Any idea when the Bitcoin Mempool will stop being so congested?

BitcoinsGreat

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Quote from: bryant.coleman on November 09, 2020, 01:25:53 AM

According to Earn.com, the median transaction fee has fallen to 330 Sat/Byte, which is lower than what we had a few days back. But depending on the size of your transaction, you may end up paying anywhere from $2 to $10, if you want a quick confirmation. You can try your luck with lower amounts, but don't blame me in case your transaction gets stuck for 2-3 days.

Bitcoin prices are increasing lately and will this encourage miners to start their rigs if they had stopped it for any reasons. Also maybe new miners will join the party which may help to increase the tx confirmation speed but the tx cost will remain high because of high prices.

Vishnu.Reang

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Quote from: Wind_FURY on November 11, 2020, 03:02:35 AM

Quote from: bryant.coleman on November 10, 2020, 01:02:25 AM

Good news for Bitcoin users. Mempool is almost empty now. A few minutes back, the size was less than 1 MB. Compare this to what we had four days back, when the Mempool size was more than 80 MB. I just checked Earn.com, but they are still showing 330 Sat/Byte as the median fee (I guess they haven't updated the stats in a while). The last Block (#656261, mined by Poolin) was half-empty as there were not enough unconfirmed transactions to be included.

I don't have the solution in how software/apps should get the most updated recommended fees in the network automatically, but it's also partly the responsibility of merchants, and wallet developers to make it more efficient. The other part is the users. The community should remind newbies to always check the mempool, and set the fees manually.

I disagree here. The median fee shown by Earn.com is correct. They show the median of the transaction fee paid by all the users, and not the minimum fee which is needed for confirmation. If the users are paying a higher fee (although it is not required), then the median will also go up. But those who refer sites such as Earn.com needs to keep this in mind. Even now they are showing a fee of 348 satoshis/byte.

Wind_FURY

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Quote from: bryant.coleman on November 10, 2020, 01:02:25 AM

Good news for Bitcoin users. Mempool is almost empty now. A few minutes back, the size was less than 1 MB. Compare this to what we had four days back, when the Mempool size was more than 80 MB. I just checked Earn.com, but they are still showing 330 Sat/Byte as the median fee (I guess they haven't updated the stats in a while). The last Block (#656261, mined by Poolin) was half-empty as there were not enough unconfirmed transactions to be included.

I don't have the solution in how software/apps should get the most updated recommended fees in the network automatically, but it's also partly the responsibility of merchants, and wallet developers to make it more efficient. The other part is the users. The community should remind newbies to always check the mempool, and set the fees manually.

bryant.coleman

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Good news for Bitcoin users. Mempool is almost empty now. A few minutes back, the size was less than 1 MB. Compare this to what we had four days back, when the Mempool size was more than 80 MB. I just checked Earn.com, but they are still showing 330 Sat/Byte as the median fee (I guess they haven't updated the stats in a while). The last Block (#656261, mined by Poolin) was half-empty as there were not enough unconfirmed transactions to be included.

Wind_FURY

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Quote from: hv_ on November 09, 2020, 03:12:04 AM

Quote from: nutildah on November 09, 2020, 02:41:58 AM

Things are momentarily improved in terms of fees as the price has somewhat stabilized, at least relative to how its been for the last couple weeks, so not as many people are trying to get get their coins rapidly on or off exchanges. For a long time I've thought that the fundamental/intrinsic value of bitcoin decreases as fees increase, as higher fees equal less likelihood that it is viable as a means of currency.

I think this time around second layer solutions are in place to onboard regufees turned off from the price of fees -- its just a matter of them adopting to it (Liquid by Blockstream is actually easier to use than LN -- its just missing any sort of awareness).

Nice... how to force the masses into 2nd classes wtf!

You obviously don't understand, or never tried to understand how LN works. There are no "2nd classes" in LN, but there are in trading Bitcoin for forked-shitcoins.

Plus to OP, the mempool has cleared up for you now. Enjoy using the network.

Twinkledoe

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Quote from: 3meek on November 09, 2020, 05:16:31 AM

This has already happened repeatedly, and returned to normal. I put on average 30 sat/byte per transaction and wait from 4 hours to several days... By the way, I also consider this commission expensive! I'm sure that the network fees will soon return to normal values!

If you want to lessen the fees, check the mempool activity first before you send your transaction. And for example, right now, the activity is low (about 15k+ pending, as compared last week of 100k+) so you can send it even at low sat/byte. 30 sat/byte is actually higher now that it will go thru not for several days but maybe less than an hour. In the past few days, the mempool is not congested, I made a tx with only about 17sat/byte and got confirmation in 30 min.

hv_

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Quote from: pooya87 on November 09, 2020, 06:13:37 AM

Quote from: hv_ on November 08, 2020, 10:01:32 AM

Any protocol consensus change is not allowed and keeping the Satoshi Bitcoin brand.

there is no such thing as "the Satoshi Bitcoin brand". in fact one of the reasons why Satoshi went away was exactly to prevent this kind of idiotic concepts in a decentralized system.

there is only Bitcoin protocol and this protocol needs to evolve and change over time. whether it is bug fixes, improvements or major changes. they are all equally needed for bitcoin to move with the technology.
not to mention that the initial protocol Satoshi created had flaws that were fixed through all the very same changes you say should not be allowed.

