Topic: Altcoins Also faces Congestion? (Read 346 times)
I just heard that Solana network is congested so many people can't withdraw or make a transaction with the network again. And this is the first time that I am hearing that altcoins is also facing some kind of congestion. And that means people that using that coin is very much like bitcoin because before a cryptocurrency from the altcoins section faced a congestion that means people are much using the coin. And that means people that are using Solana coin so much more than Ethereum as well. Or is it that Solana network is not large as Ethereum?
This is only a temporary situation due to tissue density and will eventually return to normal on its own. The performance of BTC and Alcoins is of course different and the impact felt by Altcoins is not the same. See what networks used by altcoints are very different from BTC if there are only a few natural ones.
This is the is the second time in which the Bitcoin network is congesting and it is not a good happening in the future of Bitcoin. Because of f this people will use other coins more than Bitcoin. And once it happens in that way whereby the majority of people will abandoned Bitcoin for for other coins. Because Bitcoin is making things hard for the ordinary people to use. Or is it that it is the government that is doing this to destroy Bitcoin? Frankly speaking, I am not happy about this whole thing.You are saying a temporary thing and it will not last. This is more than 3 weeks now and there is no shaking of the price and it still very high. This high price have mad some people to be vet angry for Bitcoin. They are questioning the decentralized nature of Bitcoin at this junction.
Bitcoin been the king in the crypto world is facing a very severed congestion problem and things are not working well with businesspeople that doing business with bitcoin and small-scale businesses that are accepting bitcoin for transaction so in the period there are some altcoins can use the opportunity to skyrocket their coins. And if altcoins do well in this period, then they will make a lot of money as profit because many customers of bitcoin will join the most performing altcoin (s).
Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
I don't really think that altcoin has network conjection like bitcoin. Altcoins are not transacted the way bitcoin is been transacted. Bitcoin has the highest frequent transactions in a day compeard to altcoins, even if altcoin has network conjection it will be less. But we can as well take advantage of altcoins now the transaction fee of bitcoin is high. Example is Tron. even If any other currency is high in trx fee it still remain a fast and easy means of trx. And the reason behind this in my understanding is because it has no friquent trx like other currency. Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
This is only a temporary situation due to tissue density and will eventually return to normal on its own. The performance of BTC and Alcoins is of course different and the impact felt by Altcoins is not the same. See what networks used by altcoints are very different from BTC if there are only a few natural ones.
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Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
There will be times when altcoins will face congestion, but the reason will not be Bitcoin having congestion.Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
It will be hype that's the reason why altcoins will face congestion.
I still remember the time when BSC had problems with transactions - I mean not a problem, but a sudden increase in transaction fees, and I think the reason for that was the new projects that were being created under the BSC network. Another one is when NFTs are hyped under the Ethereum Blockchain. The transaction fees of Ethereum at that time were way higher than that of Bitcoin today, and it also came to a point where people were paying more on the fees than the price of the NFT itself because they didn't want to get left behind.
To answer your question, yes altcoins faces congestion as well, but not because of Bitcoin, but because of hype around them.
most of the altcoins are made because of the problem of Bitcoin, especially the congestion part. Some of altcoins might have the congestion but today I am rarely found one. back year ago ethereum has the same congestion same as the bitcoin but after they made a move to Proof of Stake etherum rarely got congestion.
There is also layer 2 like polygon or other evm chain that super fast in transaction speed and other chain like solana is also had a fast connection. old altcoin had 151 second block time average.
There is also layer 2 like polygon or other evm chain that super fast in transaction speed and other chain like solana is also had a fast connection. old altcoin had 151 second block time average.
...Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? ...
Altcoin is not only tokens created on the Ethereum blockchain, which has the highest commissions for gas. There are a huge number of different blockchains in which the price for gas does not rise above a few cents, but this does not affect the growth of the price of such coins in any way.
Okay now if it is the ordinals that are caused of this unwanted drama in the Blockchain then what do you think should be the solution of the madness of high fee. Because this high fee right now is getting out of hand. Is it that when many people left the investment of Bitcoin to another coins which have less fee transaction that the fee of Bitcoin will come down?
I was thinking that this matter Will not be more than one to two weeks but it is getting out of hand. We are not really happy about this scenario. And this will make some low quality coins to pump up because people will like invest on a coin that is less tx dat will have value in the future.
I was thinking that this matter Will not be more than one to two weeks but it is getting out of hand. We are not really happy about this scenario. And this will make some low quality coins to pump up because people will like invest on a coin that is less tx dat will have value in the future.
That is right.
In fact, there is lightning network that is already implemented long time ago. But it just needs more recognization as many bitcoiners still dont know how to use one.
It is fast and with minimal fees too. But the first ideal thing about it is that it is mostly used for smaller transactions. I am not updated on it as well but if the majority starts to use it, adoption and recognition will be much bigger.
In fact, there is lightning network that is already implemented long time ago. But it just needs more recognization as many bitcoiners still dont know how to use one.
It is fast and with minimal fees too. But the first ideal thing about it is that it is mostly used for smaller transactions. I am not updated on it as well but if the majority starts to use it, adoption and recognition will be much bigger.
