Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: krishnaverma on January 29, 2024, 03:12:51 PM
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
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Bitcoin network getting congested does not mean it will get congested at the time of halving. Whenever there is a large number of transactions it gets congested for now the problem is BRC20 tokens. At the time of halving the transactions do get to a situation where congestion happens, it does die down after halving. With the inclusion of the BRC20 token, it might get worse than it was before. Halving never made the transaction fee high as they are now, the network used to get congested but it would not affect a user as it is doing now.
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Nobody can know if bitcoin mempool will become congested during halving. It may get congestion. It may not get congestion. If more people are making bitcoin transaction and if there is increase in BRC20 tokens transactions at the time, expect the mempool to be congested. But if otherwise, expect the mempool to be normal as it is now. Read further.
But we should still know that there is congestion at 20 sat/vbyte even as at now that the mempool fee rate is at 36 sat/vbyte. The fee rate supposed not to be much far away from 1 sat/vbyte. In that sense, yes, it will still be congested at the time BRC20 tokens transactions.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
There's more possibility on that because it's going to be followed by intensive volatility and at the cause, there may be likely high transactions volume and we may experience as you've said, however, that doesn't mean it must make an indelible change to the market price movement that would have resulted to the market rise in prize, halving will have a lot to unfold on us when it has happened and the market bullrun begins.
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I mostly agree with Charles-Tim:
Nobody can know if bitcoin mempool will become congested during halving.
Besides, not much happens in halving time. I think the OP has in mind the bull run that happens after halving, typically between 6 and 18 months later, when the price doesn't stop rising, albeit with some dips. These moments of high volatility tend to push up the mempool's unconfirmed transactions and fees.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
I have seen some difference this time around, maybe it's as a result of Bitcoin ETF that was price in and ordinals that became the normal thing on the bitcoin network.
Usually, 3 months to halving days, the bitcoin network would have been congested already because price tends to rise a little above some support and you will see everyone complaining about how difficult it is to make a transaction but this time, it happen some months even before the usual time so I'm not sure about that for now.
However, if Bitcoin demand increases some weeks before halving, then expect some mempool junks of transactions waiting to be included in the next block and it will remain like that for a month depend on how excited people become bullish about the the bullrun and more demands for Bitcoin.
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Nobody can know if bitcoin mempool will become congested during halving. It may get congestion. It may not get congestion. If more people are making bitcoin transaction and if there is increase in BRC20 tokens transactions at the time, expect the mempool to be congested. But if otherwise, expect the mempool to be normal as it is now. Read further.
But we should still know that there is congestion at 20 sat/vbyte even as at now that the mempool fee rate is at 36 sat/vbyte. The fee rate supposed not to be much far away from 1 sat/vbyte. In that sense, yes, it will still be congested at the time BRC20 tokens transactions.
That's not true. You and I may not know, but if whales are planning to play around in April they know now what they will do.
It does not take as much as people think to make fees shoot up to 2-3 btc a block vs the current .4 btc a block.
I am 100% certain we will see this occur sometime soon and fees will go up 2x or 3x.
What is sometime soon by Dec 2024 they will be or have gotten to be well over 1 coin a block
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
The idea that congested crowding in Bitcoin transactions is only for Bitcoin halving is not correct as it can happen at any time under any circumstances. Congested crowding can occur when a large whale or holder starts selling bitcoins in the market. You Op might just blame the halving as the reason for falling into such a situation, it wouldn't be right but the probability of getting Bitcoin transaction volume during halving might increase.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
The idea that congested crowding in Bitcoin transactions is only for Bitcoin halving is not correct as it can happen at any time under any circumstances. Congested crowding can occur when a large whale or holder starts selling bitcoins in the market. You Op might just blame the halving as the reason for falling into such a situation, it wouldn't be right but the probability of getting Bitcoin transaction volume during halving might increase.
Every ½ makes it easier to crowd the memory pool.
A large pool that does 48 blocks a day or ⅓ of the blocks can simply downclock to crowd the pool.
then over clock to even out the diff and blocks lost.
ie 7 days of 40 blocks then 7 days of 56 blocks
comes to an average of 48 blocks keeps difficulty even.
once the ½ ing goes to 3.125 coins the underclock is less costly then it is now at 6.25 coins.
we should see more evidence this year and even more in 2028 as the under clock penalty drops again to only 1.5625 coins
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
The idea that congested crowding in Bitcoin transactions is only for Bitcoin halving is not correct as it can happen at any time under any circumstances. Congested crowding can occur when a large whale or holder starts selling bitcoins in the market. You Op might just blame the halving as the reason for falling into such a situation, it wouldn't be right but the probability of getting Bitcoin transaction volume during halving might increase.
