High fees is a never ending story?

[Google+]

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.

[alltalk]

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?
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. This will end only, when the Bitcoin holders have reached their targets.

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.

[UNIVERSE]

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?

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.

[SamReomo]

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.

I believe that the ordinals won't be an issue when it comes to the price of Bitcoin but surely they'll always impact the transaction fees and that's why I believe we won't be able to see low fee transactions until the developers find a solution to remove those ordinals from Bitcoin blockchain.

[goaldigger]

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?

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.
This has been the scenario, this is also why many new good project emerge simply because they are offering a faster and cheaper way to transact.

This is not with Bitcoin network though, we can also experience the same thing with the ETH network.

[Don Pedro Dinero]

It seems a bit impossible to see again the transfer fees around 1 sat/vb.

That, if we see it again, will take a long time, with the bull market the fees are not going to go down and if we have ordinals for a while, even less.

Surely in the long term we have to get the idea that this will be the case, because as the block reward goes down it is logical that the fees will go up, although I am not 100% sure that this will be the case.

[0t3p0t]

I think we'll leave that issue to devs as they are the one who can apply upgrades on the system. It actually affects not only as a digital currency but also as an investment because yeah who wants to spend much more on fees right? I believe that there are still solutions to this and that is what we are waiting for right now so just be patient.

[bayu7adi]

I checked the mempool to see today's Bitcoin transaction fees, and the average is still normal and not that high. Even a few hours ago there was a transaction with a fee below 30 sat/vb... meaning that the fee this time was not as high as the previous fee which even reached 200 sat/vb for making transactions in Bitcoin. As far as I have experienced, high fees on Bitcoin's blockchain network will not last forever, there will be a time when fees will return to normal below 20 sat/vb or even below 10 sat/vb.... this is just a matter of time and patience

If you feel the current fees are too high and unfair, just hold on until the fees return to normal. HOLD BTC actually has the potential to provide profits if you do it for a long time.

[bitbit97]

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.

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? As to change in fees - few days ago I have seen ~150sat/vb fees, followed by drop to ~15-20. Today I see a bit higher fees. I dont think that halving will make any influence on the fees. Why would it? Bitcoin price before or after few days or week halving dont change much historically. Those who wanted, already bought Bitcoin. Those who are going to be disappointed for not becoming instantly rich next after halving, wont be a significant amount to influence on the fees when they start to withdraw and sell.

[_act_]

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.

[Stompix]

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.

This bull run was completely the opposite.



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.
Too many have their funds on CEX, too many rely on custodial wallets and also a ton of the action happened because of ETFs and that's a lot of off money with really really small on chain activity.

Even now as we experience this dump and rising fees, it's all driven by ordials spam and not people rushing to sell their coins!

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.

The amount of miners doesn't influence the blockchain capacity.
10 or 1 trillion ASICs it's still 1vMB every 10 minutes.

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? 

Again, it doesn't matter.
Mining worked with 2sat/vb fee it will work with 100sat/vb it will work with 1sat/vb again.
If some miners will not be able to cover the expenses they will shut down, so there revenue will be split between fewer miners that will keep on mining, and as long there is even one guy with a S9 mining blocks will keep being found.

[KingsDen]

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.

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.

[PX-Z]

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.

[Mr. Magkaisa]

        -      I think that such opportunities will not go away in my opinion, it seems that the opportunity will really come and arrive when a network will be really congested when many transactions are being made.

just like that one day the bitcoin fees went up again but then went down after a few days, because the people doing the transaction have relaxed again and slowed down.

[taufik123]

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.

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.

This is a strong current caused by Bitcoin's Ordinal network that makes transactions even more congested.
It cannot be denied that the more transactions in Ordinal, the more congested the Bitcoin network will be.

And later after the halving will appear Rune Protocol which is Bitcoin Layer-2 which will be more efficient and can reduce the burden on the Bitcoin network.

In the future, Rune Protocol can function as a Layer-2 solution on top of Bitcoin, facilitating off-chain token transactions at lower costs.
This reduces the burden on the main Bitcoin network and helps manage transaction fees.

https://community.magiceden.io/learn/runes-guide