bitcoin fees and how we accept its volatility - page 2.

Mr. Magkaisa

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Quote from: Zigabel on January 05, 2024, 02:29:36 AM

Last December I wanted to carry out a Bitcoin transaction but the fee was too high I have to temporarily suspend the bit coin transactions with the mindset they I will do it sometimes this year when the price has reduced and is down, going my this your post I'm going to recheck again and see if I can now deliver my transaction with a fair fee. Most persons I'm sure did stopped Bitcoin transactions due to the surge in the fee price but it's good to know it's now down .

- At the moment, it seems that the wave is calm again when it comes to the bitcoin fee amount in the bitcoin network where we will make withdrawal transactions. But we still need to monitor the mempool space so we can see or monitor if the fee has not gone up again or if it has continued to decrease again.

It's really different when there is no crisis in the bitcoin network, only the ordinals and inscriptions become a problem why there is an increase in the fee in the bitcoin network where there are more and more people who are annoyed by the behavior of the miners when it comes to the transaction charges demanded them.

Aanuoluwatofunmi

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Quote from: macson on January 04, 2024, 01:07:11 PM

greetings to all friends, last December was a pretty bad month for all bitcoin users and also those who actively transact with bitcoin because bitcoin fees were really suffocating, even the highest fee i saw reached $20, this caused a lot of topics to be discussed. discussing this phenomenon, a few minutes ago i accessed the mempool and found that the bitcoin fees listed there were very cheap when compared to last December 2023,

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

What I do is to always check the mempool immediately am about to initiate and send a transaction, this will give me the accurate and most recent fee that am going to get, there's another logic here, using the lowest priority is sometimes better than using the purging features when you place it on static, the fee you will be charged under low priority is lesser compared to when you're having your purging gee to be anything above 20 sat/vbyte, so we have to be logical when doing anything in other not to pay more when we intended to pay less.

Helena Yu

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Quote from: Churchillvv on January 05, 2024, 02:47:39 AM

I just hope it doesn't jump back to a high price again!

Nah I want the fees back to high price again, if the fees is cheap, that means bull season won't happen.

So choose this, will you want Bitcoin price hit $100K and more but the fees is expensive or the price is not going nowhere but the fees is cheap?

The good thing of cheap fees is we can take this moment to consolidate inputs, so if the fees jump high, at least it won't really hurt you.

Churchillvv

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It's very good to see the high transaction fees go this low, the Brc-20 was a very negative effect on the Bitcoin blockchain that it lead to the use of alts for transactions.
Personally, I never had to complain even when the price was high because I never had Bitcoin to transact so I didn't complain. Maybe from now I could purchase a little for myself as the transaction fee is relatively low.

I just hope it doesn't jump back to a high price again!

Hewlet

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Quote from: macson on January 04, 2024, 01:07:11 PM

greetings to all friends, last December was a pretty bad month for all bitcoin users and also those who actively transact with bitcoin because bitcoin fees were really suffocating, even the highest fee i saw reached $20, this caused a lot of topics to be discussed. discussing this phenomenon, a few minutes ago i accessed the mempool and found that the bitcoin fees listed there were very cheap when compared to last December 2023,

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

It's good to know that the fee is going down!
The effect of the high fee was terrible and it's good to know that those running and looking for an alternative can now have peace of mind knowing that the fee is gradually going back to normal.

Zigabel

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Last December I wanted to carry out a Bitcoin transaction but the fee was too high I have to temporarily suspend the bit coin transactions with the mindset they I will do it sometimes this year when the price has reduced and is down, going my this your post I'm going to recheck again and see if I can now deliver my transaction with a fair fee. Most persons I'm sure did stopped Bitcoin transactions due to the surge in the fee price but it's good to know it's now down .

peter0425

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Quote from: macson on January 04, 2024, 01:07:11 PM

greetings to all friends, last December was a pretty bad month for all bitcoin users and also those who actively transact with bitcoin because bitcoin fees were really suffocating, even the highest fee i saw reached $20, this caused a lot of topics to be discussed. discussing this phenomenon, a few minutes ago i accessed the mempool and found that the bitcoin fees listed there were very cheap when compared to last December 2023,

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

actually it is not that bad in talking about Bitcoin because the price really climbed higher than what we had in the last 2 years but what is bad month is about the transaction fees that really sucks but if you are truly a cryptonians then you knew that it will not hinder us from transacting because we can convert the coins to other alts that has so much cheap to use as payment.

Quote from: 3kpk3 on January 05, 2024, 01:35:26 AM

This is predictable. The fees will definitely return to 100% normal level soon, but the big issue here is that we have no idea when it will go back up again thanks to ordinals crap and miners focusing on their own profits(Understandable).

