Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Ambatman on December 28, 2023, 12:05:37 AM
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
BTC is still a great storage of value, decentralized (not really but could be worst..) and with the possibility to be exchanged P2P. So I'm still happy.
I don't really care about the fees, as I prefer to use XMR instead of BTC when I need to do some low value transactions. And we still have LN if needed.
I don't pay my groceries with gold, but with cash ;)
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
It is almost the end of December but the Mempool is still increasing. But the Mempool is likely to increase in January as well. The probability of mempool decreasing is very low but increasing is the most likely. As I don't earn any money from here I am completely abstained from transaction at present.
-
In my own understanding, the transaction fee goes higher whenever the price of btc increased. Not because of December, It happened most times. When I read some people's comments concerning the transaction fee, I asked why? That was how I knew.
-
It is almost the end of December but the Mempool is still increasing. But the Mempool is likely to increase in January as well. The probability of mempool decreasing is very low but increasing is the most likely. As I don't earn any money from here I am completely abstained from transaction at present.
Ordinals won't stay forever, it is my belief. They just were born, hyped greedy people but eventually they will end with deaths.
Basically you must think of their use cases and utilities which are not good at all. Those factors create value and because Ordinals lack of such factors, they have no value that in turn decide price.
Temporarily, when people are greedy, they ignore it and buy up the price but value is different, still useless. Time flies fast and soon price will be pulled back to reflect real value.
Then Ordinals gone, Bitcoin mempools will be back to normal but surely it will take painful waiting time.
- Inscriptions, Mempools and Miners (https://insights.glassnode.com/the-week-onchain-week-39-2023/)
-
It is almost the end of December but the Mempool is still increasing. But the Mempool is likely to increase in January as well. The probability of mempool decreasing is very low but increasing is the most likely. As I don't earn any money from here I am completely abstained from transaction at present.
Ordinals won't stay forever, it is my belief. They just were born, hyped greedy people but eventually they will end with deaths.
Basically you must think of their use cases and utilities which are not good at all. Those factors create value and because Ordinals lack of such factors, they have no value that in turn decide price.
Temporarily, when people are greedy, they ignore it and buy up the price but value is different, still useless. Time flies fast and soon price will be pulled back to reflect real value.
Then Ordinals gone, Bitcoin mempools will be back to normal but surely it will take painful waiting time.
I don't think it's advisable to just fold hands and look. This increment in transaction fee is affecting everyone in general. The issue of ordinals and it's various involvement with the Blockchain system should be address by the Bitcoin community. There is already a decline in NFT, so why waste people's time by introducing similar system to the Bitcoin technology.
This whole situation still feels cold. A rapid heat of the situation would definitely occur next year when lots of transaction would be done, then ordinals might be a talking point, which would lead to its mandatory decline.
-
Is this happening for the first time? Such a situation already happened with bitcoin exactly one year ago +/-. As practice has shown, waiting is the best way to save money. Why overpay now? It's better to wait a bit, and then quietly deposit/withdraw funds, with minimal commissions. I just don't see any other way out of this situation. In the same eth similar situations with commission happen a bunch of times. Nothing, lodi wait and we will wait until everything is settled. 8)
-
Is this happening for the first time? Such a situation already happened with bitcoin exactly one year ago +/-. As practice has shown, waiting is the best way to save money. Why overpay now? It's better to wait a bit, and then quietly deposit/withdraw funds, with minimal commissions. I just don't see any other way out of this situation. In the same eth similar situations with commission happen a bunch of times. Nothing, lodi wait and we will wait until everything is settled. 8)
This means that Bitcoin, as the most important cryptocurrency, is only used for savings. What should those who have to sell or buy do?
What about all micro-businesses, which have many small transactions daily? Here, for example, mixers, can you imagine how this affects their business, where the basis of the entire business is making transactions?
At least one-third of the Bitcoin ecosystem is currently in trouble or has minimized operability due to this exorbitant fee.
-
It is almost the end of December but the Mempool is still increasing. But the Mempool is likely to increase in January as well. The probability of mempool decreasing is very low but increasing is the most likely. As I don't earn any money from here I am completely abstained from transaction at present.
Ordinals won't stay forever, it is my belief. They just were born, hyped greedy people but eventually they will end with deaths.
Basically you must think of their use cases and utilities which are not good at all. Those factors create value and because Ordinals lack of such factors, they have no value that in turn decide price.
Temporarily, when people are greedy, they ignore it and buy up the price but value is different, still useless. Time flies fast and soon price will be pulled back to reflect real value.
Then Ordinals gone, Bitcoin mempools will be back to normal but surely it will take painful waiting time.
- Inscriptions, Mempools and Miners (https://insights.glassnode.com/the-week-onchain-week-39-2023/)
It doesn't matter if Ordinals don't stay for long. the fact is that they are causing a lot of chaos and trouble in bitcoin market. I don't know who are benefiting from them (there are probably people who making hell a lot of money off them. that's why they are so much in hype) but for normal Bitcoin users like OP. these ORDI causing a lot of problems specially in term of transaction fee. as OP mentioned it almost became impossible to use BTC as a payment option nowadays due to these high transaction fee.
and only high transaction fee is not the problem. the bitcoin network is very slow too. normal transactions taking several days to confirm. how are people suppose to live with that?
