Rock-Bottom Bitcoin Fees See Community Eye $5,000 Bitcoin Price After SegWit Lock-In
With 2 days left to SegWit activation, Bitcoin fees are low, and BTCC’s Bobby Lee’s survey reveals 50% support for $5,000 prices.
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.
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.
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.