[Bitcoin]Naira Scarcity and BTC Mempool Congestion. How una dey survive?

[Igebotz]

I wan hear how una dey take cope with the current Naira Scarcity and Bitcoin mempool congestion situation on ground. Personal e dey affect me as most of my assets dey for my offline wallets and moving the coins to CEX has been wahala for me, last week I was forced to pay around N34k for $100BTC transactions, after I struggle to trade it to Naira to come get physical fiat come be another wahala.

The CBN are accusing PoS and DMBs banks of hoadling and selling cash and causing the whole Naira scarcity


Current mempool priority rate na N10k per/transaction for 1 UTXO


I go like hear how una dey use survive this period.

[Wiwo]

Baba there is no two way about this situation other than to spend less,  and just focus on survival,  because both online and offline,  the matter tough for ordinary man oooo,  sake of say we no come get any alternative join come make the matter worst,  for example hard it been say person done get enough altcoins on cex before this mempool issue come join baira scarcity for this festive season.

Imagine person get money for wallet but you no fit near amm sake of say the transaction fees to take send amm go collect all the money join me so the matter tires me somehow.

[Gormicsta]

Omo the naira scarcity wahala just tire me, just yesterday I say make I go withdraw small 20k from POS, this people get mind charge me 5k, 5k for 20k Jesus, I wan cry, honestly I no really know who to blame for all these wahala, if I say make I blame naija government, I go also blame them for BTC Memepool congestion? Everywhere just scatter, I just dey try console myself say na just because say now nah festive period and na so things dey likely be and maybe after Christmas, things fit dey better, I just pray so.

[Fivestar4everMVP]

For me sha, the whole thing just dey tiring, most especially the high cost bitcoin transactions fees, na this one dey pain me pass, because when it comes to naira scarcity, this one dey very easy to cope wit for my area here since several businesses now have POS machine, even some market women now get POS machine, so this one no dey too pain me, as sometimes self, I fit dey for house for like 2 to 3 weeks and no single cash go dey hand, but me and my family go still dey chop normal normal, plus do other expenses as well.

But when it comes to this bitcoin transaction fees, an em dey pain me pass, last week, I won withdraw $100 worth of bitcoin from my account, I have to spend like 8k naira for fees, omo, after I check wetin that 8k for do for me, I begin dey feel like person wey loss money wey him no plan to lose to gambling.

Anyhow Sha, I believe say everything go still dey alright, maybe all this one dey happen because say we dey for Christmas and new year celebration and season, I believe say as soon as Christmas celebration and new year is over, system go reset back to normal again.

[Igebotz]

Imagine person get money for wallet but you no fit near amm sake of say the transaction fees to take send amm go collect all the money join me so the matter tires me somehow.

This is the second time wey this matter dey sup for BTC mempool and yet I no take any precautions from the last mempool congestion as I been think say e no go happen this year again but I don observe say na wetin miners dey do anytime BTC price increase and the buy demands come high. Las Las e better make person just keep altcoins for exchange and not solely dependent on Bitcoin.

Omo the naira scarcity wahala just tire me, just yesterday I say make I go withdraw small 20k from POS, this people get mind charge me 5k, 5k for 20k Jesus, I wan cry, honestly I no really know who to blame for all these wahala, if I say make I blame naija government, I go also blame them for BTC Memepool congestion? Everywhere just scatter, I just dey try console myself say na just because say now nah festive period and na so things dey likely be and maybe after Christmas, things fit dey better, I just pray so.

E never reach like this for.this side but I noticed an increase of N50 on every charge and some PoS agents were complaining how difficult it is for them to also get cash as only those PoS agents with connections dey get access to money at the back.

What do the DMBs and CBN benefit from. Scarcity of Naira every celebration seasons?

[Agbe]

As for me di scarcity e no dey too much affect me because I dey use transfer to buy most of the things, na only di kitchen things nai I dey buy with cash and even as dat no be all I dey buy with cash sef. And na dis kind things nai make me stop PoS business dis year. Weti dem dey hodle di money for. CBN sef follow for di matter and if him no follow make him arrest any bank manager wey refused to dispense di money to do customers.  And thing wey dey pain me pass na di mempool congestion that cause the high transaction fee. Dis one now dey make people to hodling their coins for dis festival period. And dis come dey make managers to cut campaign participants weekly pay to pay di transaction fee. Really dis two matter dem wey dey ground dey worry people well well. Money dey wallet you no fit collect and money e dey Bank you no fit collect. Which kind wahala sef I no know.

[Thyplaymaker]

Omo nor easy Ohhh Wetti dey help me some POS wey dey near manage get some cash, so I dey mind d way I tey dey withdraw I dey go there very early. While for Btc fee that one nah b one of d Wahala better money wey u get for wallet fee go just chop for inside. That still good to get Wetti still dey give u cash Shey u go put all your hope for here Omo e go choke. That y most pipo still dey run their daily job oh.

