Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: babo on April 18, 2024, 03:09:12 PM
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if you have noticed these days bitcoin is having higher fees than usual, not too much
the reason is ordinals and the practice of registering NFTs within the blockchain
if you look at the number of tx with data they are really high (see the graph below)
(https://talkimg.com/images/2024/04/18/jr6OZ.png)
https://mempool.space/block/00000000000000000001f39657fe81cc097a04a292d98733c124ab9f32f88fe6
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Well then, we've had the same story for a while now. I think this is a fad that will pass, but if there are people who are stupid enough to pay a lot of money to insert rubbish images in the mempool, that's up to them. It pisses us off when the fees go up but it will piss them off even more when they realise that everything they've spent is worthless (unless someone hits the lottery, so to speak). It sounds to me that there was a similar fad before this that eventually died out.
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Well then, we've had the same story for a while now. I think this is a fad that will pass, but if there are people who are stupid enough to pay a lot of money to insert rubbish images in the mempool, that's up to them. It pisses us off when the fees go up but it will piss them off even more when they realise that everything they've spent is worthless (unless someone hits the lottery, so to speak). It sounds to me that there was a similar fad before this that eventually died out.
I will say that we are now getting used to the mempool congestion due to garbage using bitcoin blockchain, and that sucks a lot. The reason is that transaction fees become higher, and it discourages people who wants to make small transactions. This is where the layer two becomes helpful for people who knows how to create channels on LN. The high transaction fee discourages me from selling my bitcoin, and helps me hodli, because I will prefer to wait till when the fee is low before I make any transaction.
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This is where the layer two becomes helpful for people who knows how to create channels on LN. The high transaction fee discourages me from selling my bitcoin, and helps me hodli, because I will prefer to wait till when the fee is low before I make any transaction.
The problem with LN is that if you don't want to rely on custodial services you have to open channels, and that is done on the main channel, paying the corresponding fees. Leaving aside even the ordinals, I think that the idea that people around the world would pay for their coffee with bitcoin in the future is getting further and further away.
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I am sorry to say that this is one big thing that I don't like with Bitcoin and sometimes with Ethereum. Now, I would not have a big problem if I am moving BTC worth at least $100K because that makes the high fee for the transaction seems peanuts but if you are moving less than $100 then it would be a different story. Many years ago, the same complaints were heard and I am still hearing the very echo of them in 2024 and most probably this same situation can be going on for the next many years. While I am happy that we are experiencing good growth of Bitcoin price, I am also sad that we have no choice but to be charged with unbelievably high fees which is to me is a big insult to the very idea of cryptocurrency itself. For years, we are stuck in the discussion phase of this problem and solutions that are supposed to work could not emerge in the Bitcoin network for everybody to enjoy. And now, we are dealing with ordinals and inscriptions making more congestions and pushing fees higher.
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https://mempool.space/block/00000000000000000001f39657fe81cc097a04a292d98733c124ab9f32f88fe6
I also noticed the tx fee due to the creation of several topics on both forum, then I decided to give a try to understand the reason behind it, but didn't get one, And I saw this graph on meme pool as well, but unfortunately, nothing on this graph made sense to me. I even saw this graph for the first time then.
Well, currently after searching a little bit, Ordinals are the main reason behind this surge, and according to bitcoin. news, the Runes Protocol is also another reason causing a surge in fees. As Runes allows us to create NFTs on BTC network. You can read more here:
https://news.bitcoin.com/transaction-fees-soar-on-bitcoin-network-as-network-braces-for-halving/
https://news.bitcoin.com/runes-protocol-to-debut-alongside-bitcoin-halving-could-boost-btc-ecosystem/
BTW can you shed more light on how to read that graph as is there any guide?
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The ordinals have caused fee surge before and now they're doing the same once again. It's the time of halving and many of those ordinals creators find this time as an opportunity to create their ordinals so they could gain some good profits out of those ordinals.
