-
Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.
(https://i.ibb.co/c1r2Wb1/Screenshot-20240105-071235.jpg)
Fortunately, when I checked fee today it's dropped to 40 sats/vb which comes as a relief. This reduction in transaction costs not only makes Bitcoin more practical for everyday use but also aligns with the original vision of a peer-to-peer electronic cash system. Bitcoin lower fees have benefits of more inclusive financial ecosystem which enable broader adoption and utilization of Bitcoin for various transactions. As fees decrease, the benefits of a decentralized and efficient digital currency become more evident.
-
Fortunately its good news for me as participants in signature campaign few days later payment distribution with lower fees below 40 Sat/vb than usually have set up fees transaction above 120 Sat/vb. Last time make transaction sending bitcoin need more than two days with fees set up around 100 Sat/vb and get problem exactly when bitcoin going drop suddenly.
Hope upcoming days decreasing with lower fees transaction of bitcoin keep stable for long term and not get difficult for us have waiting longer time when sending bitcoin.
-
Yes, good news for everyone. I think everyone is now very relieved to see these simple fee numbers after great suffering during the last period due to congestion and the rise in fees to record numbers.
Discussing high fees has been the hottest topic over the past period because it caused a lot of anxiety and problems for Bitcoin lovers due to high fees and delays in transactions, as many of them were forced to use Altcoin.
The network situation is now stable and I hope it maintains this rate because it is satisfactory for both Bitcoin holders and miners.
-
I checked it and you're right, it's my first time to see below 300k unconfirmed transactions too, idk what's the reason but i hope it will be much lower soon. My average tx fee when dining transactions is $4 with 70 sats/vb and it's too much just a fee when i never do it when sending with any other payment transactions, either banks/wallets or other crypto which is really frustrating.
-
It surprised me a little bit to see a sharp contrast between today and last week. Just a few days ago somebody posted that he failed to send transactions with 20 sat/vb because the mempool is congested so he can't consolidate his transaction. I believe right now is a good time to do that if anyone consolidates their inputs to avoid paying a lot of fees when the mempool is getting congested again.
I checked it and you're right, it's my first time to see below 300k unconfirmed transactions too, idk what's the reason but i hope it will be much lower soon.
One of the reasons is likely people stop printing NFTs with high fees. I remember seeing more or less the same pattern when ordinal first became popular. The mempool got heavily congested, then got cleared within a few weeks after that, albeit the number of unconfirmed transactions is still high.
-
Finally, it's a relief hopefullycomeback, Tired of ordinals doing comebacks. This past months has weighed on the scalabilty of Bitcoin that many had to switch to alternatives or just leave the funds without moving it. I still wonder how people during emergency withdrawn theirs
I checked it and you're right, it's my first time to see below 300k unconfirmed transactions too, idk what's the reason but i hope it will be much lower soon.
i think people are barely making transactions since festive period is over and most are just observing market in respect to ETF approval.
-
Just a few days ago,
The challenge which presented hardship with Bitcoin transfers which is as a result of high fees is not something that started or lasted for few days, it started and lasted for several weeks actually.
And I also just checked the mempool and realized that the fees are now sitting at a little above 40 sats per visual byte as at the time typing this comment, this is indeed a relieve for many of us.
But to be honest, i don't think a temporal relieve is what we should be celebrating, but what we should actually endeavor to celebrate is a lasting solution to the menace, and this brings me to the question that, is there nothing, like something that can be built and implemented into the bitcoin network, that will ensure that the fees remain low forever?
I think this is what we should find, build, implement and then, we can celebrate, not rejoicing over a temporal relieve whereas, tomorrow, the fees could her even higher again, making people lose money they never planned on losing, through transaction fees.
-
The fees are not always stable sometimes it would drop to 30 sat/vbyte I have also made transaction with that and it confirmed within some few days, even as it went below 40 sat/vb it might still increase within the next time frame. The most funniest part of it is that when it gets too high to 100 sat/vbyte there will be always be competition and as then every user wants their payment to quickly confirm by increasing to about 120, 150 if possible to 200 sat since they can't exercise patient anymore. When people just maintain 40 sat/vbyte you would see that they will all confirmed the problems is people increasing their fees wanting their payments to confirm so easily.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
(https://talkimg.com/images/2024/01/05/smirv.png)
-
Transaction fees will always change, especially when the price of Bitcoin gets higher and the network gets denser. then transaction fees will also be higher, increasing drastically and quite difficult to stabilize or decrease again. even currently the lowest transaction is 61 sat/vB. and it's still changing.
And when I want to send Bitcoin from electrum and the transaction fee is very high. many times higher than usual. while I still don't really understand how to use the Lightening Network to send Bitcoin. Does anyone understand this?
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
I will speculation that maybe those spamming the network might have slow down a bit that's why the mempool fees goes down a bit. But still it's very expensive for average joe like the majority of us.
And looking at the current tx fees, it somewhat increase again,
(https://www.talkimg.com/images/2024/01/05/sTOMP.png)
So we really can't say for certain that fees are going back to normal as the attack continues again.
-
Even though it's only been a few hours since you posted the transaction fee for Bitcoin, it's still at that number. but now the transaction fit has actually increased again to 67 sat. This is really annoying because several times it failed to transfer assets because of the high fees.
I think I will postpone it continuously until I reach a fairly reasonable fee for sending my Bitcoins. but the more I wait, the more months I've been waiting, I haven't managed to get a fee that's at least reasonable. Maybe because the timing wasn't right or I checked the transaction during peak hours so there were a lot of transactions on the network.
-
anytime there is a drop in price there seems to be a drop in the transaction fees, this is what i'm experiencing so i wait for price drops to move my coins.
the down side is that if they are on an exchange they have to sit there longer than i would ordinarily like.
-
For an average investor like me, who's more of a holder of Bitcoin, it's good to see the fees going down, but I'm not affected that much.
Even back then when the fees are very high, I don't care because I'm not using Bitcoin for everyday transactions. The only problem that I faced though was the fact that I needed to reallocate my money and buy altcoins instead of Bitcoin because I wanted to transfer it after buying it on an exchange, and the fees on Bitcoin were very high at that time, so I opted into different altcoins.
Nevertheless, it's good to see the fees of Bitcoin going down to as low as $2 per transaction. Will this be the new normal for transaction fees of Bitcoin? I mean will we be able to see the fees to be stable at around $2?
-
For an average investor like me, who's more of a holder of Bitcoin, it's good to see the fees going down, but I'm not affected that much.
If you only hold your bitcoins in your wallets, don't move it when mempools are congested, fee rates are high and transaction fee is expensive, you are not affected.
Even back then when the fees are very high, I don't care because I'm not using Bitcoin for everyday transactions.
You have to use it some day but to avoid affect from mempools and people race in fee race to be at tip of mempools, you must have very good plan and allocation of your fund, in bitcoin, altcoins and fiat currency or cash. If you only have bitcoin, you will surely be affected.
Nevertheless, it's good to see the fees of Bitcoin going down to as low as $2 per transaction. Will this be the new normal for transaction fees of Bitcoin? I mean will we be able to see the fees to be stable at around $2?
I love cheap fee rates and cheap transaction fee to but with current fee rate about 30 sat/vbyte to 40 sat/vbyte, it is not time for $2 transaction fee. We will have to wait a few more weeks to see it with a big if that Ordinals will not bring this problems back to mempools.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
Not sure WTF is they doing. This is not the first time. I have seen such transactions for over a month now where the paid huge fees to transfer a small amount of sats. Probably they are sending it to some services to release their staked shit coins or something. Or maybe they are airdrop farmers who have to show on-chain activity so they can get eligible for the airdrop. If you have ever farmed airdrops, you may know how they work.
Let's say a BRC-20 Shit token will be airdropped. But, to be eligible for that airdrop, you have to do some activity on their platform which is why you may need a small amount of satoshis. Since you are looking for the airdrop, you had to pay the big fee because the time is limited. You cannot wait until the mempool cool down. This is the most logical answer I have. If not this, then I do not have any F**king idea about it.
-
Yes, good news for everyone. I think everyone is now very relieved to see these simple fee numbers after great suffering during the last period due to congestion and the rise in fees to record numbers.
Discussing high fees has been the hottest topic over the past period because it caused a lot of anxiety and problems for Bitcoin lovers due to high fees and delays in transactions, as many of them were forced to use Altcoin.
The network situation is now stable and I hope it maintains this rate because it is satisfactory for both Bitcoin holders and miners.
The Bitcoin community was undoubtedly concerned about the high fees and transaction delays, therefore I believe the significant decline in the average transaction fee is a pretty good development. People's switch to other cryptocurrencies was largely caused by the high fees, therefore it's good to see that Bitcoin is now more competitive in this space.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
This is really strange but my question is, can miners run this coordinated attack on the network to raise the median fee so as everyone start competing for the next block? You never can tell who is doing this because logically, this is bullshit and waste of resources and anyone doing this is definitely gaining something in other end.
Why will the Mempool drop drastically, this week we had mempool dragged to about 500k unconfirmed transaction waiting in the mempool for comfirmation but all of a sudden, they dropped down to half the numbers of unconfirmed transaction. Any reason or is the BRC20 tokens hype gone for good. I will be the happiest though because we have had enough of them.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
This is really strange but my question is, can miners run this coordinated attack on the network to raise the median fee so as everyone start competing for the next block? You never can tell who is doing this because logically, this is bullshit and waste of resources and anyone doing this is definitely gaining something in other end.
This is a thoughtful and intriguing question! Although it is theoretically possible for miners to band together and purposefully increase the median charge, doing so in reality would be extremely challenging. Due to the decentralized nature of the Bitcoin network, numerous miners are in competition with one another to produce blocks. Therefore, it's likely that other miners would continue to accept lesser payments, keeping the general median fee lower, even if a small minority of miners tried to raise the fee. Furthermore, any attempt to tamper with the median fee would be apparent on the blockchain and might harm the miners' reputations.
-
Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.
(https://i.ibb.co/c1r2Wb1/Screenshot-20240105-071235.jpg)
Fortunately, when I checked fee today it's dropped to 40 sats/vb which comes as a relief. This reduction in transaction costs not only makes Bitcoin more practical for everyday use but also aligns with the original vision of a peer-to-peer electronic cash system. Bitcoin lower fees have benefits of more inclusive financial ecosystem which enable broader adoption and utilization of Bitcoin for various transactions. As fees decrease, the benefits of a decentralized and efficient digital currency become more evident.
It's nice and interesting to see the fee coming down to this extent, but however we shouldn't forget that we are still a little more far from the way the bitcoin transaction fee has been before now, there was a time we spent only as low as 1sat/vbyte for performing transactions, so I will prefer seing it close to that or not more than that/vbyte before finally accepting that it has come down, but comparing it to how far it has risen recently, we could actually say this is a huge improvement to also talked about.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
(https://talkimg.com/images/2024/01/05/smirv.png)
Don't know what caused the mempool to go down, I looked for news and couldn't find it, but was happy enough that the mempool went down and sent bitcoin back to the casino. LOL
There are still a lot of dust transactions, just saw that there are so many transactions with $0.015 with a fee of 44sat/vb and this group is still there, but transactions have now decreased from the usual 350k - 500k unconfirmed transactions.
