Fee Finally Down below 40 Sat/vb

[Wiwo]

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.

I believe that at some point,  the spammers are going to fad aways and die a natural dead by giving up,  but I also know that,  that is going to take some time to come to happens and as a matter of fact,  bitcoin holders and those who do daily transactions are already aware of this fact and they making ways to accommodate alternative means of carrying out their daily transactions.

But the good news is that,  for now,  the hike is subsiding and the Bitcoin community is beginning to see a serious Bitcoin ecosystem again against what we heard in the last few weeks back.

[dwyane36]

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.

The situation seems to have stabilized for now, as the number of unconfirmed transactions there has dropped to 267k, and the recommended transaction fee has dropped to 29 sats per byte. The problem is that everything can change literally overnight, and it's really bad for normal users, considering that viaBTC also significantly reduced the quota for their transaction accelerator.

[dekafee79]

The situation seems to have stabilized for now, as the number of unconfirmed transactions there has dropped to 267k, and the recommended transaction fee has dropped to 29 sats per byte. The problem is that everything can change literally overnight, and it's really bad for normal users, considering that viaBTC also significantly reduced the quota for their transaction accelerator.

We all know, crypto currency cannot be predicted.
It's always volatile.
Especially about fee.
I think fee depends on traffic and price.
When  crypto price goes up ,  fee will more expensive.
But as you said fee has dropped to 29 sats per byte, I think nice to hear that.
But let's see, it will increase again or stable at this value.

[CryptoLaila]

If I may ask what's  the purpose of this spamming  make the space more stuffy or just to raise the fee....?

[Rruchi man]

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.

The prices of bitcoins are down right now, but what is questionable is for how long? if the TX fee is not always stable, and the highs become more regular like the lows, it will be discouraging for people to keep using bitcoins for transaction as an everyday currency.

It will not be easy for people to get used to it.

[retreat]

Bitcoin fees currently cannot be said to be practically used in daily transactions because the fees are still at 3USD which is quite high, I don't think that anyone will be willing to pay a fee of 3USD just to buy a coffee in a cafe. But the fees now are much better compared to some time ago where for one transaction it took around 11USD just for fees alone which was unreasonable.

[NikeFit_7777]

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.

I'm telling you, situations like this come and go. Everything is temporary and the situation we're in now is no exception. That meme/inft/airdrop hype.

Didn't Ethereum have something like this? Yeah, it's quiet for now. But as soon as there is a high news, the gas for the transfer will fly into space. You can analyze past activity yourself. What it was like before and what it's like after. There's a pattern.

P.S. Thanks for the recommendation with the current transfers. I'd rather wait until the situation gets better so I can transfer my bitcoin funds normally. Or I'll send it now and have to wait a couple days for it to arrive. 

[God Of Thunder]

If I may ask what's  the purpose of this spamming  make the space more stuffy or just to raise the fee....?

If I am not wrong, are you asking about the spam transaction on the network? Or are you talking about the spam on this forum? If you were talking about the spam transactions; here is what I believe. We don't know the actual reason. But the spamming is happening because of the BRC-20 ordinal transactions. People transfer small amounts of Bitcoins from a wallet to another platform to make it active, so they can become eligible for the airdrop of those coins. They do not care about how much they are paying for it. This could be the possible reason of spam transactions.

[Gladitorcomeback]

If I may ask what's  the purpose of this spamming  make the space more stuffy or just to raise the fee....?

If I am not wrong, are you asking about the spam transaction on the network? Or are you talking about the spam on this forum? If you were talking about the spam transactions; here is what I believe. We don't know the actual reason. But the spamming is happening because of the BRC-20 ordinal transactions. People transfer small amounts of Bitcoins from a wallet to another platform to make it active, so they can become eligible for the airdrop of those coins. They do not care about how much they are paying for it. This could be the possible reason of spam transactions.