This is why I decided to completely switch to altcoins like LTC whose fees are always dust until the BTC fees mess gets sorted out completely.

he

Quote from: 3kpk3 on January 05, 2024, 01:35:26 AM

This is predictable. The fees will definitely return to 100% normal level soon, but the big issue here is that we have no idea when it will go back up again thanks to ordinals crap and miners focusing on their own profits(Understandable).

This is why I decided to completely switch to altcoins like LTC whose fees are always dust until the BTC fees mess gets sorted out completely.

also the problem is that we need to keep our Bitcoin safer first before the complete dumping happens so either to convert in stable coin so there is no need of transaction while waiting for chance to buy and sell.

3kpk3

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This is predictable. The fees will definitely return to 100% normal level soon, but the big issue here is that we have no idea when it will go back up again thanks to ordinals crap and miners focusing on their own profits(Understandable).

This is why I decided to completely switch to altcoins like LTC whose fees are always dust until the BTC fees mess gets sorted out completely.

Fuso.hp

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From yesterday to today many Bitcoin users may have been able to trade Bitcoin comfortably even though the transaction fees have not returned to normal levels but we have noticed that the transaction fees have come down significantly compared to other times. Mempool has fluctuated between 30 and 40 which has cost a user three to five dollars to transact Bitcoin whereas at other times it would have cost as much as $20 to $30. If Bitcoin's transaction fees were a little more normal then maybe users wouldn't have any more complaints about Bitcoin's excessive transaction fees. Since the transaction fees have come down a lot, we expect the transaction fees to return to a more normal level.

adaseb

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The mempool is still big and has a huge queue however what is different this time is that more of the transactions have lower fees than before.

There are tons of transactions now in the 20-50 sat area, before there was tons closer to the 100 sat area. So if you wanted a transaction confirmed quick, you had to spend at least 120-150 sat/byte. Now you can spend 50-60 sats and get it confirmed.

Fiatless

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Quote from: macson on January 04, 2024, 01:07:11 PM

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

The high transaction fee is a major impediment to the use or adoption of Bitcoin. Transaction fees might have dropped now but will someone have to wait until the price is reduced before carrying out a transaction? Some persons use Bitcoin to make payments for business transactions and such delay could hamper the smooth running of the firm. I have also observed that transaction fees also reduce during certain hours of the day. Observing the timing of the transaction fees in the mempool to identify favourable hours might also be beneficial. But I know that Bitcoin will gain more adoption if the spamming of the network by these ordinal inscriptions is put to check.

Quote from: yhiaali3 on January 04, 2024, 03:08:21 PM

Very nice, so what happened to make the fees go down?
Anyway good chance I hope the fees stay this low for a long time, I have postponed all my transactions and it looks like I will get them done before the fees go up again.

That's the point, how long will this normal transaction fee last? The Bitcoin community has not found the solution to this spamming of the network by Bitcoin Ordinals, which means we might see another season of high fees very soon.

Kakmakr

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You can always use the "Lightning Network" if you want to use Bitcoin as a currency, because the transaction fees are much lower and the confirmation time is also much faster.

The congestion on the Blockchain are caused by things like Ordinals, but Miners push through those times and it gets much better over time. We are hoping the developers will find a way to reduce the "spam attacks" that are caused by those types of projects.

dunfida

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Quote from: macson on January 04, 2024, 01:07:11 PM

greetings to all friends, last December was a pretty bad month for all bitcoin users and also those who actively transact with bitcoin because bitcoin fees were really suffocating, even the highest fee i saw reached $20, this caused a lot of topics to be discussed. discussing this phenomenon, a few minutes ago i accessed the mempool and found that the bitcoin fees listed there were very cheap when compared to last December 2023,
---

from this it can be concluded that changing bitcoin fees should not be an obstacle to bitcoin adoption. For those who transact Bitcoin with small amounts, it's a good idea to pay attention to the time because you will definitely find the best time to process your Bitcoin transactions.

That shit BRC20 did spam out the network
https://beincrypto.com/bitcoin-network-brc-20-token-fees-transaction-backlog/

Yeah, we've been suffering with those $20 fees few weeks ago on which it isnt really that appealing or nice but now we are seeing that it is really that tending to normalize again but still
>30sats/byte is still high. I do miss the days when the fees are just playing around 1-2say/byte per transaction.A little bit more for us to wait for the
fees to go back low again.

I have tons of pending transactions wayback but now they are all confirmed. Wondering on when would be the next spam into the network?
BRC20 should be stopped. Cheesy

Assface16678

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Quote from: TelolettOm on January 04, 2024, 06:14:18 PM

How to deal with the volatility of transaction fees?