I'm not sure when the developers will be able to find a solution to throw those ordinals out of Bitcoin blockchain, until then we will have to face those huge fee rises because of those so called ordinals.
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The ordinals have caused fee surge before and now they're doing the same once again. It's the time of halving and many of those ordinals creators find this time as an opportunity to create their ordinals so they could gain some good profits out of those ordinals.
I'm not sure when the developers will be able to find a solution to throw those ordinals out of Bitcoin blockchain, until then we will have to face those huge fee rises because of those so called ordinals.
It seems that the Halving is the reason for the return of the Inscription/BRC-20 trend with the aim of attracting attention and investment capital from investors in the Bitcoin ecosystem again. I don't like this very much because transaction fees on the Bitcoin network will be pushed up, but miners are happy because they will have an additional source of income from very high transaction fees thanks to Inscription, which can help them continue to survive after the halving with the block reward being halved.
Perhaps we will have to accept the long-term existence of BRC-20 tokens as part of the NFT market and they could be a major trend in this cycle if they can perform a task such as storing the tokenized information of a huge assets in the market.
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meanwhile right now we are -104 blocks from the halving
I still look at the amount of blocks with data, and there are still some
a sign that they are pushing these data hard
remember that 1 single satoshi is enough to put data into the BC
ordinals is only an application, if they pay fee is ok
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Well then, we've had the same story for a while now. I think this is a fad that will pass, but if there are people who are stupid enough to pay a lot of money to insert rubbish images in the mempool, that's up to them. It pisses us off when the fees go up but it will piss them off even more when they realise that everything they've spent is worthless (unless someone hits the lottery, so to speak). It sounds to me that there was a similar fad before this that eventually died out.
I will say that we are now getting used to the mempool congestion due to garbage using bitcoin blockchain, and that sucks a lot. The reason is that transaction fees become higher, and it discourages people who wants to make small transactions. This is where the layer two becomes helpful for people who knows how to create channels on LN. The high transaction fee discourages me from selling my bitcoin, and helps me hodli, because I will prefer to wait till when the fee is low before I make any transaction.
Yeah same here sad to say we are lgoing to forcefully forget smaller transactions behind due to the fact that fees are way much higher compared to paying a pack of candy which is less than a dollar. 😅 But I am still hopeful for something like an upgrade or improvements to make Bitcoin transactions great again in the near future.
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This is where the layer two becomes helpful for people who knows how to create channels on LN. The high transaction fee discourages me from selling my bitcoin, and helps me hodli, because I will prefer to wait till when the fee is low before I make any transaction.
The problem with LN is that if you don't want to rely on custodial services you have to open channels, and that is done on the main channel, paying the corresponding fees. Leaving aside even the ordinals, I think that the idea that people around the world would pay for their coffee with bitcoin in the future is getting further and further away.
And even when using custodial service, you (or the service) still need to pay the TX fee (to create new channel) if that service doesn't have any LN channel which can reach the receiver/destination.
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but miners are happy because they will have an additional source of income from very high transaction fees thanks to Inscription, which can help them continue to survive after the halving with the block reward being halved.
Yes, most miners who get additional income from those high fees often like ordinals and they would never ever consider the ordinals as something bad. The miners basically want transactions with high fees and for them that matters only, they don't really care much about the inconvenience of the community.
I think at this time the increase in fees is a good sign for the miners and we as community should also be happy for them, because soon their reward will be half because of halving, and in such time those higher fees can motivate them to continue their mining operations.
Some of the miners may sell their ASICs after the halving, and some of them might not mine with those because the profits will be half for them and the cost of running those AISCs would be much high.
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Ordinals and inscriptions have become a very popular topic and discussion around the bitcoin network and the cause of the constant high transaction fees we all see and sometime experience when ever we transact in bitcoin, and to say the least, I would say that it's rather disappointing to see the kind of fees one have to pay to send a very small amount of bitcoin outta their wallet for whatever reason, and to me, I feel the real purpose of bitcoin (which is to be used for electronic transfers and payment for goods and services) will be utterly defeated.
