Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Don Pedro Dinero on April 20, 2024, 10:00:04 AM
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So, in case anyone hasn't heard, the fees after halving have skyrocketed:
(https://www.talkimg.com/images/2024/04/20/j5LHl.png)
The concepts in the image are in Spanish but I think you get the idea.
It seems that this could be due to bitcoin runes, a new protocol within the ordinals:
Deciphering Runes - Native Fungible Tokens on Bitcoin (https://members.delphidigital.io/feed/deciphering-runes-native-fungible-tokens-on-bitcoin?utm_source=twitter&utm_medium=social&utm_campaign=runes)
Special mention for this jerk:
https://mempool.space/tx/7923e59abd8f8ab40dcc7915ae864d8b7ad6776811ba4d478f42248a7827a7f3
Who has paid almost a whole bitcoin in fees to send 0.00020330 BTC.
One thing I wonder is that if this goes on for a few days, how will the campaign payments be on Monday, I don't know if they will have to be postponed.
I saw that there was a discussion about it in another forum and I thought it would be interesting to bring it here with its own thread.
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Special mention for this jerk:
https://mempool.space/tx/7923e59abd8f8ab40dcc7915ae864d8b7ad6776811ba4d478f42248a7827a7f3
Who has paid almost a whole bitcoin in fees to send 0.00020330 BTC.
That person was trying to get into the halving block 840000 - https://mempool.space/block/0000000000000000000320283a032748cef8227873ff4872689bf23f1cda83a5
It is expected to have some sentimental value so lots of people paid huge fees to get into that block, that also contributed to the current feerate everyone is experiencing.
- Jay -
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One thing I wonder is that if this goes on for a few days, how will the campaign payments be on Monday, I don't know if they will have to be postponed.
The mempool is becoming less congest little by little. Let us hope to see around 50/100 sat/vbyte soon. It was more congested than this after halving in block 840000. People should not complain about Ordinals or runes or anything because transaction fees need to replace the mining reward. It is developers that needs to work on something that the miners will support but in a way that the fee is reduced.
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I woke up in the early hours of this morning to those extremely high fees, I was going to send around $40 worth of bitcoin to an exchange but when I saw the fees above $100, I had no choice but to retreat.
It's very crazy, funny and annoying at the same time, funny in the sense that alot of people are or were expecting the price of bitcoin to pump to the moon immediately after the halving, but then, what rather choosed to pump was bitcoin network fees, pumping to the high heavens 😂, I did not bother checking what the cause was, but to be honest, this is not healthy for bitcoin in the long term.
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One thing I wonder is that if this goes on for a few days, how will the campaign payments be on Monday, I don't know if they will have to be postponed.
The mempool is becoming less congest little by little. Let us hope to see around 50/100 sat/vbyte soon. It was more congested than this after halving in block 840000. People should not complain about Ordinals or runes or anything because transaction fees need to replace the mining reward. It is developers that needs to work on something that the miners will support but in a way that the fee is reduced.
Yeah agree. Devs should have to find a way or do something for this fee issues as fees also has it's own all time high right now. 😅 Transactions becomes more and more unworthy because of high fees. More likely Bitcoin as payment will no longer be an option except as for long term investment because who want s to spend more on fees on multiple transactions right?
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It is expected to have some sentimental value so lots of people paid huge fees to get into that block, that also contributed to the current feerate everyone is experiencing.
- Jay -
Well, that makes it easier to understand, but the guy must be loaded because he wasted a bitcoin just as if I dropped 5 cents on the ground and didn't go and pick it up.
The mempool is becoming less congest little by little.
It had been dropping slowly, but a couple of big dumps in the last 10 minutes have brought the fees to almost 500 sats/Vbyte, although looking positively it is almost half of what it was this morning. But for me what is clear is that it is the spam of ordinals these recent dumps because they are not going to be consolidations of casinos or exchanges with such expensive fees.
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I was going to send around $40 worth of bitcoin to an exchange but when I saw the fees above $100, I had no choice but to retreat. It's very crazy, funny and annoying at the same time...
Indeed, it would be so crazy to pay $100 just to send BTC with $40 in value. The sad part is that with a situation like this, there is nothing we can do but just stay still and do nothing. Of course, it would be different if you are sending Bitcoin worth at least $100K as the possible fees can be negligible but for one who is sending normal amount of Bitcoin this is bad. However, since the rate happened immediately before, on or after the halving, then maybe we can understand, The only thing to note is that actually there is no big jump in the price of Bitcoin and so what we experienced is the jump in fees. I am expecting that as the dust will settle, we can get back to the normal fees (which to me remains to be high, in reality).
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The fees of Bitcoin transactions after halving are pretty high, and if they remain at that level for a week then who knows how will that impact the value of Bitcoin.
Currently the high priority transaction fee is 902 sat/vB or $81.87, and so far the fees aren't going down at all. Who would pay $81.87 for a transaction?
Most probably the ones who make huge transactions, but the ones who make normal transaction would never even think about paying an amount that high.