Now it's more stable, maybe. :D
-
This is indeed a good news at first was force to hold from doing any bitcoin withdrawal, just focus on using them as DCA but hearing about this was a good relief just imagine fee have already half the money you planning to withdraw. Now the fees have drop to 40 Sat/vb alot of people can now easily withdraw their funds without much stress.
-
In recent times, the transaction fees of Bitcoin have increased so much that it has become a major barrier for ordinary users to use Bitcoin. A large number of small bitcoin users began to gravitate towards the use of other coins as an alternative to Bitcoin, which became one of the obstacles to the widespread use of Bitcoin worldwide.
(https://talkimg.com/images/2024/01/07/sIHIj.png)
Bitcoin transaction fees last December were at an all-time high, with costs rising to around $40 per transaction. Prior to this we saw the cost per transaction peaking at $31 in July last year. But from that situation the current transaction fees are now quite good position.
(https://talkimg.com/images/2024/01/07/sIS7G.png)
-
mempool was in abnormal state for some time but now we can see mempool is going back to normal. Earlier it used to cost around $20 to $25 to make a Bitcoin transaction but that transaction fee has come down a lot and now it costs maybe $4 to $5 to make a Bitcoin transaction. Although it may take some time to complete the transaction, investors now have the opportunity to trade Bitcoin with relatively low transaction fees. I wouldn't call transaction fees as they are now normal and it would be better for us if transaction fees come to a more normal level. Some days the transaction fee is abnormal then later we see the transaction fee becomes normal again this is the nature of the market.
-
I think this change overnight or not in permanent chances because right now it is still high and badly have not checked the mempool recently , just now that I need to withdraw but sadly it is congested again and has a High transaction fees once more.
though the priority now drops from 200+ satoshies to now 137 sats/vB yet this is still high comparing to what was the fee back in October atleast.
-
I think this is the problem where we celebrate that we have returned to 40 Sat/vb and that you can broadcast a transaction for about 30 Sat/vb, which are all wrong things to deal with it as the normal fees are 1 Sat/vb up to 30 Sat/vb, while 40 was very high.
Generally up to 40 Sat/vb will take up some time to stable as the average block time is ~10.8 minutes which means we will see lower fees after ~January 22.
-
In recent times, the transaction fees of Bitcoin have increased so much that it has become a major barrier for ordinary users to use Bitcoin.
You are flipping the coin and issue. Ordinal BRC20 users are causal contributors to the mempool congestion and expensive on-chain transaction fees. If they complain about Bitcoin transaction fee, they must think about their behavior to broadcast transactions and stop doing it with high fee rates. They are not victims and they are even not Bitcoin users. They only think of profit from Ordinals tokens.
I think this is the problem where we celebrate that we have returned to 40 Sat/vb and that you can broadcast a transaction for about 30 Sat/vb, which are all wrong things to deal with it as the normal fees are 1 Sat/vb up to 30 Sat/vb, while 40 was very high.
LMFAO
Your post is so true but do we need to be serious about that?
Having something better is actually better, even it is not good enough compares to what we had in the past, just several months ago.
I really hope to see spam effects from Ordinals will stop or will be handled by Bitcoin developers with some big changes in the protocol.
-
I think this is the problem where we celebrate that we have returned to 40 Sat/vb and that you can broadcast a transaction for about 30 Sat/vb, which are all wrong things to deal with it as the normal fees are 1 Sat/vb up to 30 Sat/vb, while 40 was very high.
Generally up to 40 Sat/vb will take up some time to stable as the average block time is ~10.8 minutes which means we will see lower fees after ~January 22.
Things are slowing getting better.... I think there are too many transactions at range 20-30 sat/vbyte.
just got this from mempool.space. 250,000 transactions in the fee range 1-30 to get confirmed!
(https://www.talkimg.com/images/2024/01/07/ssZZC.png)
https://mempool.space/mempool-block/7
-
You know, even with «below 40sat/byte» it is still expensive. I remember times when 1-2sat/byte was enough to get your Bitcoin in couple of hours. Now, it probably gonna wait months or transaction will be thrown away from pool. For me, paying not much than a dollar is acceptable price for a transaction in Bitcoin. From the beginning it was announced that it is cheap and anonymous alternative to money transactions. Now it is no longer cheap, and we are about to lose anonymity.
-
You know, even with «below 40sat/byte» it is still expensive. I remember times when 1-2sat/byte was enough to get your Bitcoin in couple of hours. Now, it probably gonna wait months or transaction will be thrown away from pool. For me, paying not much than a dollar is acceptable price for a transaction in Bitcoin. From the beginning it was announced that it is cheap and anonymous alternative to money transactions. Now it is no longer cheap, and we are about to lose anonymity.
There are some alternatives like XMR for privacy. But, Bitcoin has a different fan base. They will continue using it ignoring the fees. Especially holders will hold it. The transaction fee problem won't be there forever. Let the Ordinal craze die and we will get back to normal life again. Some of us were suggesting that devs should increase the block size. But, if they increase the block size and the number of transactions decreases in the future, there will be some problems on the network. Often we will see empty blocks which could be a problem. There is nothing we can do at this moment except waiting.
-
You know, even with «below 40sat/byte» it is still expensive. I remember times when 1-2sat/byte was enough to get your Bitcoin in couple of hours. Now, it probably gonna wait months or transaction will be thrown away from pool. For me, paying not much than a dollar is acceptable price for a transaction in Bitcoin. From the beginning it was announced that it is cheap and anonymous alternative to money transactions. Now it is no longer cheap, and we are about to lose anonymity.
2 weeks, at least that is the default and your transaction will be drop by the mempool. And I do agree that before this whole mempool congestion due to spamming, we can transaction with 1-2 sat/vB and everything will go and went through without waiting.
Now, even if you pay high, it's no assurance as someone might go and increased and due to BRC-20, there will be individuals who might think that are doing it deliberately to clogged the network to make Bitcoin unusable for ordinary users like the majority of us.
-
Generally up to 40 Sat/vb will take up some time to stable as the average block time is ~10.8 minutes which means we will see lower fees after ~January 22.
Things are slowing getting better.... I think there are too many transactions at range 20-30 sat/vbyte.
just got this from mempool.space. 250,000 transactions in the fee range 1-30 to get confirmed!
(https://www.talkimg.com/images/2024/01/07/ssZZC.png)
I think it's temporary. In Ethereum, you know there were enough situations when a transaction cost several tens of dollars. Last year, bitcoin had the same situation. A few weeks = everything is normalized. I personally am not in a hurry to pay/send bitcoins. I'll wait a bit and then we'll see what's what.
You might say the following: "History doesn't always repeat itself, etc." But history repeats itself not only with the bitcoin price, but also with the price per transaction. ;D
This does not mean that you should do the same. Look at your own circumstances. ???
-
I think it's temporary. In Ethereum, you know there were enough situations when a transaction cost several tens of dollars. Last year, bitcoin had the same situation. A few weeks = everything is normalized. I personally am not in a hurry to pay/send bitcoins. I'll wait a bit and then we'll see what's what.
I agree that things will go back to normal in bitcoin.
But Ethereum just normalized fees when they moved to POS.
Bitcoin had a fee peak a few months ago as well, when ordinals first appeared. But things went back to normal pretty quickly back then...
-
Fortunately its good news for me as participants in signature campaign few days later payment distribution with lower fees below 40 Sat/vb than usually have set up fees transaction above 120 Sat/vb. Last time make transaction sending bitcoin need more than two days with fees set up around 100 Sat/vb and get problem exactly when bitcoin going drop suddenly.
Hope upcoming days decreasing with lower fees transaction of bitcoin keep stable for long term and not get difficult for us have waiting longer time when sending bitcoin.
Yes I remembered that many compaign managers were faced high fee issue and despite of 100 Sats fee the transaction doesn't confirmed on time. I am observing fee now and it's below 50 sats for two days and good news is that Ordinal trend is now shift to other chain network such as Linea,BSC, TRX. Now Ordinal spam is almost going to end and I hope fee will be further down in next some days
Actually there are so many unconfirmed transactions in the pool which need to be confirmed for going back btc network to normal position which takes some time. People are paying huge unnecessary fee for fast transaction which is not good for ordinary and normal peoples.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
(https://talkimg.com/images/2024/01/05/smirv.png)
I really feel an inexplicable pain when I look at this picture!
Bitcoin halving hasn't come yet, Bullrun hasn't started yet but miners' income is already as high as the end of 2021 @@
The BEP20/Ordinals/Inscription wave is causing the Bitcoin network to continuously overload, transactions are constantly delayed and transaction fees are pushed up very high. And it's funny (laughing with tears) when the community is happy to see transaction fees below 40 sat/vB.
You know, even with «below 40sat/byte» it is still expensive. I remember times when 1-2sat/byte was enough to get your Bitcoin in couple of hours. Now, it probably gonna wait months or transaction will be thrown away from pool. For me, paying not much than a dollar is acceptable price for a transaction in Bitcoin. From the beginning it was announced that it is cheap and anonymous alternative to money transactions. Now it is no longer cheap, and we are about to lose anonymity.
$1 is suitable fee for transactions on Bitcoin network, although it is quite expensive when compared to transaction fees on Solana or BNB chain.
I'm really waiting for the weakening of the BEP20/Ordinals/Inscription wave in the next few months, or development of Layer-2 solutions for Bitcoin, or Bitcoin community to have a vote on a major update: keep or remove feature/bug BEP20/Ordinals/Inscription.
-
I agree that things will go back to normal in bitcoin.
But Ethereum just normalized fees when they moved to POS.
Bitcoin had a fee peak a few months ago as well, when ordinals first appeared. But things went back to normal pretty quickly back then...
It can't help but normalize, situations like this are temporary. + Have you ever noticed that as soon as x-cryptocurrency (any) starts to become popular among users (nft/activity in projects etc) = immediately commissions go up dramatically. I think this is not news to anyone.
Now people will forget about the activity for a while and only then the gas will be minimal. Mark my words, there is no need to rush and even less panic. It is absolutely not worth it. Bitcoins are not going anywhere. And whether to overpay or not is everyone's choice.
P.S. I personally am not in a hurry, I will wait a bit and then withdraw/invest wherever I need. 8)
-
I agree that things will go back to normal in bitcoin.
But Ethereum just normalized fees when they moved to POS.
Bitcoin had a fee peak a few months ago as well, when ordinals first appeared. But things went back to normal pretty quickly back then...
It can't help but normalize, situations like this are temporary. + Have you ever noticed that as soon as x-cryptocurrency (any) starts to become popular among users (nft/activity in projects etc) = immediately commissions go up dramatically. I think this is not news to anyone.
