[Bitcoin]Naira Scarcity and BTC Mempool Congestion. How una dey survive?

[Sim_card]

But will it work in the halving time that the fee is very high? Because this morning when I wanted to make a transaction of $6 from Electrum and the transaction fee was $85.8 so I canceled the transaction. So I was thinking if it would work in the Viabtc accelerator.

You canceled the transaction or you did not make the transaction? Because to cancel transaction on Electrum means different thing entirely. It means to send the coin back to another address on your wallet with higher fee. But I think you mean you did not make the transaction.

The free acceleration is congested right now but check it immediately after the next hour. I have used it several times and it is working.

If ViaBTC accelerator is working then there is a relieve from my end. I have forgotten about this service, after the last ordinal attack on the blockchain before this, I remembered that it stop working due to ordi spammers using bots to hijack the 100 free transactions. I hope that will not happen this time again, and runes spammers will allow us enjoy the free 100 transactions every one hour to be accelerated. Is this how the blockchain will be congested during the bull run and TX fee will be high  during the bull run. It means that will be a challenge for investors who are planning to sell their bitcoin in order to take profit.

[Agbe]

But will it work in the halving time that the fee is very high? Because this morning when I wanted to make a transaction of $6 from Electrum and the transaction fee was $85.8 so I canceled the transaction. So I was thinking if it would work in the Viabtc accelerator.

You canceled the transaction or you did not make the transaction? Because to cancel transaction on Electrum means different thing entirely. It means to send the coin back to another address on your wallet with higher fee. But I think you mean you did not make the transaction.

The free acceleration is congested right now but check it immediately after the next hour. I have used it several times and it is working.

If ViaBTC accelerator is working then there is a relieve from my end. I have forgotten about this service, after the last ordinal attack on the blockchain before this, I remembered that it stop working due to ordi spammers using bots to hijack the 100 free transactions. I hope that will not happen this time again, and runes spammers will allow us enjoy the free 100 transactions every one hour to be accelerated. Is this how the blockchain will be congested during the bull run and TX fee will be high  during the bull run. It means that will be a challenge for investors who are planning to sell their bitcoin in order to take profit.

Oboy be like say you dey follow up di mempool. Almost two days the mempool is crazy in fact the blocks were pure red and it was this morning that they gradually coming down and right now the minimum transaction fee as from the mempool analysis is

In the morning it was $20 then Yesterday, it was $85.8 to withdraw $6. And I believed the Viabtc accelerator wouldn't work as of that time. And nobody would make a transfer of $6 to pay $85.8.

You canceled the transaction or you did not make the transaction? Because to cancel transaction on Electrum means different thing entirely. It means to send the coin back to another address on your wallet with higher fee. But I think you mean you did not make the transaction.

Ok let me use another clear term. I withdrew the transaction because of the high transaction fee.

[Igebotz]

You canceled the transaction or you did not make the transaction? Because to cancel transaction on Electrum means different thing entirely. It means to send the coin back to another address on your wallet with higher fee. But I think you mean you did not make the transaction.

Ok let me use another clear term. I withdrew the transaction because of the high transaction fee.

Withdraw is still inappropriate word to use cause the only way to cancel/withdraw an unconfirmed transaction is to double spend it- sending the exact amount with high fees to your wallet so miners pick it up before the first transaction and return back your coins to your wallet.

I "changed" my mind is the appropriate word to use here since you no trigger the transaction at all.

[Charles-Tim]

If ViaBTC accelerator is working then there is a relieve from my end. I have forgotten about this service, after the last ordinal attack on the blockchain before this, I remembered that it stop working due to ordi spammers using bots to hijack the 100 free transactions.

People will have to register before it can be used since some weeks or months ago. I thought this was to limit the spammers until bitcoin halving occur and Runes was created. I have been unable to use it also seen 3 days ago that I have been trying it. When it supposed to work, it will show incorrectly captcha. When it showed incorrect captcha like two times, I tried it today of which I know the captcha is correct, but it displayed incorrect captcha again. During high congestion like this, I will not advice anyone to be using it again. It always become not useful during congestion.

[Cantsay]

Is this how the blockchain will be congested during the bull run and TX fee will be high  during the bull run. It means that will be a challenge for investors who are planning to sell their bitcoin in order to take profit.

Transaction fee just dey increase day by day and yet the Bull nor gree Run. 

Like this like this fee today even touch 5802 vbyte/sat - everyday nai the fee just dey achieve new all time high.




Even the current fee still dey burst my dada. A whole $27.36 for low priority.

