As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?It's hard to say but there will be upgrades on Bitcoin blockchain. There will be migrations of Ordinals to like Bitcoin layer-2 and even something new in future.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?Was the normal transaction went below 5 sat/vbyte? Before the Ordinance and its BRC20 tokens, the normal fee rate is 1 sat/vbyte. Although, I understood you, it is true that it decreased to like 5 sat/vbyte or so.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?I am not hoping for this. For frequent transactions, I use lightning network at times, while I also use altcoins at times. The only time I use the normal network is when the fee become lower and I consolidate high inputs.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?I am not hoping for this. For frequent transactions, I use lightning network at times, while I also use altcoins at times. The only time I use the normal network is when the fee become lower and I consolidate high inputs.
Very nice that you are using the Lightning Network too. What is your LN wallet? Is it a custodial kind or do you run your own lnd/clightning node?I use it just for little amount of money and it is custodial. I use Muun, Wallet of Satoshi and Phoenix. I have tried lightning network on Electrum testnet before but I have not used it on the mainnet. Probably if the fee become cheaper, I may try it. Any coin I do not want to spend are mainly on blockchain and not offchain.
Altcoins - eh, I'll pass most of them. The acceptence rate of various altcoins in most stores is much lower than even Lightning Network so it makes buying most of them not worth it.You are right. Aside that, altcoins are very volatile.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?Was the normal transaction went below 5 sat/vbyte? Before the Ordinance and its BRC20 tokens, the normal fee rate is 1 sat/vbyte. Although, I understood you, it is true that it decreased to like 5 sat/vbyte or so.So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?I am not hoping for this. For frequent transactions, I use lightning network at times, while I also use altcoins at times. The only time I use the normal network is when the fee become lower and I consolidate high inputs.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
The immediate increase of transaction fee is cause by a network congestion. So we need to focus on how we can solve the congestion. This similar problem is trying to be solved by the second largest cryptocurrency which is ETH but it won't work. If ever the time will come that the network congestion is solved, the problem of high fees will never end. When the price of Bitcoin increases, as well as the fee.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
ETH switched to PoS to deal with this
I think this loop will continue for as long as Bitcoin is still active and there are BTC to mine.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?I would not wait for fees to come down to 1 sat/vb any time soon, but they will come down eventually when mempool cools down.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?I didn't noticed tx fee for BTC network is high, because few days ago I used TW and paid around $3 for TX and now the tx fee is higher, I don't have any idea about why the fee is high besides the congestion reason. Well thanks for sharing it. Haha you are calling it loop mode like its a fixed algorithm. I don't think its a algorithm its just depend on various factors.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
It's hard to say but there will be upgrades on Bitcoin blockchain. There will be migrations of Ordinals to like Bitcoin layer-2 and even something new in future.That is what we are waiting to see because the migration will help the bitcoin network to reduce transaction cost. Really the high transaction fee in bitcoin network is so much worrisome that some people are eve afraid to keep their coins in the non custodial wallets, mostly the signature campaign participants, they use Centralized Exchanges to receive pay and once they received, they sell it off without wasting of time. We are praying that let the transaction fee reduce even in the future.
The bottom line is, we must ask ourselves, whether Ordinals are here to stay?The way they are feeding from bitcoin , I don't think they are planning to leave the Blockchain at anytime soon. And if care is not taking they might take there as their resident place.
I believe they will not be able to stay here for too long, bear market will kill them.If that happens then it will be a good news but after the bear market, won't they come back again? My own is that they should look for a way to remove them automatically from the network if it is possible.
I didn't noticed tx fee for BTC network is high, because few days ago I used TW and paid around $3 for TX and now the tx fee is higher, I don't have any idea about why the fee is high besides the congestion reason. Well thanks for sharing it. Haha you are calling it loop mode like its a fixed algorithm. I don't think its a algorithm its just depend on various factors.
I don't think, fee is going to be 1sat/vb anytime soon we are far away from that time. If your target is to seek 1sat/vb then I would definitely call it a never ending story because it will never reach that target. As of now prices are so high but who knows maybe in future they might come down to your point.
I would not wait for fees to come down to 1 sat/vb any time soon, but they will come down eventually when mempool cools down.Bitcoin has successfully escaped the Inscription trend, and we can consider current transactions to be driven by real user demand. It is rare to see transaction fees below 40 sat/vB. As the Bitcoin network grows in terms of users and utilities, I don't think we will see 1 sat/vB in the future. If this were to happen, it would likely indicate that Bitcoin has encountered a truly serious problem and lost users.
Something around 10 sat/vb is acceptable for me and that is not so expensive, but you can always use second layer solutions (Liquid Network or Lightning) if you want to have minimal transactions fees.
Bitcoin has successfully escaped the Inscription trend, and we can consider current transactions to be driven by real user demand.