-
Is this happening for the first time? Such a situation already happened with bitcoin exactly one year ago +/-. As practice has shown, waiting is the best way to save money. Why overpay now? It's better to wait a bit, and then quietly deposit/withdraw funds, with minimal commissions. I just don't see any other way out of this situation. In the same eth similar situations with commission happen a bunch of times. Nothing, lodi wait and we will wait until everything is settled. 8)
This means that Bitcoin, as the most important cryptocurrency, is only used for savings. What should those who have to sell or buy do?
What about all micro-businesses, which have many small transactions daily? Here, for example, mixers, can you imagine how this affects their business, where the basis of the entire business is making transactions?
At least one-third of the Bitcoin ecosystem is currently in trouble or has minimized operability due to this exorbitant fee.
Obviously, bitcoin is the most important cryptocurrency. Those who need to sell/buy urgently should wait a bit (or pay full commission). Alas, I don't see any other option.
As for the mixers and (business in general), I think they still have additional sources of income that will cover the current losses. I won't insist on my assumption, because it's an assumption and nothing more. :o
And so, in general...the situation with the commission is not pleasant, I agree. :-[
-
At least one-third of the Bitcoin ecosystem is currently in trouble or has minimized operability due to this exorbitant fee.
I think this is temporary. This has happened before, and after Ordinals crazy in May 2023 , and things just went back to normal
(https://www.talkimg.com/images/2023/12/28/I7QHj.png)
soure: mempool.space
-
I think this is temporary. This has happened before, and after Ordinals crazy in May 2023 , and things just went back to normal
(https://www.talkimg.com/images/2023/12/28/I7QHj.png)
soure: mempool.space
Yes i believed it was temporary too and after the first debacle i thought it was over but boom is back during December
For reasons am still not clear about.
This fee is going to be outrageous if this persist till the approval of ETF.
Saw a news that their website was attacked recently and Casey Rodarmor who stated has step away from ordinals was the first to speak out.
-
The current state of the bitcoin network is very disappointing to be honest and also say the least, but then, I do not think bitcoin has failed or is failing as a payment method.
L2 version of the bitcoin network exists for a reason, and that is to handle the micro payments of bitcoin, but the issue right now is that, many are yet to start using it, most don't even know that such facility exists for bitcoin, which is, instead of transaction on the L1 bitcoin network and paying exorbitant fees, one can easily use the lightening network to enjoy cheap and faster bitcoin transfers globally.
It's time we start looking at the L2 bitcoin network as a possibly solution to the high transaction fees on the main bitcoin network, or better still, avoid bitcoin transaction at the moment pending when the network returns to being cheap and stable again.
-
I'm always a preacher of coexistence. In the cryptocurrency industry I support that every aspect of the industry should be allowed to exist because there will be a time that the help of that particular aspect of the industry would be needed. This is the reason why I am not happy about the predicament that the mixers are facing in the industry. Even though we know that most of them are bad players at least we should give them a place to exist because Bitcoin its is not without a sin.
I am saying in Ernest is that many people were against centralized exchanges that accept kyc. I am not that much privacy human being so I submitted kyc in the one of the centralized exchanges. During this period of high transaction fees, it is the exchanges that have been helping me. I have seen their importance this time around meanwhile I think some people are making use of lightning network. However, I am confident that this situation will not continue this way
-
Bitcoin is not failing as a payment method, Bitcoin is only facing a temporary problem which the cause is already known to be as a result of the ordinals. If the ordinals finally get off the mempool, the transaction fee will definitely become normal, these may take some time but I believe it will still get resolved and when ever thing goes normal again, we will forget about this current issues and pretend like it never happended. Every thing on earth has its disadvantaged and advantage and right now Bitcoin is still faced with this issue but that doesn't mean it will not get better.
-
This failure is only temporary, there will be improvements although we have to patiently wait for it to happen, and Bitcoin will not always only be considered as an investment commodity because its initial purpose was as a means of payment
-
Bitcoin is not failing as a payment method, Bitcoin is only facing a temporary problem which the cause is already known to be as a result of the ordinals. If the ordinals finally get off the mempool, the transaction fee will definitely become normal, these may take some time but I believe it will still get resolved and when ever thing goes normal again, we will forget about this current issues and pretend like it never happended. Every thing on earth has its disadvantaged and advantage and right now Bitcoin is still faced with this issue but that doesn't mean it will not get better.
You're right.
I also don't agree, if bitcoin is failing as a payment method.
It's just temporary.
But I see many platforms that more potential than bitcoin..Many platform there .
Bitcoin is just pioneer but not the best
-
Bitcoin's transaction fees have been so high for some time now that people are feeling very uneasy about trading. However, the transaction pressure is now less than before and the fees have come down and may come down further in the future. I think it was mainly due to the high volume of people trading in Bitcoin around Christmas Day which caused the fees to increase due to the high pressure. But we can hope that in the future, Bitcoin transaction fees will decrease further and then people will benefit from transactions.
-
If you really believe that the value of Bitcoin will increase in the future, you will not take the step to use it as a payment online. Of course, especially if you believe that it will be $100,000 and at least one bitcoin. That means there is no reason to pay it. You are just wasting Bitcoin when you do this.
Although, at the moment, the price of Bitcoin is decreasing, I think it is possible that it will only drop to 40k and then go up again. So far, I haven't seen any breakouts go up or down too much.
