Fee Finally Down below 40 Sat/vb

[CryptoLaila]

If I am not wrong, are you asking about the spam transaction on the network?

Yes! I won't have added the word "fee" if I was talking about the forum spamming

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.
 

Okay I get it now they make transactions  to get rewards of more and extra BRC20 token so they don't  really care about the fee their job is to get it done to get rewarded  but the BRC20 tokens, I get that some fails but other that prevails and get dumbed later are traded for what ?? Transactions or what exactly that earned this spammers  profits

[Dr.Bitcoin_Strange]

It's actually a nice thing that the fee dropped because it was really messy for some people who deal more often with Bitcoin transactions. I had a pie of the high fee and really got upset that day because of the huge fee I spent just to make a $55 worth of Bitcoin payment. I also read that some people were complaining that their transaction had been stocked on the mempool for more than two days, while it was a transaction that actually needed to be confirmed within a few minutes or an hour.

It also affected my customers from paying in Bitcoin, but for transactions I have carried out since the start of this week, I have not spent more than a $2 fee, which is very much okay with me.

[Z-tight]

I also read that some people were complaining that their transaction had been stocked on the mempool for more than two days, while it was a transaction that actually needed to be confirmed within a few minutes or an hour.

That's what happens when the network is congested, people had and still have tx's that are stuck in the mempool for weeks now. The people most affected by this are those who need to make a payment or send money urgently to someone. If you are sending money to an address that is yours and you are not in hurry, waiting is an option.

It also affected my customers from paying in Bitcoin, but for transactions I have carried out since the start of this week, I have not spent more than a $2 fee, which is very much okay with me.

Fee rate has spiked again, as i type this, fee rate for high priority is ~ 194 sat/vByte.

[therozaq]

It's actually a nice thing that the fee dropped because it was really messy for some people who deal more often with Bitcoin transactions. 

Yeah, always good to hear fee dropped.
Fee is always being basic matter.
When the fee goes up, almost everyone complains and waits for it to go down to make a transaction. 
Some people say the fee depends on traffic, I think that's true. 
When crypto prices rise, traffic will increase, making fees even more expensive.

[Z-tight]

Some people say the fee depends on traffic, I think that's true. 
When crypto prices rise, traffic will increase, making fees even more expensive.

Fee rate rises when the network is congested and users now have to outbid one another for a space in a block, that is surely true. But take note that BTC price does not have to rise before there can be a congestion in the network, take for example, this current state of high tx fees is not as a result of a rise in the price of BTC, but by the people who are making ordinals tx's and taking a lot of the space in each block.

[Cantsay]

Some people say the fee depends on traffic, I think that's true. 
When crypto prices rise, traffic will increase, making fees even more expensive.

The price of a coin does not affect the network congestion which in turn cause a rise or decrease in transaction fee.

For bitcoin it was known that the ordinal spam was what resulted in the increase of transaction fees, for example if a block was supposed to be mined in ~approximately 10 minutes but then something happened and it wasn’t mined new transaction will be added to the already existing transaction resulting in the congestion.

And we all know that those using ordinals or minting nfts in bitcoin network normally do it when a large sum of transaction fee – for example you’ll see a transaction worth $0.25 being sent with a transaction fee of over a thousand dollars or let’s say 300 sats/vbyte.

[Cryptsafe]

I could imagine the stress many stuck up transaction holders could have gone through. I personally felt the heat that period as I got a transaction stuck for over a week without confirmation. It is very painful though and In most cases some of the funds would be needed urgently to sort out bills but it would be unfortunate that the transaction would get stuck on chain.

It is a good news now and I believe many would be relieved of the stress and things would be back to normal for the reason being that transaction fee is back to normal.

[Don Pedro Dinero]

Here we have a spam attack again. 100,000 transactions have been dumped on the mempool in the last 24 hours, raising the average priority rate to 200 sats/vByte according to mempool.space. On top of that, come Saturday and Sunday, when the mempool is usually quieter and you can make cheaper transactions than the rest of the week.

[Stompix]

On top of that, come Saturday and Sunday, when the mempool is usually quieter and you can make cheaper transactions than the rest of the week.

It's going to be bad again!

The amount of tx over 30sat/vb has grown from 13Mvb to 34Mvb and more annoying than everything another purge hit the over 20sat/vb area, so if you want to send a fee with 20sat/vb to just sit there and maybe get a chance at viabtc you're going to have again to look for nodes that don't run on the default 300MB mempool limit.
I'm looking right now at 1.73 GB, dunno where mempool()space is getting their 1.81 GB, probably better connected nodes but this is nuts, the entire world needs to stop doing transactions for three days to clear the backlog, not even counting how many will rush to consolidate or do some payments if it ever goes below 10sat/vb.

And we all know that those using ordinals or minting nfts in bitcoin network normally do it when a large sum of transaction fee – for example you’ll see a transaction worth $0.25 being sent with a transaction fee of over a thousand dollars or let’s say 300 sats/vbyte.

There is only one tx in the last 24 hours that has a fee over $1000 and an input under $100.
Also, there are only 76 that have an input under 100 and a fee over 100$.

This is a brc inscription
https://mempool.space/tx/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2
They have only 135.75 vB in size so even $10 is enough for 173 sat/vB 

[jonathancool220]

Here we have a spam attack again. 100,000 transactions have been dumped on the mempool in the last 24 hours

?