Considering the daily increase of congestions in Bitcoin transactions, I don't think there's gonna be an end to high fees charged by Bitcoin miners any time soon and that's because we are approaching bull run.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?It cannot be denied that one of the weaknesses of Bitcoin is that its fees are quite high. Actually this will also vary. depending on what network conditions are when the transaction takes place. Here, there are several things we need to pay attention to. Usually there are several fee levels, including low, medium and high. So we can manage it. on the other hand, we can also check the current transaction fee first, check it in BTC explorer. So this could be one of the considerations whether we will transfer the BTC now or later wait for the fee to go down a bit.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
~snip~
Miners can't and don't charge fees, Bitcoin has always worked on the pay as you want model, if you want to pay 1 sat or 1000sat per byte you're free to do it, the users themselves drive the competition, miners can't charge you ten times more just because they want that.
or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?I don't think that we will see Bitcoin fees going down to that level anytime soon, not even in coming years. The ordinals have caused the spike of the fees and after that the fees have been unstable. The fees change many times per day and that's been happening after the introduction of those useless ordinals.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?I honestly have lost hope in believing that one day, we will return back to the era when we were charged 1 satoshi per vbyte, and our transaction gets confirmed in less than 2 to 3 minutes, oh gosh, how I miss those days..
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
It is true that users who compete for the fastest possible confirmation of their transactions cause fees to increase, with of course all these ordinals and the like spamming the blockchain - but can we rule out the possibility that some of the miners are behind the ordinals?
It's no secret that halving will significantly affect miners' earnings, and why wouldn't they find another way for extra income through increased fees?
I honestly have lost hope in believing that one day, we will return back to the era when we were charged 1 satoshi per vbyte, and our transaction gets confirmed in less than 2 to 3 minutes, oh gosh, how I miss those days..
~snip~
~snip~
Don't underestimate hype and craziness, remember crypto kittens? ;)
Sometimes the truth is weirder than fiction.
Bitcoin network congestion is one of the challenges that discourages people to be using bitcoin in their daily business, especially small businesses. I don't have plans of selling any bitcoin now, and that was why I have never noticed this. However, I think if ordinals problem is not solved, we might continue with seeing such high fees, and we must accept to live with it.As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?It cannot be denied that one of the weaknesses of Bitcoin is that its fees are quite high. Actually this will also vary. depending on what network conditions are when the transaction takes place. Here, there are several things we need to pay attention to. Usually there are several fee levels, including low, medium and high. So we can manage it. on the other hand, we can also check the current transaction fee first, check it in BTC explorer. So this could be one of the considerations whether we will transfer the BTC now or later wait for the fee to go down a bit.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
I don't think that we will see Bitcoin fees going down to that level anytime soon, not even in coming years. The ordinals have caused the spike of the fees and after that the fees have been unstable. The fees change many times per day and that's been happening after the introduction of those useless ordinals.This possibility has become a natural thing when Ordinal has started to have an influence on bitcoin price movements on exchanges, it will also have an impact on the decline in Bitcoin prices. Usually bad news can also trigger a collapse in Bitcoin prices.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?How do you define "normal" on Bitcoin transfer fees?
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?It seems a bit impossible to see again the transfer fees around 1 sat/vb. As far as I know, the cheapest transfer fees I ever saw currently was around 5 sat/vb. Since it is getting closer of Bitcoin halving, the transfer fees should tend to increase gradually. I don't see a chance of the decline of Bitcoin transfer fees in the near future.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?Seriously, this is true, sometimes, we are also surprised because the fees can change that much in a very short period of time. Therefore, often check the fees before we carry out the transaction, I agree with various opinions from memes. because the fee will change along with the condition of the network. The more full it is, the more expensive it will be. That's it, just check in explorer first to find out the fee conditions at that time. This may also ifnelucne how fast the blcoka dn confirmation to be passed.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
This possibility has become a natural thing when Ordinal has started to have an influence on bitcoin price movements on exchanges, it will also have an impact on the decline in Bitcoin prices.The ordinals have caused spikes in the transaction fees but I don't think that they have impacted the price of Bitcoin in anyway. So far Bitcoin has been gaining value time after time even after the addition of BRC-20 protocol on the Bitcoin blockchain.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?High traffic with a few miners, so I think this is the problem and we are going to deal with this especially now that the supply will become lesser.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
It seems a bit impossible to see again the transfer fees around 1 sat/vb.
It seems a bit impossible to see again the transfer fees around 1 sat/vb. As far as I know, the cheapest transfer fees I ever saw currently was around 5 sat/vb. Since it is getting closer of Bitcoin halving, the transfer fees should tend to increase gradually. I don't see a chance of the decline of Bitcoin transfer fees in the near future.
This possibility has become a natural thing when Ordinal has started to have an influence on bitcoin price movements on exchanges, it will also have an impact on the decline in Bitcoin prices.Ordinals having effect on bitcoin price? You are not right about this. It is bitcoin that is having effect on Ordinals price and not only Ordinals but cryptocurrencies in general. If bitcoin price deceasing, ordinals and other altcoins will also be decreasing in price.
If you want to see Bitcoin transfer fees to be as cheap as in the bearish season, I think it won't happen until this bullish season ends. The increase of Bitcoin transfer fees is caused by the higher volume of Bitcoin transaction in Bitcoin network during the bullish season. Bitcoin holders become more active to move their Bitcoin because they are preparing for exit target in this bullrun season.
High traffic with a few miners, so I think this is the problem and we are going to deal with this especially now that the supply will become lesser.
Well, since popularity of Bitcoin grows, there is no way there would cheap transactions anymore. Mining becomes more complicated. Will it even be possible/profitable for miners to confirm transactions with such low fees?
