The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different
~snipNo you don't get my point. People moving coins to exchange was what I meant and not people moving coins across exchanges. Exchanges don't even work directly with the fee rate on the MEMPOOL especially centralised exchanges. They have their own fees they charge their users which is usually way higher than the regular bitcoin transactions.
What's your opinion about the fees so far?Ordinals and RUNES spammers were responsible for the last fee pumping. Later it turned out that it was more or less a failure and they did not bring huge profits as expected.
Could it be investors are scared of moving coins since price may continue to pump?
What's your opinion about the fees so far?i have not thought much about transaction fees to be honest since i have no plans yet to sell my bitcoins or exchange them for stablecoins there is a chance that the price will still go up but i actually do not know up to how much i am quite confident that it will not really go down too much anymore so if i lose the chance to take advantage from this ath then i wouldnt mind as much as long as it doesnt reach too low
Could it be investors are scared of moving coins since price may continue to pump?
It seems that gas fees have started to rise because the price of bitcoin and crypto market traffic have started to increase, this is normal because gas fee transactions are always determined by traffic and coin prices at that time. That's based on my observations so far.What's your opinion about the fees so far?i have not thought much about transaction fees to be honest since i have no plans yet to sell my bitcoins or exchange them for stablecoins there is a chance that the price will still go up but i actually do not know up to how much i am quite confident that it will not really go down too much anymore so if i lose the chance to take advantage from this ath then i wouldnt mind as much as long as it doesnt reach too low
Could it be investors are scared of moving coins since price may continue to pump?
but if the fees are not as high even when the market is like this then maybe that is a good thing and maybe congestion is not as bad as it used to be before?
What's your opinion about the fees so far?Well yeah high possibility that all eyes right now is on the investors own target prices that is why they are holding like having an ironhand because they or we are all anticipating the next bullrun to come and I think no one wants to miss it so yeah fewer transactions of letting go their Bitcoins as we all know we want profit. The highest transaction fee I have ever used was 6sats/vB if I am not mistaken and that was a few days ago and now it's going back down to 3sats/vB.
Could it be investors are scared of moving coins since price may continue to pump?
What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?
Majority of the time, bitcoin fees usually go up when FOMO is high in the market. for those that transact constantly with bitcoin you must have noticed that after every big push in bitcoin price before now would definitely cause the MEMPOOL to get congested and as a result fees would also skyrocket. The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different exchanges.
Surprisingly this recent pump in bitcoin's price seems to be holding up just good enough to even create new ATH prices at intervals. However fees don't seem to be pumping along price as usual. Fees still revolve around 2 sats/vbyte to around 8 sats/ vbytes. And the behaviour still seems normal with fees being lowest during US midnight to early morning periods and highest during intense afternoon working hours.
What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?
What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?
Surprisingly this recent pump in bitcoin's price seems to be holding up just good enough to even create new ATH prices at intervals. However fees don't seem to be pumping along price as usual. Fees still revolve around 2 sats/vbyte to around 8 sats/ vbytes. And the behaviour still seems normal with fees being lowest during US midnight to early morning periods and highest during intense afternoon working hours.
What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?
What's your opinion about the fees so far?I have the same thoughts, and congestion on the BTC blockchain is not only caused by panic investors trying to move their funds to exchanges in the hope of selling their holdings, but the network is congested because people are selling and buying both. Pumps in the market always attract thousands of new investors and cause old investors to sell both.
Could it be investors are scared of moving coins since price may continue to pump?
What's your opinion about the fees so far? Could it be investors are scared of moving coins since price may continue to pump?
I like the the fees right now and I think that there are less meme crap than usual, that is why we have this state of mempool.These low fees are like discounts that will eventually rise again with very dense mempool activity with memecoins on Ordinal and rune protocols. But before the Bitcoin Layer 2 memecoin hype again, I started moving some assets to my personal wallet so that I wouldn't be stuck with the ever-higher fees.
It is better to consolidate coins now and be ready for the next big change of price, either up or down, because this low fees won't last for much longer.