But all the same, there is nothing we can do I think, we all will have to bear the high fees until the developers working on bitcoin scalability finds a new way to safely send and receive bitcoin with minimal fees again.
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And even when using custodial service, you (or the service) still need to pay the TX fee (to create new channel) if that service doesn't have any LN channel which can reach the receiver/destination.
But all the centralized lightning network platforms that I have seen before, they all have their own channels. Example are Phoenix, Muun and Wallet of Satoshi or the exchanges like OKX and Binance. They all have their own channels. I think when people referred to lightning network as centralized, it means the platform the users are using for the lightning payment provide the channels needed.
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~snip~
I'm not sure when the developers will be able to find a solution to throw those ordinals out of Bitcoin blockchain, until then we will have to face those huge fee rises because of those so called ordinals.
Maybe I'm wrong and someone should correct me, but as far as I read about it on BTT, the developers have the possibility to remove ordinals from the game, but apparently part of the crypto community thinks that this would be some form of censorship. Honestly, it's stupid for me to allow such things, because the biggest damage is suffered by ordinary users who practically can't use BTC for on-chain microtransactions because someone else is usurping the blockchain with something that shouldn't be there.
I have several times gone with my thoughts in the direction of the fact that someone clearly benefits from all this circus, and if we consider that the miners make extra profit in this way, and the developers do nothing about it then the conclusion suggests itself.
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Well then, we've had the same story for a while now. I think this is a fad that will pass, but if there are people who are stupid enough to pay a lot of money to insert rubbish images in the mempool, that's up to them.
They convert their precious bitcoins, satoshis to useless NFTs and dusts. Let them be.
NFTs will die, become useless but Bitcoin will stay here with us. If we hold bitcoins, we will get profit and if they hold Inscriptions, they will cry later.
It pisses us off when the fees go up but it will piss them off even more when they realise that everything they've spent is worthless (unless someone hits the lottery, so to speak). It sounds to me that there was a similar fad before this that eventually died out.
It is painful because it takes months for congested mempools to cool down because hypes will last for several months too. Especially in a bull market, I really don't expect the cooling down rate will be quick enough.
We can read a report from Glassnode Insights, months ago, to understand about the past and guess what will happen with Bitcoin mempools and transaction fees next months.
- Inscriptions, Mempools and Miners (https://insights.glassnode.com/the-week-onchain-week-39-2023/)
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And even when using custodial service, you (or the service) still need to pay the TX fee (to create new channel) if that service doesn't have any LN channel which can reach the receiver/destination.
But all the centralized lightning network platforms that I have seen before, they all have their own channels. Example are Phoenix, Muun and Wallet of Satoshi or the exchanges like OKX and Binance. They all have their own channels. I think when people referred to lightning network as centralized, it means the platform the users are using for the lightning payment provide the channels needed.
Please re-read my reply. The problem i mentioned is lack of LN channel which can reach the receiver/destination. It's directly related to routing problem and lack of link between sender and receiver. I never said those service don't have their own LN channel.
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in the meantime, just after halving the fees exploded exponentially, scary!
there have been absurd spikes in fees, I knew it would happen and a lot of data has been released on the blockchain
(https://talkimg.com/images/2024/04/22/jKVof.png)
obviously in a few days the situation will return to normal, don't worry
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(https://talkimg.com/images/2024/04/24/j0Dg2.png)
the situation has not improved at all at the same time, regarding fees obviously
we are traveling stable around 300 sat/vb unless there are sudden peaks downwards at "night" times
Now I don't know how long this story can last, but I think until they make their new era NFTs and then it'll be stupid how it happened
I recommend consolidating utxo in the next round of low fees
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Ordinance inscription should not be a reason that will be drawing us away from bitcoin adoption, we have to know that this is still far better than were we are coming from, we may assume this as a temporary experience to wait till we receive more solutions to tackle on such, maybe if we look into how the bitcoin networks keeps getting congested and adoption increasing, we may also term it as part of the reason why we can have more congestions of the mempool at the expense of the the transaction fees going high.