I believe if crypto exchanges will integrate lightning network, surely it will add adoption.
Most crypto users don't have the familiarity to use the LN network, hence, they are hesitant to touch this route.
And with the rising fees in the btc network these days, no surprise that some people will opt for other popular cheaper alts like TRX, XRP, LTC and others.
It has been more than a week that we have this congestion and high fees since the start of btc price increase, so yes, this will halt the usage of btc in terms of payment method.
It is possible that some known exchanges should initiate the support of it for everyone to see that there is this called Bitcoin Lightning Network for everyone to use.
Yes, the issue of network congestion is relevant not only for Bitcoin, but also for some altcoins. Network congestion can lead to longer transaction processing times and higher transaction fees.
Some altcoins may have more efficient scaling mechanisms or other technical solutions that avoid congestion issues. In general, you need to pay attention to altcoin technology, there are a lot of them, but a few are really worthwhile in terms of manufacturability and network congestion
I also think that network congestion has to do with the demand for the coin, because if we noticed, most who experienced it are top coins but newer coins and lighter coins are exempted to the issue. The only downside about them is they may not be as liquid as those top coins, so we will still doubt if we will use them.Some altcoins may have more efficient scaling mechanisms or other technical solutions that avoid congestion issues. In general, you need to pay attention to altcoin technology, there are a lot of them, but a few are really worthwhile in terms of manufacturability and network congestion
You made a very vital point in your analysis, congestion in a particular coin depends on the demand for it. Bitcoin is experiencing congestion because of the very high demand for it's coins, so I believe also that any altcoin that can experience high demand in it's own respect might also experience congestion too.
I'm not sure that new altcoins can make the list of having congestion issues, because you can't compere their demand to bitcoin and top altcoins.
I've not been in the crypto space long enough to know if this trend of congestion in the mempool, that causes this high fees, is a normal occurrence before every halving? Because I feel that the congestion is as a result of the high demand of bitcoin, before it'll be scarce during next year's halving, so many people will rush to buy before it starts. Are there any other reasons for the congestions?
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Most likely that some altcoin also may be experiencing network congestion just like what is happening with Bitcoin network, although sure there are some coins which have become most preferred due to low fees and free network for transactions, so for such coins yes this is the best time to prove their relevance in the market as best alternative for Bitcoin. But then also, most business that uses Bitcoin also should become more aware of the ability of the Bitcoin tightening network, to solve the current Bitcoin network connections, so instead of looking for alternative coins, why not get a lighlightningwork set up and receive transactions through that.
Yes, other cryptocurrencies like as Litecoin, Bitcoin Cash, and Ethereum are also facing congestion. Congestion arises solely when the network was not intended to handle high-volume transactions.
Other cryptocurrency networks, on the other hand, are built to be more resilient to congestion than others. The Ethereum network, for example, is designed to disperse transaction processing among different nodes using a sharding mechanism.
Other cryptocurrency networks, on the other hand, are built to be more resilient to congestion than others. The Ethereum network, for example, is designed to disperse transaction processing among different nodes using a sharding mechanism.
There are alternative coins which provides fixes to the known issues in BTC, but it does not mean that BTC devs are not acting to solve them. In fact they also have done a lot of fixes and additions to BTC. And some of them are effective. A lot of people are still using them up until now, especially when the main chain/network of BTC is clogged up.
That is right.In fact, there is lightning network that is already implemented long time ago. But it just needs more recognization as many bitcoiners still dont know how to use one.
It is fast and with minimal fees too. But the first ideal thing about it is that it is mostly used for smaller transactions. I am not updated on it as well but if the majority starts to use it, adoption and recognition will be much bigger.
I believe if crypto exchanges will integrate lightning network, surely it will add adoption.
Most crypto users don't have the familiarity to use the LN network, hence, they are hesitant to touch this route.
And with the rising fees in the btc network these days, no surprise that some people will opt for other popular cheaper alts like TRX, XRP, LTC and others.
It has been more than a week that we have this congestion and high fees since the start of btc price increase, so yes, this will halt the usage of btc in terms of payment method.
There are alternative coins which provides fixes to the known issues in BTC, but it does not mean that BTC devs are not acting to solve them. In fact they also have done a lot of fixes and additions to BTC. And some of them are effective. A lot of people are still using them up until now, especially when the main chain/network of BTC is clogged up.
That is right.In fact, there is lightning network that is already implemented long time ago. But it just needs more recognization as many bitcoiners still dont know how to use one.
It is fast and with minimal fees too. But the first ideal thing about it is that it is mostly used for smaller transactions. I am not updated on it as well but if the majority starts to use it, adoption and recognition will be much bigger.
Yes, the issue of network congestion is relevant not only for Bitcoin, but also for some altcoins. Network congestion can lead to longer transaction processing times and higher transaction fees.
