Altcoins Also faces Congestion? - page 2.

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Quote from: Belarge on November 18, 2023, 05:30:28 PM

Quote from: BitcoinPanther on November 18, 2023, 02:14:28 PM

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.

Overhyped projects are the main reasons why most of these projects failed to make heavy pumps in the system, rather there's strong probability of hitting the market harder interms of profits and also recording heavy losses when it's time to lose. Congestion of networks involves the high rate of traffic on a project precisely on blockchain. We try our possible best to avoid these critical problems but they keep coming in hugh numbers which is totally out of line, more reason I've completely keep off from some time now. ETH problems continues till this present day and there's a whole lot to deal with when it concerns the market.

Exactly and that is one of the reasons I even asked the question. Because for a project blockchain to be congested, the population of that coin must be much more high and the uses will be very high daily and that is why bitcoin is always congesting because the people that are using it are many. Many people people are withdrawing and others are sending. That is receiving and sending always make the project blockchain to be overloaded.

And I don't think for now any altcoins have that kind of population to cause such traffic their system and the only one that would have done that is the Ethereum but it is also far from congestion for now.

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Quote from: BitcoinPanther on November 18, 2023, 02:14:28 PM

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.

Overhyped projects are the main reasons why most of these projects failed to make heavy pumps in the system, rather there's strong probability of hitting the market harder interms of profits and also recording heavy losses when it's time to lose. Congestion of networks involves the high rate of traffic on a project precisely on blockchain. We try our possible best to avoid these critical problems but they keep coming in hugh numbers which is totally out of line, more reason I've completely keep off from some time now. ETH problems continues till this present day and there's a whole lot to deal with when it concerns the market.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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?

Has to to with the rise and popularity of that coin. I always hear about these fringe projects that claim no congestion but it's just a simple fact that no one is using that blockchain so of course if properly running its Smooth and fast. The next 10 years will be about how these coins figure out the tps issues whether it be L2 type things or something else.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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.

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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

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Quote from: Sophokles on November 18, 2023, 10:11:47 AM

It's because their ecosystem has application that has massive users. Like arbitrum and polygon that is well know for it's defi application and gaming project that has been widely used by the community. Bitcoin can be the king of crypto but it doesn't have application for services but the network is still congested due to its low transaction capacity. Most of the altcoin project has capacity to handle higher transaction rate but it's active users are so massive that still they can't handle it. This shows Bitcoin network is not the only network that is popular throughout the industry.

and millions are making transaction in BTC. right now its almost $10 for sending it. i have to convert to altcoins to send out the exchange. ether did the same in the past where transactions are also costly afaik its the kitties and NFTs that causes it. its was a waste of gwei and i avoided sending transactions in the network during that time.

i'm not sure if this is happening also in the other chain but its likely to the popular ones like SOL too. using altcoins is beneficial especially the fastest and with low fee.

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It's because their ecosystem has application that has massive users. Like arbitrum and polygon that is well know for it's defi application and gaming project that has been widely used by the community. Bitcoin can be the king of crypto but it doesn't have application for services but the network is still congested due to its low transaction capacity. Most of the altcoin project has capacity to handle higher transaction rate but it's active users are so massive that still they can't handle it. This shows Bitcoin network is not the only network that is popular throughout the industry.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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).

Let's talk about the reality, I don't know how many shops/businesses affected due to the clog in the bitcoin network because we don't really use bitcoin yet for making payments but only as investment so holders will be just holding at this moment and prices are also in the sideways so won't affect the investors in my opinion.

Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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?

Bitcoin network is congested because spam transactions invaded after ORDI listed on Binance so this is completely irrelavant to the altcoins at all.

For the title, yes altcoin also faces scalability issues and the best example is Ethereum which is the primary reason why they switched from PoW to PoS.

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Quote from: bluebit25 on November 18, 2023, 02:50:11 AM

The OP was talking about transaction speed, which is probably understandable given the increase in activity on any network. And especially in the Ethereum environment, this becomes complicated because if you are not willing to pay a large fee, your transaction will not be prioritized. So a number of L2 solutions, EVM,... were exploited and received a lot of positive reception.

The problem was always with Ethereum, we never heard of congestion issues with Tron. Ethereum still has the issue after upgrades and moving from POW to POS. Does L2 solve the problem on the blockchain? To an extent it does then why would we need the blockchain? This is what is happening these projects that solved the congestion and high transaction fee issues are gradually becoming more successful than Ethereum. It will take some time for them to become bigger than Ethereum and it won't stop as there a good projects coming up that are better than those in layer 2.