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the situation has not improved at all at the same time, regarding fees obviously
we are traveling stable around 300 sat/vb unless there are sudden peaks downwards at "night" times
~snip~
As things stand now, the situation is still improving because we are currently at 75-100 sat/vB, and as I read on BTT, it seems that there are fewer and fewer runes that will be created in the coming days, and this could mean that the fees will begin to return to normal. However, it can be expected that the memopool will be congested again when sales start happening (runes of course).
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All this shitty inscription and ordinal waste of resources on Bitcoin network, I refused to believe that isn't miners that purposely allow this thing to exist on the Bitcoin network, I haven't seen anyone on X or any platform for once make discussion about ordinals because nobody damn make money from it but they continue to spam the network and miners didn't want to override that bug, it's up to them.
I'm just mad that even ordinary transactions are difficult to make for ordinary people that has less to give as transactions fees. This is the period everyone that run transaction on Bitcoin need to to enable RBF on their transactions so it doesn't hang for months.
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As things stand now, the situation is still improving because we are currently at 75-100 sat/vB, and as I read on BTT, it seems that there are fewer and fewer runes that will be created in the coming days, and this could mean that the fees will begin to return to normal. However, it can be expected that the memopool will be congested again when sales start happening (runes of course).
(https://talkimg.com/images/2024/04/25/rawQo.png)
Yes, the situation is returning to normal, we have transaction fees that have dropped back to normal levels
I advise you to have something on LN if you have to spend, so that when we have these fee storms you can still use the network
best solution when we have storm
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Maybe I'm wrong and someone should correct me, but as far as I read about it on BTT, the developers have the possibility to remove ordinals from the game, but apparently part of the crypto community thinks that this would be some form of censorship. Honestly, it's stupid for me to allow such things, because the biggest damage is suffered by ordinary users who practically can't use BTC for on-chain microtransactions because someone else is usurping the blockchain with something that shouldn't be there.
That is correct.
The only good thing coming out from all this is that it appears that we have finally solved that trilemma that Paul Sztorc was talking about a few years ago (I cannot find the original article anymore, but if you type "bitcoin trilemma" you will get a bunch of copycat results from other websites). Now miners have no excuse to not work with us to solve the other, more important problems like the Attack on Privacy.
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Yes, the situation is returning to normal, we have transaction fees that have dropped back to normal levels
I advise you to have something on LN if you have to spend, so that when we have these fee storms you can still use the network
best solution when we have storm
It's a bit more normal than in the past days, but even $5 for the most common transaction is too much, especially if it's a microtransaction. LN has its purpose and meaning, but unfortunately not everyone uses it, so sometimes it's worth nothing if you have funds on it, and the other party does not accept such a payment method.
That is correct.
The only good thing coming out from all this is that it appears that we have finally solved that trilemma that Paul Sztorc was talking about a few years ago (I cannot find the original article anymore, but if you type "bitcoin trilemma" you will get a bunch of copycat results from other websites). Now miners have no excuse to not work with us to solve the other, more important problems like the Attack on Privacy.
In fact, it is about something called the "blockchain trilemma" and I know something about it in general, in fact it all boils down to finding the perfect balance between centralization, scalability and security - which definitely does not exist at this moment. I also understand those people who say that ordinals and runes only use what the blockchain enables and that their ban would be some form of censorship, but then one of the developers should come out publicly and say that Bitcoin in terms of on-chain transactions will no longer be possible because some other projects will use it.
If it was about something that makes sense and will last, I would still understand the whole thing, but the whole thing looks like an ordinary pump&dump scheme that parasitizes on Bitcoin and distances it from the people who actually use it as a currency every day.
