Bitcoin Halving Making Me Wonder | Bitcointalksearch.org

Bravut

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Quote from: Tmoonz on May 03, 2024, 11:33:55 AM

Quote from: Belarge on April 28, 2024, 02:57:46 AM

Quote from: Popkon6 on April 23, 2024, 02:26:31 AM

We should pay more attention to bitcoin transaction fees than bitcoin halving at present. Basically Bitcoin halving is a four-year cycle held by Bitcoin price peak. But we have seen the highest transaction fees for Bitcoin transactions targeting this hard, have you ever experienced this transaction. Those who are unable to transact for this transaction fee are the ones who mainly feel it.

Its mainly a gradual process to understand the system and not some random rush pattern. We get upset whenever our goals are not hitting the top standards of the system, just calm and achieving our worth. Bitcoin halving was merely overhyped and watching how everything play was out of line. We know bitcoin halving to be one of the crucial incident but we should also that its basically our phase to comprehend the system and understand how everything will pan out.

What happened after the halving shouldn't be a surprise, let not be in a hurry to forget that Bitcoin made it's Ath even before the halving and that has made me to have certain believe about everything that is happening right after the halving event. It is best we remain focused while without panic in order not to make a sudden decision and questions that might not be necessary.

Well said. It's not surprising that Bitcoin drop, or the high fee rate within the few days after halving. That's the process, and I see no need to allow fear, or panic at a time like this. We just need to accumulate more, diverse plan on how to go about our portfolio. Bitcoin have proven itself to be a valuable asset, let allow the market do it own price movement doesn't just move, till we train ourselves to understand this, we keep panicking unnecessarily which might lead to silly decisions because of ignorance and quest for profits.

red4slash

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Quote from: EL MOHA on May 02, 2024, 06:25:20 PM

Quote from: red4slash on May 02, 2024, 05:51:21 PM

In this case, why are you forcing yourself to make a transaction because before starting to make a transaction, we will definitely be shown the nominal value of what we will send and the shipping costs before confirming and I think this can be minimized if you really don't force yourself to make a transaction at that time. .
Because if you previously postponed your transaction for a few days, the transaction fees will return to normal. But you really can't blame this because you may have just experienced this and experienced bad luck, not because of the halving, but because you weren't careful in looking at transaction costs, so this is unavoidable.
This could be a good lesson for you, friend, and I would like to suggest you check the transaction fees https://mempool.space/ before making the transaction you want to do so that something like this doesn't happen again.

One thing is the transaction fee sometimes for core Bitcoin enthusiasts are always a problem reason been that they usually transact in bitcoin and waiting most at times doesn’t help like them. Some of them are cross boarder transactions which the bitcoin mode of transactions are way to easy and smooth. As things stands now I will rather say they find alternative and stop using bitcoin for micro transactions.

Right now the runes are no longer available on the network but with the way the ordinals went and came back I wouldn’t rule out their return most especially with bull a round the corner they hype could grow again. Devs should find a solution permanently to it though.

As for OP it wasn’t because of halving that this happen, but because many people were making transactions and this could happen anytime most especially with the new inscription and runes too

Apart from that, when looking at what the OP said there was no explanation that he was transacting whether it was urgent and had to be done immediately or not so I said that for the fee problem it could actually be checked first before confirming because when we make transactions via bitcoin of course before we confirm there is a note where there are details that indeed describe how much we will send and how much fee is used so that when it is not too rushed to do then why do we force it right?

In the end when talking about fees now they are back to normal and the fees that jumped hard only happened a few days after the halving. But it has happened and cannot be regretted for now and it's time for the OP to make this a learning material because in the end things like this we will definitely not feel it once because at one moment it could be that the fee will increase again and so that the same thing does not happen again then we must be more careful in looking at fees for transactions so that what we do from shipping does not feel lost due to fees that are too large.

Tmoonz

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Quote from: Belarge on April 28, 2024, 02:57:46 AM

Quote from: Popkon6 on April 23, 2024, 02:26:31 AM

We should pay more attention to bitcoin transaction fees than bitcoin halving at present. Basically Bitcoin halving is a four-year cycle held by Bitcoin price peak. But we have seen the highest transaction fees for Bitcoin transactions targeting this hard, have you ever experienced this transaction. Those who are unable to transact for this transaction fee are the ones who mainly feel it.