Nope - Satoshi got it right - he was bigger than any 'core' dev wannabe

Biggest new flaws in btc: segwit, LN, RBF, obfuscation helpers >> illegal - that's not Bitcoin

pooya87

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Quote from: hv_ on November 08, 2020, 10:01:32 AM

Any protocol consensus change is not allowed and keeping the Satoshi Bitcoin brand.

there is no such thing as "the Satoshi Bitcoin brand". in fact one of the reasons why Satoshi went away was exactly to prevent this kind of idiotic concepts in a decentralized system.

there is only Bitcoin protocol and this protocol needs to evolve and change over time. whether it is bug fixes, improvements or major changes. they are all equally needed for bitcoin to move with the technology.
not to mention that the initial protocol Satoshi created had flaws that were fixed through all the very same changes you say should not be allowed.

carlisle1

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Quote from: 3meek on November 09, 2020, 05:16:31 AM

This has already happened repeatedly, and returned to normal. I put on average 30 sat/byte per transaction and wait from 4 hours to several days... By the way, I also consider this commission expensive! I'm sure that the network fees will soon return to normal values!

yeah but this year it started early mate,we have this problem since october or late september when in the past Bullrun of 2017 this comes when we are nearing the end of december(that is how i remember when withdrawing payments from my campaign that time).

Quote from: bryant.coleman on November 09, 2020, 01:25:53 AM

According to Earn.com, the median transaction fee has fallen to 330 Sat/Byte, which is lower than what we had a few days back. But depending on the size of your transaction, you may end up paying anywhere from $2 to $10, if you want a quick confirmation. You can try your luck with lower amounts, but don't blame me in case your transaction gets stuck for 2-3 days.

That is still higher than what we have in the middle of the year.

btc78

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Quote from: Get-Paid.com on October 30, 2020, 02:07:43 AM

The fees are so high, this is terrible:

https://bitcoinfees.net/

Total mempool transactions: 111,140

When is it going to go down back to 2,000 - 4,000 ??

I don't think that we will be lowering the Fee as of this moment and sooner because the way Transaction fees are going now is that continuously growing.
Maybe in December when the Miner realized that People now are using other coins as the BTC is really disappointing people in crypto.
But i have experienced this late of 2017 and just in the next year January the rate fell down to normal again.

3meek

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God, save BTC!

This has already happened repeatedly, and returned to normal. I put on average 30 sat/byte per transaction and wait from 4 hours to several days... By the way, I also consider this commission expensive! I'm sure that the network fees will soon return to normal values!

hv_

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Quote from: nutildah on November 09, 2020, 02:41:58 AM

Things are momentarily improved in terms of fees as the price has somewhat stabilized, at least relative to how its been for the last couple weeks, so not as many people are trying to get get their coins rapidly on or off exchanges. For a long time I've thought that the fundamental/intrinsic value of bitcoin decreases as fees increase, as higher fees equal less likelihood that it is viable as a means of currency.

I think this time around second layer solutions are in place to onboard regufees turned off from the price of fees -- its just a matter of them adopting to it (Liquid by Blockstream is actually easier to use than LN -- its just missing any sort of awareness).

Nice... how to force the masses into 2nd classes wtf!

nutildah

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Things are momentarily improved in terms of fees as the price has somewhat stabilized, at least relative to how its been for the last couple weeks, so not as many people are trying to get get their coins rapidly on or off exchanges. For a long time I've thought that the fundamental/intrinsic value of bitcoin decreases as fees increase, as higher fees equal less likelihood that it is viable as a means of currency.

I think this time around second layer solutions are in place to onboard regufees turned off from the price of fees -- its just a matter of them adopting to it (Liquid by Blockstream is actually easier to use than LN -- its just missing any sort of awareness).

bryant.coleman

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According to Earn.com, the median transaction fee has fallen to 330 Sat/Byte, which is lower than what we had a few days back. But depending on the size of your transaction, you may end up paying anywhere from $2 to $10, if you want a quick confirmation. You can try your luck with lower amounts, but don't blame me in case your transaction gets stuck for 2-3 days.

hd49728

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Quote from: molsewid on November 09, 2020, 12:36:37 AM

Last night I transferred bitcoin to an exchange site. The fees from my wallet options are going back to normal fees like before. Then I use low fees to see if the Bitcoin Mempool is still congested, but the bitcoin arrives faster than I expected. Actually, the total Mempool transaction right now is at 2,000+, and I think Bitcoin Mempool is not congested anymore.

