Bitcoin transaction fees and pending transactions back to normal ?

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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 the system.

Previously transactions paying fees up to 180 sat/byte was 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 transaction fees still aren’t nearly as cheap as they used to be, however, in part because of the rise in the price of Bitcoin. So I still recommend transferring reasonably large amounts when you make a transfer.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.