Actually if you joined any inscription on btc ordinal network then you will be fimiliar with their working method.. When any project launch their token Inscription mint, it has limited supply and FCFS based. Everyone trying to get more token because per successfully transaction you will get one token or 100 token/1k token. The more your transaction confirmed quick the high rewards you will get , thus airdrop hunters didn't care about fee and paying high fee with Burst transaction due to which we see a highly congested network with so many unconfirmed transactions. I hope it will not remains for long time and everything will become normal

[EluguHcman]

Indeed considering the transaction fees in Bitcoin is worth panicking which has got many Bitcoin investors stucked and unwillingly hodling there Coins even at most needed time to sell their coins at immediate necessity just to solve their financial issues. This if frustrating and lot of transactions has been timely and untimely placed on pending without planning for it. Maybe I should just say the transaction fees is a disasterous situations to the vulnerable investors.

[Primo1760]

The most talked about issue of the moment was the increase in Bitcoin transaction fees.  Due to the increase in transactions, people suffered so much which made people face many problems. Currently the Bitcoin Mempool has decreased a lot. Right now the Bitcoin mempool is 34sat/vB. However, it is expected that the Bitcoin mempool will decrease further and the inconvenience to people will be removed.

[God Of Thunder]

Actually if you joined any inscription on btc ordinal network then you will be fimiliar with their working method.. When any project launch their token Inscription mint, it has limited supply and FCFS based. Everyone trying to get more token because per successfully transaction you will get one token or 100 token/1k token. The more your transaction confirmed quick the high rewards you will get , thus airdrop hunters didn't care about fee and paying high fee with Burst transaction due to which we see a highly congested network with so many unconfirmed transactions. I hope it will not remains for long time and everything will become normal

Yes. I got that. But as long as devs do not stop launching tokens on taproot protocol using BRC-20, more new tokens will appear and they will start airdrop as well. If these websites continue to offer airdrops for doing such shitty things, people will continue doing these spammy transactions so they can be eligible for the airdrop.

I am afraid but I do not see any kind of actions from Bitcoin developers. Do you remember how ERC-20 token congested the Ethereum network back in the old days? Something similar is happening with Bitcoin network as well.

[tbct_mt2]

Yes. I got that. But as long as devs do not stop launching tokens on taproot protocol using BRC-20, more new tokens will appear and they will start airdrop as well. If these websites continue to offer airdrops for doing such shitty things, people will continue doing these spammy transactions so they can be eligible for the airdrop.

I am afraid but I do not see any kind of actions from Bitcoin developers. Do you remember how ERC-20 token congested the Ethereum network back in the old days? Something similar is happening with Bitcoin network as well.

They only continue if they see profit. They smell profit, then want to take risk because they see risk is smaller than potential profit. So far it seems like those risk takers are right but if in future, they fail with those BRC20 tokens, they will stop minting useless Inscriptions and stop buying those useless BRC20 tokens.

If it happens, Bitcoin mempools will not be congested and we will return to normal like in 2021 and 2022 without BRC20 tokens, without Ordinals Inscriptions.

But I see probability for mempool congestion in coming bullish months which tend to be great opportunities for useless scam projects to be launched.

[Nwada001]

They only continue if they see profit. They smell profit, then want to take risk because they see risk is smaller than potential profit. So far it seems like those risk takers are right but if in future, they fail with those BRC20 tokens, they will stop minting useless Inscriptions and stop buying those useless BRC20 tokens.

This is just the truth, and this madness will gradually fade away just as the era of NFT has come and gone. It will happen with the Ordina and their airdrops.
 
As we all can see, they are already trying so hard to start avoiding paying those high fees right now as they are looking for cheaper ways to get their transactions through by occupying the free acceleration service that Viabtc offers. They are getting tired of paying the fee, and very soon, when the people's eyes get open and they stop buying those spam tokens, we will see the end of all of this.

[dkbit98]

Several Bitcoin ETFs approved and we have fees almost back to normal again, something is strange here.
I think this is just quiet preparation time for big storm, so better consolidate your UTXOs and get ready to bumpy ride ahead.
Maybe we see new ATH this year and that could mean ATH fees also