Topic: Adoption for Bitcoin Advances amidst High Network Fee (Read 234 times)

If it lasts a few months with network congestion and very high fees.
All bitcoin projects will stop, bounty managers will also not pay their members and there are many other negative impacts.
Hopefully, there won't be any more of these bottlenecks.
 
There should be a policy about it. network congestion is an event that we don't want.
NFT Ordinal and BRC20 are just FOMO and it will end if Bitcoin transactions remain high as it is now.
With high fees and few people, the bitcoin network will be abandoned because it is too expensive for just one transaction.

See the picture below

source: https://glassnode.com/

On May 8, 2023, the number of active addresses on the Bitcoin network was 690,748 users and the number of active addresses has been steadily declining and is nearing the lowest level for the past two years.  

I think high network situation will go on as long as there is nothing that stops it. The fact that we are still paying for it shows proof that we are fine about it and there is nothing that we can do which would change anything about it. I think we should be more careful about it but that doesn't mean that we are going to end up with anything better, it's going to be more about the fact that high fee doesn't really mean less people.

If there were less people then the price would go down, but even with high fee there are still a lot of people who still pay for it so that means we are not going to end up with a solution. Just stop using bitcoin for a week, not saying sell them or get out, just not use it and you will see that gas fee will drop significantly without doing anything else.

The list stated on @OP's post does not happen in just a week or month.  It was long planned probably several months ago or even years.  The school curriculum isn't easily changed or if there is any additional subjects, it will take several meetings before it is implemented.  I do think that those implementations will push through regardless of the Bitcoin network fee.



Probably if it is just a short-term event but in case the high fee became a long-term event, it will obviously hinder adoption, worst it will make other holders look for an alternative where they process transactions at a much lower fee.  Plus I do not see the connection of poor and rich people here aside from the luxury of rich people spending more money than the poor ones.


It is good to know that the network fee is slowly returning to normal.  I couldn't imagine how will the market react if the high transaction fee stays for several months.

But about rich or poor, it also depends on their mindset.
If the rich have a negative mindset about Bitcoin and won't make any investments when Bitcoin is in trouble like it is today, then they won't spend a penny.

The adoption of bitcoin is getting real and the crypto space is getting recognized.
there are still many who believe in Bitcoin and it will continue.

and Some network issues caused due to congestion due to Ordinal Euphoria with lots of NFT and BRC20 tokens.
But for now, the network is a little smoother and fees are around 100 sat/byte.

Bitcoin adoption will not stop even the fee is really high because people who are already understand about Bitcoin and know the reason why they choose Bitcoin, they will wait until the fee is cheaper or accumulate more money so it will not really hurt them. It's a matter of how rich or poor the person is, if he have a lot money, he will not really mind to spend more money to buy what he want, but for poor person, he will many times and calculate it.

This high fees might be temporary though, we have seen already that the developers are already looking at it, and who knows, they might come up with a good plan, (not necessarily soft fork), to combat the whole spamming of the network.

And bitcoin will continue to survived despite all of this attacks, although the price is going down this month due to this whole network congestion. We still have the bitcoin halving coming up next year that we all have been waiting for as the catalyst for a bull run. So adoption will definitely grow, this will not delay anything on the horizon.

I'm not surprised by this because this has happened in the past. Despite the increase in fees, bitcoin continues to thrive despite the difficulties at this time when transaction fees are high. What we still need is to believe in the efforts of bitcoin and push the bitcoin community more strongly. So just expect Bitcoin to work again and move forward optimizing the Bitcoin network, improving the user experience, and maintaining its position as the leading digital currency.

I'm more interested in that fees and there couple of things that are been ignored and we have to address that as a Bitcoin Marxist and community. All the fees going up are due to the BRC20 tokens hype, and to be honest, looking at that bitcoin development, Bitcoin Ordinals are not supposed to exploit this way but of course, I expect the OGs to keep shut and observed because miners are the main core of the network and as long as they benefit, they will allow the development otherwise, how will they create tokens on the network that is very slow, it is the best but let us not deviate from the negative impact on retailers and small holders.

I expect the fees to even go lower than this because the NFT facades are fading away already but I'm of the opinion that they become scrapped, but as I have said, what Miners made in the month of May alone exceeded what they made from January to April, we know who is enjoying the adoption.

That's not how mining works. The difficulty adjustment keeps it from working the way you think it works. You don't clear out the mempool by having a higher hash rate. You clear out the mempool by users refusing to pay high fees, therefore competition for blockspace goes down and fees return to normal.

In fact this has already happened. The fee spiked up to like $30 on Monday, now just a few days later it is already back down under $2. This is normal market dynamics. Unless there is some desperate need to make transactions immediately people will just wait if fees get high and and let the fees drop and the mempool clears out. Seems like the whole bitcoin world was freaking out over fees when the reality is fees went from like $2 to $6-$8 for a week, then spiked to $20-$30 for two days, the next day they were back down to $6-$8, then just another two days later (today) returned to $2.