I found this surprising too. Yesterday, I made a transfer to sell some BTC, and paid about $2 high priority fee, transaction was confirmed under 5 minutes, and I was like— this is beautiful, stay like this.We have to remember, if every transaction that has ever occurred in bitcoin is recorded of course when you see low priced transaction and fast confirmation fees, you will was surprised. Do you also recall that several minutes past the halving, the cost of bitcoin transactions rose to more than 1000sat/vB? How come when in 2021 when Bitcoin went to ATH at $69k, transactions weren’t this cheap as they are now. That is, with the costs going down some exchanges should also alter the shipping fee provisions to remain balanced.
This could possibly because pump has just started and people are not transferring just yet.
What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?
Although Mempool is showing 5sat/vB here but the price of Bitcoin is increasing due to high transaction fees. The current time is so stressful for transactions that bitcoin transactions have to be done with the highest fees in bitcoin transactions. Many investors have sold their Bitcoin holdings, but it is best not to sell Bitcoin during this typically bull market."but the price of Bitcoin is increasing due to high transaction fees" what does that mean? How does high fees mean price goes up?
The Bitcoin network is designed in such a way that the transaction with the highest sat/vB will be prioritized first and when there are excess transactions, everyone wants to complete their transaction faster and that's why they transact with more sat/vB. are willing to do and that is why the transaction fee of Bitcoin normally increases a lot. When the price of Bitcoin goes up or down a lot, the volume of transactions on the Bitcoin network increases and that's why the transaction volume is high. But you will notice that when the price of Bitcoin is stable, its transaction fees are very lowIt seems that gas fees have started to rise because the price of bitcoin and crypto market traffic have started to increase, this is normal because gas fee transactions are always determined by traffic and coin prices at that time. That's based on my observations so far.What's your opinion about the fees so far?i have not thought much about transaction fees to be honest since i have no plans yet to sell my bitcoins or exchange them for stablecoins there is a chance that the price will still go up but i actually do not know up to how much i am quite confident that it will not really go down too much anymore so if i lose the chance to take advantage from this ath then i wouldnt mind as much as long as it doesnt reach too low
Could it be investors are scared of moving coins since price may continue to pump?
but if the fees are not as high even when the market is like this then maybe that is a good thing and maybe congestion is not as bad as it used to be before?
I haven't made any transactions yet and am only focused on holding my bitcoins until next year.
"but the price of Bitcoin is increasing due to high transaction fees" what does that mean? How does high fees mean price goes up?My question is what is the reason why mempool is currently so free?
Anyways, kinda crazy how a "low fee" of 6 sat/byte already implies a cost of $0.75 at minimum (usually more since I always got many inputs from campaign payments). Still cheap considering how powerful BTC is and how it requires thousands of nodes and a shit ton of money in energy and eletronics.
My question is what is the reason why mempool is currently so free?The rate of congestion in the MEMPOOL determine how much fees would look like at that point in time. Take for example when bitcoin pumped to 89k and didn't seem to cross the 90k mark, many people were kind of certain that the pump was over which did not turn out to be true. However as a result of that, fees went up a little as people were rushing to move their funds to exchanges to sell off.
Whereas in January, the price of Bitcoin was less than half, but the size became about 564Mvb due to the large number of transactions. Where the transaction fee went up to 400-500sat/vbyte.
And currently, I don't really understand why the transaction is so low why the mempool is not congested. So what are the reasons for the increase in transactions? Does it have a specific time or market situation?(https://i.postimg.cc/jSzSs5cd/screenshot.png)
My question is what is the reason why mempool is currently so free?Well, the easy answer is that there are fewer transactions happening, so you don't have to fight over for space on the blocks. Not sure why exactly this is the case vs other periods, though. LN hasn't gotten actually easier, so not sure if one could say this is one of the reasons.
Whereas in January, the price of Bitcoin was less than half, but the size became about 564Mvb due to the large number of transactions. Where the transaction fee went up to 400-500sat/vbyte.
