(Rubbish) Bitcoin runes and crazy fees after halving.

[hugeblack]

The number of unconfirmed transactions is not large. There are about 231,834 TXS unconfirmed, but the fees for these transactions are high, so unless there is a change, ~120 blocks are sufficient to solve this problem with an average of 4,000 transactions for each block, and therefore two or three days are sufficient to solve the problem.


Bitcoin Runes^[1] may be a reason to make the height of the fees extend for additional weeks, but in the end there is no real reason for all these crazy fees


[1] https://members.delphidigital.io/feed/deciphering-runes-native-fungible-tokens-on-bitcoin

[Don Pedro Dinero]

The number of unconfirmed transactions is not large. There are about 231,834 TXS unconfirmed, but the fees for these transactions are high, so unless there is a change, ~120 blocks are sufficient to solve this problem with an average of 4,000 transactions for each block, and therefore two or three days are sufficient to solve the problem.

Bitcoin Runes^[1] may be a reason to make the height of the fees extend for additional weeks, but in the end there is no real reason for all these crazy fees

That will be if we have a normal volume of transactions, I suppose, but not if we have the Runes up our asses. We already had high fees last cycle with the ordinals and now this new protocol that is being added I imagine that the average rates will go up, although there will be peaks and troughs. For example, I believe that there will not be average fees above 1,000 sats/vByte again, as happened around halving, but above 100, yes.

[Charles-Tim]

It is true that currently Bitcoin transaction costs have increased very sharply and of course this will encourage arbitrageurs who often take advantage of price differences to seek profits in other ways. This will have an influence on Altcoin prices which will increase further due to the influence of increasing bitcoin costs.

I do not understand you at all. How will increase in bitcoin transaction fee causes increase in bitcoin price and also cause increase in the price of altcoins? Bitcoin transaction fee is not proportional or has nothing to do with bitcoin price.

Bitcoin Runes[1] may be a reason to make the height of the fees extend for additional weeks, but in the end there is no real reason for all these crazy fees

What if more keep coming? Before, it was Ordinals NFTs. Later, it was Ordinals BRC20. Now, it is Runes. If people are not really using them again, some people will still use them and that will still contribute. What if many of them like BRC20, Runes and many more are coming. It is clear now that bitcoin developers wants fee to replace mining reward.

[SmartGold01]

I don't know exact what you mean but yesterday morning thereabout I made a transaction with 30 sat/vbyte which is approximately $2.5 and it was confirmed under 15 minutes, so i don't know what you are saying currently that fee has increased above its previous level (although there is every possibility anyway but have never did any till now). Between if managers are looking for alternatives way make out payment to their participants there may be a case of choosing another coin as alternatives till the when prices drops to usable level.

[bitbit97]

I don't know exact what you mean but yesterday morning thereabout I made a transaction with 30 sat/vbyte which is approximately $2.5 and it was confirmed under 15 minutes, so i don't know what you are saying currently that fee has increased above its previous level (although there is every possibility anyway but have never did any till now). Between if managers are looking for alternatives way make out payment to their participants there may be a case of choosing another coin as alternatives till the when prices drops to usable level.

Can you provide a txid? Because it sounds unreal to me. I havent seen anything below 100sat to be confirmed last days. It was even a luck to see something below 30 sat confirmed this week earlier.

I find it funny how people expected bitcoin value to double after halving, but all they got was increased in fees. I already feel how army of disappointed new bitcoin owners increased lately. I am not gloating or making it fun, but people got completely not what they have expected from halving. At least I dont remember that after previous halving blockchain suffered something similar like today.

[SmartGold01]

I don't know exact what you mean but yesterday morning thereabout I made a transaction with 30 sat/vbyte which is approximately $2.5 and it was confirmed under 15 minutes, so i don't know what you are saying currently that fee has increased above its previous level (although there is every possibility anyway but have never did any till now). Between if managers are looking for alternatives way make out payment to their participants there may be a case of choosing another coin as alternatives till the when prices drops to usable level.

Can you provide a txid? Because it sounds unreal to me. I havent seen anything below 100sat to be confirmed last days. It was even a luck to see something below 30 sat confirmed this week earlier.

I find it funny how people expected bitcoin value to double after halving, but all they got was increased in fees. I already feel how army of disappointed new bitcoin owners increased lately. I am not gloating or making it fun, but people got completely not what they have expected from halving. At least I dont remember that after previous halving blockchain suffered something similar like today.

Okay here my TXT ID: cbb5a4f82345e598a913726d049cd2abf240266e7b75660623bbd5e7b66bd8a2
So you can check it below to know if the fee was more than 30 sat/vbyte (~2.5$).
But know that after I created the transaction I posted my id on viabtc.

[vegasus]

So, in case anyone hasn't heard, the fees after halving have skyrocketed:

it was really crazy.
I checked it after halving, going to send BTC to my personal wallet again. And it's really crazy that led me to delay the transaction.

Today, I checked it again and it's getting quite declining, although it's still high enough compared to fee before halving.
It's around 144 sat/vB for the Low Priority.
Imagine how much it is the high priority.

Hopefully it's only theeffect of halving and hopefully it'll decline again in only several days.

[PX-Z]

Today, I checked it again and it's getting quite declining, although it's still high enough compared to fee before halving.
It's around 144 sat/vB for the Low Priority.
Imagine how much it is the high priority.

So far it's more little by now at 76 sat/vB for medium priority and more like $7. But its still too high compare to the normal fees which ranges 10-30satvB.
Sending from personal wallet would be painful, even you set it too low, you will end up hours or days before it got confirmed.

[MrSpasybo]

That person was trying to get into the halving block 840000 - https://mempool.space/block/0000000000000000000320283a032748cef8227873ff4872689bf23f1cda83a5

It is expected to have some sentimental value so lots of people paid huge fees to get into that block, that also contributed to the current feerate everyone is experiencing.

It is possible that the goal of many people at the time of the halving was to have a transaction recorded in a special block in Bitcoin blockchain history, so they were willing to pay higher gas fees than normal. However, the halving is over and gas fees are still much more expensive than before the halving. Has the halving really triggered FOMO among investors, and are they coming to the crypto market and using the Bitcoin blockchain more?

I suspect that the Inscription/BRC20 trend has returned to take advantage of the news about the BTC halving and is causing congestion and higher transaction fees on the Bitcoin blockchain. We will soon have clear reports on the issue of rising transaction fees and information on the real culprit.

• What the Bitcoin Halving Means for Ordinals and BRC-20 Tokens