Fee Finally Down below 40 Sat/vb

[Baofeng]

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.

[NikeFit_7777]

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!

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. 

This does not mean that you should do the same. Look at your own circumstances. 

[bitmover]

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...

[Gladitorcomeback]

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.

[MrSpasybo]

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 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.

[NikeFit_7777]

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. 

[bitbit97]

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. 

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...

[Muneeb22]

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.

[bitmover]

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

[Aanuoluwatofunmi]

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.

[Gurujebs]

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.

[Zed0X]

~
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.

[Jamal Aezaz]

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.

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. 

[God Of Thunder]

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.

[bitmover]

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..