Its mainly a gradual process to understand the system and not some random rush pattern. We get upset whenever our goals are not hitting the top standards of the system, just calm and achieving our worth. Bitcoin halving was merely overhyped and watching how everything play was out of line. We know bitcoin halving to be one of the crucial incident but we should also that its basically our phase to comprehend the system and understand how everything will pan out.

What happened after the halving shouldn't be a surprise, let not be in a hurry to forget that Bitcoin made it's Ath even before the halving and that has made me to have certain believe about everything that is happening right after the halving event. It is best we remain focused while without panic in order not to make a sudden decision and questions that might not be necessary.

Maus0728

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It's just a thing that bitcoin does every 4 years to halve the blocks mined so the distribution to the miners would still be fair because there's less and less bitcoin to be mined after all these years. It's also a good thing too to make sure that the price of bitcoin will have a guarantee of going up, it's not going to make itself scarce by itself right? Big mistake what you just did though, I'm going to be sure that there's a lot of people that's going to be saying that you should've done this and that and I can't blame you, you got excited and you wanted to make profit, I just hope that it's a lesson learned for you.

I just have a request if you wouldn't mind though, can you let us see the transaction, I'm curious with the exact amount that you did pay for that particular transaction.

Webetcoins

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This isn't what Bitcoin halving is all about, but this is just a side-effect of it, and it isn't even because of the halving but because of ordinals and BRC-20 tokens clogging the network with dust transactions and making the fees go this high. Regardless, you shouldn't be this unaware of your surroundings. If you are in the market, you should know what is happening so that you don't commit expensive mistakes such as the one you made.

When the network is congested, you are either supposed to wait for it to become normal or make transactions with minimal fees so that it doesn't charge you much, it wouldn't get confirmed, for sure, but it would at least not take up all your assets in fees. This is possible if you are using a non-custodial wallet only.

Die_empty

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Quote from: Cryptomultiplier on May 01, 2024, 04:31:29 PM

The OP didn't sound like a very newbie because he did have some BTC in a wallet and even anticipated the halving just like the rest of us.
Although it may seem like a short-term investment from him, but with this experience comes the knowledge and the trust is firm knowing that any plan to invest such as accumulate or DCA or trade, is a sure guarantee to receive a good return on the capital invested.
Am sure that with further trades, the fees won't be an issue, considering the fact that cheaper trading pairs exist and charges vary per exchange platforms.

There might be many people that own Bitcoin yet they know little about the currency. Have you not heard about some persons who misplaced their seed phrase because they felt it was not important. While some persons will freely give passwords and seed phrases to scammers without knowing that they just gave out their funds. All these examples are just my little way of saying that OP might be a newbie. Buying and keeping Bitcoin in a wallet is not concrete evidence that someone has sound knowledge about Bitcoin.

OP is just unlucky to sell his Bitcoin when the transaction fees have become so expensive. And his lack of knowledge was his main undoing since he didn't know how to check the cost of the transaction he was about to initiate. I am sure he would have waited until the TX fees dropped significantly before he sold his coins. Sadly this is one of the cases of high fees discouraging someone from dealing with Bitcoin in the future. There should be a permanent solution to the attack on the Bitcoin network so that one can once again use low transaction fees as a means of attracting people to use Bitcoin for financial transactions.

EL MOHA

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Quote from: red4slash on May 02, 2024, 05:51:21 PM

In this case, why are you forcing yourself to make a transaction because before starting to make a transaction, we will definitely be shown the nominal value of what we will send and the shipping costs before confirming and I think this can be minimized if you really don't force yourself to make a transaction at that time. .
Because if you previously postponed your transaction for a few days, the transaction fees will return to normal. But you really can't blame this because you may have just experienced this and experienced bad luck, not because of the halving, but because you weren't careful in looking at transaction costs, so this is unavoidable.
This could be a good lesson for you, friend, and I would like to suggest you check the transaction fees https://mempool.space/ before making the transaction you want to do so that something like this doesn't happen again.