And currently, I don't really understand why the transaction is so low why the mempool is not congested. So what are the reasons for the increase in transactions? Does it have a specific time or market situation?
...Well, the easy answer is that there are fewer transactions happening, so you don't have to fight over for space on the blocks. Not sure why exactly this is the case vs other periods, though. LN hasn't gotten actually easier, so not sure if one could say this is one of the reasons.
Maybe people are just trading and buying up BTC off-chain, so price goes up but that doesn't mean there will be more txs on the chain.
My question is what is the reason why mempool is currently so free?
Whereas in January, the price of Bitcoin was less than half, but the size became about 564Mvb due to the large number of transactions. Where the transaction fee went up to 400-500sat/vbyte.
And currently, I don't really understand why the transaction is so low why the mempool is not congested. So what are the reasons for the increase in transactions? Does it have a specific time or market situation?
My question is what is the reason why mempool is currently so free?
Whereas in January, the price of Bitcoin was less than half, but the size became about 564Mvb due to the large number of transactions. Where the transaction fee went up to 400-500sat/vbyte.
And currently, I don't really understand why the transaction is so low why the mempool is not congested. So what are the reasons for the increase in transactions? Does it have a specific time or market situation?
--snip--
Maybe people are just trading and buying up BTC off-chain, so price goes up but that doesn't mean there will be more txs on the chain.
Bitcoin transactions fees since last the one month is great, it is amazing at this current bull run for a low fees experiences. I hope that this trends may continue in the new year to encourage more buyers,If the cost remains low even though the market is moving up and this will last until next year of course it will be very good for us crypto lovers. because with a low gas fee we can make transactions without feeling burdened by the gas fee like before. but will this last long?
The current low fees is my first experience seeing a bullish market on a fascinating low transactions fees, it surely boost new investors, traders, holders to add more BTC to their wallet.
Well, the easy answer is that there are fewer transactions happening, so you don't have to fight over for space on the blocks. Not sure why exactly this is the case vs other periods, though. LN hasn't gotten actually easier, so not sure if one could say this is one of the reasons.I think most people are not moving their coins and they are waiting to see how high price can go.
Bitcoin transactions fees since last the one month is great, it is amazing at this current bull run for a low fees experiences. I hope that this trends may continue in the new year to encourage more buyers,
The current low fees is my first experience seeing a bullish market on a fascinating low transactions fees, it surely boost new investors, traders, holders to add more BTC to their wallet.
Bitcoin transactions fees since last the one month is great, it is amazing at this current bull run for a low fees experiences. I hope that this trends may continue in the new year to encourage more buyers,unfortunately, it also drives a lot of selling transactions too... when there was a dust attack from the ordinal network, I never transferred my BTC to an exchange to sell... if that happened to you until today, I definitely wouldn't sell it either when the bitcoin price was $80k and $85k... the profit I got was probably 5%-10% more than yesterday...
The current low fees is my first experience seeing a bullish market on a fascinating low transactions fees, it surely boost new investors, traders, holders to add more BTC to their wallet.
What's your opinion about the fees so far?As far as I understand, the investors are willing to hold their investment for a least a year and that's the reason why the fees aren't going high. However, as we all know that new transactions are taking place each day and that's the reason why fees have gone high a little bit.
As far as I understand, the investors are willing to hold their investment for a least a year and that's the reason why the fees aren't going high. However, as we all know that new transactions are taking place each day and that's the reason why fees have gone high a little bit.I have not seen those ordinals are messing around the chain so far. As soon as they will start messing around, we will see huge congestion. I have not followed the progress too so not sure what's going with these ordinals.
The fees is also very inconsistent, right now it's big, 20 sat/vB. So you really have to time the market and see where the fees are. The price of Bitcoin is still at $92,000, so just imagine if we hit that 6 digits that we want.
So you can never know if we will still have lows fees once we hit $100,000 or it will go up coincide with the recent spike in the price. And I do not think that investors are selling at this point, for us, it's better to just continue to HODL and see how big this bull run will be.
