High fees is a never ending story?

[Dr.Bitcoin_Strange]

I will check this weekend to how cheap it could be.

Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.

But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.

I checked mempool.space and noticed same thing, for being It has never been this low right from the second week of halving, even as halving ends it's not still that cool making transactions except for this evening. Sincerely the runes really came to cause serious distraction and attack on the bitcoin chain.

Yeah the memepool has indeed been really empty lately, which means that the volume of transactions on the network has been relatively low.
We can indeed consider this to be abnormally unusual, especially after considering that the just concluded halving was supposed to typically increase the number of activities that goes on in the network.

Saying that the Rune token  airdrop was one of the reasons for this unusual behaviour in the network because it has really caused a lot distractions and congestion on the network making the memepool to be relatively empty and leading to transactions being slowed down and also paying high fees for a single transaction.

[Findingnemo]

The Runes can be the problem in the next bullrun. I have not seen the fee rate gone up to 2000 sat/vbyte before. I do not think that has happen before in history of bitcoin. If Runes hype come again, it will be another network spamming.

AFAIK, in 2018 we had a similar period when the fee went crazy like 500sat/vb for a little longer than what we had witnessed after this halving but over 1200sat/vb is the first time ever.

The inscriptions should be moved to Layer to or else this high fee and congestion will never come to an end, we have to remember this much of congestion is just only dew to a few projects, imagine everyone going after brc20 projects due to this success?

That would lead to total mess.

[Litzki1990]

I will check this weekend to how cheap it could be.

Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.

But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.

I checked mempool.space and noticed same thing, for being It has never been this low right from the second week of halving, even as halving ends it's not still that cool making transactions except for this evening. Sincerely the runes really came to cause serious distraction and attack on the bitcoin chain.

Bitcoin transaction fees are now much lower than at other times, but it still costs a user two and a half to three dollars to complete a transaction. I think $2 and a half to $5 more as a transaction fee for those doing $20 to $50 transactions. The transaction fee should be lower so that all types of investors or all bitcoin users can trade bitcoin with ease and not worry much about trading bitcoin.

[de_prof]

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.

Yes, when traffic is high there will be an increase in gas fees, this makes many investors complain. Ethereum does not have a high gas fee solution, because it is still expensive until now. This is what makes users switch to Binance smart chain, Solana and Tron.

[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.

Yes, when traffic is high there will be an increase in gas fees, this makes many investors complain. Ethereum does not have a high gas fee solution, because it is still expensive until now. This is what makes users switch to Binance smart chain, Solana and Tron.

Yes, several investors switched to other networks to reduce fees while transferring or trading their assets. But instead of seeing Eth decline due of that difficulty, it remains at the top, and even Solana, which has been in the trend for a while, cannot surpass Eth. Probably, heavy gas fees did not disturb their investors; only tiny investors were affected by these high fees.

[Stompix]

We can indeed consider this to be abnormally unusual, especially after considering that the just concluded halving was supposed to typically increase the number of activities that goes on in the network.

Why would it?
From the average users perspective pre halving or post halving he had the same incentive to transfer coins, there was no major price change that would have triggered transactions and besides, even it were so we haven't seen any spikes in tx even when we have in December and Janaury more than 2x.
On-chain activity has been at its lowest for years already, if it wasn't for ordinals half empty blocks would be a daily occurrence.

The transaction fee should be lower so that all types of investors or all bitcoin users can trade bitcoin with ease and not worry much about trading bitcoin.

Trading has nothing to do with the fees on chain, you don't move coins all day if you want to have coins on exchange to trade them.

[LogitechMouse]

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?

1 sat/vb for me is kind of impossible to happen anymore.
I believe that the transaction fees of Bitcoin right now will go at around 1$ at least.

Currently, the transaction fee of Bitcoin is at around 30 sat/vb which is around 2.5$ base on Mempool. I remember a few days after the halving event where the transaction fees went to as high as $200 I think just because of this Runes Protocol. Right now, it seems like it's coming back to normal already, but the normal transaction fees right now is at least a dollar.