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
Bitcoin is primarily a store of value, similar to gold, and not designed for payments. To make payments with bitcoin, it is recommended to use the Lightning network, which is fast and has low fees. Simply transfer your bitcoin to the Lightning network and make your payment.
-
BTC is still a great storage of value, decentralized (not really but could be worst..) and with the possibility to be exchanged P2P. So I'm still happy.
I don't really care about the fees, as I prefer to use XMR instead of BTC when I need to do some low value transactions. And we still have LN if needed.
I don't pay my groceries with gold, but with cash ;)
There are way around in such conditions where fee gets high. In fact LN is developed for such conditions. It's fast and cheap. So there is nothing to worry if BTC fee goes high because its temporary and there are alternatives.
Have a nice year ahead.
-
Bitcoin can pay for anything and not only on the Internet but also in real life, who travels like me probably see the icons ( cryptocurrency payment ) there you can pay for any purchase using a crypto wallet, only it is not always profitable, but this is another point, the most important thing is that it can and works.
-
Snip
Yes, the mempool holiday congestion has been really difficult. Notwithstanding the obstacles to transactions, Bitcoin dependability as a store of wealth makes it a valuable asset. For lower value transactions using XMR seems like a sensible workaround, and when needed the Lightning Network provides an additional channel. It is clear how flexible these systems are when approaches are modified according to the circumstances.
-
Yes, the mempool holiday congestion has been really difficult. Notwithstanding the obstacles to transactions, Bitcoin dependability as a store of wealth makes it a valuable asset. For lower value transactions using XMR seems like a sensible workaround, and when needed the Lightning Network provides an additional channel. It is clear how flexible these systems are when approaches are modified according to the circumstances.
In any case, they will soon figure out how to reduce commissions very much, if a transaction cost only 1 satoshi, Bitcoin would be much more popular, as well as its value, so it is too early to introduce such a feature, because Bitcoin today and without it is very popular.
-
Bitcoin is primarily a store of value, similar to gold, and not designed for payments.
Really ?. Then the white paper shouldn't have been written in the first place. The p2p system of transaction was basically for what purpose?. Well I agree with the starter of this post when he said that: "it's only temporary", and I also agree with you by seeing it as something that store values. But I think it might remain temporary if we don't promote it use for daily transaction (p2p).
XRP are currently promoting the use of ripple as inter/intra bank medium of transaction which is currently making way for them. Bitcoin community needs to do the same for what we value.
-
Bitcoin can pay for anything and not only on the Internet but also in real life, who travels like me probably see the icons ( cryptocurrency payment ) there you can pay for any purchase using a crypto wallet, only it is not always profitable, but this is another point, the most important thing is that it can and works.
Paying with bitcoin may be easier for travellers, but it is currently not widely accepted in our country. While some goods and services can be purchased with bitcoin, but the options are limited. Additionally, paying with the national currency is often more advantageous than paying with bitcoin. However, it is hoped that in the future, cryptocurrencies (not just bitcoin) will be accepted as a form of payment.
-
However, it is hoped that in the future, cryptocurrencies (not just bitcoin) will be accepted as a form of payment.
I like this, I hope at the coming future crypto currency can be payment method.
Maybe for now, at several countries bitcoin and altcoins can't be payment method.
But crypto is the future currency, I believe it will be..
-
However, it is hoped that in the future, cryptocurrencies (not just bitcoin) will be accepted as a form of payment.
I like this, I hope at the coming future crypto currency can be payment method.
Maybe for now, at several countries bitcoin and altcoins can't be payment method.
But crypto is the future currency, I believe it will be..
As long as we see bitcoin exist well we can provably see that to happen but for now lets enjoy what bitcoin can offer to us since eventhough we can't use that as mean of payment on nearest merchant still there's a lot of usage we can use for bitcoin.
But bitcoin future is so promising that's why for sure we can see a lot of benefits for adopting it and maybe in future we can see it being announce on big merchants that they accept bitcoin as one of their accepted currency.
-
Right now, Bitcoin can just act as a store of value for us average investor rather than a currency.
For sure, there will be some Bitcoin holders who will be using Bitcoin in their transactions regardless of the transaction fees.
For me, what I'm doing with my Bitcoin whenever I want to use it to pay something is just converting it into our local currency through P2P on Binance to at least lessen the fees. BTC transaction right now is a no-no for me because of the insanely high gas fees currently, and I don't know when will the transaction fees go back to normal, or worse we might not see it going down anymore because of these Ordinals.
If this problem regarding transaction fees will not get solved, I believe there will be a point where merchants who are accepting Bitcoin at first will just accept other altcoins to lessen the transaction fees.
-
Bitcoin is primarily a store of value, similar to gold, and not designed for payments. To make payments with bitcoin, it is recommended to use the Lightning network, which is fast and has low fees. Simply transfer your bitcoin to the Lightning network and make your payment.
Bitcoin was created to solve the flaw of the traditional fiat system. It was created as a peer to peer method to make payment without thirdparty i.e be your own bank.
Lightning network can't help now, if it could people won't be complaining. To find an open channel now is hard due to congestions.
-
I never thought Bitcoin was a cheap and fast blockchain ^^
But I agree that transactions on Bitcoin chain in December were really affected a lot by BRC-20 token/Inscription trend @@ I had to pay many times higher fees, and wait many times longer than before, this experience is not positive at all.