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(https://talkimg.com/images/2024/04/26/ruRGN.png)
today the situation is like this
we have an average fee of 50/60 with a peak during the night
yes they are high but at least they have normalized, first we have to get rid of some tx before returning to normal
clearly seeing low fees in the bull phase is pure utopia
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~snip~
clearly seeing low fees in the bull phase is pure utopia
Not necessarily, because the only reason for the insanely high fees comes from things that shouldn't exist on the BTC blockchain - and when those disappear the fees go back to normal very quickly. Currently, the priority fee is 23 sat/vB, regardless of the fact that we have almost 190 000 unconfirmed transactions, of which around 185 000 are in the range of 1-21 s/vB. Everyone who has been waiting for the right moment should take advantage of it now.
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(https://talkimg.com/images/2024/04/28/rnZHN.png)
Meanwhile, after the flock of rune poops, the fees have returned to normal, around 20 with some peaks from time to time
so we are back to normal times where you can plan to consolidate your UTXOs do it from time to time when there are low fees
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Meanwhile, after the flock of rune poops, the fees have returned to normal, around 20 with some peaks from time to timeso we are back to normal times where you can plan to consolidate your UTXOs do it from time to time when there are low fees
fortunately we are back to normal levelswith those exaggerated fees it felt like exchanging things on the ethereum network! sorry for the joke
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ahahaha good joke
(https://talkimg.com/images/2024/04/30/rPMg3.png)
yes, at the moment we are back to a normal situation, with fees that are around 20 sat per vbyte
my absolute advice is to take advantage of consolidation, I don't think we will go below this fee level
you can set it to 20 and calmly wait for your tx to be included in some block
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yes, at the moment we are back to a normal situation, with fees that are around 20 sat per vbyte
It's somewhat ironic since i remember when single digit satoshi per vbyte was considered as normal. People could even wait for 1 sat/vB (lowest rate that would be relayed by nodes) to consolidate their UTXO. And looking mempool.space, fair amount of unconfirmed TX still contains arbitrary data.
(https://i.ibb.co/pW9c4NV/f.png) (https://imgbb.com/)
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yes, at the moment we are back to a normal situation, with fees that are around 20 sat per vbyte
It's somewhat ironic since i remember when single digit satoshi per vbyte was considered as normal. People could even wait for 1 sat/vB (lowest rate that would be relayed by nodes) to consolidate their UTXO. And looking mempool.space, fair amount of unconfirmed TX still contains arbitrary data.
(https://i.ibb.co/pW9c4NV/f.png) (https://imgbb.com/)
we will definitely never see 1 sat per vbyte again in my opinion
too many people want to use bitcoin On Chain and many use it
we set record volumes recently, so I'm not even hoping for those figures
20 sat/vbyte is already an acceptable figure for consolidation
+1 karma for you
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20 sat/vbyte is already an acceptable figure for consolidation
Yes, 20 sat/vbyte is an acceptable number for us as users, but is it acceptable for miners?
I mean after halving and mining rewards being halved miners will seek to make up for the shortfall in rewards through fees, so I don't expect they will be happy with 20 sat/vbyte.
Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.
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~snip~
20 sat/vbyte is already an acceptable figure for consolidation
We are currently at 16 s/vB and I don't see why the fees wouldn't go even lower if there is no new mempool spam. In reality, the number of transactions related to Bitcoin is quite small and is mostly between CEXs and clients and vice versa.
~snip~
Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.
If that were the case, most miners would stop mining, but I think that the price is much lower and depends on the price of electricity, the rent of the space where the devices are located and their efficiency. In addition, miners who are long in this business certainly have some BTC and money that can help them in transitional times like the one we are in now.
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we will definitely never see 1 sat per vbyte again in my opinion
too many people want to use bitcoin On Chain and many use it
we set record volumes recently, so I'm not even hoping for those figures
20 sat/vbyte is already an acceptable figure for consolidation
+1 karma for you
"definitely never" is too long imo. I think we will see it again in a few months.
