As predicted, fees shrink. Transactions below 10 satoshi/byte fees confirmed

Check https://jochen-hoenicke.de/queue/1w.html for a graphic representation of the mempool over time.

The prediction was here: Prediction: Lower fees, shrinking transaction backlog

That was 17 days ago, and it is already happening. Read the original posting to learn why.

Note: I am not predicting that fees will stay this low for many months. If bitcoin becomes more popular, there will be more high-value transactions and consequently the fees will rise. This is actually a very nice champagne problem.

I predict that this future high-fee problem will again be solved, probably late this year, perhaps next. I believe it will be solved by the introduction of quick and cheap second-layer payment systems like the Lightning Network. We need these, because the blockchain is too slow. And we need them for low-value transactions for which the blockchain is too expensive.

By the way, now is a good time to consolidate dust wallets, whose individual values are too low for higher fees.

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