Now people will forget about the activity for a while and only then the gas will be minimal. Mark my words, there is no need to rush and even less panic. It is absolutely not worth it. Bitcoins are not going anywhere. And whether to overpay or not is everyone's choice.
P.S. I personally am not in a hurry, I will wait a bit and then withdraw/invest wherever I need. 8)
Cant agree with that. Look at BNB. Lots of projects are based on BSC blockchain, we have BSC dex, NFTs, BNB has its price pumps and changes, and transaction fee is always "not more than few cents". No matter what situation is on the market.
I have observed different blockchain fees for ages. We used to pay cents for Ethereum transaction, now it cost dollars to send. We used to pay cents for Bitcoin transaction, now it also cost dollars. BSC or Polygon blockchains for example keep on staying cheap.
I find it hard to understand Bitcoin fees. This morning saw +50sat/byte fees in mempool. Thought that I am not in hurry, set 30sat/byte and prepared to wait for few days for confirmation. Got confirmed in less than two hours. If I knew it would be so quick, I would have decreased transaction cost...
-
This is very good news that the fee is down now almost 40 sat/b and soon i hope that the market go high so much and the BTC will touches the $100,000 and that time the fee may be increase but the withdraw is going to be fast at that time this will be so much matter.
-
Cant agree with that. Look at BNB. Lots of projects are based on BSC blockchain, we have BSC dex, NFTs, BNB has its price pumps and changes, and transaction fee is always "not more than few cents". No matter what situation is on the market.
I have observed different blockchain fees for ages. We used to pay cents for Ethereum transaction, now it cost dollars to send. We used to pay cents for Bitcoin transaction, now it also cost dollars. BSC or Polygon blockchains for example keep on staying cheap.
Polygon is a second layer of ethereum blockchain. You can't compare fees there to fees on chain.
BSC is as centralized as visa. Ofc it's cheap...
Bitcoin isn't relevant because fees are cheap or fast. It is relevant because it is decentralized, borderless, permitionless.
Bsc isn't any of these.
I find it hard to understand Bitcoin fees. This morning saw +50sat/byte fees in mempool. Thought that I am not in hurry, set 30sat/byte and prepared to wait for few days for confirmation. Got confirmed in less than two hours. If I knew it would be so quick, I would have decreased transaction cost...
You wouldn't get a confirmation probably. There are lots of 30 sat byte tx to get confirmed, about 250.000
-
Now is a time we should expect more from the bitcoin network not to see the transaction fee going higher again, but even if this persist, that shouldn't be a hindrance in stopping us from enjoying what bitcoin has to offer to us, transaction fee has turned to be something more of being na seasonal experience whereby it comes and before you realized its gone, we can always enjoy the benefits of having more lower transaction fee rate for the time being, what we earn from Bitcoin is more enough to what we are charged as transaction fee.
-
I think it's temporary. In Ethereum, you know there were enough situations when a transaction cost several tens of dollars. Last year, bitcoin had the same situation. A few weeks = everything is normalized. I personally am not in a hurry to pay/send bitcoins. I'll wait a bit and then we'll see what's what.
I agree that things will go back to normal in bitcoin.
But Ethereum just normalized fees when they moved to POS.
Bitcoin had a fee peak a few months ago as well, when ordinals first appeared. But things went back to normal pretty quickly back then...
I disagree @Bitmover.
Things will only go to normal if there is patch in bitcoin protocol that is been exploited by the so call what we refer as BRC 20. In reality, there is nothing as ordinals, what happen is that the bitcoin protocol is been exploited and meme guys see this as a way to create exploit in the network which we see as spamming and this exploit will continue unless the network is been forked so that the network can be stable. If there is no soft fork, I don't think there is anything that will be normalised because it's seem even the miners love this exploits.
Ethereum is not experiencing network surge again because meme guys have found less headache chain like Solana and BSC which consume less transaction fees, if they move down there again, expect ethereum network to expand with increase number of transactions.
-
~
Cant agree with that. Look at BNB. Lots of projects are based on BSC blockchain, we have BSC dex, NFTs, BNB has its price pumps and changes, and transaction fee is always "not more than few cents". No matter what situation is on the market.
I have observed different blockchain fees for ages.
Piggybacking on what bitmover said that it's centralized.
If you have observed fees that long, haven't you noticed how standard BNB Chain (formerly BSC) fees suddenly jump from 5 gwei to 10 gwei or drop from 5 gwei to 3 gwei? It fluctuates as well but not as much compared to POW because there is a small group of validators that controls how much gas can be charged per transaction. This practice isn't done on Bitcoin.
-
Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.
(https://i.ibb.co/c1r2Wb1/Screenshot-20240105-071235.jpg)
Fortunately, when I checked fee today it's dropped to 40 sats/vb which comes as a relief. This reduction in transaction costs not only makes Bitcoin more practical for everyday use but also aligns with the original vision of a peer-to-peer electronic cash system. Bitcoin lower fees have benefits of more inclusive financial ecosystem which enable broader adoption and utilization of Bitcoin for various transactions. As fees decrease, the benefits of a decentralized and efficient digital currency become more evident.
Finally some Good news after long time for common Bitcoin users. otherwise, high fees were like jackpots for Bitcoin miners. I hope It is not temporary like some other friends were saying. but it could be temporary too. because ordinal chaos has not ended yet. they are still ongoing. so a surge in transaction fees could happen again.
But I am happy for as long as that last. and will try to take as much advantage as possible.
And Thanks for Sharing this update with use Gladiator. ;) ;)
-
The transaction fee was over 45 sat/vB for the whole day. Even I saw some congestion and the fee raised up to 70 sat/vB at some point. But, as of writing, the current recommended fee is only 31 sat/vB. Am I seems too happy about it? I don't know. But, I guess nobody thought that we would be happy to see the transaction fee reduced to 31 sat/vB. There was a time when we spent 1 sat/vB to consolidate the transactions and paid less than 5 sat/vB for regular transactions. The fee is increasing again even before I post this. Sad life.
-
The transaction fee was over 45 sat/vB for the whole day. Even I saw some congestion and the fee raised up to 70 sat/vB at some point. But, as of writing, the current recommended fee is only 31 sat/vB. Am I seems too happy about it? I don't know. But, I guess nobody thought that we would be happy to see the transaction fee reduced to 31 sat/vB. There was a time when we spent 1 sat/vB to consolidate the transactions and paid less than 5 sat/vB for regular transactions. The fee is increasing again even before I post this. Sad life.
We can get confirmations with 2-3 usd now... It is not cheap, but not that expensive.
I remember that in 2021, before ethereum fork to PoS, I paid 50-80 usd for a Swap in Uniswap!!! This is expensive.
Things will only go to normal if there is patch in bitcoin protocol that is been exploited by the so call what we refer as BRC 20. In reality, there is nothing as ordinals, what happen is that the bitcoin protocol is been exploited and meme guys see this as a way to create exploit in the network which we see as spamming and this exploit will continue unless the network is been forked so that the network can be stable. If there is no soft fork, I don't think there is anything that will be normalised because it's seem even the miners love this exploits.
Those spammers can just run out of money. It is costing millions of dollars per day to spam the network.
Fees just came down from 500 to 30 in less than 10 days, and no fork..
-
You know, even with «below 40sat/byte» it is still expensive. I remember times when 1-2sat/byte was enough to get your Bitcoin in couple of hours. Now, it probably gonna wait months or transaction will be thrown away from pool. For me, paying not much than a dollar is acceptable price for a transaction in Bitcoin. From the beginning it was announced that it is cheap and anonymous alternative to money transactions. Now it is no longer cheap, and we are about to lose anonymity.
Yes, there has been an increase in Bitcoin transaction costs recently. This can be attributed to several factors, including as a rise in transaction demand and a reduction in block size. It's true that the initial idea of Bitcoin—that it be a low-cost, anonymous substitute for conventional financial transactions—was not aligned with the high transaction costs. Nonetheless, initiatives like Segregated Witness and the Lightning Network are being implemented to overcome these problems. Therefore, even though the state of Bitcoin transactions right now isn't perfect, things might change for the better in the future.
-
Okay, but does anyone know what is the reason for the fee correction?
As I know, there are a lot of spammers on the network, even Ordilans. For example, a bunch of dust transactions with high fees. paying a fee $5 to transfer $0.24
(https://talkimg.com/images/2024/01/05/smirv.png)
Seeing this for the first time maybe it's because It had been a while I check the mempool. But you left me curious on how its possible toto make a transaction not up to a dollar with that kind of fee just to encourage congestion... :P
-
I hope it stays down this time, fee rate also dropped some months ago, and we thought the spammers were gone for good, but they came back 'stronger', i hope the fee rate continues to fall until we can make tx's with 1-2 sat/vByte again (i miss those days). ViaBTC has also reduced its number of hourly free accelerated tx's from 100 to 20, so if fee rate spikes again, people will have to either not use the BTC network or pay the high fee, because ViaBTC will be almost impossible to use, except you use a bot.
-
One thing a lot of people fail to understand is the fact that the price can not go up for ever, their will be a time that it will surely drop. And the way the sat was increasing getting close to 300 I was scared but eventually it has come down. Any one send sending bitcoin that period is sending high but I noticed something and that is what I will do if I want to send and the mempool is congested I will wait until the price is down.
-
Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.
The underlying cause behind the fee hike still exists and I don't see any changes will be made soon to get rid of those spam ordinals from bitcoin network so don't be durprised if the fee rise back to 300-400sat/vb.
Today, the fee hiked again but this is mostly due to the less blocks mined than they should be and also some big time gaps between blocks like a hour and yesterday we high an historic time gap over 120 minutes too in the last 10 years.
Let's hope the spammers done with the hype and fade away sooner.
-
Any one send sending bitcoin that period is sending high but I noticed something and that is what I will do if I want to send and the mempool is congested I will wait until the price is down.
You can wait if you are not in any hurry to make the tx, or if you are sending the funds to another address that is yours. But waiting can only work for a few people, so many users are making payments and sending funds to another party, so they cannot wait and they must make the tx. This is why i don't consider waiting as a solution to the problem of high BTC tx fees.
-
I ViaBTC has also reduced its number of hourly free accelerated tx's from 100 to 20, so if fee rate spikes again, people will have to either not use the BTC network or pay the high fee, because ViaBTC will be almost impossible to use, except you use a bot.
I hope it doesn't reiterate it self :D and I guess people are now using lightning nodes but does it change anything ??? though more transaction were archived...
-
~
Cant agree with that. Look at BNB. Lots of projects are based on BSC blockchain, we have BSC dex, NFTs, BNB has its price pumps and changes, and transaction fee is always "not more than few cents". No matter what situation is on the market.
I have observed different blockchain fees for ages.
Piggybacking on what bitmover said that it's centralized.
