out Steemit earnings via Coinsph :) READ this: https://steemit.com/cashout/@artgirl/finally-cashed-out-success