When the mempool congestion of a thing began to happen newly, it was strange to people and there were many complaints. But at a time people began to get used to it and the complaints were lesser. Now, I didn't even know there have been congestion because people are complaining much about it. So, it is time we understand that the ordinance are part of the system and they will continue to spam the blockchain in order to raise the transaction fee. We should instead concentrate on how to deal with it.
If there was really nothing that would have been done to reduce the transaction fee of Bitcoin from skyrocketing last year, nothing would have been done to subsidize the fee, but nothing was instantly done, so it had to last for some weeks before going normal again. That's to say that nothing can just immediately be done to fix that challenge, and I believe it will continue to happen, but not all the time. We would just have to get used to it.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?Maybe if bitcoin becomes more stable regardless the price, other than that even without the ordinals if its just these days where suddenly bitcoin plummet or pump, transaction fee will always be affected due to frequent transfers then the buy and sells to prevent fomo.
This is a strong current caused by Bitcoin's Ordinal network that makes transactions even more congested.When the mempool congestion of a thing began to happen newly, it was strange to people and there were many complaints. But at a time people began to get used to it and the complaints were lesser. Now, I didn't even know there have been congestion because people are complaining much about it. So, it is time we understand that the ordinance are part of the system and they will continue to spam the blockchain in order to raise the transaction fee. We should instead concentrate on how to deal with it.
If there was really nothing that would have been done to reduce the transaction fee of Bitcoin from skyrocketing last year, nothing would have been done to subsidize the fee, but nothing was instantly done, so it had to last for some weeks before going normal again. That's to say that nothing can just immediately be done to fix that challenge, and I believe it will continue to happen, but not all the time. We would just have to get used to it.
This is a strong current caused by Bitcoin's Ordinal network that makes transactions even more congested.Yea, that is the truth... But then, are we eradicating the Ordinals any moment? No! We have to learn to deal with the situation because this guys will continue to spam the blockchain in intervals.
It cannot be denied that the more transactions in Ordinal, the more congested the Bitcoin network will be.
Even if the ordinals will be ended as core developers planned to do. Transactions fees will always be at high when it comes a session like this where bitcoin plummet so suddenly or pumps.QuoteThis is a strong current caused by Bitcoin's Ordinal network that makes transactions even more congested.Yea, that is the truth... But then, are we eradicating the Ordinals any moment? No! We have to learn to deal with the situation because this guys will continue to spam the blockchain in intervals.
It cannot be denied that the more transactions in Ordinal, the more congested the Bitcoin network will be.
Even if the ordinals will be ended as core developers planned to do. Transactions fees will always be at high when it comes a session like this where bitcoin plummet so suddenly or pumps.QuoteThis is a strong current caused by Bitcoin's Ordinal network that makes transactions even more congested.Yea, that is the truth... But then, are we eradicating the Ordinals any moment? No! We have to learn to deal with the situation because this guys will continue to spam the blockchain in intervals.
It cannot be denied that the more transactions in Ordinal, the more congested the Bitcoin network will be.
At this moment looks like the fees are much lower than before but it's still high, it's 35sat/vB as per writing unlike it reached 80-100sat/vB before when Ordinals are so active.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?We are all hoping that 1 sat/vb will happen again but the sad part is that it seems that this will never be coming again , and this even happening in Ethereum so what could we expect in the coming years? that all crypto will have this same faith?
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
(https://www.talkimg.com/images/2024/04/14/jRT3W.png)
You can see that the fees peaked back in December, the price didn't reach 40k by than and at the last bump it was still under 45k, despite rising to 73 k , almost doubling the fees steadily went down as the action on the exchanges is not matched by the action on the blockchain.
Maybe if bitcoin becomes more stable regardless the price, other than that even without the ordinals if its just these days where suddenly bitcoin plummet or pump, transaction fee will always be affected due to frequent transfers then the buy and sells to prevent fomo.It's not going to happen, unless governments, institutions and big corporations take over, and than they can crush the price and keep it low.
Does anyone knows why today fees went so high? During 7 days, fees have increased almost 20 times. I doubt that incoming halving has any impact on that. I doubt also that recent price drop has any influence either, as bitcoin already had those enormous drops, but fees did not react like that.
Does anyone knows why today fees went so high? During 7 days, fees have increased almost 20 times. I doubt that incoming halving has any impact on that. I doubt also that recent price drop has any influence either, as bitcoin already had those enormous drops, but fees did not react like that.Yes I noticed it as well. I even cancelled two transactions yesterday because of the high transaction fee and even today too. I was Making a transaction of 25 USA dollar to settle some bills but the but the transaction fee was 5 dollars and when I checked everything, there would be no much that would be left in my receiving wallet so I have to cancel the transaction and wait for the time when the fee will go down again. And add it with full of the mempool. Someone send coins since yesterday till now he has not received the coins.