If you have observed fees that long, haven't you noticed how standard BNB Chain (formerly BSC) fees suddenly jump from 5 gwei to 10 gwei or drop from 5 gwei to 3 gwei? It fluctuates as well but not as much compared to POW because there is a small group of validators that controls how much gas can be charged per transaction. This practice isn't done on Bitcoin.
I have observed a lot. Maybe I have done wrong conclusions, but as a regular guy I see that what once was cheap, now is expensive, and what was cheap still remained cheap. I am not much of a tech guy, just a regular user, customer, whos priority is final price. I dont care much about layers, centralized or decentralized. Crypto has turned into speculative asset and the is what matters.
If crypto was a car, I dont care if it is white, yellow, sedan or coupe. Getting from point A to point B for lower prices with enough comfort is what I want. Having ventilated seats with nappa leather on it, and leather dashboard panel. It is something I get excited first day I've bought car. With daily usage that wont be noticeable at all.
-
Damn!
It does not look good anymore. The mempool seems congested further; the number of unconfirmed transactions increased to 280K, and the fee is now around 70 sat/vB. The way people keep increasing the fees, we might see another 500K unconfirmed transactions anytime soon.
Some ordinal coins have been pumped with Bitcoin as Bitcoin pumped a little. The number of transactions increased as well. Especially OZK and BANK surged up to 35% today. If the number of ordinal transactions increases, it will affect the Bitcoin network.
-
~
Cant agree with that. Look at BNB. Lots of projects are based on BSC blockchain, we have BSC dex, NFTs, BNB has its price pumps and changes, and transaction fee is always "not more than few cents". No matter what situation is on the market.
I have observed different blockchain fees for ages.
Piggybacking on what bitmover said that it's centralized.
If you have observed fees that long, haven't you noticed how standard BNB Chain (formerly BSC) fees suddenly jump from 5 gwei to 10 gwei or drop from 5 gwei to 3 gwei? It fluctuates as well but not as much compared to POW because there is a small group of validators that controls how much gas can be charged per transaction. This practice isn't done on Bitcoin.
I have observed a lot. Maybe I have done wrong conclusions, but as a regular guy I see that what once was cheap, now is expensive, and what was cheap still remained cheap. I am not much of a tech guy, just a regular user, customer, whos priority is final price. I dont care much about layers, centralized or decentralized. Crypto has turned into speculative asset and the is what matters.
If crypto was a car, I dont care if it is white, yellow, sedan or coupe. Getting from point A to point B for lower prices with enough comfort is what I want. Having ventilated seats with nappa leather on it, and leather dashboard panel. It is something I get excited first day I've bought car. With daily usage that wont be noticeable at all.
Regardless of what you want or care about, the point is transaction fees still fluctuate. Maybe you are not feeling the increase or decrease then and now because the dollar value of fees makes it insignificant (cents). Once the price of the native coin of the blockchain you use reaches thousands, you'll probably have a different view.
-
~
Cant agree with that. Look at BNB. Lots of projects are based on BSC blockchain, we have BSC dex, NFTs, BNB has its price pumps and changes, and transaction fee is always "not more than few cents". No matter what situation is on the market.
I have observed different blockchain fees for ages.
Piggybacking on what bitmover said that it's centralized.
I have observed a lot. Maybe I have done wrong conclusions, but as a regular guy I see that what once was cheap, now is expensive, and what was cheap still remained cheap. I am not much of a tech guy, just a regular user, customer, whos priority is final price. I dont care much about layers, centralized or decentralized. Crypto has turned into speculative asset and the is what matters.
If crypto was a car, I dont care if it is white, yellow, sedan or coupe. Getting from point A to point B for lower prices with enough comfort is what I want. Having ventilated seats with nappa leather on it, and leather dashboard panel. It is something I get excited first day I've bought car. With daily usage that wont be noticeable at all.
Well, if you just need fast and free transactions, you can jut use Visa. No need to use cryptocurrencies.
You can even get 1% back when you make a purchase using Visa. Visa is amazing.
Bitcoin is not relevant to make transactions free or fast. Visa does that very well, and that is not the goal of bitcoin.
Bitcoin exists so you can send money anywhere in the world, without asking permission, without anyone controlling it. Censorship resistant. No one can censor your transaction, it will get confirmed.
You can't say that about BNB, or about Visa.
-
Bitcoin exists so you can send money anywhere in the world, without asking permission, without anyone controlling it. Censorship resistant. No one can censor your transaction, it will get confirmed.
You can't say that about BNB, or about Visa.
Or with Bitcoin. Not anymore. Authorities give a lot more attention to the Bitcoin. You cant actually send BTC to anyone and be 100% sure of anonymity, being safe or uncontrolled. Maybe not instantly, maybe only under certain circumstances, but BTC sender as minimum can get fined, as maximum can get a prison term. If it is so free and with daisy flowers, why there is issues with mixers, exchanged get fined and transactions get excluded from blockchain (due to low fee)?
P.S. I think we are slowly turning into off-topic direction right now...
-
Bitcoin exists so you can send money anywhere in the world, without asking permission, without anyone controlling it. Censorship resistant. No one can censor your transaction, it will get confirmed.
You can't say that about BNB, or about Visa.
Or with Bitcoin. Not anymore. Authorities give a lot more attention to the Bitcoin. You cant actually send BTC to anyone and be 100% sure of anonymity, being safe or uncontrolled. Maybe not instantly, maybe only under certain circumstances, but BTC sender as minimum can get fined, as maximum can get a prison term. If it is so free and with daisy flowers, why there is issues with mixers, exchanged get fined and transactions get excluded from blockchain (due to low fee)?
P.S. I think we are slowly turning into off-topic direction right now...
You are referring to Bitcoin that is sent from centralized exchanges which are readily identify by chain surveillance. If I decide to withdraw Bitcoin from any exchange be it centralized or decentralized, it can be mix and the purpose of this mixing is to cut off the input and the output and when this Bitcoin is mixed, it can't be further trace back to source but they can of course trace it back to the mixers and who are the mixers? Nobody.
You can greatly achieve a high level of private life with Bitcoin without suffering anything or been trace, even a tent Bitcoin can be use to transfer value without anyone permission unless the person I sent to use a centralized exchange to receive the Bitcoin, you can't trace a bitcoin sent from wallet A to Wallet B never, the pseudonym remain hidden unless the Bitcoin is redeem in centralized exchanges or any centralized P2P platforms which used KYC to identify people.
-
[You cant actually send BTC to anyone and be 100% sure of anonymity, being safe or uncontrolled.
But bitcoin was never meant to be anonymous. This is basically an additional feature which is added by using third party services such as mixers.
Freedom is not the same as anonymous.
I can guarantee anyone can send their bitcoin to any wallet they want, without asking permission or being censored by the protocol.
Maybe not instantly, maybe only under certain circumstances, but BTC sender as minimum can get fined, as maximum can get a prison term. If it is so free and with daisy flowers, why there is issues with mixers, exchanged get fined and transactions get excluded from blockchain (due to low fee)?
Those mixers had problems because they were investigated and concluded that they were used for money laundry .
The third party (mixers) had problems, not bitcoin
-
Damn!
It does not look good anymore. The mempool seems congested further; the number of unconfirmed transactions increased to 280K, and the fee is now around 70 sat/vB. The way people keep increasing the fees, we might see another 500K unconfirmed transactions anytime soon.
Right now it is not looking bad, though unconfirmed tx's is ~ 225k, the fee rate for high priority right now is ~ 49 sat/vByte. I know that anything can happen and the fee rate could spike up again, but now is still a good time to make those tx's that you've been waiting to make due to high fees, it can change at anytime so it is good to take advantage of the fee rate right now.
-
Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.
The underlying cause behind the fee hike still exists and I don't see any changes will be made soon to get rid of those spam ordinals from bitcoin network so don't be durprised if the fee rise back to 300-400sat/vb.
Today, the fee hiked again but this is mostly due to the less blocks mined than they should be and also some big time gaps between blocks like a hour and yesterday we high an historic time gap over 120 minutes too in the last 10 years.
Let's hope the spammers done with the hype and fade away sooner.
I believe that at some point, the spammers are going to fad aways and die a natural dead by giving up, but I also know that, that is going to take some time to come to happens and as a matter of fact, bitcoin holders and those who do daily transactions are already aware of this fact and they making ways to accommodate alternative means of carrying out their daily transactions.
But the good news is that, for now, the hike is subsiding and the Bitcoin community is beginning to see a serious Bitcoin ecosystem again against what we heard in the last few weeks back.
-
Damn!
It does not look good anymore. The mempool seems congested further; the number of unconfirmed transactions increased to 280K, and the fee is now around 70 sat/vB. The way people keep increasing the fees, we might see another 500K unconfirmed transactions anytime soon.
Some ordinal coins have been pumped with Bitcoin as Bitcoin pumped a little. The number of transactions increased as well. Especially OZK and BANK surged up to 35% today. If the number of ordinal transactions increases, it will affect the Bitcoin network.
The situation seems to have stabilized for now, as the number of unconfirmed transactions there has dropped to 267k, and the recommended transaction fee has dropped to 29 sats per byte. The problem is that everything can change literally overnight, and it's really bad for normal users, considering that viaBTC also significantly reduced the quota for their transaction accelerator.
-
The situation seems to have stabilized for now, as the number of unconfirmed transactions there has dropped to 267k, and the recommended transaction fee has dropped to 29 sats per byte. The problem is that everything can change literally overnight, and it's really bad for normal users, considering that viaBTC also significantly reduced the quota for their transaction accelerator.
We all know, crypto currency cannot be predicted.
It's always volatile.
Especially about fee.
I think fee depends on traffic and price.
When crypto price goes up , fee will more expensive.
But as you said fee has dropped to 29 sats per byte, I think nice to hear that.
But let's see, it will increase again or stable at this value.
-
If I may ask what's the purpose of this spamming make the space more stuffy or just to raise the fee....?
-
Fortunately, when I checked fee today it's dropped to 40 sats/vb which comes as a relief. This reduction in transaction costs not only makes Bitcoin more practical for everyday use but also aligns with the original vision of a peer-to-peer electronic cash system. Bitcoin lower fees have benefits of more inclusive financial ecosystem which enable broader adoption and utilization of Bitcoin for various transactions. As fees decrease, the benefits of a decentralized and efficient digital currency become more evident.
The prices of bitcoins are down right now, but what is questionable is for how long? if the TX fee is not always stable, and the highs become more regular like the lows, it will be discouraging for people to keep using bitcoins for transaction as an everyday currency.
It will not be easy for people to get used to it.
-
Bitcoin fees currently cannot be said to be practically used in daily transactions because the fees are still at 3USD which is quite high, I don't think that anyone will be willing to pay a fee of 3USD just to buy a coffee in a cafe. But the fees now are much better compared to some time ago where for one transaction it took around 11USD just for fees alone which was unreasonable.
-
I disagree @Bitmover.