From a personal point of view, I wait for the protocol update to patch BRC-20 and return Bitcoin to its simplest feature of value transfer. However, I also know that Miners and BRC-20 token investors do not easily accept this :)
-
Bitcoin is currently the leading digital currency in my opinion when it comes to money transactions. Every thing has some downside. Nothing is perfect. BTC is in many ways the pinnacle of success when it comes to money transfer and payment methods. For example, with Bitcoin payments, if you get paid at a low rate and the market goes up, you will profit. But you also have the potential to make a loss here. However, I personally benefit from having Bitcoin as a digital currency to pay me.
-
Bitcoin can pay for anything and not only on the Internet but also in real life, who travels like me probably see the icons ( cryptocurrency payment ) there you can pay for any purchase using a crypto wallet, only it is not always profitable, but this is another point, the most important thing is that it can and works.
Paying with bitcoin may be easier for travellers, but it is currently not widely accepted in our country. While some goods and services can be purchased with bitcoin, but the options are limited. Additionally, paying with the national currency is often more advantageous than paying with bitcoin. However, it is hoped that in the future, cryptocurrencies (not just bitcoin) will be accepted as a form of payment.
At the moment I constantly use cryptocurrency to get fiat money in different countries, unfortunately it is not bitcoin, it is not often accepted in exchangers and I myself do not keep it for those cases when I want to save money because of its volatility, it is mainly usdt.
-
Bitcoin is primarily a store of value, similar to gold, and not designed for payments.
Really ?. Then the white paper shouldn't have been written in the first place. The p2p system of transaction was basically for what purpose?. Well I agree with the starter of this post when he said that: "it's only temporary", and I also agree with you by seeing it as something that store values. But I think it might remain temporary if we don't promote it use for daily transaction (p2p).
XRP are currently promoting the use of ripple as inter/intra bank medium of transaction which is currently making way for them. Bitcoin community needs to do the same for what we value.
I don't mind it, but how do you do it with commissions as high as they are now? But also not every bitcoin owner will want to part with coins because of fees. Everyone decides for themselves what they want to do with bitcoin.Bitcoin can pay for anything and not only on the Internet but also in real life, who travels like me probably see the icons ( cryptocurrency payment ) there you can pay for any purchase using a crypto wallet, only it is not always profitable, but this is another point, the most important thing is that it can and works.
Paying with bitcoin may be easier for travellers, but it is currently not widely accepted in our country. While some goods and services can be purchased with bitcoin, but the options are limited. Additionally, paying with the national currency is often more advantageous than paying with bitcoin. However, it is hoped that in the future, cryptocurrencies (not just bitcoin) will be accepted as a form of payment.
At the moment I constantly use cryptocurrency to get fiat money in different countries, unfortunately it is not bitcoin, it is not often accepted in exchangers and I myself do not keep it for those cases when I want to save money because of its volatility, it is mainly usdt.
I think for such purposes it is better to use cryptocurrencies with fast payments and small fees. It is good that there is a great choice of such assets now.
I never thought Bitcoin was a cheap and fast blockchain ^^
But I agree that transactions on Bitcoin chain in December were really affected a lot by BRC-20 token/Inscription trend @@ I had to pay many times higher fees, and wait many times longer than before, this experience is not positive at all.
From a personal point of view, I wait for the protocol update to patch BRC-20 and return Bitcoin to its simplest feature of value transfer. However, I also know that Miners and BRC-20 token investors do not easily accept this :)
I'm sure the BRC20 tokens could have been created on any other blockchain than the bitcoin blockchain. This is only done to popularise this creation at the expense of bitcoin. Isn't it?
-
The current state of the bitcoin network is very disappointing to be honest and also say the least, but then, I do not think bitcoin has failed or is failing as a payment method.
L2 version of the bitcoin network exists for a reason, and that is to handle the micro payments of bitcoin, but the issue right now is that, many are yet to start using it, most don't even know that such facility exists for bitcoin, which is, instead of transaction on the L1 bitcoin network and paying exorbitant fees, one can easily use the lightening network to enjoy cheap and faster bitcoin transfers globally.
It's time we start looking at the L2 bitcoin network as a possibly solution to the high transaction fees on the main bitcoin network, or better still, avoid bitcoin transaction at the moment pending when the network returns to being cheap and stable again.
This is actually a very serious problem indeed. Bitcoin transactions are comparatively very expensive and the transactions themselves are slow in time. The Lightning Network and the L2 version of the Bitcoin network are difficult for the average user to navigate. If we want Bitcoin to become the most widely used and with the highest level of transactions, they must be very easy to use, cheap and fast. If the Bitcoin network is aimed at specialists, then it will be used mainly by specialists. After all, there are already thousands of different altcoins that have much better characteristics than Bitcoin.
Now we come to another problem. Bitcoin has not become full-fledged money. It is primarily used as an investment vehicle in hopes of price growth and profit. But on the other hand, if Bitcoin stops growing in price at the current rate, then people will lose interest in it.
-
For those of us who are trading small amounts of Bitcoin, it is more difficult because we have to pay more fees than the amount we are trading. Those of us who are transacting with low transaction fees are not those who are transacting with high transaction fees. When the ordinals finally come off the mempool, the transaction fees will definitely return to normal, it may take some time but I think it will still be resolved. It takes 5 to 10 days for the transaction to be completed if the transaction is done with a small transaction fee.
