Fee Finally Down below 40 Sat/vb

[Bitcoin_people]

We've seen Transaction Free get a lot of lore for Bitcoin's high volume of transactions. Last week the transaction fee per bitcoin increased to around 200-300+sat/vb. But this week the transaction pressure has reduced a lot due to which this transaction free is comparatively less.

[Stompix]

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.

Actually not true! These are Binance's tx:
https://mempool.space/tx/4d776e1cb6722a015a3799d60ef5051bfcb7d1813b473602261f8178131f7307
https://mempool.space/tx/ff705db5b3ffba3fdebb2a23e0b9f17b431cb5e60e9e7dc0534d1ff22d2d5f12

On both occasion they have overpaid 4x the sum needed for a confirmation and even a 2x would have got them in the top 10% of the next block.

This is okex:
https://mempool.space/tx/7fedaadae97ee4c43987be7bdcaca9227e23d0063c82cf19333f260a6610c01c
Again overspending by 4x

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.

500sat/vb is still under 30$, when you move around 10 000 it stops being such high fee!
This guy paid 2,173 sat/vB overpaying by 33x, but still he moved 0.6BTC so he paid 0.64% on fee.
Now if BTC goes to 500k, then 500sat/vb starts to sound really expensive!

[hugeblack]

We've seen Transaction Free get a lot of lore for Bitcoin's high volume of transactions. Last week the transaction fee per bitcoin increased to around 200-300+sat/vb. But this week the transaction pressure has reduced a lot due to which this transaction free is comparatively less.

As I said before, before the end of this month, the average fee prices will range between 40 Sat/vb to 60 Sat/vb, but the problem is that they are considered low fees, while most of us are accustomed to 1-10 Sat/vb, so without intervention from the developers, the spam will pass for a while and people will accept paying 10 Sat/vb to 40 Sat/vb as a normal fees.

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.

Actually not true! These are Binance's tx:
On both occasion they have overpaid 4x the sum needed for a confirmation and even a 2x would have got them in the top 10% of the next block.
This is okex:

Sometimes I feel that these services are lazy to improve withdrawal prices or that they are happy to use high withdrawal prices (more will avoid withdraw or use wBTC.)

[jonathancool220]

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!

Very useful knowledge, thank you for the explanation and I appreciate it.
I admit that I am still a beginner in Bitcoin transactions and this is a very valuable experience.
I continue to study every step of a Bitcoin transaction and this makes me think several times to understand it.
This means that it is very clear that if 100,000 transactions run into the mempool, the results will definitely congest the Bitcoin Blockchain network and the results will provide very expensive transaction fees.

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

Okay mate , for this answer i'm still to check this link website and still study.

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$

Haha , hey Dude , this price 13,558 USD very crazy for 1x incriptions.
Indeed, cryptocurrency has a lot of crazy people looking for oddities in their lives, this really makes me think and is beyond my thoughts.
So, i have a bit question again . What could make it expensive to charge this Bitcoin Magazine in one Inscription??
Can you explain to me again , thanks 

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

Well , this website link made me think simple , i like this informations and its very easy to check it . Thanks Mate

[God Of Thunder]

Fuck it. The fee keeps going up and up and we are unable to do anything. Bitcointalk already has a thread named Mempool observer thread. Now, this thread is becoming altcoin stalks mempool observer thread as well.

I don't know what is going on but look at this transaction https://mempool.space/tx/d8ec0d3b0f7f964396fc74c550d6cc7e17a4514ceeeaf5ef04dece8531ab5d38
there are hundreds of similar transactions in a same block and more similar transactions are waiting in unmined blocks. What the fuck is going on?

[0t3p0t]

As of this post it currently hit at $4.95 for the lowest priority 82 sats/vB so it goes up from previous $2+ at 30 sats/vB. If you're planning to transact I suggest to wait every reset as I observed it has lower fees that time compared to other timeframe.

[bitmover]

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.

The problem is people who use ordinals  really make high fee transactions, such as 500 sat/vbyte.

If you need to transfer any bitcoin in an emergency while those ordinal speculators are doing their thing, you can't do much. Or you pay, or you need to wait a few days..

[taufik123]

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.

While Layer2 ordinals still exist, scalability issues will never be resolved on the Bitcoin network.
It was a new network coming into Bitcoin and only weighing Bitcoin, the Network was more on than ever but not about the use of Bitcoin.

When this is canceled and moderated by a portion of the community that does agree to be abolished, Ordinals should have their own network.
We don't have to put up with fees that are too expensive, this is not Bitcoin's fault, but Bitcoin is affected.

[dwyane36]

As of this post it currently hit at $4.95 for the lowest priority 82 sats/vB so it goes up from previous $2+ at 30 sats/vB. If you're planning to transact I suggest to wait every reset as I observed it has lower fees that time compared to other timeframe.

This is very unstable at the moment, and I think it can be problematic to predict a favorable moment to send a transaction. The situation is also complicated by the fact that blocks in the BTC network are sometimes mined unevenly. For example, today, there was a moment when there was no new block in the BTC network for 1.5 hours. As a result, the fee increased from 42 to 146 sat/vB.