I think we must more often to monitor the change of Bitcoin transaction fees if we have a plan to transfer our Bitcoin somewhere. Not sure how the transaction fees to be very volatile, I assume it is because the price of Bitcoin rising and dropping more massively nowadays. We also must understand that there will be more transactions lately because people are preparing their Bitcoin assets toward the Bitcoin halving and bullrun season.

Exactly the thing about bitcoin transaction fees is that they can change every day based on the situation, so it's exactly right that before you transact, you will check the transaction fee. You can use this link Bitcoin Average Transaction Fee to check the current transaction fee. its better to do transaction with a large amount than frequent transaction, its a common sense every transaction you do you will need to pay the fee then its more practical to do one big transaction. If it's not urgent, then do this strategy, but if it is urgent, then you have no choice. You can use Light Network, but it's not practical to do LN if it's only for a specific person because you need to spend money to fund and open an LN channel. Anyway, it's up to you how you will deal with the transaction fee. You can choose to wait or to bear the fee.

TelolettOm

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How to deal with the volatility of transaction fees?

I think we must more often to monitor the change of Bitcoin transaction fees if we have a plan to transfer our Bitcoin somewhere. Not sure how the transaction fees to be very volatile, I assume it is because the price of Bitcoin rising and dropping more massively nowadays. We also must understand that there will be more transactions lately because people are preparing their Bitcoin assets toward the Bitcoin halving and bullrun season.

jossiel

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I have no idea if I'll feel happy about it or not because with such fees like this low now, we're already happy and celebrating about it. Where in fact that it should be lesser than that but I guess this is what we should be grateful for the new year that has come.

But we are becoming used to it and that's why it's a matter of how low it can go now compared to the past months that we've seen terribly high transaction fees and cost for us to make it.

Quote from: yhiaali3 on January 04, 2024, 03:08:21 PM

Very nice, so what happened to make the fees go down?

Likely that the brcs are not having that much this time ,eh?

Hatchy

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Quote from: The Cryptovator on January 04, 2024, 04:00:42 PM

I won't agree with you. Changing Bitcoin fees is an obstacle to real adoption.

I totally agree with you. the recent change in Bitcoin fees is really impacting its adoption in various ways. Even though it has temporarily reduced, we don't know how long it will stay that way. The root causes behind the initial increase in transaction fees haven't been resolved yet, so the reduction might be short-lived and could go back up unexpectedly.

During the period of high fees, many small investors might have felt frustrated and turned to investing in other cryptocurrencies instead of Bitcoin. Some businesses that previously accepted Bitcoin may have switched to alternative payment methods. This surely affects the adoption rate. A friend of mine who was eager to invest in Bitcoin last year got discouraged when he learned about the high transaction fees. He decided to wait until they came down. But do you think he'll invest the same amount he initially planned?

nakamura12

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That the reason why I always check mempool all the time before doing a transaction to avoid paying high fee especially those who only have small amount of btc when doing transactions. I am sure you know that if you are transferring small amount of btc then almost all or even almost half will only be used for transaction fee if the fee is high that's why it's better to wait for the transaction fee to decrease before sending your btc.

EL MOHA

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Quote from: yhiaali3 on January 04, 2024, 03:08:21 PM

Very nice, so what happened to make the fees go down?
Anyway good chance I hope the fees stay this low for a long time, I have postponed all my transactions and it looks like I will get them done before the fees go up again.

The fees reduce because the congestion in the mempool has actually reduced. Looking at some of the few past blocks mined I didn’t see smaller transaction amounts like dust amounts which signifies that the ordinals and inscriptions users that have been disturbing us have reduce their mass transaction for now. Probably everything is going to be this way again until maybe after halving before we start seeing movement again because I believe they have just stopped to hodl for the future bull run after that we will see their transactions again.

Quote from: macson on January 04, 2024, 01:07:11 PM

greetings to all friends, last December was a pretty bad month for all bitcoin users and also those who actively transact with bitcoin because bitcoin fees were really suffocating, even the highest fee i saw reached $20, this caused a lot of topics to be discussed. discussing this phenomenon,

I don’t think it was actually everyone that hated the high transaction fee, at least not the miners, they enjoyed every bit of it if I am being honest because if you look at the transaction fees of last month it’s total for a block is more than the block subsidy itself. I don’t think miners didn’t enjoy it

alankasman

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The last block that has been confirmed in the mempool with 2,458 transactions, the median fee is around 35 sat/vB.

The news I got from @ordinalswallet tweet, the decrease in transaction fees was caused by BRC-20 being temporarily disabled.

The reduction in Bitcoin transaction fees is very beneficial for businesses that accept Bitcoin payments.
Hopefully it will no longer increase like what was experienced by hundreds.

After the block that I displayed, there are 3 subsequent blocks that have been confirmed.

Topic: bitcoin fees and how we accept its volatility - page 2. (Read 385 times)