No Priority:  38 sat/vB $3.55
Low Priority:  293 sat/vB $27.36
Medium Priority:  306 sat/vB $28.58
High Priority:  320 sat/vB $29.88
Source: Mempool

[Charles-Tim]

Even the current fee still dey burst my dada. A whole $27.36 for low priority.

No Priority:  38 sat/vB $3.55
Low Priority:  293 sat/vB $27.36
Medium Priority:  306 sat/vB $28.58
High Priority:  320 sat/vB $29.88
Source: Mempool

The mempool has become less congested. Although the fee rate is still high than when those Ordinals and Runes have not be created.

As I was about to post this, the fee rate is:

Low Priority: 44 sat/vbyte
Medium Priority: 45 sat/vbyte
High Priority: 46 sat/vbyte

I think it is getting better already.

[enwi]

Even the current fee still dey burst my dada. A whole $27.36 for low priority.

No Priority:  38 sat/vB $3.55
Low Priority:  293 sat/vB $27.36
Medium Priority:  306 sat/vB $28.58
High Priority:  320 sat/vB $29.88
Source: Mempool

The mempool has become less congested. Although the fee rate is still high than when those Ordinals and Runes have not be created.

As I was about to post this, the fee rate is:

Low Priority: 44 sat/vbyte
Medium Priority: 45 sat/vbyte
High Priority: 46 sat/vbyte

I think it is getting better already.

Currently, it seems that bitcoin transaction costs using mempool have started to fall, it seems that the gas costs required are quite stable. This should make all transactions fairly fast when used.

Low Priority: 10 sat/vbyte
Medium Priority: 22 sat/vbyte
High Priority: 25 sat/vbyte

[Igebotz]

Currently, it seems that bitcoin transaction costs using mempool have started to fall, it seems that the gas costs required are quite stable. This should make all transactions fairly fast when used.

Low Priority: 10 sat/vbyte
Medium Priority: 22 sat/vbyte
High Priority: 25 sat/vbyte

More like those bastards are out of the Blockchain with their jpeg for good. Bitcoin Dev really need to something about it unless they also benefit from the fees Spike cause by these jpeg bastards eating up the Blockchain block space.

[Sim_card]

Currently, it seems that bitcoin transaction costs using mempool have started to fall, it seems that the gas costs required are quite stable. This should make all transactions fairly fast when used.

Low Priority: 10 sat/vbyte
Medium Priority: 22 sat/vbyte
High Priority: 25 sat/vbyte

More like those bastards are out of the Blockchain with their jpeg for good. Bitcoin Dev really need to something about it unless they also benefit from the fees Spike cause by these jpeg bastards eating up the Blockchain block space.

Wow...I feel relieved right now, and I have some transactions that I need to consolidate before the fee start getting high again. It is good to see that we can make transactions and pay the normal low fee that we use to pay before the attack on the blockchain. 

[Agbe]

Currently, it seems that bitcoin transaction costs using mempool have started to fall, it seems that the gas costs required are quite stable. This should make all transactions fairly fast when used.

Low Priority: 10 sat/vbyte
Medium Priority: 22 sat/vbyte
High Priority: 25 sat/vbyte

More like those bastards are out of the Blockchain with their jpeg for good. Bitcoin Dev really need to something about it unless they also benefit from the fees Spike cause by these jpeg bastards eating up the Blockchain block space.

Really those nonsense ordinals dey make the network congested. This recent transaction fee after the halving was really crazy high. In 2022 the second quarter, the transaction fee was very low. And I think like dis people can use it to buy things, pay things online and shops can also accept because the fee is low. The Blockchain de good now but still remain small.

[MRY]

Currently, it seems that bitcoin transaction costs using mempool have started to fall, it seems that the gas costs required are quite stable. This should make all transactions fairly fast when used.

Low Priority: 10 sat/vbyte
Medium Priority: 22 sat/vbyte
High Priority: 25 sat/vbyte

More like those bastards are out of the Blockchain with their jpeg for good. Bitcoin Dev really need to something about it unless they also benefit from the fees Spike cause by these jpeg bastards eating up the Blockchain block space.

Really those nonsense ordinals dey make the network congested. This recent transaction fee after the halving was really crazy high. In 2022 the second quarter, the transaction fee was very low. And I think like dis people can use it to buy things, pay things online and shops can also accept because the fee is low. The Blockchain de good now but still remain small.

It is possible that after the halving transaction costs increase very sharply, it may be difficult for miners to get new blocks so that confirmation takes a very long time. However, it seems that expensive transaction fees are no longer an important problem because as you said, bitcoin transaction fees have fallen quite cheaply.