Yea, that is the truth... But then, are we eradicating the Ordinals any moment? No! We have to learn to deal with the situation because this guys will continue to spam the blockchain in intervals.When a new network provides convenience, lower costs and higher efficiency,
That is the main issue that affected the network again, it congested that we have seen above 100 sat/vB transaction. And the timing of the developer pushing for Rune Protocol, he can't deny that he is doing this to disrupt the network again as what he did with his BRC20 ordinals . So this will cause another friction on the Bitcoin core dev side, as there could be Bitcoin enthusiast that says that they are not doing anything to prevent this or close the exploit that the BRC20 and Rune developer has found on in the code. Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.Yea, that is the truth... But then, are we eradicating the Ordinals any moment? No! We have to learn to deal with the situation because this guys will continue to spam the blockchain in intervals.When a new network provides convenience, lower costs and higher efficiency,
ordinals are abandoned and all migrate to a better network.
I see lately Rune Protocol has become very Hype, and it will be present when the halving happens,
this will be much awaited by all bitcoin users.
Does anyone knows why today fees went so high? During 7 days, fees have increased almost 20 times. I doubt that incoming halving has any impact on that. I doubt also that recent price drop has any influence either, as bitcoin already had those enormous drops, but fees did not react like that.Yes I noticed it as well. I even cancelled two transactions yesterday because of the high transaction fee and even today too. I was Making a transaction of 25 USA dollar to settle some bills but the but the transaction fee was 5 dollars and when I checked everything, there would be no much that would be left in my receiving wallet so I have to cancel the transaction and wait for the time when the fee will go down again. And add it with full of the mempool. Someone send coins since yesterday till now he has not received the coins.
~From on Sunday to date the few just skyrocket to a very high price I cancelled two transactions yesterday because of the high transaction fee. At first I don't know that the transaction is high so in my investment wallet I was trying to make some transaction and the fee was about $6.7 and it delayed for hours so I have to visit the transaction and pumped the fee. That one went and finally delivered but the second transactions didn't went through so I canceled them. This period that everyone is planning to sell their bitcoin in the ATH is the time bitcoin transaction fee is getting worse.
I use exchange wallet and directly sell or convert to stable coins before withdrawing to bank account, for using bitcoin as transaction awhile need more patience with slowly transaction process and take higher fees for sending.I would never recommend you to use exchange wallet for receiving your signature payments. I used to do that but a mixer named Sinbad was seized by SEC and all those members who had used their exchange's wallet got warning notification from the exchange.
Showing the Bitcoin fee movement in dollars is quite irrelevant, at least for any analysis. The price of Bitcoin can only indirectly affect the fee, and only if it causes an increase or decrease in the number of transactions.
For example, the current fee is a modest 232 sat/vB and the current value of Bitcoin has no significant effect on it.
That is the main issue that affected the network again, it congested that we have seen above 100 sat/vB transaction. And the timing of the developer pushing for Rune Protocol, he can't deny that he is doing this to disrupt the network again as what he did with his BRC20 ordinals . So this will cause another friction on the Bitcoin core dev side, as there could be Bitcoin enthusiast that says that they are not doing anything to prevent this or close the exploit that the BRC20 and Rune developer has found on in the code. Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.But I don't know, many claims that Rune Protocol would be better, even though a few years ago the bitcoin network was indeed disrupted with ordinals and BRC-20.
That is the main issue that affected the network again, it congested that we have seen above 100 sat/vB transaction. And the timing of the developer pushing for Rune Protocol, he can't deny that he is doing this to disrupt the network again as what he did with his BRC20 ordinals . So this will cause another friction on the Bitcoin core dev side, as there could be Bitcoin enthusiast that says that they are not doing anything to prevent this or close the exploit that the BRC20 and Rune developer has found on in the code. Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.But I don't know, many claims that Rune Protocol would be better, even though a few years ago the bitcoin network was indeed disrupted with ordinals and BRC-20.
Bitcoin is open source and anyone can develop the project, but if the development of a new network is very burdensome for the Bitcoin network, of course the community has the authority to remove it.
But is it entirely doable, as technological developments are getting better and there may be a major way out so that the Bitcoin L2 network does not significantly disrupt the main network so that there is no surge in transactions that will bring the network to a standstill.
It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.
Nevertheless, if we have endured the high fees before, I think we can live with it right now and let it die a natural death in the next coming months.We have endured the high fee before and we are also living with it. But seeing it dying naturally is something I don't think will happen any moment. How will the mempool congestion be something of the past? Are core developers able to displace ordinals and how are they going to do that? I would just want to know a little about how this is going to be.
It wont be funny that when some of us discover on what we called to be high fees is nothing compared to what other crypto network or fiat system charges, and moreover, this is not something that may last long concerning bitcoin and we cannot predict if any development will occur in finding a permanent solution to it, if we really understand the value of bitcoin, we will realized that the transaction fee is nothing to worry about.
It wont be funny that when some of us discover on what we called to be high fees is nothing compared to what other crypto network or fiat system charges,
-snip-I don't know what the Bitcoin network will be like when the Rune Protocol comes into existence and it will be a memecoin Protocol for Bitcoin and more NFTs that own memecoins.
It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.
It's just another protocol, so I don't think it will succeed. And it's just an obvious thing that this developer is trying to do again. Either way, it is disrupting the main network so what can do you or who can you define them that is a breakthrough as far as Bitcoin L2 network goes?Rune protocol is not my thing.
-snip-I don't know what the Bitcoin network will be like when the Rune Protocol comes into existence and it will be a memecoin Protocol for Bitcoin and more NFTs that own memecoins.