Yes or can happen anytime but the question was related to will the probability of congestion increase because of an event like halving. If it does, what will be the further effect on Bitcoin price.
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There will be a good possibility of congestion because more will buy Bitcoin, given that there is halving FUD will occur ( a golden opportunity to buy more) and network congestion means more Bitcoin in CEXs and an easier opportunity for manipulation by creating fake orders on CEXs, but I do not think it will last for more than a month, as it It is too early for the price to break the ATH, and the manipulation will be between $48,000 and $55,000.
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So will Bitcoin prices remain unchanged even after halving because of this?
Bitcoin price changes all the time, but market tops are usually around halving.
Check the chart for previous halving events and you will see much more transactions with increased price.
Than we usually have price crash and transactions continue to increase for some time, resulting in increased blockchain fees.
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Well, from the comments I have read in previous month, many people suggest that during the halving period or during bull market, the mempool will be congested and could give rise to high fee. No matter what people's opinion is about these. I am sure that no one can look in the future and know what will happen. I say to myself, "Prepare your mind for what ever comes." No matter how bad it gets, it will definitely pass by after some time too.
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Well, from the comments I have read in previous month, many people suggest that during the halving period or during bull market, the mempool will be congested and could give rise to high fee. No matter what people's opinion is about these. I am sure that no one can look in the future and know what will happen. I say to myself, "Prepare your mind for what ever comes." No matter how bad it gets, it will definitely pass by after some time too.
I am sorry I disagree. I can pretty much be certain higher fees per block will be the norm as each 1/2 ing happens.
Whether it will be a perfect 1-2 coins a block or a wavering up and down it is pretty much a certainty . just look at 2023 to now we have had the highest fees ever for the most extended period of time.
(https://www.talkimg.com/images/2024/01/30/kgOUv.png)
no time period matches the last 13 months.
this is a natural increasing effect due to 1/2 ings it won't go away
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A congestion in the network causes a rise in tx fees, after the halving there is usually more demand for BTC, as weaker hands and institutional investors want to get their hands on BTC, this means BTC users will have to outbid one another for a space in a block and it will result in high tx fees.
The congestion could be worse this year, because ordinal spammers have already caused a congestion in the network, now when you add that coming from people who want to buy BTC after the halving, it could be higher than what we have had in the past.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
Even if the network gets congested during Bitcoin halving day, I doubt that it will cause the transaction fee shot up like like it did last month. In the past month, what caused the transaction fee to spike was because of the case ordinal. Since it has been resolved for now, there will be no high fee.
In the aspect of Bitcoin price, I am believing that the price might around $55k during the halving or after the halving.
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Well, congestions can happen if there will be more transactions than usual, as we have seen in the past. I am hoping though that this coming halving can be different or maybe the rise of transactions can still be handled stably by the network. At any rate, I would still be excited to see how BTC will be performing during and after the halving. Now, in case there can be a high level of congestions, will that be affecting the transaction fees? I would say it would not be automatic but it can be a factor...let's see how things will play out this time around. The best thing to do is to avoid doing any Bitcoin transaction as the halving is coming and maybe if there are things you need to do then do it now...and this is what I would do.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
Since 2024 is our Bitcoin halving year and there are only a few months left, this halving of Bitcoin will happen. Hence we can say that there is a possibility of more crowding and selling price will increase more. We've seen Bitcoin price change a lot at the start of the new year and its momentum has always been on the upswing. Especially in the month of April when the Bitcoin Hill will happen we will see the price of Bitcoin increase a lot and it is expected to have the highest growth. When Bitcoin halves then Bitcoin price will be more volatile we can say for sure and next year after halving the market will start bull run. When the bull run starts in the market, the price of bitcoin will increase more and it will increase so much that it will reach the maximum height.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
Transaction fee is always depending on traffic and price.
If the traffic is so congested and bitcoin price will soar.
Transaction fee will increase.That's normal.
During bitcoin halving and bullish season I think the traffic will congested.
But investors don't care, because their asset will be more valuable.
So, fee is no matter.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
It's really difficult to tell if the Bitcoin network is going to be congested during bitcoin halving. From what I know, the last congestion of the mempool wasn't caused by the increased in number of transactions from Bitcoinists, it was caused my the ordinals spam. So we don't know if there's going to be another attack on the network during the halving period but we expect to see more activities during the bull season from bitcoinists.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
Bitcoin halving is not the only thing that will increase transactions, but we know that a few months after the Bitcoin halving, a bull run will begin in the Bitcoin market. When the bull run starts in the market, the market may get crowded and the fees may increase relatively. But what you think may not happen according to your thoughts. Moreover, if the market is overcrowded by investors during the ups and downs of the market, the fees may increase slightly. NO TENSION No need to worry about them until the Bitcoin market halves and after a few months the bull run begins and let's see what happens then.