One thing is the transaction fee sometimes for core Bitcoin enthusiasts are always a problem reason been that they usually transact in bitcoin and waiting most at times doesn’t help like them. Some of them are cross boarder transactions which the bitcoin mode of transactions are way to easy and smooth. As things stands now I will rather say they find alternative and stop using bitcoin for micro transactions.

Right now the runes are no longer available on the network but with the way the ordinals went and came back I wouldn’t rule out their return most especially with bull a round the corner they hype could grow again. Devs should find a solution permanently to it though.

As for OP it wasn’t because of halving that this happen, but because many people were making transactions and this could happen anytime most especially with the new inscription and runes too

red4slash

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Quote from: Bitwave01 on April 22, 2024, 07:06:08 PM

I understand everything you said but what I don't understand is the transaction fee they are now charging, I lost a lot from a single transaction 😭😭

In this case, why are you forcing yourself to make a transaction because before starting to make a transaction, we will definitely be shown the nominal value of what we will send and the shipping costs before confirming and I think this can be minimized if you really don't force yourself to make a transaction at that time. .
Because if you previously postponed your transaction for a few days, the transaction fees will return to normal. But you really can't blame this because you may have just experienced this and experienced bad luck, not because of the halving, but because you weren't careful in looking at transaction costs, so this is unavoidable.
This could be a good lesson for you, friend, and I would like to suggest you check the transaction fees https://mempool.space/ before making the transaction you want to do so that something like this doesn't happen again.

Ultegra134

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Quote from: Cryptomultiplier on May 01, 2024, 04:31:29 PM

The OP didn't sound like a very newbie because he did have some BTC in a wallet and even anticipated the halving just like the rest of us.
Although it may seem like a short-term investment from him, but with this experience comes the knowledge and the trust is firm knowing that any plan to invest such as accumulate or DCA or trade, is a sure guarantee to receive a good return on the capital invested.
Am sure that with further trades, the fees won't be an issue, considering the fact that cheaper trading pairs exist and charges vary per exchange platforms.

Doesn't necessarily mean anything. Owning Bitcoin doesn't make you knowledgeable or an investor. I used to have over 0.40 BTC at one point, the most I've ever had, even till now. Was I experienced? By no means, I was a dumbass for wasting my chances and my Bitcoin back when it cost less than $400 per coin. Having large amounts of Bitcoin or being an active investor doesn't automatically make you experienced. I've been in the scene since approximately 2015, and there's a ton of things I've no idea about. I still consider myself a novice.

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Quote from: CageMabok on May 02, 2024, 07:51:59 AM

Quote from: kotajikikox on May 01, 2024, 04:40:33 PM

Quote from: kentrolla on April 30, 2024, 03:13:12 PM

I hate this stuff and most of us don't like the huge transaction fee levied upon us but still some justify.

It is honestly such an inconvenience and it is something we have to address now because if left unsolved I think it will just become worse and it is already bad now! You can not make any transactions without spending a huge chunk of money on fees.

For cryptocurrency to really grow into the future and be adapted we should look for solutions.

I don't think anyone needs to worry about this because the transaction fees for sending Bitcoin are never fixed because they change very often, especially when transactions start to become quite busy, such as during the halving. And as for the solution itself, I think we just need to wait for transactions to return to normal so that the costs can be cheaper than immediately carrying out transactions with slightly more expensive fees when the number of transactions is very dense.

We should start to worry if there is still no solution to the transaction fee problem. I agree that transaction fees are not fixed and always fluctuate like its price but should not increase too high like what happened in recent days. Let's ask the question, if in the near future bitcoin becomes more popular and used, what will the transaction fees be if there is no solution? Looking at the long term, that's what we need to care about, not spammers like BRC or Rune. In the short term, when the spammers disappear, transaction fees will return to normal levels, but think about the widespread adoption and use of bitcoin, the same thing will happen if we still don't have a solution.

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Quote from: kotajikikox on May 01, 2024, 04:40:33 PM

Quote from: kentrolla on April 30, 2024, 03:13:12 PM

I hate this stuff and most of us don't like the huge transaction fee levied upon us but still some justify.