The only time there have ever been sustained high fees is during the mania phase of bull markets because that's when millions of new people are flooding into Bitcoin at once and so activity on the network skyrockets until the bull run ends. Fees went to like $70 for a little bit in 2017, but were above like $20 for a whlie I think, and then went down to like 10 cents during the following bear market. Fees in 2021 passed $50 for a bit, and were probably above $20 for a while then too, then fell back to 50 cents to a dollar during the bear market. Bear market ended plus ordinals crap is taking up space so normal fee price is $2 these days (outside of the first week or so of this month when it was higher). All of these changes have absolutely nothing to do with hash rate.

Yes, we are experiencing a period of high transaction costs. And a lot of requests happen because of that and can't help the atm, but eventually it smooths out and the transaction fees will drop again, when the hype drops. And this is only temporary, so there's no need to worry because high transaction costs have happened before and the probability of the current period is higher.
And if high transactions are going to bother you, you just need to wait for transaction fees to drop to do it, it's that simple.

Panic because they cannot make withdrawals faster than usual and also have very expensive fees.
Somehow they have to panic because the Bitcoin network is too dense. Even though their assets will not be lost.
 
currently complaining about expensive fees and long processes are campaign managers who have to pay their campaign members, because it will spend a lot of fees for the delivery made. But now the fees have started to drop and slowly the network is returning to normal.

The Bitcoin network congestion event in 2023 this time will be history.
This is the impact of Ordinal NF and BRC-20 tokens that appear and make the network even more congested.
Who knows how the network will operate? I'm not an expert, I'm just complaining when the congestion event this time is caused by a new phenomenon that is hype.

the situation that happened to Bitcoin today is not for the first time. in the past we have experienced something like this. and history has already answered. the Bitcoin market is getting stronger, that is undeniable.
those who panic about this situation are just beginners who haven't learned much. only to the market to trade and take profits. more knowledge and experience will make everyone calmer in making decisions.

Miners can't fix something that is not broken!
Increasing the hash rate can't be done without spending billions right now and it will only work temporarily till the next adjustment in 7 days.

Besides, right now due to luck we have more blocks than there were supposed to be, full 23 extra blocks in the last 24h.


Guys, seriously, stop with the hash rate!
Increasing the hash rate is a temporary fix for 5-10% extra capacity for 7 days till the adjustment kicks in and the cost for the machines to rise it up by that mush is in the hundred million!

How soon will the hash rate be fasten up is the challenge. Back then in 2021 or 2017, I can't say if it took this long because even at this moment close to three weeks the problem is still there and miners are relying on transaction accelerated. The mempool is still congested and I know more people taking different route for transaction which kind of discomfort users.

The fact that the Bitcoin network experiences high transaction and congested network shows that the miners and node providers are constantly active and demand is on the increase, this is the reflection in high fees, but also this attribute of Bitcoin is not new and it will not be the last time we will experience such hike and traffic on the bitcoin network.


Just as the Bitcoin network experiences similar network traffic and congestion from 2017 to 2018 this will still happen shortly so the best option right now is to look away from spending Bitcoin until miners can fix the network problems by increasing the hash rate to get the transaction confirmed asap and decongest the network to ease the troubles facing them right now.

With the increase in the price of transactions on bitcoin in recent weeks, more or less there will definitely be an impact on everyone who has invested in bitcoin and for people who want to start investing. Because they will definitely always make transactions and for those who will start investing, they will definitely convince their minds and finalize their decisions. With the existence of transaction costs that are quite expensive, it will definitely cause anxiety and anxiety for every investor. But all these events will surely only be a passing wind, because true bitcoin holders will not be too affected by the high cost of transactions. They must have fully believed in the advantages that exist in bitcoin.
I also agree, that the adoption of bitcoin will not stop just because of high transaction fees like now, but maybe it will only be slightly hampered because of this incident. And I also hope that the transaction fees on bitcoin will be cheap again soon.

I'm not surprised that Bitcoin is still going strong despite the recent fee hike, which has only made it more expensive to pay small amounts using the main chain. The blockchain is more secure than ever and Bitcoin is the best digital currency by far. The spam attack seems to have slowed down a bit and with it the fees. Let's hope that the downward trend continues and we continue business as usual.

Bruh, nobody cares how many satoshis he is paying for a fee! Nobody!!!
What he cares about is what those satoshis mean in $! That's all!
If BTC reaches 300k nobody here will give a crap that he has to pay only 10sat/b instead of 100sat/b now.

I couldn't care for Bitcoin to be one hundred quadrillion, I ain't going to pay one million $ for a tx, even if that is 1sat/b.

It's good to see that learning Bitcoin is being added to the curriculum for some Universities. This is part of technology advance and that's just what they need to do for the new learners and soon to be professionals will have the idea where they can jump off learning Bitcoin and the tech that it has behind which is blockchain.

These high fees will cease soon and that's going to show how strong Bitcoin even on these times. There will always be the solution for every issue that will be seen towards it.

If am not mistaking, i think we've got an experience on high transaction fee as well some years back in 2017, the problem is that we cannot cease to have any of such even in the future time to come, but on the occassion of bitcoin ordinals, it's serving the biggest of all time, secondly it also giving us much concern not to create a vulnerability to the bitcoin network by them launching an attack on the nodes as a result of the inscription being made, if this will not be a major lapse to the network and the fee can adjusted back to normal, then we are good to go, but for every good side, we have to consider the opposite as well.