-
Currently, payments with Bitcoin are often conducted on Layer-2 Lightning Network with very high speed and very cheap fee. The main network is being bothered by brc20 token, we may not choose it to use.
In the future, Bitcoin may become a national reserve asset, and transaction demand will be transferred entirely to Layer-2. I'm not at all worried about the transaction value of Bitcoin.
-
Is this happening for the first time? Such a situation already happened with bitcoin exactly one year ago +/-. As practice has shown, waiting is the best way to save money. Why overpay now? It's better to wait a bit, and then quietly deposit/withdraw funds, with minimal commissions.
You know what happens to a currency that nobody uses and it becomes less and less accepted worldwide because there are neither clients nor business interested in it?
Unlike gold Bitcoin is not an unique chemical element that needs alchemy or nuclear reactions to be produced, it's far more like other currencies that ran the world before the usd, when there was no interest in them anymore they went to the back scene or disappeared completely.
L2 version of the bitcoin network exists for a reason, and that is to handle the micro payments of bitcoin, but the issue right now is that, many are yet to start using it, most don't even know that such facility exists for bitcoin, which is, instead of transaction on the L1 bitcoin network and paying exorbitant fees, one can easily use the lightening network to enjoy cheap and faster bitcoin transfers globally.
There is one tiny problem with it!
To use lightning you still need to make a on chain transaction every time you open a payment channel, and one other transaction to pull money out of it, although a funding tx is only 154vb in size it's still over $10 at next block fees.
Currently, payments with Bitcoin are often conducted on Layer-2 Lightning Network with very high speed and very cheap fee. The main network is being bothered by brc20 token, we may not choose it to use.
You can't use LN without using the main net first!
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
(https://i.ibb.co/B3PtmVW/IMG-8845.jpg)
I had to check mempool to see if the mempool has reduced since today is weekend and it's Sunday but I'm shock for the first time that I'm seeing more than 500k unconfirmed transaction waiting in the mempool awaiting confirmation. This is bad and they need to fix this before transactions get above $100
(https://i.ibb.co/ncSfvH5/IMG-8844.jpg)
Take a look at the smallest fee to pay to get a single transaction done. This is just for a single input and a single output, how can one survive this with multiples of inputs and outputs, even though there is adoption, it will cease for now because I can't pay such a huge fees when I there is alternative to make transactions.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
I think if anyone want to make a transaction now and want to make use of bitcoin, they should wait and for alternative. It's not as if they will be spending their bitcoin investment, if they have means to use other chain, I will support that because I don't know how you plan to spend big fees that can be use to do Christmas and enjoy life for the new year.
-
From a personal point of view, I wait for the protocol update to patch BRC-20 and return Bitcoin to its simplest feature of value transfer. However, I also know that Miners and BRC-20 token investors do not easily accept this :)
Seems like the war between the school of increasing block size and the school of lets leave it.
Hopefully Miners can look outside their short term benefit and think of the long term benefits.
I had to check mempool to see if the mempool has reduced since today is weekend and it's Sunday but I'm shock for the first time that I'm seeing more than 500k unconfirmed transaction waiting in the mempool awaiting confirmation. This is bad and they need to fix this before transactions get above $100
Lol funny how it would increase more around January 12
-
Bitcoin is currently the leading digital currency in my opinion when it comes to money transactions.
What do you mean by "money transaction"?
Well, Bitcoin is already a popular digital currency but it can't be used in some countries/areas in the world. However, this limitation is the sign of the failure of Bitcoin to be a digital currency around the world. It just needs time to be adopted in every area in the world. In some countries, they need to adjust some matters if it is used to be legal currency.
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
Costs that are too expensive are indeed an obstacle to using BTC as a means of payment. Because the network is congested due to the accumulation of unconfirmed transactions on the network, people are competing to increase transaction fees, which makes fees continue to rise.
But if you want to use viabtc for accelerator then you can use it at certain times such as 05.00UTC or 22.00UTC usually at around that time ViaBTC has a number of free acceleration slots that have not yet run out. while at other times it's always sold out by bots or something like that.
But if you can wait to send the tx at round hours such as 00.00, 01.00 and so on then you can still do it. Because in the first 30 seconds there is usually still a slot left for free acceleration. but 40 seconds later it's always gone. So we have to compete to be the fastest against bots.
-
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
It's pretty bad, not gonna lie. I was forced to pay over £30 fee just to transfer some btc from my wallet to an exchange. Luckilky I wasn't in a rush so didn't mind waiting for a bit. What annoyed me was that even if I followed the suggested fee (by Electrum in my case) I still couldn't get that confirmed and had to bump the fee up twice.
If you send any btc nowadays you must use a wallet with an RBF feature, otherwise you're risking the transaction getting stuck for weeks.
-
Actually the issue of high fee of Bitcoin transaction have occurred before and it was overcome after some months too, during that time, lots of people complaind just like many people are also complaining now. I am not happy about this high fee because it's actually becoming unbearable for my customers who pays me with Bitcoin at my business place. I made some Bitcoin transaction last year December and I spent high fees too, the one that got me upset was sending $55 worth of Bitcoin and paying about $15 in fee. I was left with no option if not to make that payment. Although, i know that this high fee issue will be resolved and Everything will still because normal.