It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.
Now the lowest transaction fee is at 10 sat/vb and the highest is 79 sat/vb, but I hope it doesn't give a bad congestion effect like in the last few months before when ordinal and BRC-20 appeared.
(https://www.talkimg.com/images/2024/04/18/j1GIC.png)
I think you should use wallet like Electrum, I'm not saying Trust wallet is bad but they are not free to use like to customize fees like you want and even if they might have updated that, they don't allow coin controls features and with this, you can't spend an outputs singularly and when they are joined together, it will make you pay more. The more the inputs you add together the more fees you will likely pay.I can't agree more with you, I have used Electrum Wallet and I am well aware of the pros and cons of Electrum Wallet in compared to Trust wallet, as a matter of fact, I also suggest people to use electrum, but I have my own reasons due to which I was using TW and might be using for sometime. Shifting to Electrum overall is a little hard for me haha its looks funny but its the same feeling that we get when shifting from one home to a new one. So I don't want to leave the old one completely. hehe I hope you understand.
The only time that we might see fees in that range is going to be in bear market, that's the only time Bitcoin don't get demand and the lesser the demand, the less activity the Chain becomes and the less fee people pay for transaction, gradually on it own it will reduce to that level but not now in this bull run. Ordinals are also contributing to the increase in the fees.You are right to some extent means we might see fee going to 1sat/vb in bear market but not because the demand is very low, and speaking of demand only, it is not going to decrease in future as it will be adopted in a lot of countries till 2028. Plus the value in dollars per sat is also going to increase overall. Which means even if the fee goes to 1sat/vb the dollar value will be higher than before due to inflation and the deflation factor of BTC price.
Without being told, anyone should know that self costodial wallets are best when receiving funds, whether signature payments or any other payment. Using an exchange wallet may actually appear to be a lot more convenient but as you've experienced, they do not really guarantee the your privacy and sometimes the safety of your funds could be compromised.I use exchange wallet and directly sell or convert to stable coins before withdrawing to bank account, for using bitcoin as transaction awhile need more patience with slowly transaction process and take higher fees for sending.I would never recommend you to use exchange wallet for receiving your signature payments. I used to do that but a mixer named Sinbad was seized by SEC and all those members who had used their exchange's wallet got warning notification from the exchange.
I faced that issue myself for few days and later on I decided to use my own personal wallet for receiving of payments instead of going with an exchange's wallet. That's why I will never recommend anyone to use an exchange's wallet for receiving of funds.
Currently mempool transaction fees are still increasing after the halving, even a few minutes after the halving transaction fees became very crazy, I don't know for sure why it is like that, does this have an impact because miners are starting to restart the machines so that many miners are shutting down the machine and making it difficult for validators to execute transactions so that costs increase very high.-snip-I don't know what the Bitcoin network will be like when the Rune Protocol comes into existence and it will be a memecoin Protocol for Bitcoin and more NFTs that own memecoins.
It will still be look that way, BRC-20 or ordinals or Runes, the same effect on the network. And for average joe Bitcoin investors, it's not like we wanted to see the fees going up again.
Now the lowest transaction fee is at 10 sat/vb and the highest is 79 sat/vb, but I hope it doesn't give a bad congestion effect like in the last few months before when ordinal and BRC-20 appeared.
(https://www.talkimg.com/images/2024/04/18/j1GIC.png)
I don't know for sure why it is like that, does this have an impact because miners are starting to restart the machines so that many miners are shutting down the machine and making it difficult for validators to execute transactions so that costs increase very high.
I used to do that but a mixer named Sinbad was seized by SEC and all those members who had used their exchange's wallet got warning notification from the exchange.That's a wrong move though if you knew that the process if sending of the payment, that's why it's good to ask the manager if the funds were held by him or paid by the company itself.
That's a wrong move though if you knew that the process if sending of the payment, that's why it's good to ask the manager if the funds were held by him or paid by the company itself.Yeah, it was a wrong move but I learnt a lesson from it. One should never use a custodial wallet or an exchange's wallet for the signature payments. Although, the escrow wallet of Sinbad was handled by Royse, but still it's always better to use your own personal wallet for receiving of payments instead of relying on custodial wallets.
But yeah, regardless of the reason if who is the sender, you should always use a non-custodial wallet for safety, privacy and more security reasons.
The average bitcoin transaction fee has fallen to $34 after reaching $127 triggered by the launch of Runes, data from the Blockchain platform shows.
Daily revenue for miners reached a record $106.7 million on April 20, Glassnode data shows. 75% of the figure came from commissions paid for hitting the historic first block after halving.
If I understand you correctly, then I suppose you are asking a question, so my answer would be that "I don't know, but then, I do not think it's possible", if it was, I believe someone in the bitcoin blockchain #DevelopmentTeam who also feel bad for the high transaction fees would have suggested this idea.The average bitcoin transaction fee has fallen to $34 after reaching $127 triggered by the launch of Runes, data from the Blockchain platform shows.
Daily revenue for miners reached a record $106.7 million on April 20, Glassnode data shows. 75% of the figure came from commissions paid for hitting the historic first block after halving.
The fee dropped to 150sat/vb market since yesterday.
