Fee Finally Down below 40 Sat/vb

[Learn Bitcoin]

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.

[Gormicsta]

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.

[Gurujebs]

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.

[Gormicsta]

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.

[Aanuoluwatofunmi]

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.



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.

[ajiz138]

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

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.

[Thyplaymaker]

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.

[Rubel007]

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.


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.

[Litzki1990]

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.

[bitterguy28]

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.

[hugeblack]

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.

[tbct_mt2]

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.

[bitmover]

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://mempool.space/mempool-block/7

[bitbit97]

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.

[Learn Bitcoin]

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.