I have hearing people making catastrophic previsions about fees everytime they go up. And they always go down again... Just about 2 weeks ago when fees where above 1000 I saw many reputable members saying that it was the "new normal", and just 3 days later fees were at 30 sat vB.
I think we will soon reach sub-10 sat vB levels just we did a few months ago (about 7 sat vB just a few weeks before runes).
I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year.
ANd it is expensive to consolidate 100+ inputs now at 20 sat vB. I will save a lot of money consolidating at 1 sat vB.
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~snip~
20 sat/vbyte is already an acceptable figure for consolidation
We are currently at 16 s/vB and I don't see why the fees wouldn't go even lower if there is no new mempool spam. In reality, the number of transactions related to Bitcoin is quite small and is mostly between CEXs and clients and vice versa.
~snip~
Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.
If that were the case, most miners would stop mining, but I think that the price is much lower and depends on the price of electricity, the rent of the space where the devices are located and their efficiency. In addition, miners who are long in this business certainly have some BTC and money that can help them in transitional times like the one we are in now.
clearly we are calm at the moment, there was also all the confusion due to the first block of the fifth era
I don't know if you know but now there are people who collect the famous rare satoshis, ordinals lists them and there are some rare and highly coveted ones
the first satoshi of the first block of the 5th era is rare, coveted and also very expensive so consequently there was competition to get it
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If that were the case, most miners would stop mining, but I think that the price is much lower and depends on the price of electricity, the rent of the space where the devices are located and their efficiency. In addition, miners who are long in this business certainly have some BTC and money that can help them in transitional times like the one we are in now.
This is a theoretical study of Bitcoin mining costs written by Halfling on APR 08, 2024
According to data from CryptoQuant CEO Ki Young Ju, the current cost of mining using Antminer S19 XPs will rise from $40,000 to $80,000 after the Bitcoin halving in mid-April.
https://cointelegraph.com/news/bitcoin-halving-how-impact-btc-mining-costs
Of course, the theoretical study remains different from reality, and there are many other factors that affect miners and vary from country to country depending on the cost of electricity, taxes, etc., so it is difficult to accurately predict the cost of mining one Bitcoin.
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20 sat/vbyte is already an acceptable figure for consolidation
Yes, 20 sat/vbyte is an acceptable number for us as users, but is it acceptable for miners?
I mean after halving and mining rewards being halved miners will seek to make up for the shortfall in rewards through fees, so I don't expect they will be happy with 20 sat/vbyte.
20 sat/vB means about 0.2 BTC (assuming block is full) additional income. It's definitely small compared with current mining reward (3.125 BTC). Miner (or rather pool) need continue to explore additional income source (e.g. manually include non-standard TX or TX acceleration)
Because according to a study I recently read, the cost of mining 1 Bitcoin is equivalent to about 80K$. If this is true, miners will seek to make up the difference by raising fees.
Without additional detail, i would just assume that study use somewhat old ASIC or relative high elecirty rate as basis of that study.
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clearly we are calm at the moment, there was also all the confusion due to the first block of the fifth era
I don't know if you know but now there are people who collect the famous rare satoshis, ordinals lists them and there are some rare and highly coveted ones
the first satoshi of the first block of the 5th era is rare, coveted and also very expensive so consequently there was competition to get it
Of course I know because this topic is also part of that story, and I really wouldn't have anything against everything if Bitcoin doesn't suffer direct damage because someone wants to profit from, let's be completely realistic and honest, completely meaningless things that someone decided to monetize.
There are technical possibilities for all this to take place on one of the alternative chains - but as we can see, all those who could do something there obviously only see profit and don't really care that ordinary Bitcoin users have problems because of all this.
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I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year.
You are still waiting for this? :o
No problem if you continue to do so, but I think this is silly, it's not like you are centralized exchanges with million utxo to consolidate.
I am very confident that we won't see 1 sat/vB in 2024, but sub 10 sat/vB will happen when things cool down.
It simply is not profitable for miners to have such low fees especially after halving.