(https://www.talkimg.com/images/2024/04/22/jbjAv.png)
Still the fee is quite high and not suitable for smaller payments, since the spammers found a way to abuse the mempool with inscriptions, is it really possible for them to be moved to L2 layer which is the only hope right now to keep the blockchain unable for every transaction.
Still the fee is quite high and not suitable for smaller payments, since the spammers found a way to abuse the mempool with inscriptions, is it really possible for them to be moved to L2 layer which is the only hope right now to keep the blockchain unable for every transaction.If I understand you correctly, then I suppose you are asking a question, so my answer would be that "I don't know, but then, I do not think it's possible", if it was, I believe someone in the bitcoin blockchain #DevelopmentTeam who also feel bad for the high transaction fees would have suggested this idea.
I also would love to see those ordinal/runes using a Layer 2 solution.
however, there aren't any decent layer 2 in bitcoin right now. Maybe the best one is Liquid?
I think Lightning Network has very serious User Interface issues, and it is very hard to use.
Maybe those ordinals will speed up L2 solutions
GAMETY and Runes Protocol: Pioneering the Future of Blockchain Gaming on Bitcoinhttps://medium.com/@metafighter/gamety-and-runes-protocol-pioneering-the-future-of-blockchain-gaming-on-bitcoin-668074762cec
Something has to be done because the Runes trolls will not give up until they screw up the Bitcoin network.
We will also have gaming in the Bitcoin network.QuoteGAMETY and Runes Protocol: Pioneering the Future of Blockchain Gaming on Bitcoinhttps://medium.com/@metafighter/gamety-and-runes-protocol-pioneering-the-future-of-blockchain-gaming-on-bitcoin-668074762cec
These other use cases might cause serious damage to the main use case.You can't prevent people to use money however they want, even if that doesn't make any sense to most of us, and this is even more important for open source money like Bitcoin.
These other use cases might cause serious damage to the main use case.You can't prevent people to use money however they want, even if that doesn't make any sense to most of us, and this is even more important for open source money like Bitcoin.
If it was possible for ordinals and inscriptions to build a layer 2 blockchain that is supported by bitcoin but completely independent on the bitcoin network, this would have been a good thing to do, and sure would easy the constant mempool congestion on the bitcoin network.
Imagine if you try to use your visa card and it won't work because someone is using their network to watch porn. Basically the same imo.
I'm sure that high fees on the Bitcoin blockchain network are just a matter of time and will return to normal after some time.
The fee dropped to 150sat/vb market since yesterday.
(https://www.talkimg.com/images/2024/04/22/jbjAv.png)
Still the fee is quite high and not suitable for smaller payments, since the spammers found a way to abuse the mempool with inscriptions, is it really possible for them to be moved to L2 layer which is the only hope right now to keep the blockchain unable for every transaction.
Another question is that why are the miners not doing anything about this attack on mempool, it seems they enjoy the fees they make from transactions that's why they haven't fix this, Bitcoin is just what it is but it's not the best if we want to be sincere enough.
The fee dropped to 150sat/vb market since yesterday.
(https://www.talkimg.com/images/2024/04/22/jbjAv.png)
Still the fee is quite high and not suitable for smaller payments, since the spammers found a way to abuse the mempool with inscriptions, is it really possible for them to be moved to L2 layer which is the only hope right now to keep the blockchain unable for every transaction.
Sometimes I asked myself if Bitcoin that we are are clamoring to be number is even the best with this decentralization, security and scalability. We all can agreed that Bitcoin is fully decentralized but on the issue of security and scalability issues, it's debatable because why watch people send a vector spam on the mempool which reduced chance of transaction.
Another question is that why are the miners not doing anything about this attack on mempool, it seems they enjoy the fees they make from transactions that's why they haven't fix this, Bitcoin is just what it is but it's not the best if we want to be sincere enough.
Am not in support for ordinals, but we have to consider the challenge as a temporary one, though it has been escalating before now and it seems to be getting more worsened than before, we should expect a long and lasting solution soon as this may not be what we can encounter for life, which shouldn't also serves as barrier to how effective we are going to engage on making use of bitcoin for our daily transactions.Well, to be honest with you, with all that has happened so far, I think we should just see bitcoin for what it truely and really is, which is a digital gold and a very good store of value, it no longer makes sense to consider bitcoin to be good to be used for day to day payment for goods and services like what Satoshi envisioned initially.
The point is that they are not using money. They are storing short videos (runes) and images and in the future games.Making transaction on blockchain IS using a money aka Bitcoin.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?I don't know why the problem of Bitcoin's excessive transaction fees does not want to end. Last night the problem of Bitcoin's excessive transaction fees may have been temporarily removed as last night we saw Mempool drop significantly lower than the previous few days. When we need to trade bitcoins we can't trade bitcoins because of the extra transaction fee problem but we miss the opportunity to trade when Mempool comes back to some normal level. Why is the problem of excessive transaction fees of Bitcoin not solved permanently? If there was a permanent solution then we could easily trade bitcoin whenever we want.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
As much as I don't want to accept it as a new norm for Bitcoin, it seems that we'd see more often spams on the network soon. The fees are starting to get down for now but compared to before, it's still quite high. We have to accept the fact that whenever the bull run is coming, something like this could commence. But let's all hope for the best for Bitcoin that there will be changes and the stability of Bitcoin's low fee will be the new norm next time.
