Mempool Observer - Discussion about Bitcoin Fees

[bitmover]

Somehow we all agreed that the 40 sat/vb fee is acceptable as usable. It would be easier to follow because a little while ago there was a short jump to 360, which significantly affects the appearance of the chart.

2 months ago I would  never send a transaction for 40 sat/vB. I would pay at most 10.

Things changed... I hope fees will go back to normal...

[Learn Bitcoin]

Oh, Thanks bitmover. I thought you didn't create such a thread here and I was saying this on another thread where stompix informed me that you have created this thread already. I guess the idea of Feebuddy won't work there. What do you think about it? We have been expecting a telegram bot like TryNinja's super notifier bot, but we haven't seen anything like that yet.

I guess I have seen a discussion somewhere and someone was trying to create a bot. Was it you or examplens? I don't remember exactly. But, It would be great if someone can manage create a teegram bot.

[bitmover]

Oh, Thanks bitmover. I thought you didn't create such a thread here and I was saying this on another thread where stompix informed me that you have created this thread already. I guess the idea of Feebuddy won't work there. What do you think about it? We have been expecting a telegram bot like TryNinja's super notifier bot, but we haven't seen anything like that yet.

I guess I have seen a discussion somewhere and someone was trying to create a bot. Was it you or examplens? I don't remember exactly. But, It would be great if someone can manage create a teegram bot.

I was trying to create it, however I was not able to login into this forum using a bot (it is much easier in bitcointalk)

I will try again later on.

[CryptoLaila]

2 months ago I would  never send a transaction for 40 sat/vB. I would pay at most 10.

Things changed... I hope fees will go back to normal...

So you trading  it now  because  it even more,  the mempool keeps getting more congested day by day and the fee kept rising because  they just want it done . Currently, what's  Average fee you're  paying/vB

[Don Pedro Dinero]

So you trading  it now  because  it even more,  the mempool keeps getting more congested day by day and the fee kept rising because  they just want it done . Currently, what's  Average fee you're  paying/vB

I can tell you didn't follow the mempool before saying that. The mempool is in constant ups and downs lately, and just as three days ago there was a spike and fees went up to 200 sats/vByte they are now at more reasonable rates of around 50 sats/vByte. In fact, it has been having these ups and downs for some time now. I illustrate this with an image of unconfirmed transactions from mempool.observer:

[bitmover]

So you trading  it now  because  it even more,  the mempool keeps getting more congested day by day and the fee kept rising because  they just want it done . Currently, what's  Average fee you're  paying/vB

I can tell you didn't follow the mempool before saying that. The mempool is in constant ups and downs lately, and just as three days ago there was a spike and fees went up to 200 sats/vByte they are now at more reasonable rates of around 50 sats/vByte. In fact, it has been having these ups and downs for some time now. I illustrate this with an image of unconfirmed transactions from mempool.observer:

You are right Don Pedro Dinero.

I even made this chart which is always updated, showing the average 50% cheapest fees in each block for the past 3 days. You can see that there are some spikes, and a very strong resistance in 30 sat/vB

[CryptoLaila]

I can tell you didn't follow the mempool before saying that. The mempool is in constant ups and downs lately, and just as three days ago there was a spike and fees went up to 200 sats/vByte they are now at more reasonable rates of around 50 sats/vByte. In fact, it has been having these ups and downs for some time now. I illustrate this with an image of unconfirmed transactions from mempool.observer:

Yeah I didn't  lol
All I know is the fee is in an high state even if not stable but I get your point...
I did checked last 4  days and it was around 163> and thanks for the graph
I am just curious about what he/she glued with as fee (@bitmover) .

[Learn Bitcoin]

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Do you remember that our beloved LoyceV has a thread named Mempool is empty, consolidate your tx or something like that. I guess that thread has no purpose at this moment. LOL. I hope I will get a notification one day that LoyceV posted again, and it's time to consolidate our TXs again! Ahhhhh

Good old days! I hope we will get back to these days again. Bitcoin developers should look for a solution now. Either do something to exclude the ordinals things, or increase the blocksize. I don't know which one is better, but we can't survive like that.

[Don Pedro Dinero]

Do you remember that our beloved LoyceV has a thread named Mempool is empty, consolidate your tx or something like that. I guess that thread has no purpose at this moment. LOL. I hope I will get a notification one day that LoyceV posted again, and it's time to consolidate our TXs again! Ahhhhh

In general, no, it is not a good time to consolidate, especially compared to a year ago when you could do it for the minimum rate with fast confirmations. I remember doing a trade at the weekend at 1 sat/vByte and it was confirmed in the next block. It will be a long time before we see that again.