Things will only go to normal if there is patch in bitcoin protocol that is been exploited by the so call what we refer as BRC 20. In reality, there is nothing as ordinals, what happen is that the bitcoin protocol is been exploited and meme guys see this as a way to create exploit in the network which we see as spamming and this exploit will continue unless the network is been forked so that the network can be stable. If there is no soft fork, I don't think there is anything that will be normalised because it's seem even the miners love this exploits.
Ethereum is not experiencing network surge again because meme guys have found less headache chain like Solana and BSC which consume less transaction fees, if they move down there again, expect ethereum network to expand with increase number of transactions.
I'm telling you, situations like this come and go. Everything is temporary and the situation we're in now is no exception. That meme/inft/airdrop hype.
Didn't Ethereum have something like this? Yeah, it's quiet for now. But as soon as there is a high news, the gas for the transfer will fly into space. You can analyze past activity yourself. What it was like before and what it's like after. There's a pattern.
P.S. Thanks for the recommendation with the current transfers. I'd rather wait until the situation gets better so I can transfer my bitcoin funds normally. Or I'll send it now and have to wait a couple days for it to arrive. ;D
-
If I may ask what's the purpose of this spamming make the space more stuffy or just to raise the fee....?
If I am not wrong, are you asking about the spam transaction on the network? Or are you talking about the spam on this forum? If you were talking about the spam transactions; here is what I believe. We don't know the actual reason. But the spamming is happening because of the BRC-20 ordinal transactions. People transfer small amounts of Bitcoins from a wallet to another platform to make it active, so they can become eligible for the airdrop of those coins. They do not care about how much they are paying for it. This could be the possible reason of spam transactions.
-
If I may ask what's the purpose of this spamming make the space more stuffy or just to raise the fee....?
If I am not wrong, are you asking about the spam transaction on the network? Or are you talking about the spam on this forum? If you were talking about the spam transactions; here is what I believe. We don't know the actual reason. But the spamming is happening because of the BRC-20 ordinal transactions. People transfer small amounts of Bitcoins from a wallet to another platform to make it active, so they can become eligible for the airdrop of those coins. They do not care about how much they are paying for it. This could be the possible reason of spam transactions.
Actually if you joined any inscription on btc ordinal network then you will be fimiliar with their working method.. When any project launch their token Inscription mint, it has limited supply and FCFS based. Everyone trying to get more token because per successfully transaction you will get one token or 100 token/1k token. The more your transaction confirmed quick the high rewards you will get , thus airdrop hunters didn't care about fee and paying high fee with Burst transaction due to which we see a highly congested network with so many unconfirmed transactions. I hope it will not remains for long time and everything will become normal
-
Indeed considering the transaction fees in Bitcoin is worth panicking which has got many Bitcoin investors stucked and unwillingly hodling there Coins even at most needed time to sell their coins at immediate necessity just to solve their financial issues. This if frustrating and lot of transactions has been timely and untimely placed on pending without planning for it. Maybe I should just say the transaction fees is a disasterous situations to the vulnerable investors.
-
(https://www.talkimg.com/images/2024/01/10/s8Xmd.jpeg)
The most talked about issue of the moment was the increase in Bitcoin transaction fees. Due to the increase in transactions, people suffered so much which made people face many problems. Currently the Bitcoin Mempool has decreased a lot. Right now the Bitcoin mempool is 34sat/vB. However, it is expected that the Bitcoin mempool will decrease further and the inconvenience to people will be removed.
-
Actually if you joined any inscription on btc ordinal network then you will be fimiliar with their working method.. When any project launch their token Inscription mint, it has limited supply and FCFS based. Everyone trying to get more token because per successfully transaction you will get one token or 100 token/1k token. The more your transaction confirmed quick the high rewards you will get , thus airdrop hunters didn't care about fee and paying high fee with Burst transaction due to which we see a highly congested network with so many unconfirmed transactions. I hope it will not remains for long time and everything will become normal
Yes. I got that. But as long as devs do not stop launching tokens on taproot protocol using BRC-20, more new tokens will appear and they will start airdrop as well. If these websites continue to offer airdrops for doing such shitty things, people will continue doing these spammy transactions so they can be eligible for the airdrop.
I am afraid but I do not see any kind of actions from Bitcoin developers. Do you remember how ERC-20 token congested the Ethereum network back in the old days? Something similar is happening with Bitcoin network as well.
-
Yes. I got that. But as long as devs do not stop launching tokens on taproot protocol using BRC-20, more new tokens will appear and they will start airdrop as well. If these websites continue to offer airdrops for doing such shitty things, people will continue doing these spammy transactions so they can be eligible for the airdrop.
I am afraid but I do not see any kind of actions from Bitcoin developers. Do you remember how ERC-20 token congested the Ethereum network back in the old days? Something similar is happening with Bitcoin network as well.
They only continue if they see profit. They smell profit, then want to take risk because they see risk is smaller than potential profit. So far it seems like those risk takers are right but if in future, they fail with those BRC20 tokens, they will stop minting useless Inscriptions and stop buying those useless BRC20 tokens.
If it happens, Bitcoin mempools will not be congested and we will return to normal like in 2021 and 2022 without BRC20 tokens, without Ordinals Inscriptions.
But I see probability for mempool congestion in coming bullish months which tend to be great opportunities for useless scam projects to be launched.
-
They only continue if they see profit. They smell profit, then want to take risk because they see risk is smaller than potential profit. So far it seems like those risk takers are right but if in future, they fail with those BRC20 tokens, they will stop minting useless Inscriptions and stop buying those useless BRC20 tokens.
This is just the truth, and this madness will gradually fade away just as the era of NFT has come and gone. It will happen with the Ordina and their airdrops.
As we all can see, they are already trying so hard to start avoiding paying those high fees right now as they are looking for cheaper ways to get their transactions through by occupying the free acceleration service that Viabtc offers. They are getting tired of paying the fee, and very soon, when the people's eyes get open and they stop buying those spam tokens, we will see the end of all of this.
-
Several Bitcoin ETFs approved and we have fees almost back to normal again, something is strange here.
I think this is just quiet preparation time for big storm, so better consolidate your UTXOs and get ready to bumpy ride ahead.
Maybe we see new ATH this year and that could mean ATH fees also ;)
-
If I am not wrong, are you asking about the spam transaction on the network?
Yes! I won't have added the word "fee" if I was talking about the forum spamming
They only continue if they see profit. They smell profit, then want to take risk because they see risk is smaller than potential profit. So far it seems like those risk takers are right but if in future, they fail with those BRC20 tokens, they will stop minting useless Inscriptions and stop buying those useless BRC20 tokens.
Okay I get it now they make transactions to get rewards of more and extra BRC20 token so they don't really care about the fee their job is to get it done to get rewarded but the BRC20 tokens, I get that some fails but other that prevails and get dumbed later are traded for what ?? Transactions or what exactly that earned this spammers profits
-
It's actually a nice thing that the fee dropped because it was really messy for some people who deal more often with Bitcoin transactions. I had a pie of the high fee and really got upset that day because of the huge fee I spent just to make a $55 worth of Bitcoin payment. I also read that some people were complaining that their transaction had been stocked on the mempool for more than two days, while it was a transaction that actually needed to be confirmed within a few minutes or an hour.
It also affected my customers from paying in Bitcoin, but for transactions I have carried out since the start of this week, I have not spent more than a $2 fee, which is very much okay with me.
-
I also read that some people were complaining that their transaction had been stocked on the mempool for more than two days, while it was a transaction that actually needed to be confirmed within a few minutes or an hour.
That's what happens when the network is congested, people had and still have tx's that are stuck in the mempool for weeks now. The people most affected by this are those who need to make a payment or send money urgently to someone. If you are sending money to an address that is yours and you are not in hurry, waiting is an option.
It also affected my customers from paying in Bitcoin, but for transactions I have carried out since the start of this week, I have not spent more than a $2 fee, which is very much okay with me.
Fee rate has spiked again, as i type this, fee rate for high priority is ~ 194 sat/vByte.
-
It's actually a nice thing that the fee dropped because it was really messy for some people who deal more often with Bitcoin transactions.
Yeah, always good to hear fee dropped.
Fee is always being basic matter.
When the fee goes up, almost everyone complains and waits for it to go down to make a transaction.
Some people say the fee depends on traffic, I think that's true.
When crypto prices rise, traffic will increase, making fees even more expensive.
-
Some people say the fee depends on traffic, I think that's true.
When crypto prices rise, traffic will increase, making fees even more expensive.
Fee rate rises when the network is congested and users now have to outbid one another for a space in a block, that is surely true. But take note that BTC price does not have to rise before there can be a congestion in the network, take for example, this current state of high tx fees is not as a result of a rise in the price of BTC, but by the people who are making ordinals tx's and taking a lot of the space in each block.
-
Some people say the fee depends on traffic, I think that's true.
When crypto prices rise, traffic will increase, making fees even more expensive.
The price of a coin does not affect the network congestion which in turn cause a rise or decrease in transaction fee.
For bitcoin it was known that the ordinal spam was what resulted in the increase of transaction fees, for example if a block was supposed to be mined in ~approximately 10 minutes but then something happened and it wasn’t mined new transaction will be added to the already existing transaction resulting in the congestion.
And we all know that those using ordinals or minting nfts in bitcoin network normally do it when a large sum of transaction fee – for example you’ll see a transaction worth $0.25 being sent with a transaction fee of over a thousand dollars or let’s say 300 sats/vbyte.
-
I could imagine the stress many stuck up transaction holders could have gone through. I personally felt the heat that period as I got a transaction stuck for over a week without confirmation. It is very painful though and In most cases some of the funds would be needed urgently to sort out bills but it would be unfortunate that the transaction would get stuck on chain.
It is a good news now and I believe many would be relieved of the stress and things would be back to normal for the reason being that transaction fee is back to normal.
-
Here we have a spam attack again. 100,000 transactions have been dumped on the mempool in the last 24 hours, raising the average priority rate to 200 sats/vByte according to mempool.space. On top of that, come Saturday and Sunday, when the mempool is usually quieter and you can make cheaper transactions than the rest of the week.
-
On top of that, come Saturday and Sunday, when the mempool is usually quieter and you can make cheaper transactions than the rest of the week.
It's going to be bad again!
The amount of tx over 30sat/vb has grown from 13Mvb to 34Mvb and more annoying than everything another purge hit the over 20sat/vb area, so if you want to send a fee with 20sat/vb to just sit there and maybe get a chance at viabtc you're going to have again to look for nodes that don't run on the default 300MB mempool limit.
I'm looking right now at 1.73 GB, dunno where mempool()space is getting their 1.81 GB, probably better connected nodes but this is nuts, the entire world needs to stop doing transactions for three days to clear the backlog, not even counting how many will rush to consolidate or do some payments if it ever goes below 10sat/vb.
And we all know that those using ordinals or minting nfts in bitcoin network normally do it when a large sum of transaction fee – for example you’ll see a transaction worth $0.25 being sent with a transaction fee of over a thousand dollars or let’s say 300 sats/vbyte.