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The OP was talking about transaction speed, which is probably understandable given the increase in activity on any network. And especially in the Ethereum environment, this becomes complicated because if you are not willing to pay a large fee, your transaction will not be prioritized. So a number of L2 solutions, EVM,... were exploited and received a lot of positive reception.

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Do remember, Ethereum was also congested before in transactions that why the fees got higher.
Then, there's the Binance Network which was congested when the hype of DeFi games and applications came out, add the NFT using the Binance network for cheaper fees too.
It can happen to any blockchain that is created especially if Bitcoin gets heavy traffic which makes users switch to another. I think the best performing of all during that time was XRP which never felt that heavy traffic despite many users switching to it. Then, the fees stayed cheap too and they are not taking advantage of what is happening. That's before the SEC issue.
But right now, due to the wide options that we have, I doubt it can happen again unless there's a hype that would make users focus on just one altcoin which will probably create another traffic.

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with the growing popularity of btc it’s no surprise that this is happening and we are witnessing congestion a surge in popularity of btc is usually followed by altcoins the more people trust btc = the more people trust other cryptocurrencies which tells us that yes any other altcoin can experience congestion

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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 think theres a lot of altcoins out there with different use cases and connected dapps. So safe to sounf the only one got congested are the network continously been used or commonly used like ethereum, polygon, solana and binance smart chain. Well sometimes the result are high fees and it also be like bitcoin congestion in my opinion.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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 mean not necessarily? Even if Bitcoin network had no congestion, as long as the network altcoins use had insane traffic, congestion would naturally happen. Yes, Bitcoin pumping can affect altcoin and it can pump it up, which may lead to congestion, but it's not the only and sole factor that can influence it. With or without a Bitcoin pump, an altcoin can get congested naturally, example cases were when NFT started booming. I myself experienced it when I was playing Axie Infinity. Fees were bloody insane back then. Idk about lately since I haven't really participated in anything similar of the sort, but that was one hell of an experience I don't want to go back to.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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?

Indeed, we are based on the fact that altcoin movements always follow bitcoin but in terms of network congestion then it has no effect whatsoever when bitcoin experiences it, I have never seen any altcoin experiencing congestion with high fees except ETH but now ETH is back to normal while bitcoin still remains high in terms of transaction fees.

It's been a long time since I've transacted with many altcoins so I don't really pay attention to it but the center of attention is that bitcoin in a few weeks is still not stable, while what I know when the network is congested in altcoins the load will not be large because it is always small that I know.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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?

It happens for specific altcoins like Ethereum. The rest, if they experience network congestion the fees won't be that much but I think that the delay will be terrible.

Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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?

Several years ago, it happened with Ethereum and the fees were too much and the network was so slow. We are seeing it with Bitcoin but the good thing is that it's not happening anymore on it but the fees is still quite high compared before the glory days of it has come. That's why some networks have managed to solve that problem for having cheaper fees.

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Ethereum is known for it's high network fees. Whenever the price is pumping there is more activity on the blockchain which leads to congestion and higher fees. Currently, you can still do a simple ETH transfer for less than $1. Transferring tokens and interacting with smart contracts can get expensive but it has been worse before. To get the lowest fees possible you will have to move to a second layer or choose a more centralized blockchain with can handle more transactions.

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Quote from: Mate2237 on November 17, 2023, 06:40:32 PM

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?

Particular altcoin's congestion does not depend on bitcoin upward moment rather on the usage of altcoin itself and to answer to that, yes if it has more users than it can handle, it'll get congested.

If you meant paying high transaction fees due to Bitcoin price increase (that causing altcoin price surge as well) then that's correct. Transaction fee you pay on particular altcoin network is based on altcoin itself rather than USD value, so if altcoin value increases in USD value then you pay more transaction fee, but this has nothing to do with congestion.

This might be confusing so here is an example: if you pay 0.0001 ether for making transaction on ethereum network at 2000 USD ethereum price then it'll be 20 cents transaction fee while for the same transaction with ethereum being valued at 4000 USD, you will pay 40 cents transaction fee.

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Or the congestion is for all the cryptocurrencies?

Cryptocurrencies includes token as well but tokens are based on coins (like Aave on Ethereum, solend on Solana) — here chains can get congested on which token is deployed on but token itself can't.

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