Topic: Adoption for Bitcoin Advances amidst High Network Fee - page 2. (Read 234 times)

Surely, this high transaction fee will go down and back to normal. These are part of the challenges bitcoin network will face to make us understand that bitcoin has gained its ground and can't be affected by spammers,no matter what they try to input into bitcoin blockchain. We need to just be patient with ourselves and this will not last for long,because with time this crap will die off. As for the adoption of bitcoin worldwide, nothing can stop it,instead bitcoin is gaining more recognition by people everyday by day. The fact is that bitcoin is the new era currency and people have begin to have that insight of it, including the government and individuals due to lack of trust on banks and fiat currency.

This is not only about the fees. Yes, the fees is problematic for instance, for people who's DCA'ing. The other problem is the useless data that is being introduced in the blockchain.
This crap will end sooner or later and the data won't leave the blockchain. It will be there and completely useless. Unless one finds funny to one day, go back in time and see the blockchain with this useless data and be able to say: "these were rough times but Bitcoin prevailed" or something like this. But as of now, I see this only as spam, useless crap, on top of the fees that we witnessed!

Despite that you are making a valid point, you are getting it wrong. This thread is about bitcoin adoption that continues despite increase in bitcoin transaction fee, you do not have to take it to another direction. All I meant is that bitcoin adoption continues in the past even when mempool was congested and people were paying high fee at the time in the past.

I understood but my post is to help you get a point that compare transaction fee at different times in USD is non-sense. It only makes sense if at two different times, Bitcoin has same price in USD.

In this comparison, between 2023 and 2021, Bitcoin has two different prices and the difference is very big. Big enough to make the comparison is invalid. Transaction fee can be $20 but if Bitcoin price is $60,000 in 2021, you had to spend less satoshi for your transaction than in 2023 when price is only about $30,000.

After 2021 congestion, the fee I did used until what happened recently has been less than 10 sat/byte. I did used 1 sat/vbytes most of the time until what happened recently. I am not saying what is happening recently is not worse than that time, but 2021 was the last mempool congestion that I experienced. Do not get me wrong.

Have you understood that. What I mean is that there were mempool congestion in the paste, but bitcoin adoption continues.

Of course, the problem of congestion and high fees should not make Bitcoin believers anxious. This is a temporary problem that occurred as a result of some recent updates that caused an increase in transactions on the network.

The network has gone through such a problem before and it has been overcome, so personally I have no fear for the future of bitcoin adoption. On the contrary, in my opinion, the presence of problems helps create a more suitable environment for adoption by solving the problems that society may face in the event of bitcoin adoption.

This increase in the mempool will hopefully reduce with time since this is not the first time we are experiencing this kind of high transaction fee. It had happened few times I'm the past and now we are experiencing it again.

The meme pool is still increasing and had never reduced to the limit we hope for it to reach. As at few minutes before now, It was about 540 sat/byte which might still continue increasing and decreasing. This alone had halt so many transactions from being confirmed since it was sent lower average. Some exchanges had stopped processing any transactions because of this same issues.

This time is worse if you look at fee in satoshi you have to spend for your transaction. In 2021, you did not have to spend 300 or 400 sat/vbyte to get confirmation quickly like days ago.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

I hope by looking at two charts, you can see how you have to spend more satoshi for your transaction than in 2021. Price is 2 times lower but if transaction fee in USD is the same, that means you have to spend more satoshi (x2 at least). It  means transaction fee is more expensive nowadays in satoshi unit than in 2021.

This is not the first time that bitcoin is facing high fee issue, it happened in February 2021 and it lasted for almost two months until April when the mempool was not congested as it dropped abruptly to 1 sat/vbyte. Bitcoin adoption continues.

What that happened recently did not even take up to weeks. The mempool got to over 500 sat/vbyte and it has dropped to 42 sat/vbyte. Nevertheless, this shouldn't affect bitcoin adoption.

This is what we mean when it's been said that the more the attack the stronger the network becomes with bitcoin, we don't need to create fear in discontinuity for bitcoin adoption amidst the trending occurrence with bitcoin ordinals, but we must be positive in holding unto what we have believed bitcoin to be because transaction fee  issues won't last long but bitcoin will, this are recent edges achieved while since the onset of ordinals in March, bitcoin continue to remain unstoppable, irresistible and irrevocable best financial option.

Here are few achievement that could be attributed to bitcoin advancement for more adoption as it remains unstoppable.

1. A&M University in Texas has begin the introduction of teaching bitcoin in their classes as part of it curriculum scheme, it has included to enhanced bitcoin education just as in the case of El-Savador where bitcoin was firstly adopted and teaching bitcoin was made effective in schools. https://twitter.com/BitcoinMagazine/status/1653080821090205712?t=tBCeD2tFoU7o0mCOy-OfFA&s=19

2. University of Science and Technology in Ghana is also set to begin the introduction of teaching bitcoin in the school course curriculum as part of it efforts to encourage massive adoption through bitcoin education in the country https://twitter.com/BitcoinMagazine/status/1654218350740881408?t=jRUZI5Cw-a4ejDhF9xzy_A&s=19

3. Kids in Brazil making bitcoin payment through the use of bitcoin lightning network, high fee is never a concern or barrier when there's an alternative. https://twitter.com/BitcoinMagazine/status/1653150841782542336?t=sYNx1yFkAZOmfn8huTtK6w&s=19

4. Mayor of Miami got his salary continued paid in bitcoin amidst controversies on high transaction fee. https://twitter.com/DocumentingBTC/status/1653529796352040961?t=G7Di_sRBff1zlN9OiMXLEw&s=19

5. About 13,584,367 bitcoin addresses last month were all added to the blockchain network https://twitter.com/DocumentingBTC/status/1654260739664670723?t=BBWZq6Qg4eu3sPBTSF8RIQ&s=19

6. About one million addresses now hold at least one bitcoin in them https://twitter.com/CooliganFields/status/1655983018593353744?t=a7-_kD_MAUBCX6Fe0sw-0Q&s=19

7. Lastly hear this that was said of Michael Saylor about bitcoin, that when the fiat economy is no where to be trusted, the financial confidence comes in through bitcoin https://twitter.com/saylor/status/1653508990335172611?t=dzNJt-3V4W9lPLJNHwGCjg&s=19

We must not forgot why we have shown interest in bitcoin the first place when the change in financial economy was needed before bitcoin arrives, yet nothing is changing about bitcoin than for good at the end, invest in bitcoin, hodl and avoid FUD, bitcoin has come to stay.