-
Bitcoin is not failing as a payment method, Bitcoin is only facing a temporary problem which the cause is already known to be as a result of the ordinals. If the ordinals finally get off the mempool, the transaction fee will definitely become normal, these may take some time but I believe it will still get resolved and when ever thing goes normal again, we will forget about this current issues and pretend like it never happended. Every thing on earth has its disadvantaged and advantage and right now Bitcoin is still faced with this issue but that doesn't mean it will not get better.
The problem with ordinals is that not everyone sees that as a problem. Many see it as a feature, not a bug.
If there was a consensus that we need to get rid of them, we would've done so long time ago.
Here's a video on the subject from Bitcoin University, explaining the issue in a bit more details:
-
It's been a long time since I heard someone advertise BTC as a payment method, most of the time I heard about BTC as an investment or similar to gold but on steroids. So practically users use altcoin as a viable payment method and BTC for savings. It's been like that since I've registered in crypto forums.
"Fail" is like when you try to do something and put effort into it, then go wrong. However, in BTC scenario is more like it is intended to behave like that, to preserve decentralization and make it more as hard money.
-
Last 3 to 4 days bitcoin transaction fee was high but today bitcoin transaction fee seems to be a bit low though it is not normal transaction fee for common investors. Yesterday and previous few days mempool was very unusual ie minimum mempool was 250. Today mempool is looking at 60 which means now if you try to transfer bitcoin and if you transfer bitcoin from mobile wallet to any exchange wallet then maybe now it will cost like 10 to 15 dollars to transfer bitcoin. For those who want to transfer $50 to $100, this transaction fee is very high and they should wait more because transferring bitcoins with such amount of transaction fee is not worth it at all.
-
BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.
-
BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.
Bitcoin is considered the best cryptocurrency, but it may not be the most efficient payment system yet. Currently, the average network commission is $10, which may not be ideal for smaller purchases. While it may be reasonable to pay $10 for transferring thousands of dollars, paying 10% for a $100 payment is not cost-effective.
-
BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.
Sending and receiving payments in seconds?
How would that be even possible when as I speak no block has been mined for 11 minutes, nobody in this interval has received and sent money in seconds!
As for very cheap, it might be cheap for an international wire transfer but in the same country everything beats its, even if you have a 1 input 1 output tx it's still $5 for a transaction, try to that for every day as you do with normal payments systems and see how that works for your budget!
Since you said you're using it, how much did you pay in fees? Common, let's mare a comparison!!!
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
Free acceleration is already stopped and seems to be overflowing recently and there are some Bot using the service so I think that is the reason why
it was being stopped so accelerating needs payments now and that will not help the popularity of Bitcoin.
I also support your thought that bitcoin supposedly a better for transaction but nowadays ?
its been a burden for each users to transact so now I am converting my funds to other altcoin for a while
till the congestion ends.
-
BTC not failing as a payment system and this time so many people are investing their money in the crypto market they send and receive the payments in seconds and this payment system is very cheap. BTC is the best and good payment system than the bank and i use that because it is so fast and secure.
Don't count conversion of Bitcoin to other cryptos in centralized exchange as a transaction. Bitcoin in seconds only exists in theories which would be accompanied by a funny transaction fee.
Bitcoin secure maybe but i would lean more on privacy but faster that's pushing it. Making transactions in my local bank app is as fast as magic.Bitcoin as of present or even in the future might not be able to meet that speed with a cost as low as one the banks charge.
-
Do I call ordinals or since the launched of brc we have been witnessing network attack it's now a challenge to entire bitcoin network this has been happening like this for a very long time and the way out currently is to hold while this issues are being fixed. If you wanna make transaction is better to get enough and convert to fiat maybe you can make through fiat since is way back cheaper or you can use altcoin as an alternative to the payment which you want to carry out.
-
Bitcoin secure maybe but i would lean more on privacy but faster that's pushing it. Making transactions in my local bank app is as fast as magic.Bitcoin as of present or even in the future might not be able to meet that speed with a cost as low as one the banks charge.
Even if you remove ordinals, Bitcoin will never be as fast as a centralized solution. Your bank will always have the edge since they don't need to verify or prove it to you, heck they can even reverse your transaction without your permission. I think some people misunderstand this. Fast transactions are not the goal of the Bitcoin network IMO, the goal is privacy and decentralization for international transfer. The average block time is going to be 10 minutes regardless of how bloated the network is, you should not use it if you want to transfer $5 as fast as possible.
-
Bitcoin secure maybe but i would lean more on privacy but faster that's pushing it. Making transactions in my local bank app is as fast as magic.Bitcoin as of present or even in the future might not be able to meet that speed with a cost as low as one the banks charge.
Even if you remove ordinals, Bitcoin will never be as fast as a centralized solution. Your bank will always have the edge since they don't need to verify or prove it to you, heck they can even reverse your transaction without your permission. I think some people misunderstand this. Fast transactions are not the goal of the Bitcoin network IMO, the goal is privacy and decentralization for international transfer. The average block time is going to be 10 minutes regardless of how bloated the network is, you should not use it if you want to transfer $5 as fast as possible.
Since we always use bank cards in everyday life, how do you get an advantage over cryptocurrencies, period? But nevertheless, if we talk about safety and security, This is a cryptocurrency without competition.
-
It's been a long time since I heard someone advertise BTC as a payment method, most of the time I heard about BTC as an investment or similar to gold but on steroids. So practically users use altcoin as a viable payment method and BTC for savings. It's been like that since I've registered in crypto forums.