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I think this is quite obvious that these type of "extra" stuff on bitcoin doesn't really help anyone at all. These do work in other stuff, like altcoins could have these stuff and it works because it empowers them, having these on altcoins could be something that would benefit everyone. However, we need to remember that we are going to end up with better prices for bitcoin when we get rid of these extra stuff. That seems to be the most important thing, I can't really predict why people wanted to increase the fee's do you think that we should consider halving and these extra stuff making fee's high, and that caused the price to fall probably.
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I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year.
You are still waiting for this? :o
No problem if you continue to do so, but I think this is silly, it's not like you are centralized exchanges with million utxo to consolidate.
I am very confident that we won't see 1 sat/vB in 2024, but sub 10 sat/vB will happen when things cool down.
It simply is not profitable for miners to have such low fees especially after halving.
Ofc , I can wait until 2025 or even 2026. I won't sell anyway.
If the price sky rocket to 120k usd or more, I can just sell a little bit without doing big consolidations
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we will definitely never see 1 sat per vbyte again in my opinion
No, not never. I believe we would see 1 sat/vByte again, but it is going to take sometime to happen. If all the spammers causing this congestion go away and there are no new ones, then fees can fall as low as that again.
I think this is quite obvious that these type of "extra" stuff on bitcoin doesn't really help anyone at all.
It doesn't help us (people) who want to make p2p tx's. However try telling this to the spammers.
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"definitely never" is too long imo. I think we will see it again in a few months.I have hearing people making catastrophic previsions about fees everytime they go up. And they always go down again... Just about 2 weeks ago when fees where above 1000 I saw many reputable members saying that it was the "new normal", and just 3 days later fees were at 30 sat vB.I think we will soon reach sub-10 sat vB levels just we did a few months ago (about 7 sat vB just a few weeks before runes).I am waiting to make my consolidations at 1 sat vB. I think we will reach it in a few months. I have no hurry, I can even consolidate them next year. ANd it is expensive to consolidate 100+ inputs now at 20 sat vB. I will save a lot of money consolidating at 1 sat vB.
in my opinion it will take at least 2 years, not months, to see those fees and thats not even truebecause if in the meantime applications are born on top of the blockchain, I dont know another type of ordinals or anything else, the fees will be frighteningly high anywaygood or bad? i dont know honestly but i dont expect low fee in months
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we will definitely never see 1 sat per vbyte again in my opinion
No, not never. I believe we would see 1 sat/vByte again, but it is going to take sometime to happen. If all the spammers causing this congestion go away and there are no new ones, then fees can fall as low as that again.
While i also want to see 1 sat/vB again, i doubt it'll happen. Casey Rodarmor open the pandora box (letting average people know about adding arbitary data) and it can't be closed again. We'll continue to see people using Bitcoin for reason other than financial transaction, although we also can hope it won't gain much popularity/usage.
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Fees are still going down 15 satvB is eernough to get a confirmation
If the bull market warms down , fees will get lower veery quickly
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Well then, we've had the same story for a while now. I think this is a fad that will pass, but if there are people who are stupid enough to pay a lot of money to insert rubbish images in the mempool, that's up to them. It pisses us off when the fees go up but it will piss them off even more when they realise that everything they've spent is worthless (unless someone hits the lottery, so to speak). It sounds to me that there was a similar fad before this that eventually died out.
The fad I know will pass but how long will it stay in one question. Then, the second question will be if the fad pass, won't there be another. That is what we won't guarantee. From ordinals to the runes and then we keep counting. Since the loophole has been discovered, it will continue to be used.
we will definitely never see 1 sat per vbyte again in my opinion
No, not never. I believe we would see 1 sat/vByte again, but it is going to take sometime to happen. If all the spammers causing this congestion go away and there are no new ones, then fees can fall as low as that again.
While i also want to see 1 sat/vB again, i doubt it'll happen. Casey Rodarmor open the pandora box (letting average people know about adding arbitary data) and it can't be closed again. We'll continue to see people using Bitcoin for reason other than financial transaction, although we also can hope it won't gain much popularity/usage.