Some altcoins may have more efficient scaling mechanisms or other technical solutions that avoid congestion issues. In general, you need to pay attention to altcoin technology, there are a lot of them, but a few are really worthwhile in terms of manufacturability and network congestion
The issue now is that many business owner adopted Bitcoin for their transactions consequently prompted the present congestion of the network that is being experience now while ignoring some altcoins whose scalability would have solved this problems, early this year it was Ordinals that congested the network, however this issue has become worrisome because it's talking a very long period of time for transactions to scale through, I believe this is one of the major setback for the adoption of Bitcoin, imagine waiting for a very long time to transact a business between a buyer and seller which should have been a swift transaction, I think diversion to other network too won't solve the issue when the network too is congested. Some altcoins may have more efficient scaling mechanisms or other technical solutions that avoid congestion issues. In general, you need to pay attention to altcoin technology, there are a lot of them, but a few are really worthwhile in terms of manufacturability and network congestion
Yes, the issue of network congestion is relevant not only for Bitcoin, but also for some altcoins. Network congestion can lead to longer transaction processing times and higher transaction fees.
Some altcoins may have more efficient scaling mechanisms or other technical solutions that avoid congestion issues. In general, you need to pay attention to altcoin technology, there are a lot of them, but a few are really worthwhile in terms of manufacturability and network congestion
I also think that network congestion has to do with the demand for the coin, because if we noticed, most who experienced it are top coins but newer coins and lighter coins are exempted to the issue. The only downside about them is they may not be as liquid as those top coins, so we will still doubt if we will use them.Some altcoins may have more efficient scaling mechanisms or other technical solutions that avoid congestion issues. In general, you need to pay attention to altcoin technology, there are a lot of them, but a few are really worthwhile in terms of manufacturability and network congestion
There are alternative coins which provides fixes to the known issues in BTC, but it does not mean that BTC devs are not acting to solve them. In fact they also have done a lot of fixes and additions to BTC. And some of them are effective. A lot of people are still using them up until now, especially when the main chain/network of BTC is clogged up.
Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
Way back years ago, ETH have its own problem with its network congestion. This is also the reason why ETH gas fee surge during those years and the reason why I avoided ETH ever since. Another instance of altcoin network being congested is the hype of NFT, BNB network and other altcoin that has smart contract feature become congested because of the many projects that launch at the same time with NFT and P2E theme.
The difference between that two is that, Bitcoin congestion today is somehow forced due ordinals, and the increase in fee seems manipulated by some people like this thread which asks about a transaction with 10k+ sats/vb. It is obvious that it was created to pump the price of BTC transaction fee.
Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
Basically all cryptocurrencies that gain mass adoption that exceed capacity will certainly experience congestion, so this problem of congestion doesn't only occur on the Bitcoin network, don't you know the reason why the Ethereum consensus was changed from PoW to PoS? This is caused by too many transactions that need to be confirmed but exceed capacity. So then Vitalik Buterin as Founder thought about changing the consensus on the Ethereum network.
The next question is, does congestion cause high transaction fee? Of course, because adopters want to confirm their transactions as soon as possible by paying higher fees which results in transactions with low fees being de-prioritized.
I thought as much, because mempool congestion is presently cause bitcoin transaction fees to skyrocket, then congestion on any altcoins blochchain can also cause congestion for it. So the question will be which altcoins can have massive transactions to cause it's transaction fees to be relatively high? For me it has to be top altcoins that have high patronage like bitcoin, so Ethereum, like you mentioned is a perfect example of altcoin that can experience congestion, because of the high number of investors that they have.
I doubt that many altcoins in the crypto market will experience the kind of congestions that can lead to their transaction fees being high, throughout the period of their life span. This is because most of them will not last long enough in the market to gather many investors to have the experience of congestion, that'll lead to high transaction fees.
Bitcoin been the king in the crypto world is facing a very severed congestion problem and things are not working well with businesspeople that doing business with bitcoin and small-scale businesses that are accepting bitcoin for transaction so in the period there are some altcoins can use the opportunity to skyrocket their coins. And if altcoins do well in this period, then they will make a lot of money as profit because many customers of bitcoin will join the most performing altcoin (s).
Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
Even with the congestion and high fee rate, trust me most businesses person's are still preferring bitcoin, because they've built their business surrounding bitcoin. Though there are few persons that will try to adopt some altcoins but the percentage will not be much, Though I've not heard much about the network congestion with altcoins.Now a question arises again in the mist of the bitcoin network congestion. Since Altcoins are depending on bitcoin on any necessary upward movement, does it mean that altcoins network also congesting to produce high transaction fees? This has been in my mind for sometimes so I decided to ask it today. Have you heard of it because I have not heard of it. Or the congestion is for all the cryptocurrencies?
therefore altcoin could face congestion, sometime even worst than bitcoin.
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Or the congestion is for all the cryptocurrencies?
It's a byproduct of every alt that's decentralized enough and has enough activity. People always try to market their own coins that they are faster, but reason for that almost always is, because they are either centralized, there's not enough users, or they are taking away some key elements that makes them less safe. Or the congestion is for all the cryptocurrencies?
You need to pay a price for safety and decentralization. not to mention zk. They are not cheap combination, or easy task for high traffic.
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