It's now down to more or less $5 so it's good to have transaction right now as it might go back up again later on. But if the fee will continue to drop I think it would be better since that is the only way transactions will become convenient and worth it. But my transaction just recently got me I think that was more or less $15 for a small amount of Bitcoin transfer.
Isn't it strange that transaction just become less empty in the memory pool within yesterday or those guys just stop their attack? With this development we should have more less fees during the weekend and I hope to see my stuck transactions comes out of the mempool and be verified as soon as possible.
It's just awful. Now everything hangs online, no idea when the situation will be +/- better. But clearly it will not be for one week.
The weekend is always low on transactions, it has been that for years, the lowest point is usually right before the working day on Monday begins for Central Europe, that's when Asia is fully awake and back and activity starts picking up in the western part also, you can see that we dropped to 16sat/vb during that time.
Nothing new, it started to look just as road traffic, pretty predictable!
Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.The weekend is always low on transactions, it has been that for years, the lowest point is usually right before the working day on Monday begins for Central Europe, that's when Asia is fully awake and back and activity starts picking up in the western part also, you can see that we dropped to 16sat/vb during that time.
Nothing new, it started to look just as road traffic, pretty predictable!
I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.
You are smart in finding the right time to get lower gas fees. I sometimes have difficulty waiting when the gas fee will go down. I tried it several times and avoided rush hours where there is high traffic and in the end I also got a cheap fee.Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.The weekend is always low on transactions, it has been that for years, the lowest point is usually right before the working day on Monday begins for Central Europe, that's when Asia is fully awake and back and activity starts picking up in the western part also, you can see that we dropped to 16sat/vb during that time.
Nothing new, it started to look just as road traffic, pretty predictable!
I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.
Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.
However, there is no doubt that this wasn't the last time for fees to go so high, and we are surely going to see something similar again very soon, but the reason would only be the excess of dust transactions or a lot of investors getting into the market at once.
Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.
It's not as easy as you make it sound. Bitcoin's transaction fees aren't in the control of an individual and it's not that easy for someone to invent something that would make the network become congested and fees soar high once again because even if someone does that, it depends on whether people will use it or not just like ordinals, so even if someone tries, they can't succeed in doing that.
However, there is no doubt that this wasn't the last time for fees to go so high, and we are surely going to see something similar again very soon, but the reason would only be the excess of dust transactions or a lot of investors getting into the market at once.
Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.
Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.
I see now, this cool anyway but most times it's very hard to know when is the normal time to carry out transaction at the night since we don't share same time zone, for instance the Asian and Africans, North American and the Europeans.I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.
I unconsciously noticed that it is not fine to make transactions on Mondays and Wednesdays, especially the afternoon. I always go with weekend midnights. Transaction fee are relatively cheap and also the time lesser. So, I had sticked to this method before the main congestions started.I see now, this cool anyway but most times it's very hard to know when is the normal time to carry out transaction at the night since we don't share same time zone, for instance the Asian and Africans, North American and the Europeans.I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.
Whenever someone can be able to detects all this then he can surely know the right time to carry out transactions without waiting for the weekend pee say.
Thank you KingsDen then I have to relatively stick to weekend if so, few many people has already recommended weekend transaction.I unconsciously noticed that it is not fine to make transactions on Mondays and Wednesdays, especially the afternoon. I always go with weekend midnights. Transaction fee are relatively cheap and also the time lesser. So, I had sticked to this method before the main congestions started.I see now, this cool anyway but most times it's very hard to know when is the normal time to carry out transaction at the night since we don't share same time zone, for instance the Asian and Africans, North American and the Europeans.I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.
Whenever someone can be able to detects all this then he can surely know the right time to carry out transactions without waiting for the weekend pee say.
@SmartGold, the time zone has a way to take care of itself. All the miners are not in one time zone. So the situation sorts itself out.
I will check this weekend to how cheap it could be.
Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.The Runes can be the problem in the next bullrun. I have not seen the fee rate gone up to 2000 sat/vbyte before. I do not think that has happen before in history of bitcoin. If Runes hype come again, it will be another network spamming.
But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.Before we were using 1 sat/vbyte when the network was less congested. 16 sat/vbyte means the transaction is now 16 times more than what we have enjoyed in the past.
Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.
Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.
If there is any one that is capable of doing all of these that you mentioned, it's going to be nobody but one greedy miner. If we take 100% of people that will confidently tells you that they bought things that were listed on Bitcoin network be it ordinals, brc tokens and NFTs, they are just less number of people that own bitcoin and most of these creativity didn't do well. Who is now benefiting from all of this, it's nobody but miners because they are the only people that refuse to listen to people about this shitty activity on the Bitcoin network.
I checked mempool.space and noticed same thing, for being It has never been this low right from the second week of halving, even as halving ends it's not still that cool making transactions except for this evening. Sincerely the runes really came to cause serious distraction and attack on the bitcoin chain.I will check this weekend to how cheap it could be.
Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.
But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.
Yeah the memepool has indeed been really empty lately, which means that the volume of transactions on the network has been relatively low.I checked mempool.space and noticed same thing, for being It has never been this low right from the second week of halving, even as halving ends it's not still that cool making transactions except for this evening. Sincerely the runes really came to cause serious distraction and attack on the bitcoin chain.I will check this weekend to how cheap it could be.
Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.
But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.
The Runes can be the problem in the next bullrun. I have not seen the fee rate gone up to 2000 sat/vbyte before. I do not think that has happen before in history of bitcoin. If Runes hype come again, it will be another network spamming.
Bitcoin transaction fees are now much lower than at other times, but it still costs a user two and a half to three dollars to complete a transaction. I think $2 and a half to $5 more as a transaction fee for those doing $20 to $50 transactions. The transaction fee should be lower so that all types of investors or all bitcoin users can trade bitcoin with ease and not worry much about trading bitcoin.I checked mempool.space and noticed same thing, for being It has never been this low right from the second week of halving, even as halving ends it's not still that cool making transactions except for this evening. Sincerely the runes really came to cause serious distraction and attack on the bitcoin chain.I will check this weekend to how cheap it could be.
Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.
But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.
The immediate increase of transaction fee is cause by a network congestion. So we need to focus on how we can solve the congestion. This similar problem is trying to be solved by the second largest cryptocurrency which is ETH but it won't work. If ever the time will come that the network congestion is solved, the problem of high fees will never end. When the price of Bitcoin increases, as well as the fee.Yes, when traffic is high there will be an increase in gas fees, this makes many investors complain. Ethereum does not have a high gas fee solution, because it is still expensive until now. This is what makes users switch to Binance smart chain, Solana and Tron.
Yes, several investors switched to other networks to reduce fees while transferring or trading their assets. But instead of seeing Eth decline due of that difficulty, it remains at the top, and even Solana, which has been in the trend for a while, cannot surpass Eth. Probably, heavy gas fees did not disturb their investors; only tiny investors were affected by these high fees.The immediate increase of transaction fee is cause by a network congestion. So we need to focus on how we can solve the congestion. This similar problem is trying to be solved by the second largest cryptocurrency which is ETH but it won't work. If ever the time will come that the network congestion is solved, the problem of high fees will never end. When the price of Bitcoin increases, as well as the fee.Yes, when traffic is high there will be an increase in gas fees, this makes many investors complain. Ethereum does not have a high gas fee solution, because it is still expensive until now. This is what makes users switch to Binance smart chain, Solana and Tron.
We can indeed consider this to be abnormally unusual, especially after considering that the just concluded halving was supposed to typically increase the number of activities that goes on in the network.
The transaction fee should be lower so that all types of investors or all bitcoin users can trade bitcoin with ease and not worry much about trading bitcoin.
As we all know Bitcoin network is facing high fee due to congestion since the last years especially from ordinals but it came back to normal then again hike and it keep on loop mode?1 sat/vb for me is kind of impossible to happen anymore.
So this is something that we have to accept as new normal or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?
Fees are back to let's say acceptable levels for simple payments, meaning 1 input, and not buying a coffee.That's right, fortunately at this time there is not too much use of the Ethereum network, which makes Ethereum transactions run smoothly without any obstacles and makes the gas fees required very cheap. Hopefully gas fees like this will last for a long time.
The bad thing in this is that it also means usage is dead, the blocks are full of runes and ordinals, a ton of them are coinjoins, we had 100 fewer blocks in the last two weeks that would have cleared the patch down to 6sat/vb and it keeps dropping, so probably a lot of users have either gone altcoin or (hopefully LN) and you're not going to see them coming back too soon.
Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.That's probably exactly what's going to happen. I wouldn't like it much, but +/- similar situations will happen again. As you can see, now the price for a transfer is already 6-10 dollars. For this reason, if there is no urgent need to transfer bitcoin - up to 2 weeks and the transfer price will return to previous prices.
Fees are back to let's say acceptable levels for simple payments, meaning 1 input, and not buying a coffee.That's right, fortunately at this time there is not too much use of the Ethereum network, which makes Ethereum transactions run smoothly without any obstacles and makes the gas fees required very cheap. Hopefully gas fees like this will last for a long time.
The bad thing in this is that it also means usage is dead, the blocks are full of runes and ordinals, a ton of them are coinjoins, we had 100 fewer blocks in the last two weeks that would have cleared the patch down to 6sat/vb and it keeps dropping, so probably a lot of users have either gone altcoin or (hopefully LN) and you're not going to see them coming back too soon.
There are blocks and blocks of 10 sat/vbyte transactions alone. Same for 5 sats/vbyte. But anyway, I am content with a 20 sat/vbyte fee for Bitcoin. As long as fees do not shoot up again, I think the conditions are going to be very good for making transactions for the next few weeks at least.The current transfer fees around 10 sat/vB, it is actually quite cheap. It's rather rare to see transfer fees of 5 sat/Vb or lower. If you are satisfied with the transfer fess around 20 sat/vB, it means you have no problem with the current transfer fees. With 20 sat/vB, your transaction will be faster. I'm actually doing the bad decision to customize the transfer fees few days ago, I set the transfer fees about 8 sat/vB. Until now, it cannot be processed, the transaction status is pending until now. There is no solution for this case, it just hope for the miracle that the transfer fees will be around 8 sat/vB again. This is a lesson, don't set too small transfer fees!!