1 sat per vByte isn't possible anymore. We are gradually heading to bull run and we don't know what the spammers have for us in this bull run.
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We'll continue to see people using Bitcoin for reason other than financial transaction, although we also can hope it won't gain much popularity/usage.
I know that with the spammers it would be very difficult for the fee rate to fall as low as 1 sat/vbyte, and stopping them would mean censorship in a censorship resistant network. However, just as you said, i believe people will start losing interest in things like these in the long run, and the hype will be lost, they cannot possibly keep this hype for a long time.
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If the price sky rocket to 120k usd or more, I can just sell a little bit without doing big consolidations
I think this bitcoin ''rocket'' is now going the other direction towards the bottom, and it's no surprise with so much bad news and fud recently :-\
No idea how this will affect transaction fees and mempool, but we could see more cooldown in next few weeks.
We could have much bigger problems than fees in future...
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Fees are still going down 15 satvB is eernough to get a confirmationIf the bull market warms down , fees will get lower veery quickly
during the night we even reached 13 satoshis per vbyte, better than thatnow is the time to consolidate, dont think about it when the fees are highconsolidated, send something to LN or liquid and be ready for the next moment of high feesbetter prepare beforehand
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Fees are still going down 15 satvB is eernough to get a confirmationIf the bull market warms down , fees will get lower veery quickly
during the night we even reached 13 satoshis per vbyte, better than thatnow is the time to consolidate, dont think about it when the fees are highconsolidated, send something to LN or liquid and be ready for the next moment of high feesbetter prepare beforehand
I have hundreds, maybe even a thousand inputs.
Personally, I don't see this as a moment for consolidation. It will be very expensive to consolidate my inputs.
I will be spending the minimum inputs possible until I see really low fees again. I can wait until 2025 or 2026, no hurry..
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think about whether you have to do it with very high fees
I advise you to do it now that the fees are relatively low but obviously everyone decides for themselves, I don't oblige anyone
when it's time to spend them, however, you will be hit with fees, because perhaps they are high and you have to spend them
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(https://talkimg.com/images/2024/05/06/r7NeP.png)
surely as you may have noticed there was an absurd peak in fees (fortunately contained in a few hours) certainly due to ordinals or runes or the combination of both
I don't know if anyone has checked if he has rare satoshis, do it
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surely as you may have noticed there was an absurd peak in fees (fortunately contained in a few hours) certainly due to ordinals or runes or the combination of both
I don't know if anyone has checked if he has rare satoshis, do it
The spike in transaction fees on that date and time doesn't seem to be that much, in fact what gets a spike in transaction fees is on the 7th, which I have marked with a red box in this picture.
(https://i.imgur.com/yIVXac8.jpeg)
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surely as you may have noticed there was an absurd peak in fees (fortunately contained in a few hours) certainly due to ordinals or runes or the combination of both
I don't know if anyone has checked if he has rare satoshis, do it
The spike in transaction fees on that date and time doesn't seem to be that much, in fact what gets a spike in transaction fees is on the 7th, which I have marked with a red box in this picture.
(https://i.imgur.com/yIVXac8.jpeg)
this graph from mempool is not bad, I like it a lot
It's a good resource to see what's happening to the mempool
although my favorite graphics provider remains glassnode
except that it costs a lot, $40 a month... if anyone has it and wants to share the expenses and account
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this graph from mempool is not bad, I like it a lot
It's a good resource to see what's happening to the mempool
although my favorite graphics provider remains glassnode
except that it costs a lot, $40 a month... if anyone has it and wants to share the expenses and account
Maybe for those of you who often trade using Bitcoin, you will really need Glassnode to accurately know the trading volume and price movements that will occur in Bitcoin, whereas if we don't make too many Bitcoin transactions, I think the mempool is enough to monitor transaction costs every day.