This is a brc inscription
https://mempool.space/tx/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2
They have only 135.75 vB in size so even $10 is enough for 173 sat/vB 

hey Stompix, I know you are a Legendary member and have a perfect understanding of Bitcoin transactions. I don't understand much about Bitcoin transactions, let alone Bitcoin mining.
Can you explain what Don Pedro Dinero mentioned with "spam attack 100,000 transactions"?
I've tried searching on Blockchair but can't or haven't found anything called "spam attack 100,000 transactions".

I've also checked for BRC Inscription with a fee of 10 USD which is equivalent to 23,485 sat and a fee rate of 173 sat/vB, if I'm not mistaken the fee is used for Minting a token on the Bitcoin blockchain, right?
The question is, is the 10 USD fee used for 1 Inscription or used several times?
Considering that 10 UDS is very expensive in my opinion for one transaction fee.

[Stompix]

hey Stompix, I know you are a Legendary member and have a perfect understanding of Bitcoin transactions. I don't understand much about Bitcoin transactions, let alone Bitcoin mining.
Can you explain what Don Pedro Dinero mentioned with "spam attack 100,000 transactions"?
I've tried searching on Blockchair but can't or haven't found anything called "spam attack 100,000 transactions".

There are two options to check those easily:
Jochen website
https://jochen-hoenicke.de/queue/#BTC,2d,count

Or mempoolspace but you need a few extra clicks:
https://mempool.space/graphs/mempool#1w
On the top left there is a button, you click it and then click "count" which is disabled by default in graph and you get this:


The white line is the count of transactions and between January 13th and 14th it grew by 100 000 transactions sitting in the mempool!
That's what Don Pedro Dinero was talking about!

I've also checked for BRC Inscription with a fee of 10 USD which is equivalent to 23,485 sat and a fee rate of 173 sat/vB, if I'm not mistaken the fee is used for Minting a token on the Bitcoin blockchain, right?
The question is, is the 10 USD fee used for 1 Inscription or used several times?

Hmm, it's the price you pay for one inscription, once! The one I mentioned is this:
https://ordinals.com/inscription/04c0202a3dd7f6e531b80d00c8edbd0acdee95bf0ba79e82e79d405897d9e3c2i0

But do note that inscriptions differ, that's a text inscription, people are inscribing everything in the chain
Bitcoin Magazine inscribed this:
https://www.ord.io/1290742
It's a ‎992.44 kvB  tx that occupied nearly an entire block at a fee of 49,622,200 sat$ / 13,558$

Considering that 10 UDS is very expensive in my opinion for one transaction fee.

Somebody paid 2 million for a pokemon card and people all over the world pay daily insane amounts for stupid things, it's matter about the pockets you have, and when you have millions, $10 is something you don't even look at.

[Don Pedro Dinero]

There are two options to check those easily:
Jochen website
https://jochen-hoenicke.de/queue/#BTC,2d,count

Or mempoolspace but you need a few extra clicks:
https://mempool.space/graphs/mempool#1w
On the top left there is a button, you click it and then click "count" which is disabled by default in graph and you get this:
<...>

I also sometimes use https://mempool.observer/

It is not as professional as the others, and for jonathancool220, who says he doesn't know much about the subject, it might be useful, but I think it is the best for beginners. This is what it shows what has happened in the last 7 days.

[bitmover]

Maybe we see new ATH this year and that could mean ATH fees also

Omg I was hoping to never see a 500 sat/vB transaction again 

I think fees now are being controlled mostly by ordinals, not normal transactions demand.

Because blocks are like this


A normal block should look like this, with more than 3500 transactions
https://mempool.space/block/000000000000000000046e38b72bdb16e221e94ee1d3404e2258288e6e549bd0

[taufik123]

Omg I was hoping to never see a 500 sat/vB transaction again 

I think fees now are being controlled mostly by ordinals, not normal transactions demand.

Only crazy people will approve a 500 sat/vB transaction, or those who don't know that the transaction will drain their assets for fees only.

Ordinals only create bottlenecks, no good impact, just pile up transactions that never get completed.
When will the Ordinal end?
It is possible that it will remain part of Bitcoin or just be part of history and will be removed from Bitcoin.
Some transaction fees I made increased 10x from the previous transaction.

[Mr.right85]

Omg I was hoping to never see a 500 sat/vB transaction again 

I think fees now are being controlled mostly by ordinals, not normal transactions demand.

Only crazy people will approve a 500 sat/vB transaction, or those who don't know that the transaction will drain their assets for fees only.

Ordinals only create bottlenecks, no good impact, just pile up transactions that never get completed.

That could be the case but, some users wouldn't care more due to just how much they would have as there holdings and the volume of transaction that is to be done which I think would be very wrong of them.
If they could actually value this, they would realise just how it's highly unnecessary for anyone to use 500sat/byte for a transaction fee no matter the congested nature of the network. Exchanges don't even use a little more than the required threshold to have there transactions confirmed in a minute.
Check the mempool, make the calculations and you just would be using the appropriate fee no matter the volume.

When will the Ordinal end?
It is possible that it will remain part of Bitcoin or just be part of history and will be removed from Bitcoin.
Some transaction fees I made increased 10x from the previous transaction.

I think bring a part of history would be the closest possibility and something plausible for Bitcoin. Its been discouraging and defeating to Bitcoin's use case for a means of day to day in p2p payments as, its reflected in fee hence, its only normal that it be dropped or moderated.