There is only one tx in the last 24 hours (https://blockchair.com/bitcoin/transactions?s=time(desc)&q=time(2024-01-13%2016:29:37..2024-01-14%2016:29:37),fee_usd(1000..),output_total_usd(0..100)#f=hash,block_id,input_count,output_count,time,output_total_usd,fee_usd) that has a fee over $1000 and an input under $100.
Also, there are only 76 (https://blockchair.com/bitcoin/transactions?s=time(desc)&q=time(2024-01-13%2016:29:37..2024-01-14%2016:29:37),fee_usd(100..),output_total_usd(0..100)#f=hash,block_id,input_count,output_count,time,output_total_usd,fee_usd) that have an input under 100 and a fee over 100$.
This is a brc inscription
https://mempool.space/tx/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2
They have only 135.75 vB in size so even $10 is enough for 173 sat/vB ;)
-
Here we have a spam attack again. 100,000 transactions have been dumped on the mempool in the last 24 hours
?
This is a brc inscription
https://mempool.space/tx/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2
They have only 135.75 vB in size so even $10 is enough for 173 sat/vB ;)
hey Stompix, I know you are a Legendary member and have a perfect understanding of Bitcoin transactions. I don't understand much about Bitcoin transactions, let alone Bitcoin mining.
Can you explain what Don Pedro Dinero mentioned with "spam attack 100,000 transactions"?
I've tried searching on Blockchair but can't or haven't found anything called "spam attack 100,000 transactions".
I've also checked for BRC Inscription with a fee of 10 USD which is equivalent to 23,485 sat and a fee rate of 173 sat/vB, if I'm not mistaken the fee is used for Minting a token on the Bitcoin blockchain, right?
The question is, is the 10 USD fee used for 1 Inscription or used several times?
Considering that 10 UDS is very expensive in my opinion for one transaction fee.
(https://i.imgur.com/Cep7GmC.png)
-
hey Stompix, I know you are a Legendary member and have a perfect understanding of Bitcoin transactions. I don't understand much about Bitcoin transactions, let alone Bitcoin mining.
Can you explain what Don Pedro Dinero mentioned with "spam attack 100,000 transactions"?
I've tried searching on Blockchair but can't or haven't found anything called "spam attack 100,000 transactions".
There are two options to check those easily:
Jochen website
https://jochen-hoenicke.de/queue/#BTC,2d,count
Or mempoolspace but you need a few extra clicks:
https://mempool.space/graphs/mempool#1w
On the top left there is a button, you click it and then click "count" which is disabled by default in graph and you get this:
(https://www.talkimg.com/images/2024/01/15/3v9Gl.png)
The white line is the count of transactions and between January 13th and 14th it grew by 100 000 transactions sitting in the mempool!
That's what Don Pedro Dinero was talking about!
I've also checked for BRC Inscription with a fee of 10 USD which is equivalent to 23,485 sat and a fee rate of 173 sat/vB, if I'm not mistaken the fee is used for Minting a token on the Bitcoin blockchain, right?
The question is, is the 10 USD fee used for 1 Inscription or used several times?
Hmm, it's the price you pay for one inscription, once! The one I mentioned is this:
https://ordinals.com/inscription/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2i0
But do note that inscriptions differ, that's a text inscription, people are inscribing everything in the chain
Bitcoin Magazine inscribed this:
https://www.ord.io/1290742
It's a 992.44 kvB tx that occupied nearly an entire block at a fee of 49,622,200 sat$ / 13,558$
Considering that 10 UDS is very expensive in my opinion for one transaction fee.
Somebody paid 2 million for a pokemon card and people all over the world pay daily insane amounts for stupid things, it's matter about the pockets you have, and when you have millions, $10 is something you don't even look at.
-
There are two options to check those easily:
Jochen website
https://jochen-hoenicke.de/queue/#BTC,2d,count
Or mempoolspace but you need a few extra clicks:
https://mempool.space/graphs/mempool#1w
On the top left there is a button, you click it and then click "count" which is disabled by default in graph and you get this:
<...>
I also sometimes use https://mempool.observer/
It is not as professional as the others, and for jonathancool220, who says he doesn't know much about the subject, it might be useful, but I think it is the best for beginners. This is what it shows what has happened in the last 7 days.
(https://www.talkimg.com/images/2024/01/15/3vxb5.png)
-
Maybe we see new ATH this year and that could mean ATH fees also ;)
Omg I was hoping to never see a 500 sat/vB transaction again :D
I think fees now are being controlled mostly by ordinals, not normal transactions demand.
Because blocks are like this
(https://www.talkimg.com/images/2024/01/11/spJk8.png)
A normal block should look like this, with more than 3500 transactions
https://mempool.space/block/000000000000000000046e38b72bdb16e221e94ee1d3404e2258288e6e549bd0
-
Omg I was hoping to never see a 500 sat/vB transaction again :D
I think fees now are being controlled mostly by ordinals, not normal transactions demand.
Only crazy people will approve a 500 sat/vB transaction, or those who don't know that the transaction will drain their assets for fees only.
Ordinals only create bottlenecks, no good impact, just pile up transactions that never get completed.
When will the Ordinal end?
It is possible that it will remain part of Bitcoin or just be part of history and will be removed from Bitcoin.
Some transaction fees I made increased 10x from the previous transaction.
-
Omg I was hoping to never see a 500 sat/vB transaction again :D
I think fees now are being controlled mostly by ordinals, not normal transactions demand.
Only crazy people will approve a 500 sat/vB transaction, or those who don't know that the transaction will drain their assets for fees only.
Ordinals only create bottlenecks, no good impact, just pile up transactions that never get completed.
That could be the case but, some users wouldn't care more due to just how much they would have as there holdings and the volume of transaction that is to be done which I think would be very wrong of them.
If they could actually value this, they would realise just how it's highly unnecessary for anyone to use 500sat/byte for a transaction fee no matter the congested nature of the network. Exchanges don't even use a little more than the required threshold to have there transactions confirmed in a minute.
Check the mempool, make the calculations and you just would be using the appropriate fee no matter the volume.
When will the Ordinal end?
It is possible that it will remain part of Bitcoin or just be part of history and will be removed from Bitcoin.
Some transaction fees I made increased 10x from the previous transaction.
I think bring a part of history would be the closest possibility and something plausible for Bitcoin. Its been discouraging and defeating to Bitcoin's use case for a means of day to day in p2p payments as, its reflected in fee hence, its only normal that it be dropped or moderated.
-
We've seen Transaction Free get a lot of lore for Bitcoin's high volume of transactions. Last week the transaction fee per bitcoin increased to around 200-300+sat/vb. But this week the transaction pressure has reduced a lot due to which this transaction free is comparatively less.
(https://www.talkimg.com/images/2024/01/16/3V3WH.png)
-
If they could actually value this, they would realise just how it's highly unnecessary for anyone to use 500sat/byte for a transaction fee no matter the congested nature of the network. Exchanges don't even use a little more than the required threshold to have there transactions confirmed in a minute.
Check the mempool, make the calculations and you just would be using the appropriate fee no matter the volume.
Actually not true! These are Binance's tx:
https://mempool.space/tx/4d776e1cb6722a015a3799d60ef5051bfcb7d1813b473602261f8178131f7307
https://mempool.space/tx/ff705db5b3ffba3fdebb2a23e0b9f17b431cb5e60e9e7dc0534d1ff22d2d5f12
On both occasion they have overpaid 4x the sum needed for a confirmation and even a 2x would have got them in the top 10% of the next block.
This is okex:
https://mempool.space/tx/7fedaadae97ee4c43987be7bdcaca9227e23d0063c82cf19333f260a6610c01c
Again overspending by 4x
Only crazy people will approve a 500 sat/vB transaction, or those who don't know that the transaction will drain their assets for fees only.
500sat/vb is still under 30$, when you move around 10 000 it stops being such high fee!
This guy paid 2,173 sat/vB overpaying by 33x, but still he moved 0.6BTC so he paid 0.64% on fee.
Now if BTC goes to 500k, then 500sat/vb starts to sound really expensive!
-
We've seen Transaction Free get a lot of lore for Bitcoin's high volume of transactions. Last week the transaction fee per bitcoin increased to around 200-300+sat/vb. But this week the transaction pressure has reduced a lot due to which this transaction free is comparatively less.
As I said before, before the end of this month, the average fee prices will range between 40 Sat/vb to 60 Sat/vb, but the problem is that they are considered low fees, while most of us are accustomed to 1-10 Sat/vb, so without intervention from the developers, the spam will pass for a while and people will accept paying 10 Sat/vb to 40 Sat/vb as a normal fees.
I think this is the problem where we celebrate that we have returned to 40 Sat/vb and that you can broadcast a transaction for about 30 Sat/vb, which are all wrong things to deal with it as the normal fees are 1 Sat/vb up to 30 Sat/vb, while 40 was very high.
Generally up to 40 Sat/vb will take up some time to stable as the average block time is ~10.8 minutes which means we will see lower fees after ~January 22.
Actually not true! These are Binance's tx:
On both occasion they have overpaid 4x the sum needed for a confirmation and even a 2x would have got them in the top 10% of the next block.
This is okex:
Sometimes I feel that these services are lazy to improve withdrawal prices or that they are happy to use high withdrawal prices (more will avoid withdraw or use wBTC.)
-
There are two options to check those easily:
Jochen website
https://jochen-hoenicke.de/queue/#BTC,2d,count
Or mempoolspace but you need a few extra clicks:
https://mempool.space/graphs/mempool#1w
On the top left there is a button, you click it and then click "count" which is disabled by default in graph and you get this:
The white line is the count of transactions and between January 13th and 14th it grew by 100 000 transactions sitting in the mempool!
That's what Don Pedro Dinero was talking about!
Very useful knowledge, thank you for the explanation and I appreciate it.
I admit that I am still a beginner in Bitcoin transactions and this is a very valuable experience.
I continue to study every step of a Bitcoin transaction and this makes me think several times to understand it.
This means that it is very clear that if 100,000 transactions run into the mempool, the results will definitely congest the Bitcoin Blockchain network and the results will provide very expensive transaction fees.
Hmm, it's the price you pay for one inscription, once! The one I mentioned is this:
https://ordinals.com/inscription/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2i0
Okay mate , for this answer i'm still to check this link website and still study.
But do note that inscriptions differ, that's a text inscription, people are inscribing everything in the chain
Bitcoin Magazine inscribed this:
https://www.ord.io/1290742
It's a 992.44 kvB tx that occupied nearly an entire block at a fee of 49,622,200 sat$ / 13,558$
Haha , hey Dude , this price 13,558 USD very crazy for 1x incriptions.
Indeed, cryptocurrency has a lot of crazy people looking for oddities in their lives, this really makes me think and is beyond my thoughts.