[Tribalchief]

I wan hear how una dey take cope with the current Naira Scarcity and Bitcoin mempool congestion situation on ground. Personal e dey affect me as most of my assets dey for my offline wallets and moving the coins to CEX has been wahala for me, last week I was forced to pay around N34k for $100BTC transactions, after I struggle to trade it to Naira to come get physical fiat come be another wahala.

My chief, the whole matter tire everybody. Like play like play the congestion done dey Increase, and this now na time wey people suppose dey perform more transactions for the festive period and ahead of the coming halving. The issue of ordinals wey dem dey store 4 Blockchain na something wey we still gat use one eye look. E fit b part of watin dey contribute to this current situation on ground.

The CBN are accusing PoS and DMBs banks of hoadling and selling cash and causing the whole Naira scarcity


Current mempool priority rate na N10k per/transaction for 1 UTXO

I go like hear how una dey use survive this period.

Na dis one dem dey call 'E don Burst'. Shebi na dis same CBN approve de use of PoS machines ?.  All this PoS matter for no come if 90% of the banks wey dey naija dey repair their ATM machine. This piple clearly wan make more money, so they gat lie with cash matter. Make CBN just chill, bcus all this issues start from them. No b crime to enforce law for every bank to get at least two working ATM machines with constant cash to give out.

[Adbitco]

Igebotz this two things just dey like pesin wey him house dey burn fire no dey leave him load go chase rate..
my brother this one no be small matter na so today I carry myself enter POS to collect cash dem tell me say 10k na 1k, na so my eyes shine say madam wetin be d problems na why you wan play me, na so all of dem begin laugh me say i no know wetin dey happen for dis we kontri say why i go con cap dem dat kin tin na say money don scars manage d one wey i see.
Now talk about the mempool congestion my broda dat 1 now na serious casala infact na no go area our payment don hang for about 10 day now including the current week payment e no gree deliver at all.

[Hatchy]

Well, as the matter dey be now, d country don tire everybody. We no come no who to blame for d current situations wey dey go on. Before in d days, during Christmas and New Year celebrations, people dey flex buy things, travel and do many other correct Tin's wey go make d celebration sweet dey well. But dat wan no be watin we dey see now. No cash, cost of transportation high, food no dey, chicken cost and average Nigerian no fit survive. Instead of government to dey find solutions for all these matter Dem, Dem go dey blame pos wey still dey try help us see d small cash. I no blame Dem sha.

As for mempool, I just rest o becos I no fit dey loos money all in d name of I wan do transaction. For now, anything wey concerns withdrawing coin, I no just dey interested the small change wey dey with me go reach hodl me till after Christmas so I no go just border. D matter just dey worse day by day but we no say e no go fit last normal. We don first experience Dis kind situation before as no be today. D problem be say e never stay long like dis before. Make we sha dey hope from now till January sha make everything better. New year, new improvement. Una Weldon my countri people

[Cryptsafe]

Igebotz, this thing tire me so tey e tie wrapper. I come begin ask myself as e relate to naira scarcity, why e be say Na festive season all these naira scarcity wahala begin start before Na fuel dey scarce when e din begin reach festive season but now ba naira. I come dey wonder wetin dem dey gain for this their act to dey punish people just for the sake of making profit. People just dey take advantage of situations just to enrich themselves at the detriment of the masses.


For the Bitcoin fee, I must say that one is something else. My transaction git stocked up for almost a week and just because of fee. Pending payment for over two weeks. I would advise that people seek alternative means of transaction for now till the congestion drops. As at yesterday night my friend informed me about his low fee transaction being confirmed which means that the mempool is beginning to normalise.

[Igebotz]

For the Bitcoin fee, I must say that one is something else. My transaction git stocked up for almost a week and just because of fee. Pending payment for over two weeks. I would advise that people seek alternative means of transaction for now till the congestion drops. As at yesterday night my friend informed me about his low fee transaction being confirmed which means that the mempool is beginning to normalise.

The mempool is less congested now from the time I drop this topic, E do drop from 154sat/vB to 94sat/vB as of today na like $5 now to get high priority

[Igebotz]

ViaBTC free accelerator has exceeded it order limits and are not longer accepting new free orders. Crazy times ahead.

[Adbitco]

ViaBTC free accelerator has exceeded it order limits and are not longer accepting new free orders. Crazy times ahead.

Yes you are correct someone contacted me about the viabtc to help accelerate transactions but when i tried to do that i couldn't, I waited for the free time to come as usually said after 1 hours then someone can submit his txt id for acceleration.

[Cantsay]

ViaBTC free accelerator has exceeded it order limits and are not longer accepting new free orders. Crazy times ahead.

But I see 28 free spots today ooh, but the only thing be say, as I refresh the page three times nah only 6 remain.

This thing nor funny again ooh, person go just Dey waste money sake of this congestion. Money wey man go take run better thing he go Dey use am broadcast transaction.