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Bitcoin halving is not the only thing that will increase transactions, but we know that a few months after the Bitcoin halving, a bull run will begin in the Bitcoin market. When the bull run starts in the market, the market may get crowded and the fees may increase relatively. But what you think may not happen according to your thoughts
On the contrary, the beginning of the upward trend may not increase fees because everyone is buying and not selling, and most of those who buy do not withdraw Bitcoin to their wallets.
The cause of the spam at the present time is not Bitcoin transactions, but rather those codes that are injected into the network and spam far from real transactions.
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It is interesting that he says, it could be so, if at the moment the bitcoin network is congested, now when this price rise occurs I am sure that it will become congested, I imagine that things could be very difficult in that sense, Because the miners rates will increase , the Congestion will be worse than now, the things when the price increases are like this, so in this order of things, we need to prepare for this, I don't know that other methods can be created to avoid these congestion .
When we think about what it can be, it is not so much the halving event, it is the Number of things that must be done so that they can make a difference every time it comes to bitcoin , I Personally have always said that every time they are Produced and generated More things can make a difference when we are in a process where things are basically going in favor of a very important bitcoin event, for me the halving is important, along with ETF approvals and still the congestion is there.
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I will say we should wait till then and that we all witness what is going to happen, things can go unpredictable for the halving to set in, the network maybe that congested and it may not also get congested for any reason, the solution to either of this lies on the transaction fee rate it may cost us while making the bitcoin transactions, since the network will be subjected to high volatility, the mempool can also remain unpredictable to us.
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I will say we should wait till then and that we all witness what is going to happen, things can go unpredictable for the halving to set in, the network maybe that congested and it may not also get congested for any reason, the solution to either of this lies on the transaction fee rate it may cost us while making the bitcoin transactions, since the network will be subjected to high volatility, the mempool can also remain unpredictable to us.
We can't predict how much we will pay when halving time.
Many people predicted bitcoin network will more congested in halving time.
Transaction volume will increase.
Many people will invest more and do trading during halving time.
Maybe we will see the transaction fee will increase so high. Let's see
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I mostly agree with Charles-Tim:
Nobody can know if bitcoin mempool will become congested during halving.
Besides, not much happens in halving time. I think the OP has in mind the bull run that happens after halving, typically between 6 and 18 months later, when the price doesn't stop rising, albeit with some dips. These moments of high volatility tend to push up the mempool's unconfirmed transactions and fees.
Totally agree. When fees gets high I think no one will spend more for just a transaction unless you need to.I am also thinking of investors having iron hands this time due to possible new ATH in the year 2025 so everything should be normal during halving.
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Transaction fee is always depending on traffic and price.
If the traffic is so congested and bitcoin price will soar.
Transaction fee will increase.That's normal.
During bitcoin halving and bullish season I think the traffic will congested.
But investors don't care, because their asset will be more valuable.
So, fee is no matter.
This is wrong!
The transaction fees increase doesn't mean the price of bitcoin will increase or decrease. What affects transaction fee increased is when the mempool is full of unconfirmed transaction all waiting to be comfirm but we all know that the block is very limited in size, it can't fit into all the transactions in the mempool.
Now, what miners does is that they most likely give priority to the ones at the top which are having higers sats/vbytes for transaction and the ones at the bottom have to wait for the higher fees to be confirmed. If you are lucky, even lowers fees get included in the next block than the ones with huger sats but not always. Transactions can increase even when bitcoin is dumping and doesn't increase as the bitcoin price increase; I hope this helps.
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I will say we should wait till then and that we all witness what is going to happen, things can go unpredictable for the halving to set in, the network maybe that congested and it may not also get congested for any reason, the solution to either of this lies on the transaction fee rate it may cost us while making the bitcoin transactions, since the network will be subjected to high volatility, the mempool can also remain unpredictable to us.
Just like when the price is unpredictable, no one did see that the fees are going to be high right now. But we should look at what is the reason for the congestion of the mempool. It's because there are group of individuals or entities that might deliberately attack blockchain. And we know that if they have the tools to do right now, they could continue when we are in the bull run. Unless suddenly BRC-20 or ordinals hype suddenly died down.
So I guess it's not that we are too complacent or what and think that we will be ok, it's better to think that it will be more congested that ever, IMHO. At least we are prepared for the worst, or by that time we might used second layer.
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I was reading a post which mentioned that Bitcoin network will get more congested during halving time. This means that Bitcoin transaction fees will again increase by good amount at that time. This can balance the positive impact of halving on Bitcoin prices and can keep the Bitcoin prices in check. So will Bitcoin prices remain unchanged even after halving because of this?