"Fail" is like when you try to do something and put effort into it, then go wrong. However, in BTC scenario is more like it is intended to behave like that, to preserve decentralization and make it more as hard money.
Well, mate I understand the premise you are coming from. It is obvious that at a point every technology tends to deviate from its original intention. It happens that even the creator might not imagine it. The concept of BTC being a payment method was long defeated in practice and again, bitcoin became more of an investment asset than a currency. This is the reality that everyone has embraced.
However, it seems that OP is talking from the whitepaper angle of Bitcoin and not from reality.
-
With all of the frustrations regarding high fees and long confirmation time, so yes, you're right. We've been battling it for months now starting the Ordinals. My average fees for every transaction is around $4 and it's too high for a transaction fee when you just send it to another wallet or exchange.
But nevertheless, if we talk about safety and security, This is a cryptocurrency without competition.
It's more like more financial freedom, because newbies and even some mid-expert level got faced with a problem regarding stolen bitcoin from a hacked computer/devices, even using a hardware wallet.
-
~snip~
bitcoin became more of an investment asset than a currency. This is the reality that everyone has embraced.
~
Yep, For now bitcoin more of an investment asset, but don't worry.
At the coming years bitcoin will be a currency and payment method.
Bitcoin will be more popular.
we know, bitcoin still against negative issues and several time has been blocked at several countries.
It's just processe..So wait and see.
I believe bitcoin will be currency.
It need a long time, not fo now.
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
I usually trade bitcoins very cheaply and look for opportunities. The right way to find opportunities is to trade through Mempool, the fees are much lower. You can complete this transaction accurately and cheaply even in traffic if you follow this mempool. If you transact outside the mainpool then of course your cost will be higher and it will take longer time. So follow Mempool and complete the transaction quickly.
-
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
I simply pay for more stuff/goods at once when i create Bitcoin transaction. Besides, achieving both decentralization and cheap TX fee is really tall order.
~snip~
bitcoin became more of an investment asset than a currency. This is the reality that everyone has embraced.
~
Yep, For now bitcoin more of an investment asset, but don't worry.
At the coming years bitcoin will be a currency and payment method.
Bitcoin will be more popular.
we know, bitcoin still against negative issues and several time has been blocked at several countries.
It's just processe..So wait and see.
I believe bitcoin will be currency.
It need a long time, not fo now.
But we can do more than believe, by using Bitcoin as payment method. Paid VPN or gift card usually are good starter.
-
I have been battling with making a transaction for some days now and the fee is not encouraging
Even viabtc has been taken over by ordinals bot.
Bitcoin was crested to be cheap and fast but the scalability issue is affecting it.
Sigh Making transaction with fiat is way faster and cheaper.
In the festive period where transactions are rampant one can't even get any confirmation without paying an exorbitant fee.
What are your thoughts on this Decembers congestion in the mempool and how were you able to complete your transaction?
I actually waited for like a week or two just to get my transaction confirmed because I tried using accelerators but I am not lucky enough to get a slot for a free submission so yeah it took me a few week lucky for me fees hit my still lower priority bump fee.
-
For now bitcoin more of an investment asset, but don't worry.
At the coming years bitcoin will be a currency and payment method.
Yeah , It needs along time , if we want to use bitcoin as payment.
Because until now at my country, the government just allow bitcoin as investment.
But when bitcoin more popular, maybe it will be...
Since we always use bank cards in everyday life, how do you get an advantage over cryptocurrencies, period? But nevertheless, if we talk about safety and security, This is a cryptocurrency without competition.
Bank cards is more safe and security. We always use it everyday life and enjoy this.
Hard to compare with crypto, I think Crypto is just investment.
Crypto didn't as payment method yet.
Maybe later..
-
Ordinarily I don't like keeping money in the bank, so times like the festive periods where the congestion didn't allow faster transaction on Bitcoin block chain, I used my emergency fund which was stored on a stable coin, USDT. Though it risky as inflation might also affect the coin, but I find it more secure than keeping funds in the bank for long period of time. In situations like this your emergency fund will definitely help since the transaction might be processed or picked by any node within some days, you can replace your emergency fund after using it for future use again. And that was how I managed to run my trades during the mempool congestion.
-
I actually waited for like a week or two just to get my transaction confirmed because I tried using accelerators but I am not lucky enough to get a slot for a free submission so yeah it took me a few week lucky for me fees hit my still lower priority bump fee.
During the high transaction fee saga, I spent serious high fee just to get my transaction quickly confirmed, it became an issue for me and my customers. During that period, I almost stopped accepting Bitcoin payment in my business because of the length of fee that was charged, I was just contemplating what to do before the fee finally reduced and now people are happy again. Some people are suggesting that the fee will increase again during bull market, so let's prepare our mind again, lol.
-
Bitcoin is primarily a store of value, similar to gold
Hi owlest
I think we should think about what store of value means.
Functioning as a store of value depends on volatility/stability (of purchasing power).
Being a store of value has nothing to do with the price going up or down.
Being a (good) store of value and volatility... don't get along...
The more stable the purchasing power of a currency is, the better that currency functions as store of value.
Ordinary people and businesses - i.e. those getting that payment - don't want to carry the risks connected to volatility.
In receiving that payment they want to become neither speculators nor investors.