So, i have a bit question again . What could make it expensive to charge this Bitcoin Magazine in one Inscription??
Can you explain to me again , thanks :)
I also sometimes use https://mempool.observer/
Well , this website link made me think simple , i like this informations and its very easy to check it . Thanks Mate 8)
-
Fuck it. The fee keeps going up and up and we are unable to do anything. Bitcointalk already has a thread named Mempool observer thread. Now, this thread is becoming altcoin stalks mempool observer thread as well.
I don't know what is going on but look at this transaction https://mempool.space/tx/d8ec0d3b0f7f964396fc74c550d6cc7e17a4514ceeeaf5ef04dece8531ab5d38
there are hundreds of similar transactions in a same block and more similar transactions are waiting in unmined blocks. What the fuck is going on?
-
As of this post it currently hit at $4.95 for the lowest priority 82 sats/vB so it goes up from previous $2+ at 30 sats/vB. If you're planning to transact I suggest to wait every reset as I observed it has lower fees that time compared to other timeframe.
-
Only crazy people will approve a 500 sat/vB transaction, or those who don't know that the transaction will drain their assets for fees only.
Ordinals only create bottlenecks, no good impact, just pile up transactions that never get completed.
That could be the case but, some users wouldn't care more due to just how much they would have as there holdings and the volume of transaction that is to be done which I think would be very wrong of them.
If they could actually value this, they would realise just how it's highly unnecessary for anyone to use 500sat/byte for a transaction fee no matter the congested nature of the network. Exchanges don't even use a little more than the required threshold to have there transactions confirmed in a minute.
Check the mempool, make the calculations and you just would be using the appropriate fee no matter the volume.
The problem is people who use ordinals really make high fee transactions, such as 500 sat/vbyte.
If you need to transfer any bitcoin in an emergency while those ordinal speculators are doing their thing, you can't do much. Or you pay, or you need to wait a few days..
-
I think bring a part of history would be the closest possibility and something plausible for Bitcoin. Its been discouraging and defeating to Bitcoin's use case for a means of day to day in p2p payments as, its reflected in fee hence, its only normal that it be dropped or moderated.
While Layer2 ordinals still exist, scalability issues will never be resolved on the Bitcoin network.
It was a new network coming into Bitcoin and only weighing Bitcoin, the Network was more on than ever but not about the use of Bitcoin.
When this is canceled and moderated by a portion of the community that does agree to be abolished, Ordinals should have their own network.
We don't have to put up with fees that are too expensive, this is not Bitcoin's fault, but Bitcoin is affected.
-
As of this post it currently hit at $4.95 for the lowest priority 82 sats/vB so it goes up from previous $2+ at 30 sats/vB. If you're planning to transact I suggest to wait every reset as I observed it has lower fees that time compared to other timeframe.
This is very unstable at the moment, and I think it can be problematic to predict a favorable moment to send a transaction. The situation is also complicated by the fact that blocks in the BTC network are sometimes mined unevenly. For example, today, there was a moment when there was no new block in the BTC network for 1.5 hours. As a result, the fee increased from 42 to 146 sat/vB.
-
As of this post it currently hit at $4.95 for the lowest priority 82 sats/vB so it goes up from previous $2+ at 30 sats/vB. If you're planning to transact I suggest to wait every reset as I observed it has lower fees that time compared to other timeframe.
This is very unstable at the moment, and I think it can be problematic to predict a favorable moment to send a transaction. The situation is also complicated by the fact that blocks in the BTC network are sometimes mined unevenly. For example, today, there was a moment when there was no new block in the BTC network for 1.5 hours. As a result, the fee increased from 42 to 146 sat/vB.
It is unstable not just at the moment, but since NFTs appeared on BTC blockchain. It has triggered high fees, and now they more random, as you never know what the fees will be in 3-6 hours. It is always amazing how fees can jump from 50sat/vb to 200sat/vb in just half an hours, and people will still continue making transaction. Like whatever price would be, people would still send. That is imho ridiculous. One thing I am sure, we will never get any kind of stability or good old 1-10sat/vb anymore.
-
This means that it is very clear that if 100,000 transactions run into the mempool, the results will definitely congest the Bitcoin Blockchain network and the results will provide very expensive transaction fees.
Pretty much!
Of course , this unless the mempool would have miraculously being empty, and this would be an one time event, if that would have been the case it would have cleared in half a day maybe, but not during an already congested period!
Haha , hey Dude , this price 13,558 USD very crazy for 1x incriptions.
Indeed, cryptocurrency has a lot of crazy people looking for oddities in their lives, this really makes me think and is beyond my thoughts.
So, i have a bit question again . What could make it expensive to charge this Bitcoin Magazine in one Inscription??
Can you explain to me again , thanks :)
It's the difference in size, that first small cheap ordinal was just a text inscription.
What Bitcoin Magazine did was inscribing a full almost 4MB picture in the chain, which not only is a bit idiotic since you can't see it unless you go to a website that translates text to image it's also pretty expensive! Nevertheless, it was still a bit cheap since the fees were lower at that time, now they would have to find a miner that would drop 60-100 sat/b transactions for them, so probably at least thrice or four times that.
Fuck it. The fee keeps going up and up and we are unable to do anything. Bitcointalk already has a thread named Mempool observer thread. Now, this thread is becoming altcoin stalks mempool observer thread as well.
Neah, Bitmover did one, after all even on BTT it's his bot that's the center of attention!
https://www.altcoinstalks.com/index.php?topic=315483.0;topicseen
-
This morning 10 hrs ago I did a Bitcoin transfer using Electrum to the exchange, and it was around 50 sats. I checked tonight at this time, and it was still easy and nothing changed; the fee amount is still the same. I hope he lowers his fee amount again to the amount we are used to.
Because I have noticed that when the value of Ordi increases, the Bitcoin fee for holders also increases at the same time. I just don't know if anyone else here noticed what I saw in this matter. Then, when there is a drop in the price of Ordi, the bitcoin fee on the network also drops.
-
Neah, Bitmover did one, after all even on BTT it's his bot that's the center of attention!
https://www.altcoinstalks.com/index.php?topic=315483.0;topicseen
Oh, Thanks stompix. I didn't know that he had created the same thread here as well. We don't need our feebuddy here yet. The forum is not very active at this moment. But I feel like we need a notification bot. Either a telegram bot like TryNinja's super notifier bot or LoyceV's notification.
Back to the main topic again. The mempool seems like getting more congested every day. The fee hasn't fallen below 40 sat/vB for a while now. It's still rising rocket high due to shitcoin minting.
-
What could make it expensive to charge this Bitcoin Magazine in one Inscription??
It's the difference in size, that first small cheap ordinal was just a text inscription.
What Bitcoin Magazine did was inscribing a full almost 4MB picture in the chain, which not only is a bit idiotic since you can't see it unless you go to a website that translates text to image it's also pretty expensive! Nevertheless, it was still a bit cheap since the fees were lower at that time, now they would have to find a miner that would drop 60-100 sat/b transactions for them, so probably at least thrice or four times that.
Ah yes, now I start to understand a little about how to work from inscriptions from Bitcoin Magazine.
So, I describe his notes like this:
- Text Inscription = small size = cheap satoshi transaction fee
- Picture inscription = large size = expensive satoshi transaction fee
Is this true conclusion from the expensive Bitcoin Magazine incription, right?
Once again, the purpose of Bitcoin Magazine Inscript Image for what?
What are you going to do for?
(if you don't know the answer, no need to answer okay)
-
Back to the main topic again. The mempool seems like getting more congested every day. The fee hasn't fallen below 40 sat/vB for a while now. It's still rising rocket high due to shitcoin minting.
Unfortunately, there are fewer and fewer periods of time on the BTC network when the transaction fee drops below 40 or even below 30 sat/vB. The last time such a small period of time was January 12 and 13, and if you look at the mempool chart for the last three months, you will notice that such favorable periods for transactions were no more than 15-20 times.
-
Unfortunately, there are fewer and fewer periods of time on the BTC network when the transaction fee drops below 40 or even below 30 sat/vB. The last time such a small period of time was January 12 and 13, and if you look at the mempool chart for the last three months, you will notice that such favorable periods for transactions were no more than 15-20 times.
We don't know if Bitcoin developers thinking about it. But I guess some of them regret the taproot development which has allowed them to deploy these shit tokens on the Bitcoin network. The Bitcoin adoption was growing day by day. But if transaction fees stay like that or even increase more, no companies will adopt Bitcoin in the future. People are afraid of sending their Bitcoin. If someone has Bitcoin with multiple utxo's, they must be scared of the fees now.
I was thinking of consolidating my tx's, but I don't think I would do it with such high transaction fees. Opening and closing lightning network is expensive as well. Most of the Bitcoin users do not use lightning network. I wish I had a lightning node so I can do the transactions.
-
Fuck it. The fee keeps going up and up and we are unable to do anything. Bitcointalk already has a thread named Mempool observer thread. Now, this thread is becoming altcoin stalks mempool observer thread as well.
Neah, Bitmover did one, after all even on BTT it's his bot that's the center of attention!
https://www.altcoinstalks.com/index.php?topic=315483.0;topicseen
Hey stompix!! Sorry for creating the topic before you! I didn't even knew you were using this forum too! If I had seen you before, I would have waited for you to create it!! :)
Welcome to altcointalks! Nice to see you here.
I was thinking of consolidating my tx's, but I don't think I would do it with such high transaction fees. Opening and closing lightning network is expensive as well. Most of the Bitcoin users do not use lightning network. I wish I had a lightning node so I can do the transactions.
I would just consolidate inputs if the fees are below 5 sat/vB.
Unfortunately, I have way too many inputs in my wallets (at least one per week since 2018, which is quite a lot). I really need to consolidate them in the first opportunity...
-
We don't know if Bitcoin developers thinking about it. But I guess some of them regret the taproot development which has allowed them to deploy these shit tokens on the Bitcoin network. The Bitcoin adoption was growing day by day. But if transaction fees stay like that or even increase more, no companies will adopt Bitcoin in the future. People are afraid of sending their Bitcoin. If someone has Bitcoin with multiple utxo's, they must be scared of the fees now.
I was thinking of consolidating my tx's, but I don't think I would do it with such high transaction fees. Opening and closing lightning network is expensive as well. Most of the Bitcoin users do not use lightning network. I wish I had a lightning node so I can do the transactions.
Yes, the Lightning network is not really in demand among the majority of users yet. As for BTC transaction fees, it seems that the situation has normalized today. There are quite a lot of blocks with fees below 35-40 sat/vB, and blocks are confirmed today with not such a huge delay as it was a few days ago.
-
I would just consolidate inputs if the fees are below 5 sat/vB.
Unfortunately, I have way too many inputs in my wallets (at least one per week since 2018, which is quite a lot). I really need to consolidate them in the first opportunity...
