Fee Finally Down below 40 Sat/vb

[Gormicsta]

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.

Yes, there has been an increase in Bitcoin transaction costs recently. This can be attributed to several factors, including as a rise in transaction demand and a reduction in block size. It's true that the initial idea of Bitcoin—that it be a low-cost, anonymous substitute for conventional financial transactions—was not aligned with the high transaction costs. Nonetheless, initiatives like Segregated Witness and the Lightning Network are being implemented to overcome these problems. Therefore, even though the state of Bitcoin transactions right now isn't perfect, things might change for the better in the future.

[CryptoLaila]

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

Seeing this for the first time maybe it's because It had been a while I check the mempool.  But you left me curious on how its possible toto make a transaction not up to a dollar with that kind of fee just to encourage congestion...

[Z-tight]

I hope it stays down this time, fee rate also dropped some months ago, and we thought the spammers were gone for good, but they came back 'stronger', i hope the fee rate continues to fall until we can make tx's with 1-2 sat/vByte again (i miss those days). ViaBTC has also reduced its number of hourly free accelerated tx's from 100 to 20, so if fee rate spikes again, people will have to either not use the BTC network or pay the high fee, because ViaBTC will be almost impossible to use, except you use a bot.

[Baki202]

One thing a lot of people fail to understand is the fact that the price can not go up for ever, their will be a time that it will surely drop. And the way the sat was increasing getting close to 300 I was scared but eventually it has come down. Any one send sending bitcoin that period is sending high but I noticed something and that is what I will do if I want to send and the mempool is congested I will wait until the price is down.

[Findingnemo]

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.

The underlying cause behind the fee hike still exists and I don't see any changes will be made soon to get rid of those spam ordinals from bitcoin network so don't be durprised if the fee rise back to 300-400sat/vb.

Today, the fee hiked again but this is mostly due to the less blocks mined than they should be and also some big time gaps between blocks like a hour and yesterday we high an historic time gap over 120 minutes too in the last 10 years.

Let's hope the spammers done with the hype and fade away sooner.

[Z-tight]

Any one send sending bitcoin that period is sending high but I noticed something and that is what I will do if I want to send and the mempool is congested I will wait until the price is down.

You can wait if you are not in any hurry to make the tx, or if you are sending the funds to another address that is yours. But waiting can only work for a few people, so many users are making payments and sending funds to another party, so they cannot wait and they must make the tx. This is why i don't consider waiting as a solution to the problem of high BTC tx fees.

[CryptoLaila]

I ViaBTC has also reduced its number of hourly free accelerated tx's from 100 to 20, so if fee rate spikes again, people will have to either not use the BTC network or pay the high fee, because ViaBTC will be almost impossible to use, except you use a bot.

I hope it doesn't reiterate it self and I guess people are now using lightning nodes but does it change anything   though more transaction were archived...

[bitbit97]

~
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.

I have observed a lot. Maybe I have done wrong conclusions, but as a regular guy I see that what once was cheap, now is expensive, and what was cheap still remained cheap. I am not much of a tech guy, just a regular user, customer, whos priority is final price. I dont care much about layers, centralized or decentralized. Crypto has turned into speculative asset and the is what matters.

If crypto was a car, I dont care if it is white, yellow, sedan or coupe. Getting from point A to point B for lower prices with enough comfort is what I want. Having ventilated seats with nappa leather on it, and leather dashboard panel. It is something I get excited first day I've bought car. With daily usage that wont be noticeable at all.

[Learn Bitcoin]

Damn!
It does not look good anymore. The mempool seems congested further; the number of unconfirmed transactions increased to 280K, and the fee is now around 70 sat/vB. The way people keep increasing the fees, we might see another 500K unconfirmed transactions anytime soon.

Some ordinal coins have been pumped with Bitcoin as Bitcoin pumped a little. The number of transactions increased as well. Especially OZK and BANK surged up to 35% today. If the number of ordinal transactions increases, it will affect the Bitcoin network.

[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.

I have observed a lot. Maybe I have done wrong conclusions, but as a regular guy I see that what once was cheap, now is expensive, and what was cheap still remained cheap. I am not much of a tech guy, just a regular user, customer, whos priority is final price. I dont care much about layers, centralized or decentralized. Crypto has turned into speculative asset and the is what matters.

If crypto was a car, I dont care if it is white, yellow, sedan or coupe. Getting from point A to point B for lower prices with enough comfort is what I want. Having ventilated seats with nappa leather on it, and leather dashboard panel. It is something I get excited first day I've bought car. With daily usage that wont be noticeable at all.

Regardless of what you want or care about, the point is transaction fees still fluctuate. Maybe you are not feeling the increase or decrease then and now because the dollar value of fees makes it insignificant (cents). Once the price of the native coin of the blockchain you use reaches thousands, you'll probably have a different view.

