Fee Finally Down below 40 Sat/vb

[God Of Thunder]

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.

We don't know if Bitcoin developers thinking about it. But I guess some of them regret the taproot development which has allowed them to deploy these shit tokens on the Bitcoin network. The Bitcoin adoption was growing day by day. But if transaction fees stay like that or even increase more, no companies will adopt Bitcoin in the future. People are afraid of sending their Bitcoin. If someone has Bitcoin with multiple utxo's, they must be scared of the fees now.

I was thinking of consolidating my tx's, but I don't think I would do it with such high transaction fees. Opening and closing lightning network is expensive as well. Most of the Bitcoin users do not use lightning network. I wish I had a lightning node so I can do the transactions.

[bitmover]

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

Hey stompix!! Sorry for creating the topic before you! I didn't even knew you were using this forum too! If I had seen you before, I would have waited for you to create it!!

Welcome to altcointalks! Nice to see you here.

I was thinking of consolidating my tx's, but I don't think I would do it with such high transaction fees. Opening and closing lightning network is expensive as well. Most of the Bitcoin users do not use lightning network. I wish I had a lightning node so I can do the transactions.

I would just consolidate inputs if the fees are below 5 sat/vB.

Unfortunately, I have way too many inputs in my wallets (at least one per week since 2018, which is quite a lot). I really need to consolidate them in the first opportunity...

[dwyane36]

We don't know if Bitcoin developers thinking about it. But I guess some of them regret the taproot development which has allowed them to deploy these shit tokens on the Bitcoin network. The Bitcoin adoption was growing day by day. But if transaction fees stay like that or even increase more, no companies will adopt Bitcoin in the future. People are afraid of sending their Bitcoin. If someone has Bitcoin with multiple utxo's, they must be scared of the fees now.

I was thinking of consolidating my tx's, but I don't think I would do it with such high transaction fees. Opening and closing lightning network is expensive as well. Most of the Bitcoin users do not use lightning network. I wish I had a lightning node so I can do the transactions.

Yes, the Lightning network is not really in demand among the majority of users yet. As for BTC transaction fees, it seems that the situation has normalized today. There are quite a lot of blocks with fees below 35-40 sat/vB, and blocks are confirmed today with not such a huge delay as it was a few days ago.

[God Of Thunder]

I would just consolidate inputs if the fees are below 5 sat/vB.

Unfortunately, I have way too many inputs in my wallets (at least one per week since 2018, which is quite a lot). I really need to consolidate them in the first opportunity...

OMG. Tx from the last six years? I hope you don't have to spend a quarter BTC for that. I understand that you would have consolidated them if you knew something like this was going to happen in the future. But, most of my transactions were made in 2023 because that's the only time when I started to receive weekly payments from signature campaigns. I got some other BTC as well, but those are consolidated already.

It's funny how we are cheering when Bitcoin transaction fees go down below 40 sat/vB. I just read an article that says A bug fix on the Bitcoin Core network in the v27 upgrade could reportedly halt the creation of new Bitcoin Ordinals and BRC-20 tokens and stop Ordinals from "spamming the blockchain." Read more here https://coinmarketcap.com/academy/article/bug-fix-on-bitcoin-core-could-end-bitcoin-ordinals-and-brc-20

[Stompix]

~

Hey stompix!! Sorry for creating the topic before you! I didn't even knew you were using this forum too! If I had seen you before, I would have waited for you to create it!!

And you would have waited for months and years..
I have been around for weeks and I could have opened one IF I wanted but I just didn't and still don't feel like it, on BTT it was more of a statement and a bit of meme since we had a WO , right now with fees getting lower and not the same environment as on the other forum I just didn't feel interested in it 

I would just consolidate inputs if the fees are below 5 sat/vB.

Speaking of weeks and months, there are 3 days of blocks to that level not mentioning the thousands if not tens of thousands of consolidations that will happen when it hits again 10sat/, but since you've waited since '18, I guess you can wait till '26, right? 

[examplens]

Hey stompix!! Sorry for creating the topic before you! I didn't even knew you were using this forum too! If I had seen you before, I would have waited for you to create it!!

And you would have waited for months and years..
I have been around for weeks and I could have opened one IF I wanted but I just didn't and still don't feel like it, on BTT it was more of a statement and a bit of meme since we had a WO , right now with fees getting lower and not the same environment as on the other forum I just didn't feel interested in it 

stompix is from a group of miners who do not benefit from low fees, so for him, such topics are quite torture  It's like rubbing salt on his raw wound

[bitmover]

Speaking of weeks and months, there are 3 days of blocks to that level not mentioning the thousands if not tens of thousands of consolidations that will happen when it hits again 10sat/, but since you've waited since '18, I guess you can wait till '26, right? 

