Bitcoin mempool fees
Early morning yesterday I actually saw it hit 48k. This has the added benefit of lowering fees even for non SW Bitcoin transactions, because it reduces overall congestion on the blockchain. SW transactions do see more reduction because their transaction size is smaller, while non SW transactions are larger because they are still using the old legacy address format which takes up wasted space on the blockchain.
As more wallets adopt SW, the network should become less congested which will continue to bring down fees. This isn't enough to fix the fee situation permanently, and bitcoin mempool fees wasn't the main reason that SW was created, but is a welcome added benefit. The main reason for SW's creation was to fix transaction malleability.
This was necessary for the next evolution in Bitcoin. Lightning Network Bitcoin mempool fees is a second layer protocol that allows for payment channels that you can send Bitcoin through almost instantly no waiting for confirmations of 10 minute blocksas well as very cheap LN is now live on main net with over nodes running, and I believe now in the thousands of payment channels open.
You can use it to send money to a friend using LN, or you bitcoin mempool fees go play with it by purchasing some swag from Blockstream like stickers or shirts. Warning Developers do not recommend large transactions until further testing has been done on LN. One downside to LN is that you have to open bitcoin mempool fees channels in advance and basically stake the amount of BTC you plan to be using on the network later. This may become easier and less cumbersome or taxing as adoption increases and the network gets "smarter".
Eventually the channel will need to be closed as well. Like SW, the LN helps LN users directly with drastically reduced fees, ideally bitcoin mempool fees to 0, but it will also help non LN users indirectly by decreasing the congestion and fees on the main blockchain, since many transactions will be settled "off chain" on the LN.
Another added benefit is that payments done on LN become much harder to track, increasing privacy which is a key component of this revolution.
It took almost 3 years to make this happen, and it's finally go time. They wanted big blocks, while everyone else believed bitcoin mempool fees the LN was the answer. I believe this is the best thing bitcoin mempool fees BTC, and may make many alt's less desirable now. Cheap, instant, and private Bitcoin tx's. This is history in the making. Thanks Jack and the rest of the Zap contributors as well as bitcoin mempool fees who's contributed to making the Lightning Network a reality!
As always, hold at least a small portion of your portfolio in BTC. I think this just as or more important than ever with the Lightning Network going active!
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