ordinals and inscriptions

[babo]

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://mempool.space/block/00000000000000000001f39657fe81cc097a04a292d98733c124ab9f32f88fe6

[Don Pedro Dinero]

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.

[Sim_card]

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.

[Don Pedro Dinero]

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.

[TomPluz]

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.

[Faisal2202]

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?

[SamReomo]

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.

[MrSpasybo]

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.

[babo]

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

[0t3p0t]

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.

[ABCbits]

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.

[SamReomo]

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.

[Fivestar4everMVP]

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.

[Charles-Tim]

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.

[Lucius]

~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.