[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.

Piggybacking on what bitmover said that it's centralized.

I have observed a lot. Maybe I have done wrong conclusions, but as a regular guy I see that what once was cheap, now is expensive, and what was cheap still remained cheap. I am not much of a tech guy, just a regular user, customer, whos priority is final price. I dont care much about layers, centralized or decentralized. Crypto has turned into speculative asset and the is what matters.

If crypto was a car, I dont care if it is white, yellow, sedan or coupe. Getting from point A to point B for lower prices with enough comfort is what I want. Having ventilated seats with nappa leather on it, and leather dashboard panel. It is something I get excited first day I've bought car. With daily usage that wont be noticeable at all.

Well, if you just need fast and free transactions, you can jut use Visa. No need to use cryptocurrencies.

You can even get 1% back when you make a purchase using Visa. Visa is amazing.

Bitcoin is not relevant to make transactions free or fast. Visa does that very well, and that is not the goal of bitcoin.
Bitcoin exists so you can send money anywhere in the world, without asking permission, without anyone controlling it. Censorship resistant. No one can censor your transaction, it will get confirmed.

You can't say that about BNB, or about Visa.

[bitbit97]

Bitcoin exists so you can send money anywhere in the world, without asking permission, without anyone controlling it. Censorship resistant. No one can censor your transaction, it will get confirmed.

You can't say that about BNB, or about Visa.

Or with Bitcoin. Not anymore. Authorities give a lot more attention to the Bitcoin. You cant actually send BTC to anyone and be 100% sure of anonymity, being safe or uncontrolled. Maybe not instantly, maybe only under certain circumstances, but BTC sender as minimum can get fined, as maximum can get a prison term. If it is so free and with daisy flowers, why there is issues with mixers, exchanged get fined and transactions get excluded from blockchain (due to low fee)?

P.S. I think we are slowly turning into off-topic direction right now...

[Gurujebs]

Bitcoin exists so you can send money anywhere in the world, without asking permission, without anyone controlling it. Censorship resistant. No one can censor your transaction, it will get confirmed.

You can't say that about BNB, or about Visa.

Or with Bitcoin. Not anymore. Authorities give a lot more attention to the Bitcoin. You cant actually send BTC to anyone and be 100% sure of anonymity, being safe or uncontrolled. Maybe not instantly, maybe only under certain circumstances, but BTC sender as minimum can get fined, as maximum can get a prison term. If it is so free and with daisy flowers, why there is issues with mixers, exchanged get fined and transactions get excluded from blockchain (due to low fee)?

P.S. I think we are slowly turning into off-topic direction right now...

You are referring to Bitcoin that is sent from centralized exchanges which are readily identify by chain surveillance. If I decide to withdraw Bitcoin from any exchange be it centralized or decentralized, it can be mix and the purpose of this mixing is to cut off the input and the output and when this Bitcoin is mixed, it can't be further trace back to source but they can of course trace it back to the mixers and who are the mixers? Nobody.

You can greatly achieve a high level of private life with Bitcoin without suffering anything or been trace, even a tent Bitcoin can be use to transfer value without anyone permission unless the person I sent to use a centralized exchange to receive the Bitcoin, you can't trace a bitcoin sent from wallet A to Wallet B never, the pseudonym remain hidden unless the Bitcoin is redeem in centralized exchanges or any centralized P2P platforms which used KYC to identify people.

[bitmover]

[You cant actually send BTC to anyone and be 100% sure of anonymity, being safe or uncontrolled.

But bitcoin was never meant to be anonymous. This is basically an additional feature which is added by using third party services such as mixers.

Freedom is not the same as anonymous.

I can guarantee anyone can send their bitcoin to any wallet they want, without asking permission or being censored by the protocol.

Maybe not instantly, maybe only under certain circumstances, but BTC sender as minimum can get fined, as maximum can get a prison term. If it is so free and with daisy flowers, why there is issues with mixers, exchanged get fined and transactions get excluded from blockchain (due to low fee)?

Those mixers had problems because they were investigated and concluded that they were used for money laundry .

The third party (mixers) had problems, not bitcoin

[Z-tight]

Damn!
It does not look good anymore. The mempool seems congested further; the number of unconfirmed transactions increased to 280K, and the fee is now around 70 sat/vB. The way people keep increasing the fees, we might see another 500K unconfirmed transactions anytime soon.

Right now it is not looking bad, though unconfirmed tx's is ~ 225k, the fee rate for high priority right now is ~ 49 sat/vByte. I know that anything can happen and the fee rate could spike up again, but now is still a good time to make those tx's that you've been waiting to make due to high fees, it can change at anytime so it is good to take advantage of the fee rate right now.