Only 15 MB in mempool and you can make your transaction with 2 satoshi per byte and get confirmation in 10 minutes (waiting time for one block). People don't know what to do with their bitcoin, buy or sell they don't know so less transactions were made on the network. You can see this falling trend in Unconfirmed transaction count (top chart).

https://jochen-hoenicke.de/queue/#1,24h

molsewid

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Quote from: Get-Paid.com on October 30, 2020, 02:07:43 AM

The fees are so high, this is terrible:
https://bitcoinfees.net/
Total mempool transactions: 111,140
When is it going to go down back to 2,000 - 4,000 ??

Last night I transferred bitcoin to an exchange site. The fees from my wallet options are going back to normal fees like before. Then I use low fees to see if the Bitcoin Mempool is still congested, but the bitcoin arrives faster than I expected. Actually, the total Mempool transaction right now is at 2,000+, and I think Bitcoin Mempool is not congested anymore.

PSCQQSCQQP

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Quote from: Get-Paid.com on October 30, 2020, 02:36:38 AM

Why are Bitcoin miners not speeding up and expediting the confirmations? Is it for personal gain? in that case that means Bitcoin is centralized and not decentralized because miners can control its fees?

Finally, now someone’s getting it!

It can become centralized at any moment.

Wind_FURY

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Quote from: pooya87 on November 08, 2020, 02:27:45 AM

Quote from: Wind_FURY on November 05, 2020, 04:38:25 AM

WRONG! BIP-148, also known as the User Activated Soft Fork, actually showed that the miners do not vote. The community who run full nodes do. The miners simply followed, and gave the full nodes the type of blocks that full nodes demanded.

i hate it when people sugar coat BIP148 like this.
a true UASF is when there is a clause in the process about reaching >95% consensus. but when that is omitted and also the risks of splitting the bitcoin network into two chains due to lack of support and disrupting the billion dollar currency for even a short time is swept under the rug, it becomes more of a malicious attack instead of something positive!
during 2017 i don't remember the number of nodes signalling for BIP148 surpass 5k out of the 100k existing nodes by that time and the hashrate behind BIP148 was about 1-2%.
in my view there is absolutely no difference between BIP148 and MAHF (aka bcash) in that regard.

any change in bitcoin protocol must happen only after reaching more than 95% support from the entire network* or not happen at all.
* the entire network is both miners and nodes. you can't exclude either one of these two.

I know what the UASF was for some people in the community, I'm not sugar-coating it. I was merely debating that it has proved that it's not the miners that "vote" to have an updated activated. Maybe some people mistake miner signalling is voting.

hv_

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Quote from: pooya87 on November 08, 2020, 02:27:45 AM

Quote from: Wind_FURY on November 05, 2020, 04:38:25 AM

WRONG! BIP-148, also known as the User Activated Soft Fork, actually showed that the miners do not vote. The community who run full nodes do. The miners simply followed, and gave the full nodes the type of blocks that full nodes demanded.

i hate it when people sugar coat BIP148 like this.
a true UASF is when there is a clause in the process about reaching >95% consensus. but when that is omitted and also the risks of splitting the bitcoin network into two chains due to lack of support and disrupting the billion dollar currency for even a short time is swept under the rug, it becomes more of a malicious attack instead of something positive!
during 2017 i don't remember the number of nodes signalling for BIP148 surpass 5k out of the 100k existing nodes by that time and the hashrate behind BIP148 was about 1-2%.
in my view there is absolutely no difference between BIP148 and MAHF (aka bcash) in that regard.

any change in bitcoin protocol must happen only after reaching more than 95% support from the entire network* or not happen at all.
* the entire network is both miners and nodes. you can't exclude either one of these two.

Mostly right.

I d say it even more strict

Any protocol consensus change is not allowed and keeping the Satoshi Bitcoin brand.

Bug fixes / capacity refactoring ( max block size was a temp fix to counter cheap spam attacks)

So all those changes introduce any sort of attack vectors- where legal ones are coming to be the biggest...

pooya87

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Quote from: Wind_FURY on November 05, 2020, 04:38:25 AM

WRONG! BIP-148, also known as the User Activated Soft Fork, actually showed that the miners do not vote. The community who run full nodes do. The miners simply followed, and gave the full nodes the type of blocks that full nodes demanded.

i hate it when people sugar coat BIP148 like this.
a true UASF is when there is a clause in the process about reaching >95% consensus. but when that is omitted and also the risks of splitting the bitcoin network into two chains due to lack of support and disrupting the billion dollar currency for even a short time is swept under the rug, it becomes more of a malicious attack instead of something positive!
during 2017 i don't remember the number of nodes signalling for BIP148 surpass 5k out of the 100k existing nodes by that time and the hashrate behind BIP148 was about 1-2%.
in my view there is absolutely no difference between BIP148 and MAHF (aka bcash) in that regard.

any change in bitcoin protocol must happen only after reaching more than 95% support from the entire network* or not happen at all.
* the entire network is both miners and nodes. you can't exclude either one of these two.

Topic: Any idea when the Bitcoin Mempool will stop being so congested? (Read 1103 times)