With Ordinals and Runes congesting the network already, I expect more of it coming soon in Bitcoin and with that, expect higher fees in the future.

[NotATether]

There are blocks and blocks of 10 sat/vbyte transactions alone. Same for 5 sats/vbyte. But anyway, I am content with a 20 sat/vbyte fee for Bitcoin. As long as fees do not shoot up again, I think the conditions are going to be very good for making transactions for the next few weeks at least.

Although with the volatile nature of fees, you can't really predict anything.

[Stompix]

Fees are back to let's say acceptable levels for simple payments, meaning 1 input, and not buying a coffee.
The bad thing in this is that it also means usage is dead, the blocks are full of runes and ordinals, a ton of them are coinjoins, we had 100 fewer blocks in the last two weeks that would have cleared the patch down to 6sat/vb and it keeps dropping, so probably a lot of users have either gone altcoin or (hopefully LN) and you're not going to see them coming back too soon.

[Google+]

Fees are back to let's say acceptable levels for simple payments, meaning 1 input, and not buying a coffee.
The bad thing in this is that it also means usage is dead, the blocks are full of runes and ordinals, a ton of them are coinjoins, we had 100 fewer blocks in the last two weeks that would have cleared the patch down to 6sat/vb and it keeps dropping, so probably a lot of users have either gone altcoin or (hopefully LN) and you're not going to see them coming back too soon.

That's right, fortunately at this time there is not too much use of the Ethereum network, which makes Ethereum transactions run smoothly without any obstacles and makes the gas fees required very cheap. Hopefully gas fees like this will last for a long time.

[NikeFit_7777]

Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.

That's probably exactly what's going to happen. I wouldn't like it much, but +/- similar situations will happen again. As you can see, now the price for a transfer is already 6-10 dollars. For this reason, if there is no urgent need to transfer bitcoin - up to 2 weeks and the transfer price will return to previous prices.

P.S. I've got a few transactions stuck myself, come to expect a price reduction. Unpleasant that transactions were 2 weeks, alas nothing can be done. In this case, we are hostage to the situation, alas. 

[Mr. Magkaisa]

         -   Maybe the issue like that will not disappear in the bitcoin network in terms of fees. It seems that when there is traffic, you can expect our heads to heat up; of course, the network is congested. Now, if we want our transaction to be completed immediately, it is up to us if we are willing to pay a high fee, depending on whether you are the high bidder.

But that being said, not every opportunity is always traffic, so if we are patient and can wait, let's just do this so that we can still take advantage of it. Instead of paying high fees to the miners, we don't have to.

[NotATether]

Fees are back to let's say acceptable levels for simple payments, meaning 1 input, and not buying a coffee.
The bad thing in this is that it also means usage is dead, the blocks are full of runes and ordinals, a ton of them are coinjoins, we had 100 fewer blocks in the last two weeks that would have cleared the patch down to 6sat/vb and it keeps dropping, so probably a lot of users have either gone altcoin or (hopefully LN) and you're not going to see them coming back too soon.

That's right, fortunately at this time there is not too much use of the Ethereum network, which makes Ethereum transactions run smoothly without any obstacles and makes the gas fees required very cheap. Hopefully gas fees like this will last for a long time.

No, I wouldn't say that. Ethereum always has a steady transaction volume, but these days you don't hear about transaction throughput that is as bad as Bitcoin's, because they have a higher TPS and block generation rate. In the past, it was an issue though (google CryptoKitties, which ironically reminds me of BRC-20) but I think the Ethereum developers have found a way to remedy that.

[Power420]

The 2024 halving saw the highest gas fee increase, never before in history has such a halving day occurred.  2024 Halving Maximum Bitcoin Holders Transaction Completed  Originally the increase was several times higher than current transaction fees, but the best bitcoin price increase in history will occur after the 2024 halving and the start of the bull run in 2025. So those who are still without investment should invest in Bitcoin quickly as this year will reap maximum benefits.