High fees is a never ending story?

[dkbit98]

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?

I would not wait for fees to come down to 1 sat/vb any time soon, but they will come down eventually when mempool cools down.
Something around 10 sat/vb is acceptable for me and that is not so expensive, but you can always use second layer solutions (Liquid Network or Lightning) if you want to have minimal transactions fees.

[KingsDen]

Considering the daily increase of congestions in Bitcoin transactions, I don't think there's gonna be an end to high fees charged by Bitcoin miners any time soon and that's because we are approaching bull run. In this period, Bitcoin and other major digital assets will continue to sustain upward movement in prices which as a result will continue to attract more people to engage in Bitcoin transactions on a daily basis thereby increasing the congestion of transactions. In a nutshell, what we are experiencing at the moment in transaction fee could be little compared to what will happen during the bull run.

[Faisal2202]

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?

I didn't noticed tx fee for BTC network is high, because few days ago I used TW and paid around $3 for TX and now the tx fee is higher, I don't have any idea about why the fee is high besides the congestion reason. Well thanks for sharing it. Haha you are calling it loop mode like its a fixed algorithm. I don't think its a algorithm its just depend on various factors.

I don't think, fee is going to be 1sat/vb anytime soon we are far away from that time. If your target is to seek 1sat/vb then I would definitely call it a never ending story because it will never reach that target. As of now prices are so high but who knows maybe in future they might come down to your point.

[Agbe]

It's hard to say but there will be upgrades on Bitcoin blockchain. There will be migrations of Ordinals to like Bitcoin layer-2 and even something new in future.

That is what we are waiting to see because the migration will help the bitcoin network to reduce transaction cost. Really the high transaction fee in bitcoin network is so much worrisome that some people are eve afraid to keep their coins in the non custodial wallets, mostly the signature campaign participants, they use Centralized Exchanges to receive pay and once they received, they sell it off without wasting of time. We are praying that let the transaction fee reduce even in the future.

The bottom line is, we must ask ourselves, whether Ordinals are here to stay?

The way they are feeding from bitcoin , I don't think they are planning to leave the Blockchain at anytime soon. And if care is not taking they might take there as their resident place.

I believe they will not be able to stay here for too long, bear market will kill them.

If that happens then it will be a good news but after the bear market, won't they come back again? My own is that they should look for a way to remove them automatically from the network if it is possible.

[Gurujebs]

I didn't noticed tx fee for BTC network is high, because few days ago I used TW and paid around $3 for TX and now the tx fee is higher, I don't have any idea about why the fee is high besides the congestion reason. Well thanks for sharing it. Haha you are calling it loop mode like its a fixed algorithm. I don't think its a algorithm its just depend on various factors.

I think you should use wallet like Electrum, I'm not saying Trust wallet is bad but they are not free to use like to customize fees like you want and even if they might have updated that, they don't allow coin controls features and with this, you can't spend an outputs singularly and when they are joined together, it will make you pay more. The more the inputs you add together the more fees you will likely pay.

I don't think, fee is going to be 1sat/vb anytime soon we are far away from that time. If your target is to seek 1sat/vb then I would definitely call it a never ending story because it will never reach that target. As of now prices are so high but who knows maybe in future they might come down to your point.

The only time that we might see fees in that range is going to be in bear market, that's the only time Bitcoin don't get demand and the lesser the demand, the less activity the Chain becomes and the less fee people pay for transaction, gradually on it own it will reduce to that level but not now in this bull run. Ordinals are also contributing to the increase in the fees.

[MrSpasybo]

I would not wait for fees to come down to 1 sat/vb any time soon, but they will come down eventually when mempool cools down.
Something around 10 sat/vb is acceptable for me and that is not so expensive, but you can always use second layer solutions (Liquid Network or Lightning) if you want to have minimal transactions fees.

Bitcoin has successfully escaped the Inscription trend, and we can consider current transactions to be driven by real user demand. It is rare to see transaction fees below 40 sat/vB. As the Bitcoin network grows in terms of users and utilities, I don't think we will see 1 sat/vB in the future. If this were to happen, it would likely indicate that Bitcoin has encountered a truly serious problem and lost users.

One possibility is that in the future, BTC will become a reserve asset for nations or a unit of account for fiat currencies. BTC transactions would only be conducted between countries in large orders for imports and exports. I do not really look forward to this scenario; BTC should be an asset and belong to everyone.

[Stompix]

Bitcoin has successfully escaped the Inscription trend, and we can consider current transactions to be driven by real user demand.

Not even close!

This is how blocks 3 and 4 look in the mempool:



Today ordinals and brc-20 accounted for 40% of the total transactions, and possibly more in space taken.

Considering the daily increase of congestions in Bitcoin transactions, I don't think there's gonna be an end to high fees charged by Bitcoin miners any time soon and that's because we are approaching bull run.

Miners can't and don't charge fees, Bitcoin has always worked on the pay as you want model, if you want to pay 1 sat or 1000sat per byte you're free to do it, the users themselves drive the competition, miners can't charge you ten times more just because they want that.