During busiest part of the day, 10-20sat/vb is maximum what we get. Yesterday at late evening, I have made a transaction with 5sat/vb and it was confirmed in less than an hour.
Majority of the time, bitcoin fees usually go up when FOMO is high in the market. for those that transact constantly with bitcoin you must have noticed that after every big push in bitcoin price before now would definitely cause the MEMPOOL to get congested and as a result fees would also skyrocket. The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different exchanges.Yes we noticed that Mempool is very low at the moment. Bitcoin Price Increases People Are Not Losing Much Patience With Selling Bitcoin Now People Believe Bitcoin May Not Go Down After Hitting $100,000 Max Because Bitcoin's Momentum Has Attracted People More To Invest And Not To Sell Bitcoin. We ourselves are holding bitcoins but not thinking of selling also we have already deposited bitcoins from our bitcoin wallets to exchanges many may have bitcoins from their wallets to exchanges or those working on signature campaigns may also be using exchange wallets directly due to which bitcoins from their wallets They are able to sell directly from exchange to exchange without having to take. All the users of bitcoin forum play a big role in crowding the transactions here.
Surprisingly this recent pump in bitcoin's price seems to be holding up just good enough to even create new ATH prices at intervals. However fees don't seem to be pumping along price as usual. Fees still revolve around 2 sats/vbyte to around 8 sats/ vbytes. And the behaviour still seems normal with fees being lowest during US midnight to early morning periods and highest during intense afternoon working hours.
What's your opinion about the fees so far?
Could it be investors are scared of moving coins since price may continue to pump?
since bitcoin hit the price of $80k and above, transaction costs have increased by 10% unlike usual when the price of bitcoin was still below $80k the transaction cost was only 1% this made many people complain about the increase in transaction costs.. why did the transaction cost increase? because the transaction density so that the transaction was increased then the process would be fast, if the transaction cost remains as usual, the transaction process is likely to be slow. maybe that's what I know in this case and that's also part of people saying like that too.During busiest part of the day, 10-20sat/vb is maximum what we get. Yesterday at late evening, I have made a transaction with 5sat/vb and it was confirmed in less than an hour.
As I'm writing this post, the low priority is 7 and the high priority is 9, still good; that means there is no high buying or selling pressure, but I expect these transaction fees to increase this coming holiday season, and this is something we should all watch out for. I remember this was the time that I waited for a week for the price to go down, but it did not happen and I ended up spending $20 for a $100 transaction, which left me no choice but to proceed.
since bitcoin hit the price of $80k and above, transaction costs have increased by 10% unlike usual when the price of bitcoin was still below $80k the transaction cost was only 1% this made many people complain about the increase in transaction costs.. why did the transaction cost increase? because the transaction density so that the transaction was increased then the process would be fast, if the transaction cost remains as usual, the transaction process is likely to be slow. maybe that's what I know in this case and that's also part of people saying like that too.During busiest part of the day, 10-20sat/vb is maximum what we get. Yesterday at late evening, I have made a transaction with 5sat/vb and it was confirmed in less than an hour.
As I'm writing this post, the low priority is 7 and the high priority is 9, still good; that means there is no high buying or selling pressure, but I expect these transaction fees to increase this coming holiday season, and this is something we should all watch out for. I remember this was the time that I waited for a week for the price to go down, but it did not happen and I ended up spending $20 for a $100 transaction, which left me no choice but to proceed.
Could it be investors are scared of moving coins since price may continue to pump?
Transaction fees are fine...
It costs now less than 1.50 USD to transfer money anywhere in the world, permitionless, without request permission to anyone. Arriving in 10 minutes.
traffic and price always affect gas fee, the higher the price and traffic will make the gas fee expensive. And currently the transaction volume is very high and we also know that the price of bitcoin is very expensive at this time because it has touched $98K, so it is natural that the gas fee is very high.High gas costs are a result of higher transaction activity, particularly when Bitcoin demand soars as observations in the mempool show. The current sharp rise in exchange rates has had no effect on the price of expensive gas.