But if next weekend, for example, the rates drop to around 30 sats or less, depending on the inputs you have and how big they are, you might want to consolidate. It's kind of a gamble too because if you expect the fees to stay fairly high you can't wait for them to go down to the minimum rate, because it may take months, years or even never go back down to that level.

[Uruhara]

I used to think 20 sats/vB was expensive. But now I see 40 sats/vB is cheap. Because now we've kept seeing costs keep circling between 40 to 200.

I hope things return to normal and I miss transactions with fees of 6 to 10sats/vB. Now I'm even starting to doubt that we'll ever see such cheap costs again.

[Gurujebs]

I used to think 20 sats/vB was expensive. But now I see 40 sats/vB is cheap. Because now we've kept seeing costs keep circling between 40 to 200.

I get discouraged about transaction when I see high sats needed to get transactions included in the next block because to me, it's like we are spoiling miners. I get it that they need to be compensated for the security level of bitcoin they are maintaining but if they continue like this, they will be the one having all the bitcoin.

I hope things return to normal and I miss transactions with fees of 6 to 10sats/vB. Now I'm even starting to doubt that we'll ever see such cheap costs again.

I don't think such will return soon. We have halving coming up and not like Ordinals are cooling off or disappearing from the protocol now. I'm very sure that if the halving is approaching, we will have more of them influence by some miners to increase their profits, that I'm very sure of and what they are going to do to increased their revenues.

[yhiaali3]

Thanks bitmover, great job again, I used to use your wonderful tool in the Bitcoin Talk forum and added it to my favorites so I can use it when needed.

A really useful tool since Bitcoin fees are constantly changing and everyone is looking for the right opportunity to send with the cheapest fees.

How happy I am to see fees reduced again, even though they are still high compared to fees a few months ago, but it would be very good if they remained constant at this rate. I expect that this would be satisfactory for both users and miners.

[bitmover]

How happy I am to see fees reduced again, even though they are still high compared to fees a few months ago, but it would be very good if they remained constant at this rate. I expect that this would be satisfactory for both users and miners.

THe current fee rate is too high! It will cost about 3-4 USD to send each input (not the overall transaction).

So if you received 30 usd per week in a campaign, to send 100 you would need to spend about 9 usd which is quite high

[Uruhara]

I used to think 20 sats/vB was expensive. But now I see 40 sats/vB is cheap. Because now we've kept seeing costs keep circling between 40 to 200.

I get discouraged about transaction when I see high sats needed to get transactions included in the next block because to me, it's like we are spoiling miners. I get it that they need to be compensated for the security level of bitcoin they are maintaining but if they continue like this, they will be the one having all the bitcoin.

Last year, I actually still had no problem with the fee increases that continued to occur. Because last year there was a free Accelerator of 100 tx every hour from ViaBTC. But now I can no longer use the accelerator because the free slots have been reduced to 20 tx per hour and even then they always run out in a few seconds. Maybe by bots or maybe because many people use it.

I hope things return to normal and I miss transactions with fees of 6 to 10sats/vB. Now I'm even starting to doubt that we'll ever see such cheap costs again.

I don't think such will return soon. We have halving coming up and not like Ordinals are cooling off or disappearing from the protocol now. I'm very sure that if the halving is approaching, we will have more of them influence by some miners to increase their profits, that I'm very sure of and what they are going to do to increased their revenues.

yeah I think you are right. Because up to now, the number of people using Brc-20 doesn't seem to have decreased much. But instead it continues to grow. Moreover, many Cex have registered trading in coins from the BRC20 network.

[dwyane36]

Last year, I actually still had no problem with the fee increases that continued to occur. Because last year there was a free Accelerator of 100 tx every hour from ViaBTC. But now I can no longer use the accelerator because the free slots have been reduced to 20 tx per hour and even then they always run out in a few seconds. Maybe by bots or maybe because many people use it.

Yes, the ViaBTC accelerator is a useful site, especially when transaction fees on the BTC network become insanely expensive. As far as I know, this site reduced the hourly limit because of the influx of bots, and the problem is that it only made the situation worse because now it is completely unrealistic for regular users to use this service. Now, bots literally empty the current limit in a fraction of a second, and it is clear that an ordinary user won't be able to press the button and pass the captcha in such a short time.