Well, I think those who are speculating that bitcoin network will get congested during the coming halving are only saying so because, it is generally expected that during the halving , activities on the bitcoin network should significantly increase, and such activities is what normally leads to a congested network, which brings about the increment in bitcoin transaction fees.
Though I believe this to have nothing to do with the bitcoin's price, but still, I will agree that if we actually enter a major bull run before, during or after the halving, then there is every chance to expect a hike, or some hike in bitcoin transaction fees, since as interest in bitcoin grows, so does the activities on the bitcoin network grows as well, and if you do not have plans of selling your bitcoin too early, make sure you re holding them on your private non-custodial wallet.
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During bitcoin halving and bullish season I think the traffic will congested.
But investors don't care, because their asset will be more valuable.
So, fee is no matter.
The more transactions there are, the more dense and congested the blocks in the mempool are waiting for confirmation by miners.
If miners prioritize the highest sat/Vb fees then the lowest transactions have to wait for confirmation to finish first with expensive sat/Vb fees.
Miners are also humans and they are also looking for the most expensive fee to look for and the cheapest will end up or be at the back of the queue.
Maybe according to the topic, when the "Halving" occurs, Bitcoin transactions will create a bit of a traffic jam, even more traffic jams if you add minting tokens on BRC20 such as ORDI and 1000Sats.
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During bitcoin halving and bullish season I think the traffic will congested.
But investors don't care, because their asset will be more valuable.
So, fee is no matter.
The more transactions there are, the more dense and congested the blocks in the mempool are waiting for confirmation by miners.
If miners prioritize the highest sat/Vb fees then the lowest transactions have to wait for confirmation to finish first with expensive sat/Vb fees.
Miners are also humans and they are also looking for the most expensive fee to look for and the cheapest will end up or be at the back of the queue.
Maybe according to the topic, when the "Halving" occurs, Bitcoin transactions will create a bit of a traffic jam, even more traffic jams if you add minting tokens on BRC20 such as ORDI and 1000Sats.
Currently Bitcoin transactions are increasing due to the influence of the seconds approaching the halving which will occur in the next few days. Cheap fees will usually be executed in more than 1 day or even up to 1 week, as you mentioned it is better when making transactions Bitcoin uses quite high fees. Currently Altcoins are an important consideration for carrying out transactions with low fees and transactions that are still fast.
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Currently Bitcoin transactions are increasing due to the influence of the seconds approaching the halving which will occur in the next few days. Cheap fees will usually be executed in more than 1 day or even up to 1 week, as you mentioned it is better when making transactions Bitcoin uses quite high fees. Currently Altcoins are an important consideration for carrying out transactions with low fees and transactions that are still fast.
Yeah , we should choose atlcoins which low fees and fast transaction, maybe TRX, XRP, LTC could be solutions.
Bitcoin fee is so high now. Approaching halving bitcoin , bitcoin transaction fee is so high, it will more high again because traffic will increase.
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we should choose atlcoins which low fees and fast transaction, maybe TRX, XRP, LTC could be solutions.
Bitcoin fee is so high now. Approaching halving bitcoin , bitcoin transaction fee is so high, it will more high again because traffic will increase.
Before bitcoin halving , bitcoin transaction fee is so high, maybe when halving it will be more high again.
Bitcoin network will congeste during halving.
I agree with you, altcoins which lowest price could be solution, such as TRX, XRP, LTC.
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Currently Altcoins are an important consideration for carrying out transactions with low fees and transactions that are still fast.
But make no mistake because there are many investors who want Bitcoin to become their favorite coin.
No matter how expensive the transaction costs are, these rich investors usually send Bitcoin very quickly.
Whales investors don't trust altcoins because these altcoins are full of manipulatives.
They trust Bitcoin more because we can confirm that Bitcoin has a high Hive.
Many events and platforms that have a privacy basis use Bitcoin for payment and this has been done for a long time.
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we should choose atlcoins which low fees and fast transaction, maybe TRX, XRP, LTC could be solutions.
Bitcoin fee is so high now. Approaching halving bitcoin , bitcoin transaction fee is so high, it will more high again because traffic will increase.
Before bitcoin halving , bitcoin transaction fee is so high, maybe when halving it will be more high again.
Bitcoin network will congeste during halving.
I agree with you, altcoins which lowest price could be solution, such as TRX, XRP, LTC.
You forgot about wrapped bitcoins, which are now available on most blockchains with very low fees and no matter how much a bitcoin transaction costs when it is shared, you can always use another blockchain to buy and sell bitcoins by spending just a few cents.