There are many network options that we can use, we should be able to choose a cheaper network
When demand is high, gas fees have been too high of barrier for Bitcoin users. To still have transactions run smoothly without the burden of too much fees while looking for other alternatives using other altcoins or other blockchains than within the existing networks that have high speeds and also low fees. While the fee of an average Bitcoin transaction is $1.97 today, compared with $3.10 that it was yesterday. The decrease here is on par with the decrease in transaction activity on the network, but the mempool continues to log a bunch of transactions queued. Fees rise when the mempool is full, as users fight among themselves to be included in the next block, but there's still some leeway compared to previous peaks.traffic and price always affect gas fee, the higher the price and traffic will make the gas fee expensive. And currently the transaction volume is very high and we also know that the price of bitcoin is very expensive at this time because it has touched $98K, so it is natural that the gas fee is very high.High gas costs are a result of higher transaction activity, particularly when Bitcoin demand soars as observations in the mempool show. The current sharp rise in exchange rates has had no effect on the price of expensive gas.
There are many network options that we can use, we should be able to choose a cheaper network
We can lower the cost by using alternative networks that provide speed and low costs. So that transaction activities can still go on smoothly without incurring huge expense, innovations such as layer-2 or some other more efficient blockchain may be the practical solution.
When demand is high, gas fees have been too high of barrier for Bitcoin users.previous peaks.There are NO gas fees in Bitcoin, that is only for ethereum and similar forks.
Bitcoin is around $100k but fees are still holding fine and mempool is not that full, and I am a bit surprised with this.
Mempool.space is showing average fees of 8 sat/vB ot around $1.10 with current bitcoin price, that is acceptable for everyone.
Yesterday I made 2 txsYeah, fees are around 5 sat/vb now, and things are going smooth in mempool.
1 paying 4 sat/vb and another one paying 6 sat/vb
I remember a few years ago when it was quite difficult to make a transaction like this when BTC was on the rise or highly volatileWe had a bunch of attacks and different things happening on bitcoin back than, but this could happen again in future.
Majority of the time, bitcoin fees usually go up when FOMO is high in the market. for those that transact constantly with bitcoin you must have noticed that after every big push in bitcoin price before now would definitely cause the MEMPOOL to get congested and as a result fees would also skyrocket. The reason for the congestion is usually because of majority of scared investors rushing to move their coins over to different exchanges.
You're right, in some cases, the event of the news activities cause the mempool to get congested because people begin to sell or buy as the market is uncertain to them by the even of the breaking news, some news could be positive while some could be negative and such could have the same influence, but it could also happens that the market do not pump and we are having the mempool busy thereby causing the increase in transaction fee.It was found that future movements can be a little volatile and when there is a huge pull from news events. In like circumstance, we can either choose to remain cool or else chart out our strategy well on how to handle the situation better. If the transaction fee rises to an undesirable level while carrying out the transaction, then we are still able to switch to another network, or more preferably wait until the transaction fees come down. Whether these movements are stocks, bonds, commodities or any other form of investment, every given choice we make should be an opportunity to learn how better to prepare for the next change in the marketplace.
Bitcoin transactions fees last week was very high, but it suddenly went low this week, I was charged around $1.2 to transfer $43 worth of Bitcoin from my wallet to exchanges. I think that as many people had observed, high transactions traffic, congestions could be some of the reason for higher fees charge at certain times.As we can observe Bitcoin transaction fees may fluctuate but these fees are convenient to many users since the rate and speed of transferring assets is easily achieved. While it is indeed important to address, on-going fluctuation in any market dictates that these fees rise and fall with market dynamism. It also proves the fact that network can work as per the existed load to cope with that much load. By using this technology further, we contribute to the better environment that is beneficial for all the participants. Up to the present, the ability to pay a low fee is still one of the advantages of Bitcoin as a currency.
However, Bitcoin fees is still pocket friendly, despite the current bull run.