[vegasus]

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?

It cannot be denied that one of the weaknesses of Bitcoin is that its fees are quite high. Actually this will also vary. depending on what network conditions are when the transaction takes place. Here, there are several things we need to pay attention to. Usually there are several fee levels, including low, medium and high. So we can manage it. on the other hand, we can also check the current transaction fee first, check it in BTC explorer. So this could be one of the considerations whether we will transfer the BTC now or later wait for the fee to go down a bit.

[Dr.Bitcoin_Strange]

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.

[Lucius]

~snip~
Miners can't and don't charge fees, Bitcoin has always worked on the pay as you want model, if you want to pay 1 sat or 1000sat per byte you're free to do it, the users themselves drive the competition, miners can't charge you ten times more just because they want that.

It is true that users who compete for the fastest possible confirmation of their transactions cause fees to increase, with of course all these ordinals and the like spamming the blockchain - but can we rule out the possibility that some of the miners are behind the ordinals?

It's no secret that halving will significantly affect miners' earnings, and why wouldn't they find another way for extra income through increased fees?

[SamReomo]

or we can still hope that Bitcoin fee will reach 1sat/vb to include our TX in the upcoming block?

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.

[Fivestar4everMVP]

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?

I honestly have lost hope in believing that one day, we will return back to the era when we were charged 1 satoshi per vbyte, and our transaction gets confirmed in less than 2 to 3 minutes, oh gosh, how I miss those days..

And looking at the way things currently are, and doing with the bitcoin network, I am afraid to say that, we gave to unfortunately, accept the high transaction fees as a new norm, in fact, it is even more painful knowing that this fees might keep rising year after year as Bitcoin gains more and more adoption..
And if nothing is done to either proffer alternative, like lightning network adoption and so on, transacting in bitcoin may turn out to become something that is reserved for the whales in the industry, that is the money bags, those who can afford to pay the high fees without stress.

All the same, I am hoping that for the sake of the common man, for the sake of why bitcoin was introduced, that developers will work hard to make the bitcoin lightening network an attractive alternative for investors to choose and utilize.

[Stompix]

It is true that users who compete for the fastest possible confirmation of their transactions cause fees to increase, with of course all these ordinals and the like spamming the blockchain - but can we rule out the possibility that some of the miners are behind the ordinals?

It's no secret that halving will significantly affect miners' earnings, and why wouldn't they find another way for extra income through increased fees?

Just some miners being part of this would really make no impact on their earnings, a they will have to pump the tx burning their own coins and have a few of those extra fees getting confirmed by other miners, plus the main problem is with the block finding.

Let's assume you launch an attack with high fees and then, you get really unlucky, there are numerous examples where even pools like Foundry which normally by their size should;t see much fluctuation have days of mining into the 20 to 50 blocks range, just two days ago they mined 23 blocks and then 40 next day, smaller guys have it even worse. So there is a risk of spending money to make less money while the competitor makes more.
If we go deeper in the conspiracy theory and assume they are forming a cartel, then they would have a way cheaper and far more effective way of controlling those, one of them would be just to mine empty blocks by a quota, no need to make all those transactions and waste lot of time and effort.

Don't underestimate hype and craziness, remember crypto kittens? 
Sometimes the truth is weirder than fiction.

[Lucius]

I honestly have lost hope in believing that one day, we will return back to the era when we were charged 1 satoshi per vbyte, and our transaction gets confirmed in less than 2 to 3 minutes, oh gosh, how I miss those days..
~snip~

An old saying says that you should be careful what you wish for, because it might come true. Because if your wish comes true, maybe you will have 1 sat/vB, but you will also have a price that will be x10 lower than today. In addition, the average time between blocks is about 10 minutes and has nothing to do with fees - sometimes you are lucky enough to broadcast your transaction at the right moment, and other times the time between two blocks can be more than 60 minutes.

~snip~
Don't underestimate hype and craziness, remember crypto kittens? 
Sometimes the truth is weirder than fiction.

I'm not a person who believes in coincidences, and besides, Bitcoin is a big business where most of the big players don't hesitate to play dirty. I may have accused the miners completely wrongly, but they cannot be completely ruled out as suspects, given that higher fees go directly to their benefit.

[Sim_card]

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?

It cannot be denied that one of the weaknesses of Bitcoin is that its fees are quite high. Actually this will also vary. depending on what network conditions are when the transaction takes place. Here, there are several things we need to pay attention to. Usually there are several fee levels, including low, medium and high. So we can manage it. on the other hand, we can also check the current transaction fee first, check it in BTC explorer. So this could be one of the considerations whether we will transfer the BTC now or later wait for the fee to go down a bit.

Bitcoin network congestion is one of the challenges that discourages people to be using bitcoin in their daily business, especially small businesses. I don't have plans of selling any bitcoin now, and that was why I have never noticed this. However, I think if ordinals problem is not solved, we might continue with seeing such high fees, and we must accept to live with it.