It is honestly such an inconvenience and it is something we have to address now because if left unsolved I think it will just become worse and it is already bad now! You can not make any transactions without spending a huge chunk of money on fees.

For cryptocurrency to really grow into the future and be adapted we should look for solutions.

I don't think anyone needs to worry about this because the transaction fees for sending Bitcoin are never fixed because they change very often, especially when transactions start to become quite busy, such as during the halving. And as for the solution itself, I think we just need to wait for transactions to return to normal so that the costs can be cheaper than immediately carrying out transactions with slightly more expensive fees when the number of transactions is very dense.

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Quote from: Bitwave01 on April 22, 2024, 06:49:41 PM

I was panicking when I had of the upcoming bitcoin Halving because I wasn't well educated about the halving and I read about it through online resources, still I wasn't okay, so I just relax to experience the fort bitcoin Halving as they say and after the bitcoin Halving I didn't really see a significant change apart from a little drop in price! I was happy that the halving has come and gone.

Today i was just analyzing the chart and it looks like #Bitcoin is about to print new highs! I was smiling and not quiet long I carried out a transaction, I did not believe my eyes, I was devastated, the whole of my bitcoin was gone for transaction fee.

And I began to wonder is this what the Bitcoin Halving is all about???

It doesn't happen overnight, it needs some time. Yeah, Bitcoin's price increases after halving because miners receive half the amount of the previous reward. Many people think that the price should double overnight because since the halving occurs, miners receive decreased rewards but it doesn't like that, there should be a demand for Bitcoin too. The logic here is that miners have the same expanses while earning 50% less, so in order to be mining profitable for miners, they need to sell at a high price. There are exchanges and different crypto services that need Bitcoins, also miners need to sell them to pay electricity bills and some other expenses, so demand for Bitcoin rises and slowly, the price starts to rise.
You should expect Bitcoin to reach 100K or more in the next few months.

AnonBitCoiner

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People are losing their money in Bitcoin investment because they have heard wrong information and they have created their hopes that halving will suddenly alter the price of each and every coin and now if the price is not according to their hopes so they are in fear of losing money.

People don't get complete knowledge and keep high hopes always so if things don't go according to their thoughts then they become disappointed therefore before Investment we have to be ready for each type of condition.

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Quote from: kentrolla on April 30, 2024, 03:13:12 PM

I hate this stuff and most of us don't like the huge transaction fee levied upon us but still some justify.

It is honestly such an inconvenience and it is something we have to address now because if left unsolved I think it will just become worse and it is already bad now! You can not make any transactions without spending a huge chunk of money on fees.

For cryptocurrency to really grow into the future and be adapted we should look for solutions.

Cryptomultiplier

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Quote from: Ultegra134 on May 01, 2024, 02:52:30 PM

Quote from: kotajikikox on April 30, 2024, 02:35:48 AM

Halving is a historical event that a lot of crypto enthusiasts look forward to so it is quite impossible that op did not manage to at least encounter one post whether here in forum or in social media about it.

Personally if there is something I encounter that I am not very familiar with, I will go research further about it instead of believing whatever I already had made up on my mind especially if it concerned my money.

I'm not saying or implying that the OP didn't see any posts regarding the halving; quite the opposite. The OP likely anticipated a great price pump due to the increased posts found on the forum and pretty much everywhere on the internet, which likely resulted in his confusion. I don't blame the OP for not knowing any better; he's a newbie and is likely to have limited knowledge. It must be frustrating to see so much publicity only to see its price crash below $58,000 shortly after.

Someone who's more experienced sees it as an opportunity; others, however, see it as a threat.

The OP didn't sound like a very newbie because he did have some BTC in a wallet and even anticipated the halving just like the rest of us.
Although it may seem like a short-term investment from him, but with this experience comes the knowledge and the trust is firm knowing that any plan to invest such as accumulate or DCA or trade, is a sure guarantee to receive a good return on the capital invested.
Am sure that with further trades, the fees won't be an issue, considering the fact that cheaper trading pairs exist and charges vary per exchange platforms.

