High fees is a never ending story?

[Findingnemo]

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?

[bounceback]

For bitcoin transaction congestion we must acceptable unusual activities how high fees transfer when sending bitcoin, its not good for us signature campaign participants will get trouble when receiving payment from campaign and the manager need to pay higher fees with transaction take more longer time.
Usually high transaction or congestion with bitcoin depend on price pump, but bitcoin looks stable and must face how bitcoin transaction fee too high and take more longer time for sending than usually need few minutes for sending.

[tranthidung]

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'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.

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

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

Only Bitcoin is here to stay but to prepare for non-1- to 2-sat/vbyte time back, you must observe Bitcoin mempools and consider of consolidation when fee rates drop to like 5-6 sat/vbyte like days ago.

[Lucius]

Never say never, but considering that we are in a period when the number of transactions will probably increase, it is logical to expect that the price of the same will be higher than many expect. I think that we simply need to get used to it, and that for microtransactions we should use LN, and for on-chain transactions we should choose periods when the mempool is empty.

I don't know if the current increase in transaction prices is some kind of "ordinal spam" or something else - but we currently have just under 190 000 unconfirmed transactions, of which even 173 000+ pays 1-42 sats/vB.

[Zed0X]

I think this loop will continue for as long as Bitcoin is still active and there are BTC to mine. I doubt there will come a time that there will be a consensus to significantly reduce network congestion. The interest of miners and regular users are on the opposite sides.

[NotATether]

Wow, I didn't even notice that the bitcoin fees have rocked up so much.

It makes me glad that I have started a Lightning node and got it working.

The only problem I think is that I only have one channel open which does not have a large local balance so it might be hard for me to actually pay for anything.

Nevertheless, there isn't any problem that can't be solved with a LNBTC <=> BTC loan.

[Charles-Tim]

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?

Was the normal transaction went below 5 sat/vbyte? Before the Ordinance and its BRC20 tokens, the normal fee rate is 1 sat/vbyte. Although, I understood you, it is true that it decreased to like 5 sat/vbyte or so.

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 am not hoping for this. For frequent transactions, I use lightning network at times, while I also use altcoins at times. The only time I use the normal network is when the fee become lower and I consolidate high inputs.

[NotATether]

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 am not hoping for this. For frequent transactions, I use lightning network at times, while I also use altcoins at times. The only time I use the normal network is when the fee become lower and I consolidate high inputs.

Very nice that you are using the Lightning Network too. What is your LN wallet? Is it a custodial kind or do you run your own lnd/clightning node?

Altcoins - eh, I'll pass most of them. The acceptence rate of various altcoins in most stores is much lower than even Lightning Network so it makes buying most of them not worth it.

[Charles-Tim]

Very nice that you are using the Lightning Network too. What is your LN wallet? Is it a custodial kind or do you run your own lnd/clightning node?

I use it just for little amount of money and it is custodial. I use Muun, Wallet of Satoshi and Phoenix. I have tried lightning network on Electrum testnet before but I have not used it on the mainnet. Probably if the fee become cheaper, I may try it. Any coin I do not want to spend are mainly on blockchain and not offchain.

Altcoins - eh, I'll pass most of them. The acceptence rate of various altcoins in most stores is much lower than even Lightning Network so it makes buying most of them not worth it.

You are right. Aside that, altcoins are very volatile.

[Findingnemo]

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?

Was the normal transaction went below 5 sat/vbyte? Before the Ordinance and its BRC20 tokens, the normal fee rate is 1 sat/vbyte. Although, I understood you, it is true that it decreased to like 5 sat/vbyte or so.

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 am not hoping for this. For frequent transactions, I use lightning network at times, while I also use altcoins at times. The only time I use the normal network is when the fee become lower and I consolidate high inputs.

Even 10sat/vb is quite normal considering the number of unconfirmed TX can increase due to the volatile swing but jumping from 5 or 6sat/vb to 200+sat/vb is quite different and make bitcoin to be not used in everyday situation.

Yes, LN allows us to send/recieve funds for very cheap price but we are still having users who are yet to adopt to Segwit address and we have to accept LN is not for everyone unless wallet providers makes it easier for them.

[examplens]

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?

No, this is just another warning that Trashdinals should be finally removed/disabled on the Bitcoin blockchain.
Ordinals are an obvious attack on the Bitcoin network, with short-lived entertainment.

Yeah, this looks pretty bad.

[rdluffy]

I was surprised that today the fees are 124 sat/vB
It seems to have spiked to 200 or more

A few days ago I managed to consolidate a portfolio with 7sat/vB

It should normalize soon, but I don't know the reason for this spike, we'll probably know in a few hours or days who is "congesting" the network

[jeraldskie11]

The immediate increase of transaction fee is cause by a network congestion. So we need to focus on how we can solve the congestion. This similar problem is trying to be solved by the second largest cryptocurrency which is ETH but it won't work. If ever the time will come that the network congestion is solved, the problem of high fees will never end. When the price of Bitcoin increases, as well as the fee.

[Findingnemo]

The immediate increase of transaction fee is cause by a network congestion. So we need to focus on how we can solve the congestion. This similar problem is trying to be solved by the second largest cryptocurrency which is ETH but it won't work. If ever the time will come that the network congestion is solved, the problem of high fees will never end. When the price of Bitcoin increases, as well as the fee.

ETH switched to PoS to deal with this but the Bitcoin network is not really created to manage these token spams and people find ways to do just to exploit Bitcoin's reputation and make millions for them and people believe that these craps will make them rich are the stupidest investors.

As users we don't have any control over this event, we can halt that can decrease the incoming traffic but spammers will not be affected at all so devs should remove the ordinals for the better future of Bitcoin itself.

[Stompix]

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?

If you want more people to use Bitcoin you do two things
- you increase the capacity of the blockchain, meaning you offer more space for more demand
- you do nothing, so you have more demand for the same offer driving the price of one tx higher proportionally

Pretty simple, if there will be demand for that space you're going to see higher fees, if not, we go back to 1sat/b
What will happen, that's crystal ball territory!

ETH switched to PoS to deal with this

The mining algorithm doesn't matter, Doge is POW and is cheaper than ETH with more daily transactions.
Bitcoin could increase the blocksize to 20vMB and would outclass ETH by a wide margin.

I think this loop will continue for as long as Bitcoin is still active and there are BTC to mine.

The reward is keeping the security up, the fees are up because of demand for transactions,  those are two different things.
You could have one guy mining with a CPU and getting 500 satoshi a day once the reward is done and have 1 sat/vb fees since nobody is making tx, but the chain could be attacked by a guy with a better CPU.
You can have one trillion ASIC miners competing for the 70 million in reward, but the maximum capacity will be the same, the difference is that you would need one trillion ASICS to attack the chain.