OMG. Tx from the last six years? I hope you don't have to spend a quarter BTC for that. I understand that you would have consolidated them if you knew something like this was going to happen in the future. But, most of my transactions were made in 2023 because that's the only time when I started to receive weekly payments from signature campaigns. I got some other BTC as well, but those are consolidated already.
It's funny how we are cheering when Bitcoin transaction fees go down below 40 sat/vB. I just read an article that says A bug fix on the Bitcoin Core network in the v27 upgrade could reportedly halt the creation of new Bitcoin Ordinals and BRC-20 tokens and stop Ordinals from "spamming the blockchain." Read more here https://coinmarketcap.com/academy/article/bug-fix-on-bitcoin-core-could-end-bitcoin-ordinals-and-brc-20
-
~
Hey stompix!! Sorry for creating the topic before you! I didn't even knew you were using this forum too! If I had seen you before, I would have waited for you to create it!! :)
And you would have waited for months and years.. ;D
I have been around for weeks and I could have opened one IF I wanted but I just didn't and still don't feel like it, on BTT it was more of a statement and a bit of meme since we had a WO , right now with fees getting lower and not the same environment as on the other forum I just didn't feel interested in it ;D
I would just consolidate inputs if the fees are below 5 sat/vB.
Speaking of weeks and months, there are 3 days of blocks to that level not mentioning the thousands if not tens of thousands of consolidations that will happen when it hits again 10sat/, but since you've waited since '18, I guess you can wait till '26, right? ::)
-
Hey stompix!! Sorry for creating the topic before you! I didn't even knew you were using this forum too! If I had seen you before, I would have waited for you to create it!! :)
And you would have waited for months and years.. ;D
I have been around for weeks and I could have opened one IF I wanted but I just didn't and still don't feel like it, on BTT it was more of a statement and a bit of meme since we had a WO , right now with fees getting lower and not the same environment as on the other forum I just didn't feel interested in it ;D
stompix is from a group of miners who do not benefit from low fees, so for him, such topics are quite torture :D It's like rubbing salt on his raw wound
-
Speaking of weeks and months, there are 3 days of blocks to that level not mentioning the thousands if not tens of thousands of consolidations that will happen when it hits again 10sat/, but since you've waited since '18, I guess you can wait till '26, right? ::)
I am not that pessimistic lol
I think I will be able to do that in a few months! Lets wait and see... BUt mempool was heavy before and fees high as hell and things went back to normal!
-
I think I will be able to do that in a few months! Lets wait and see... BUt mempool was heavy before and fees high as hell and things went back to normal!
No way, I don't think situation will improve at all in next few months because we have Halving event in around 100 days.
There could be few days during weekend with lower fees, and maybe in second half of the years we could see very low fees but than won't last long.
And even if fees remain low and bitcoin price go much higher fees will appear to increase in fiat value ;)
-
stompix is from a group of miners who do not benefit from low fees, so for him, such topics are quite torture :D It's like rubbing salt on his raw wound
A group? I'm rather curious about the others , what miners are happy for low fees? Even before seeing the answer they are some rally deranged individuals, some sectarian worshippers for sure ;D
Some quick math and if you're both a miner and a user for and fees are over 100sat/b instead of 30sat/b you need to do be forced to do four tx each day for each ~s19 (not pro not + not hydro) you have running to compensate. So...my take is that any miner not happy with high fees is just a masochist.
~
I am not that pessimistic lol
I think I will be able to do that in a few months! Lets wait and see... BUt mempool was heavy before and fees high as hell and things went back to normal!
You know me, I'm the king of pessimist and to be honest there is no great take on fees going low (even not considering my own wallet and finances): lower fees means lower demand for transactions, that means less adoption and usage , less of that means....damn, I don't want to and I don't have the energy go into that debate anymore.
-
lower fees means lower demand for transactions, that means less adoption and usage , less of that means....damn, I don't want to and I don't have the energy go into that debate anymore.
I don't think this is exactly the situation now.
The aren't high because the demand for transactions is high or because the adoption is high.
Fees are high because the network is being used for something it wasn't designed for. Bitcoin wasnt designed to be a decentralized cloud storage , or image host or whatever that is...
-
(https://i.imgur.com/Ep4lZEx.jpg)
The more down the price of the transaction fee, the better it is for us to be able to send Bitcoin cheaply but maybe for these miners it will be quite detrimental because the fees are lower, cmiiw
Looks like I also found diamonds that when I access to the numbers for the Bitcoin transaction fee around 42 Satoshi.
This is not far from what op said, which is 42 satoshi and only 2 digit numbers.
I hope that the Bitcoin transaction fee is under 40 Satoshi. ;D
-
The more down the price of the transaction fee, the better it is for us to be able to send Bitcoin cheaply but maybe for these miners it will be quite detrimental because the fees are lower,
The high fee situation is usually a problem for those who accept Bitcoin payments and carry out transactions every day. It also becomes a problem for people who only accumulate Bitcoin in small fractions, like $5, because they will spend a high fee just to send their coin to a self-custodial wallet. I am extremely happy that the fee is back to normal again because these past few days, I have not been spending more than $2 for the fee. Even today, when I received a $188 payment in Bitcoin, the fee was just $1.7, but I increased it to $2.5, and it was confirmed quickly.
-
Just a few days ago, Bitcoin lovers who love to make daily transaction faced a challenge as transaction fees soared above 200 satoshis per virtual byte (sats/vb) due to network congestion. This high fee prompted many Bitcoin lovers to choose temporary alternative coins for their transactions. Ltc was alternative coins used most for this purpose. This high fee put effect on the scalability of network. High fees not only affected microtransactions but also have impact on the accessibility and efficiency of the Bitcoin network.
(https://i.ibb.co/c1r2Wb1/Screenshot-20240105-071235.jpg)
Fortunately, when I checked fee today it's dropped to 40 sats/vb which comes as a relief. This reduction in transaction costs not only makes Bitcoin more practical for everyday use but also aligns with the original vision of a peer-to-peer electronic cash system. Bitcoin lower fees have benefits of more inclusive financial ecosystem which enable broader adoption and utilization of Bitcoin for various transactions. As fees decrease, the benefits of a decentralized and efficient digital currency become more evident.
- If that's the fee now, that's good news for everyone who makes transactions on the Bitcoin network. And even to all signature participants who are paid in bitcoin weekly. Now, we are happy again, and when there is traffic congestion again, many people will have headaches again.
Well, anyway, let's just enjoy and continue what we who are accumulating Bitcoin are doing at this time. We don't know that maybe now it's just broken, and after a few weeks, the problem will return to the Bitcoin network due to the ordinals inscription.
-
^^ I even see the fees in the mid 20 sat/vB. But then again it's open for interpretation, low demand? BRC-20 taking a break? no to low transactions?
We need to take it day by day though, maybe we will be lucky that we will have transaction when the mempool is not that congestion or so we consolidate our transactions, or days wherein we gamble and then we have to withdraw our winnings but the fees are going to kill us.
-
^^ I even see the fees in the mid 20 sat/vB. But then again it's open for interpretation, low demand? BRC-20 taking a break? no to low transactions?
If you check the price of ORDI and SATS, you will noticed that their marketcap reduced. Not only this tokens but other BRC20 tokens marketcap reduces, also bitcoin included. In short, the rate of onchain transaction volume also reduced and this makes the mempool to become less congested has been the reason. We should expect another mempool congestion in the next bull run.
-
If you check the price of ORDI and SATS, you will noticed that their marketcap reduced. Not only this tokens but other BRC20 tokens marketcap reduces, also bitcoin included. In short, the rate of onchain transaction volume also reduced and this makes the mempool to become less congested has been the reason. We should expect another mempool congestion in the next bull run.
Yes, but as I mentioned in the past, the bad side is that the definition of low fees will be 10-40 Sat/vb instead of 1-20 Sat/vb, which is something that may not end soon, so unless there are solutions for ORDI and SATS, this will be the normal range of fees.
I think this is the problem where we celebrate that we have returned to 40 Sat/vb and that you can broadcast a transaction for about 30 Sat/vb, which are all wrong things to deal with it as the normal fees are 1 Sat/vb up to 30 Sat/vb, while 40 was very high.
Generally up to 40 Sat/vb will take up some time to stable as the average block time is ~10.8 minutes which means we will see lower fees after ~January 22.
-
Yes, but as I mentioned in the past, the bad side is that the definition of low fees will be 10-40 Sat/vb instead of 1-20 Sat/vb, which is something that may not end soon, so unless there are solutions for ORDI and SATS, this will be the normal range of fees.
They are reducing their on-chain transactions and adapting to latest changes of policies from Free Transaction Accelerator from ViaBTC. Nothing can ride up forever without corrections so if Ordinals have higher highs, they will come back with new waves of ride in price and surely in on-chain transactions.
The bull market is ahead and we can not exclude possibility that Ordinals BRC20 tokens will return with even more on-chain activities than months in 2023.
If you check the price of ORDI and SATS, you will noticed that their marketcap reduced. Not only this tokens but other BRC20 tokens marketcap reduces, also bitcoin included. In short, the rate of onchain transaction volume also reduced and this makes the mempool to become less congested has been the reason. We should expect another mempool congestion in the next bull run.
After rising from $6 to $92, $ORDI is corrected to $50 and it can be price range where it will bounce and continue to rally, make a new all time high. The chart shows it is logically to see its holding price around $50 but if after this correction, it won't go up too much, I expect to see $ORDI to fall more to $25.
Anyway, $25 or $50 as lowest price of $ORDI correction, I really believe this token will hype the market again. I am not shilling $ORDI and dislike BRC20 tokens, Inscriptions but in the market, we must be realistic with what we see.
-
^^ I even see the fees in the mid 20 sat/vB. But then again it's open for interpretation, low demand? BRC-20 taking a break? no to low transactions?
Oversupply of tokens, it was supposed to happen at some point, tokens still make half of the transactions:
https://dune.com/queries/2432967/3998442
what has changed is
-their eagerness to pay hundreds and thousands of $ to mint them (although there are exceptions)
-insane new blocks pace for this period, we're up 95!!! extra blocks so there you have it 100vMB of extra transactions confirmed
-nobody that eager to move coins around, as everyone is waiting
Let's wait for a week or so and see what's next, with normal block time and maybe fresh new volatility!
-
^^ I even see the fees in the mid 20 sat/vB. But then again it's open for interpretation, low demand? BRC-20 taking a break? no to low transactions?
If you check the price of ORDI and SATS, you will noticed that their marketcap reduced. Not only this tokens but other BRC20 tokens marketcap reduces, also bitcoin included. In short, the rate of onchain transaction volume also reduced and this makes the mempool to become less congested has been the reason. We should expect another mempool congestion in the next bull run.
Yes, as I have said, with an analysis like that, it is clear that Bitcoin transactions are not too busy, so the network on the blockchain is a little more flexible and makes sending costs very cheap, because so far the movement of transaction costs depends on the condition of the Blockchain, when many people do it. transactions using the Blockchain network, the transaction costs will increase.