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I was waiting when fees are going to increase but this is idiotic!
This crazy high fees is one of the main things that is making Bitcoin unusable for most people.
There are some solution of using second layer solutions, but they are not nearly enough popular and used by people.
See comparison of fees for monero and bitcoin, currently $0.01 vs $133:
https://tx.town/v/xmr-btc
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High transaction fees happens to be one of the after effects of the Bitcoin Halving. This is because, since miners' reward for mining new Bitcoins has been slashed, miners will now Mine lesser bitcoin, meaning that Bitcoin will somehow become scarce and the demand for Bitcoin will increase drastically, and when this happens the fees will also be influenced and will drastically increase too.
It's nothing unusual, if you check reports on the previous halvings, you'll see that's just the drill, but with time the fees will be normalized.
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I was waiting when fees are going to increase but this is idiotic!
This crazy high fees is one of the main things that is making Bitcoin unusable for most people.
There are some solution of using second layer solutions, but they are not nearly enough popular and used by people.
See comparison of fees for monero and bitcoin, currently $0.01 vs $133:
https://tx.town/v/xmr-btc
Actually to be frank while alot may disregard bitcoin scalability as an issue, it's actually a core problem and that's why majority sees and use it as a store of value rather than as an electronic cash. We can't make a little payment with bitcoin because of TX fee and so opt for other altcoins.
While the current Tx fee increase might be cause from the fact that many wanted there transactions to be on last block before halving, another reason is actually from the Ordinals brethren Runes but things are already getting better though it's too high but less than half of the fee we saw earlier today
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High transaction fees happens to be one of the after effects of the Bitcoin Halving.
You are not correct. I have just gone through block 629999 and block 630000
Block 629999 came with 12.5 BTC and but the total fee paid to the miner that mined the block is 1.06876397 BTC.
Block 630000 came with 6.25 BTC and but the total fee paid to the miner that mined the block is 0.90968084 BTC.
When I saw this, I did not look further to calculation the ones for previous halving.
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One thing I wonder is that if this goes on for a few days, how will the campaign payments be on Monday, I don't know if they will have to be postponed.
I already proposed Unijoin manager icopress to delay payment for next week, or to wait until bitcoin fees goes down.
Another thing he can do for quicker solution is to pay participants with altcoins, they all have lower transaction fees now.
I could not believe when I saw bitcoin fees today, but this things happen and you get used to it after few years in crypto ;D
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The 2024 halving fee is highly likely to increase, as halvings have taken place at higher prices. And those who have invested in Bitcoin from the past will essentially sell these halving investments and buy back when the price of Bitcoin is dumping. Such thinking is common among many investors, as the possibility of Bitcoin price dumping is high. Since we still have a long way to go before we reach the big bull run, the fees have increased the most and the transaction pressure has been the highest.
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The 2024 halving fee is highly likely to increase, as halvings have taken place at higher prices. And those who have invested in Bitcoin from the past will essentially sell these halving investments and buy back when the price of Bitcoin is dumping. Such thinking is common among many investors, as the possibility of Bitcoin price dumping is high. Since we still have a long way to go before we reach the big bull run, the fees have increased the most and the transaction pressure has been the highest.
It is true that currently Bitcoin transaction costs have increased very sharply and of course this will encourage arbitrageurs who often take advantage of price differences to seek profits in other ways. This will have an influence on Altcoin prices which will increase further due to the influence of increasing bitcoin costs.
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The number of unconfirmed transactions is not large. There are about 231,834 TXS unconfirmed, but the fees for these transactions are high, so unless there is a change, ~120 blocks are sufficient to solve this problem with an average of 4,000 transactions for each block, and therefore two or three days are sufficient to solve the problem.
Bitcoin Runes[1] may be a reason to make the height of the fees extend for additional weeks, but in the end there is no real reason for all these crazy fees
[1] https://members.delphidigital.io/feed/deciphering-runes-native-fungible-tokens-on-bitcoin (https://members.delphidigital.io/feed/deciphering-runes-native-fungible-tokens-on-bitcoin)
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The number of unconfirmed transactions is not large. There are about 231,834 TXS unconfirmed, but the fees for these transactions are high, so unless there is a change, ~120 blocks are sufficient to solve this problem with an average of 4,000 transactions for each block, and therefore two or three days are sufficient to solve the problem.
Bitcoin Runes[1] may be a reason to make the height of the fees extend for additional weeks, but in the end there is no real reason for all these crazy fees
That will be if we have a normal volume of transactions, I suppose, but not if we have the Runes up our asses. We already had high fees last cycle with the ordinals and now this new protocol that is being added I imagine that the average rates will go up, although there will be peaks and troughs. For example, I believe that there will not be average fees above 1,000 sats/vByte again, as happened around halving, but above 100, yes.
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It is true that currently Bitcoin transaction costs have increased very sharply and of course this will encourage arbitrageurs who often take advantage of price differences to seek profits in other ways. This will have an influence on Altcoin prices which will increase further due to the influence of increasing bitcoin costs.