I am not that pessimistic lol

I think I will be able to do that in a few months! Lets wait and see... BUt mempool was heavy before and fees high as hell and things went back to normal!

[dkbit98]

I think I will be able to do that in a few months! Lets wait and see... BUt mempool was heavy before and fees high as hell and things went back to normal!

No way, I don't think situation will improve at all in next few months because we have Halving event in around 100 days.
There could be few days during weekend with lower fees, and maybe in second half of the years we could see very low fees but than won't last long.
And even if fees remain low and bitcoin price go much higher fees will appear to increase in fiat value 

[Stompix]

stompix is from a group of miners who do not benefit from low fees, so for him, such topics are quite torture  It's like rubbing salt on his raw wound

A group? I'm rather curious about the others , what miners are happy for low fees? Even before seeing the answer they are some rally deranged individuals, some sectarian worshippers for sure 
Some quick math and if you're both a miner and a user for and fees are over 100sat/b instead of 30sat/b you need to do be forced to do four tx each day for each ~s19 (not pro not + not hydro) you have running to compensate. So...my take is that any miner not happy with high fees is just a masochist.

~

I am not that pessimistic lol
I think I will be able to do that in a few months! Lets wait and see... BUt mempool was heavy before and fees high as hell and things went back to normal!

You know me, I'm the king of pessimist and to be honest there is no great take on fees going low (even not considering my own wallet and finances): lower fees means lower demand for transactions, that means less adoption and usage , less of that means....damn, I don't want to and I don't have the energy go into that debate anymore.

[bitmover]

lower fees means lower demand for transactions, that means less adoption and usage , less of that means....damn, I don't want to and I don't have the energy go into that debate anymore.

I don't think this is exactly the situation now.

The aren't high because the demand for transactions is high or because the adoption is high.

Fees are high because the network is being used for something it wasn't designed for. Bitcoin wasnt designed to be a decentralized  cloud storage , or image host or whatever that is...

[damsix]

The more down the price of the transaction fee, the better it is for us to be able to send Bitcoin cheaply but maybe for these miners it will be quite detrimental because the fees are lower, cmiiw
Looks like I also found diamonds that when I access to the numbers for the Bitcoin transaction fee around 42 Satoshi.
This is not far from what op said, which is 42 satoshi and only 2 digit numbers.
I hope that the Bitcoin transaction fee is under 40 Satoshi.

[Dr.Bitcoin_Strange]

The more down the price of the transaction fee, the better it is for us to be able to send Bitcoin cheaply but maybe for these miners it will be quite detrimental because the fees are lower,

The high fee situation is usually a problem for those who accept Bitcoin payments and carry out transactions every day. It also becomes a problem for people who only accumulate Bitcoin in small fractions, like $5, because they will spend a high fee just to send their coin to a self-custodial wallet. I am extremely happy that the fee is back to normal again because these past few days, I have not been spending more than $2 for the fee. Even today, when I received a $188 payment in Bitcoin, the fee was just $1.7, but I increased it to $2.5, and it was confirmed quickly.

[Mr. Magkaisa]

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.

        -   If that's the fee now, that's good news for everyone who makes transactions on the Bitcoin network. And even to all signature participants who are paid in bitcoin weekly. Now, we are happy again, and when there is traffic congestion again, many people will have headaches again.

Well, anyway, let's just enjoy and continue what we who are accumulating Bitcoin are doing at this time. We don't know that maybe now it's just broken, and after a few weeks, the problem will return to the Bitcoin network due to the ordinals inscription.

[Baofeng]

^^ I even see the fees in the mid 20 sat/vB. But then again it's open for interpretation, low demand? BRC-20 taking a break? no to low transactions?

We need to take it day by day though, maybe we will be lucky that we will have transaction when the mempool is not that congestion or so we consolidate our transactions, or days wherein we gamble and then we have to withdraw our winnings but the fees are going to kill us.

[Charles-Tim]

^^ I even see the fees in the mid 20 sat/vB. But then again it's open for interpretation, low demand? BRC-20 taking a break? no to low transactions?

If you check the price of ORDI and SATS, you will noticed that their marketcap reduced. Not only this tokens but other BRC20 tokens marketcap reduces, also bitcoin included. In short, the rate of onchain transaction volume also reduced and this makes the mempool to become less congested has been the reason. We should expect another mempool congestion in the next bull run.