[bitbit97]

As of this post it currently hit at $4.95 for the lowest priority 82 sats/vB so it goes up from previous $2+ at 30 sats/vB. If you're planning to transact I suggest to wait every reset as I observed it has lower fees that time compared to other timeframe.

This is very unstable at the moment, and I think it can be problematic to predict a favorable moment to send a transaction. The situation is also complicated by the fact that blocks in the BTC network are sometimes mined unevenly. For example, today, there was a moment when there was no new block in the BTC network for 1.5 hours. As a result, the fee increased from 42 to 146 sat/vB.

It is unstable not just at the moment, but since NFTs appeared on BTC blockchain. It has triggered high fees, and now they more random, as you never know what the fees will be in 3-6 hours. It is always amazing how fees can jump from 50sat/vb to 200sat/vb in just half an hours, and people will still continue making transaction. Like whatever price would be, people would still send. That is imho ridiculous. One thing I am sure, we will never get any kind of stability or good old 1-10sat/vb anymore.

[Stompix]

This means that it is very clear that if 100,000 transactions run into the mempool, the results will definitely congest the Bitcoin Blockchain network and the results will provide very expensive transaction fees.

Pretty much!
Of course , this unless the mempool would have miraculously being empty, and this would be an one time event, if that would have been the case it would have cleared in half a day maybe, but not during an already congested period!

Haha , hey Dude , this price 13,558 USD very crazy for 1x incriptions.
Indeed, cryptocurrency has a lot of crazy people looking for oddities in their lives, this really makes me think and is beyond my thoughts.
So, i have a bit question again . What could make it expensive to charge this Bitcoin Magazine in one Inscription??
Can you explain to me again , thanks 

It's the difference in size, that first small cheap ordinal was just a text inscription.
What Bitcoin Magazine did was inscribing a full almost 4MB picture in the chain, which not only is a bit idiotic since you can't see it unless you go to a website that translates text to image it's also pretty expensive!  Nevertheless, it was still a bit cheap since the fees were lower at that time, now they would have to find a miner that would drop 60-100 sat/b transactions for them, so probably at least thrice or four times that.

Fuck it. The fee keeps going up and up and we are unable to do anything. Bitcointalk already has a thread named Mempool observer thread. Now, this thread is becoming altcoin stalks mempool observer thread as well.

Neah, Bitmover did one, after all even on BTT it's his bot that's the center of attention!
https://www.altcoinstalks.com/index.php?topic=315483.0;topicseen

[gunhell16]

This morning  10 hrs ago I did a Bitcoin transfer using Electrum to the exchange, and it was around 50 sats. I checked tonight at this time, and it was still easy and nothing changed; the fee amount is still the same. I hope he lowers his fee amount again to the amount we are used to.

Because I have noticed that when the value of Ordi increases, the Bitcoin fee for holders also increases at the same time. I just don't know if anyone else here noticed what I saw in this matter. Then, when there is a drop in the price of Ordi, the bitcoin fee on the network also drops.

[God Of Thunder]

Neah, Bitmover did one, after all even on BTT it's his bot that's the center of attention!
https://www.altcoinstalks.com/index.php?topic=315483.0;topicseen

Oh, Thanks stompix. I didn't know that he had created the same thread here as well. We don't need our feebuddy here yet. The forum is not very active at this moment. But I feel like we need a notification bot. Either a telegram bot like TryNinja's super notifier bot or LoyceV's notification.

Back to the main topic again. The mempool seems like getting more congested every day. The fee hasn't fallen below 40 sat/vB for a while now. It's still rising rocket high due to shitcoin minting.

[jonathancool220]

What could make it expensive to charge this Bitcoin Magazine in one Inscription??

It's the difference in size, that first small cheap ordinal was just a text inscription.
What Bitcoin Magazine did was inscribing a full almost 4MB picture in the chain, which not only is a bit idiotic since you can't see it unless you go to a website that translates text to image it's also pretty expensive!  Nevertheless, it was still a bit cheap since the fees were lower at that time, now they would have to find a miner that would drop 60-100 sat/b transactions for them, so probably at least thrice or four times that.

Ah yes, now I start to understand a little about how to work from inscriptions from Bitcoin Magazine.
So, I describe his notes like this:

- Text Inscription         = small size  = cheap satoshi transaction fee
- Picture inscription     = large size  = expensive satoshi transaction fee

Is this true conclusion from the expensive Bitcoin Magazine incription, right?

Once again, the purpose of Bitcoin Magazine Inscript Image for what?
What are you going to do for?
(if you don't know the answer, no need to answer okay)

[dwyane36]

Back to the main topic again. The mempool seems like getting more congested every day. The fee hasn't fallen below 40 sat/vB for a while now. It's still rising rocket high due to shitcoin minting.

Unfortunately, there are fewer and fewer periods of time on the BTC network when the transaction fee drops below 40 or even below 30 sat/vB. The last time such a small period of time was January 12 and 13, and if you look at the mempool chart for the last three months, you will notice that such favorable periods for transactions were no more than 15-20 times.