I do not understand you at all. How will increase in bitcoin transaction fee causes increase in bitcoin price and also cause increase in the price of altcoins? Bitcoin transaction fee is not proportional or has nothing to do with bitcoin price.
Bitcoin Runes[1] may be a reason to make the height of the fees extend for additional weeks, but in the end there is no real reason for all these crazy fees
What if more keep coming? Before, it was Ordinals NFTs. Later, it was Ordinals BRC20. Now, it is Runes. If people are not really using them again, some people will still use them and that will still contribute. What if many of them like BRC20, Runes and many more are coming. It is clear now that bitcoin developers wants fee to replace mining reward.
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I don't know exact what you mean but yesterday morning thereabout I made a transaction with 30 sat/vbyte which is approximately $2.5 and it was confirmed under 15 minutes, so i don't know what you are saying currently that fee has increased above its previous level (although there is every possibility anyway but have never did any till now). Between if managers are looking for alternatives way make out payment to their participants there may be a case of choosing another coin as alternatives till the when prices drops to usable level.
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I don't know exact what you mean but yesterday morning thereabout I made a transaction with 30 sat/vbyte which is approximately $2.5 and it was confirmed under 15 minutes, so i don't know what you are saying currently that fee has increased above its previous level (although there is every possibility anyway but have never did any till now). Between if managers are looking for alternatives way make out payment to their participants there may be a case of choosing another coin as alternatives till the when prices drops to usable level.
Can you provide a txid? Because it sounds unreal to me. I havent seen anything below 100sat to be confirmed last days. It was even a luck to see something below 30 sat confirmed this week earlier.
I find it funny how people expected bitcoin value to double after halving, but all they got was increased in fees. I already feel how army of disappointed new bitcoin owners increased lately. I am not gloating or making it fun, but people got completely not what they have expected from halving. At least I dont remember that after previous halving blockchain suffered something similar like today.
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I don't know exact what you mean but yesterday morning thereabout I made a transaction with 30 sat/vbyte which is approximately $2.5 and it was confirmed under 15 minutes, so i don't know what you are saying currently that fee has increased above its previous level (although there is every possibility anyway but have never did any till now). Between if managers are looking for alternatives way make out payment to their participants there may be a case of choosing another coin as alternatives till the when prices drops to usable level.
Can you provide a txid? Because it sounds unreal to me. I havent seen anything below 100sat to be confirmed last days. It was even a luck to see something below 30 sat confirmed this week earlier.
I find it funny how people expected bitcoin value to double after halving, but all they got was increased in fees. I already feel how army of disappointed new bitcoin owners increased lately. I am not gloating or making it fun, but people got completely not what they have expected from halving. At least I dont remember that after previous halving blockchain suffered something similar like today.
Okay here my TXT ID: cbb5a4f82345e598a913726d049cd2abf240266e7b75660623bbd5e7b66bd8a2
So you can check it below to know if the fee was more than 30 sat/vbyte (~2.5$).
But know that after I created the transaction I posted my id on viabtc.
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So, in case anyone hasn't heard, the fees after halving have skyrocketed:
it was really crazy.
I checked it after halving, going to send BTC to my personal wallet again. And it's really crazy that led me to delay the transaction.
Today, I checked it again and it's getting quite declining, although it's still high enough compared to fee before halving.
It's around 144 sat/vB for the Low Priority.
Imagine how much it is the high priority.
Hopefully it's only theeffect of halving and hopefully it'll decline again in only several days.
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Today, I checked it again and it's getting quite declining, although it's still high enough compared to fee before halving.
It's around 144 sat/vB for the Low Priority.
Imagine how much it is the high priority.
So far it's more little by now at 76 sat/vB for medium priority and more like $7. But its still too high compare to the normal fees which ranges 10-30satvB.
Sending from personal wallet would be painful, even you set it too low, you will end up hours or days before it got confirmed.
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That person was trying to get into the halving block 840000 - https://mempool.space/block/0000000000000000000320283a032748cef8227873ff4872689bf23f1cda83a5
It is expected to have some sentimental value so lots of people paid huge fees to get into that block, that also contributed to the current feerate everyone is experiencing.
It is possible that the goal of many people at the time of the halving was to have a transaction recorded in a special block in Bitcoin blockchain history, so they were willing to pay higher gas fees than normal. However, the halving is over and gas fees are still much more expensive than before the halving. Has the halving really triggered FOMO among investors, and are they coming to the crypto market and using the Bitcoin blockchain more?
I suspect that the Inscription/BRC20 trend has returned to take advantage of the news about the BTC halving and is causing congestion and higher transaction fees on the Bitcoin blockchain. We will soon have clear reports on the issue of rising transaction fees and information on the real culprit.
- What the Bitcoin Halving Means for Ordinals and BRC-20 Tokens (https://decrypt.co/227252/what-bitcoin-halving-means-ordinals-brc-20-tokens)