Cookdata

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Quote from: kentrolla on April 30, 2024, 03:13:12 PM

Sorry to hear your ordeal and some will blame you instead of emphasizing with your situation and act like they have never made any mistake in life. Mate, this shit happens every time when the Bitcoin's value is on higher side and I hate this stuff and most of us don't like the huge transaction fee levied upon us but still some justify. Ensure you check the transaction fee going forward as sometimes it would be more than the amount which you want to send.

You just made a popular misconception many people have about Bitcoin and the increased in price, this is usually confusing for some people.

An increased in Bitcoin price don't necessarily means that Bitcoin transaction fees will increase because if you look at it very well, unlike other chain that has a lot of decentralized exchanges and trading activities, majority of Bitcoin trades happen on centralized exchanges and that means it's an off chain trading that is settled in the database and not of the chain, so that doesn't make Bitcoin network to be that busy like other chains but might be busy than usual days as result of people sending and receiving value in Bitcoin.

The only thing that constitute to Bitcoin transaction fee is when the mempool becomes too congested with Bitcoin transaction, a lot of competition comes in by senders to be in the next block, they virtually pay high fee to get included in the next block and this competition increase the transaction fee predominantly. Sometimes, when ordinary transcripts and BRC20 tokens spam the network, the mempool becomes to heavy with transaction and fees has to come up to priorities transactions.

Ultegra134

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Quote from: kotajikikox on April 30, 2024, 02:35:48 AM

Halving is a historical event that a lot of crypto enthusiasts look forward to so it is quite impossible that op did not manage to at least encounter one post whether here in forum or in social media about it.

Personally if there is something I encounter that I am not very familiar with, I will go research further about it instead of believing whatever I already had made up on my mind especially if it concerned my money.

I'm not saying or implying that the OP didn't see any posts regarding the halving; quite the opposite. The OP likely anticipated a great price pump due to the increased posts found on the forum and pretty much everywhere on the internet, which likely resulted in his confusion. I don't blame the OP for not knowing any better; he's a newbie and is likely to have limited knowledge. It must be frustrating to see so much publicity only to see its price crash below $58,000 shortly after.

Someone who's more experienced sees it as an opportunity; others, however, see it as a threat.

Ndabagi01

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Quote from: Bitwave01 on April 22, 2024, 06:49:41 PM

Today i was just analyzing the chart and it looks like #Bitcoin is about to print new highs! I was smiling and not quiet long I carried out a transaction, I did not believe my eyes, I was devastated, the whole of my bitcoin was gone for transaction fee.

Bitcoin making a new high has nothing to do with the transaction fees. The transactions fees is set for every transaction depending on the conditions of the mempool. Your transaction must have came when the price of bitcoin transaction fees was high as a result of the halving that took place which a lot of people paid higher money to get their transaction mined in the last block before the halving. The price will consolidate again, but when making a transaction next time, look out on the transaction fees and only initiate a transaction you can give out the money you wish to as transaction fees. But also know that will depend how long your transaction will get approved.

Quote from: YUriy1991 on April 22, 2024, 11:02:50 PM

I think OP wants to know the real halving moment for whom and when it is our turn to feel the positive moment now or have to wait how many months are left for the right time to buy BTC.

A lot of misconceptions about halving have made a lot of people joined bitcoin just before the halving took place. Halving does not immediately have effects on the price of bitcoin after is has taken place, it takes some time before it happens. You can only get information from past events or speculations from those that have witnessed it before.

The Cryptovator

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Halving is a function that just reduces the mining rewards. This means less Bitcoin will be added to the circulation supply. Halving isn't an event for the Bitcoin pump anyway, though people FOMO it. If you analyse previous history, then you will discover Bitcoin started pumping after halving. But we couldn't expect an immediate pump; it would take longer. Especially for this halving, it will take more time to pump. Because Bitcoin was already pumped due to ETF approval, So we encounter a dump right now that forming for the pump actually.

coolcoinz

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It's sad that so many people still make these mistakes, even though many wallets automatically set fees and ask you to verify everything before sending, they even make you click a message saying that you read and confirmed the address, amount of bitcoin and fees.

As for the halving and prices, we're going up when this short sell pressure is over. It's the only inevitable way for bitcoin, so I hope you won't make the mistake of panic selling at a loss.

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