Bitcoin (BTC) fees are at their lowest in months despite Bitcoin Cash (BCH/BCC) trading, as SegWit lock-in is set for just two days’ time.
As the BTC mempool hovers around multi-month lows, users are celebrating both the cost of transactions and the imminent point of no return for SegWit activation.
#Bitcoin #fees are incredibly low again!
— ~gdv (@GabrielDVine) August 6, 2017
Send a million bucks worth for 15¢ USD.
According to 21.co’s fee calculator, the current ‘ideal’ fee rate for sending BTC is 100 satoshis per byte - significantly lower than readings from May to July, when a recommended 450 satoshis was not uncommon.
Aug. 9 meanwhile will see the lock-in threshold for SegWit on BTC finally trigger, all but guaranteeing the technology.
SegWit will pave the way so layer-two implementations such as Lightning Network transactions, which in turn will ensure long-term efficiency for users sending BTC and avoid mempool clogging seen in recent months.
Among those anticipating was BTCC CEO Bobby Lee, who also ran a Twitter survey asking followers to name a Bitcoin price once the lock-in occurs.
Once #SegWit is locked in for #Bitcoin around August 8-9, will $BTC break its all-time-high price?
— Bobby Lee (@bobbyclee) August 6, 2017
What $$?
?#Retweet & let's ask everyone!
The results of the survey, which has so far received almost 2,500 votes, point to a further price increase over $3,500 after Aug. 9. 50 percent of respondents consider prices could go even higher - over $5,000.