High fees is a never ending story?

[Dr.Bitcoin_Strange]

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.

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.

Safety and privacy is primary and you should always be in full control of your funds without third party interference. And asides the security reasons, the protection of your financial data is also very crucial too. Exchange wallets could be easily tracked by the authorities incase something happens or goes wrong and you need to hide your identity, that won't be possible with exchange wallets.

[pacar_tiri]

-snip-
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.

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.

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.

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.

[Stompix]

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.

Sorry, but nothing of what you say makes sense.
First, there are no validators on Bitcoin, there are only nodes, nodes don't have a say in the fees, they just check the validity of a transaction.
I don't understand how miners are starting to restart machines and end up with miners shutting down, again no sense in this, and again it's not happening, the expected difficulty is still in green so there are more miners active now than two weeks ago.
Third, the number of miners has no influence on either the capacity of the chain or the fees.

[PX-Z]

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.
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.

[NikeFit_7777]

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.

[SamReomo]

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.
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.

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.

[Findingnemo]

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.



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.

[Fivestar4everMVP]

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.



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 mean, taking ethereum as an example, we have several EVM compatible blockchains running as layer 2 of Ethereum, completely independent on the ethereum blockchain, this move or ability have eased what would have been a heavy network load on the ethereum blockchain.
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.

[bitmover]

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 mean, taking ethereum as an example, we have several EVM compatible blockchains running as layer 2 of Ethereum, completely independent on the ethereum blockchain, this move or ability have eased what would have been a heavy network load on the ethereum blockchain.
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.
[/quote]

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

[examplens]

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

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.

GAMETY and Runes Protocol: Pioneering the Future of Blockchain Gaming on Bitcoin

https://medium.com/@metafighter/gamety-and-runes-protocol-pioneering-the-future-of-blockchain-gaming-on-bitcoin-668074762cec

[bitmover]

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.

GAMETY and Runes Protocol: Pioneering the Future of Blockchain Gaming on Bitcoin

https://medium.com/@metafighter/gamety-and-runes-protocol-pioneering-the-future-of-blockchain-gaming-on-bitcoin-668074762cec

I think the community should really think about those other uses of the bitcoin network.

Bitcoin is extremely successful as a p2p electronic cash and financial reserve.

These other use cases might cause serious damage to the main use case.

[dkbit98]

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 wasn't for runes, there was ordinals, and before them it was normal transactions that created very high fees and stuck mempool.
Bitcoin in current state is obviously not p2p money, especially if we are forced to use something like Lightning.
It's obvious that something needs to change, and I think Bitcoin sidechains could be a good solution.

[bitmover]

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.

The point is that they are not using money. They are storing short videos (runes) and images and in the future games.

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.

[bayu7adi]

As far as I know, high fees from transactions that occur on the Bitcoin Blockchain network always return to normal after some time... hype is still one of the triggers for dense transactions on the network and there are fee wars to get ahead of each other in transactions.

A few days ago, transaction fees on the Bitcoin Blockchain network also experienced a fantastic increase... up to 1,400 sat/vb and that happened on the same day when the Bitcoin halving occurred.. However, look now... transaction fees for the fastest it has dropped to 140 sat/vb... although not as low as before, this is a drastic decrease.

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.

[examplens]

Are Rune^rs bored, the fee is slowly going down.