They just want to get paid and they want to know what that amount of money will be able to purchase next week, month, year...
They prefer predictability to the chance of big gains.
The need that kind of financial security.
This 5 years chart compares gold with BTC
(https://i.ibb.co/nfN4Qsk/3.png)
The fact that BTC has allowed bigger gains (... to those who bought and sold at the right moment...) than gold is completely irrelevant: gold is - by far - a better store of value than BTC because it's purchasing power is more stable than that of BTC.
-
During the high transaction fee saga, I spent serious high fee just to get my transaction quickly confirmed, it became an issue for me and my customers. During that period, I almost stopped accepting Bitcoin payment in my business because of the length of fee that was charged, I was just contemplating what to do before the fee finally reduced and now people are happy again. Some people are suggesting that the fee will increase again during bull market, so let's prepare our mind again, lol.
When I change my wallet signature payment to external wallet, at some points I became frustrated as well with the high fees but I noticed that bitcoin has been growing weekly basis, so I just abandoned the unspent transaction outputs not until last week I noticed a drastic dropped on t the asking fees from the mempool and then I consolidated everything into a single wallet to avoid huge fees later when I want to send.
However, I'm surprised that the fees has remained low despite the fact that bitcoin has been growing lately, we are now about to cross 54k and yet the fees is just low, it has not exceeded 40 sats in the last 3 weeks. I think we are fine for now.
-
When I change my wallet signature payment to external wallet, at some points I became frustrated as well with the high fees but I noticed that bitcoin has been growing weekly basis, so I just abandoned the unspent transaction outputs not until last week I noticed a drastic dropped on t the asking fees from the mempool and then I consolidated everything into a single wallet to avoid huge fees later when I want to send.
However, I'm surprised that the fees has remained low despite the fact that bitcoin has been growing lately, we are now about to cross 54k and yet the fees is just low, it has not exceeded 40 sats in the last 3 weeks. I think we are fine for now.
Consolidating when fees are low is a pretty good idea. But I'd also use a wallet with Replace By Fee feature ("RBF"), e.g. Electrum.
Fees do not have to be correlated with the price. The previous periods of ridiculously high fees were largely caused by ordinals-related activities (some say the network was spammed intentionally.
If the price keeps going up, I expect the fees to go up too, but ~$50k range is not yet good enough for people to rush to exchanges to sell.
-
When I change my wallet signature payment to external wallet, at some points I became frustrated as well with the high fees but I noticed that bitcoin has been growing weekly basis, so I just abandoned the unspent transaction outputs not until last week I noticed a drastic dropped on t the asking fees from the mempool and then I consolidated everything into a single wallet to avoid huge fees later when I want to send.
However, I'm surprised that the fees has remained low despite the fact that bitcoin has been growing lately, we are now about to cross 54k and yet the fees is just low, it has not exceeded 40 sats in the last 3 weeks. I think we are fine for now.
Consolidating when fees are low is a pretty good idea. But I'd also use a wallet with Replace By Fee feature ("RBF"), e.g. Electrum.
Fees do not have to be correlated with the price. The previous periods of ridiculously high fees were largely caused by ordinals-related activities (some say the network was spammed intentionally.
If the price keeps going up, I expect the fees to go up too, but ~$50k range is not yet good enough for people to rush to exchanges to sell.
That 69k ATH would really be purely a tough resistance and cant be easily break on which i would be seeing this to be after halving event to be reached out or would be able to have on few months later and i could say that this would really be the sweet spot for those who had been holding for too long specially on the previous cycle who do really be able to buy at the peak.
Going back in talks about failing payment method then i couldnt blame those who have said about this one considering fees are indeed high.
As of this moment on which the fees are going back to normal 1-10 sats/byte is something that we can tell that it is really good on having this way but
well those network congestions and spams are indeed part of it.
-
Consolidating when fees are low is a pretty good idea. But I'd also use a wallet with Replace By Fee feature ("RBF"), e.g. Electrum.
If you want to truly use Bitcoin as a payment thing you might now even need to consolidate at all, if you're looking at speeding $10 there and $30 there you might just as well use coin control and you only need one input. Consolidation is more when you have a huge number of payments received, they are of a small amount and you want to move them all at once when the right time comes, or if you're a merchant, sometimes it makes no sense moving what you have received as it will cost your more than the profit you've just made. Or if you have made already a ton of purchases and your wallet is all dust!
But looking at how mempool is emptying, it's not so much btc failing as payment method but more like not so much interest in actually using it, in the end it's a tool, everyone uses it as it wants, if somebody wants to hammer nails with a chainsaw, their choice!
-
- At this time, I would not recommend using Bitcoin as a payment option, in case we find merchants accepting Bitcoin payments. It's not practical to do in these times, to be honest.
There is a bull coming, and you believe it will be 100k more than each of them, and then you make them pay. In these instances, anyone who has Bitcoin is something else for sure in this field of crypto space, especially if you accumulate it through DCA, even if it's just little by little in your wallet.
-
- At this time, I would not recommend using Bitcoin as a payment option, in case we find merchants accepting Bitcoin payments. It's not practical to do in these times, to be honest.
Bitcoin can be used as payment but it is adjusted to the bitcoin rate when the transaction is made. This seems less effective, but is almost similar to transactions in dollars. This does not mean that Bitcoin fails as a payment, but it is prohibited in several countries