Topic: Bitcoin Halving Making Me Wonder - page 2. (Read 583 times)
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.
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???
😂 😂 HahaToday 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???
You sincerely got me laughing really hard after reading the last part of your comment, the high transaction fees that occurred or came about after the bitcoin halving happened isn't what the halving is all about, but rather, it's just one of the after effect of it, this actually never used to happen in previous halvings that I've experienced, but like you should know, different seasons comes with different changes, and the high fees happened to be one of the after halving effect for this season.
And by the way, things have calmed down, and the bitcoin transaction fees have very much returned back to its previous state before the halving, I actually read that the spike in bitcoin fees was as a result of some RUNE project that was launched the very day and moment the bitcoin halving occurred, but I am happy that things are pretty much back to normal again.
There's nothing inherently positive or negative about Bitcoin halving. It's just a reduction in block reward, and it has happened 3 times before 2024. Perhaps the biggest unfortunate thing was a huge spike in the fees this time, but we are, thankfully, back to really nice and low fees below $2, even for transactions of the highest priority. You need to be careful with transaction fees to avoid losing your coins to those fees. You can look at the fees at mempool.space, and try to wait out the periods of extreme fees.
As for the price, I still believe there's no correlation between the price and halving. Bitcoin is just moving its own way, in cycles of around 3 years, give or take.
As for the price, I still believe there's no correlation between the price and halving. Bitcoin is just moving its own way, in cycles of around 3 years, give or take.
It's unfortunate that this happened, is this the first time you've started investing in Bitcoin?
It seems the Op was too hasty or pushy to put it in his wallet without paying attention to the transaction fees. At least Op has had an experience that happened himself and in the future it will not happen again. Yes, at least if the Op understands the transaction, it's best to temporarily place your assets on the exchange if the transaction costs are stable then you move your assets.
It seems the Op was too hasty or pushy to put it in his wallet without paying attention to the transaction fees. At least Op has had an experience that happened himself and in the future it will not happen again. Yes, at least if the Op understands the transaction, it's best to temporarily place your assets on the exchange if the transaction costs are stable then you move your assets.
The halving has happened. Bitcoin prices still go up and down and that's what happened before. Although a few days ago, Bitcoin transaction fees went up high, now everything seems to be back to normal.
If you check the transaction fees, now they have dropped drastically and are around $3-$4. And for this transaction fee, I think it has returned to normal. Maybe later there will be another increase in transaction fees. But who knows when that will happen. As long as you don't send your Bitcoin and keep it in your wallet, you won't lose the Bitcoin because the Bitcoin is still in your wallet. If you want to send your Bitcoins, maybe you can do it now.
If you check the transaction fees, now they have dropped drastically and are around $3-$4. And for this transaction fee, I think it has returned to normal. Maybe later there will be another increase in transaction fees. But who knows when that will happen. As long as you don't send your Bitcoin and keep it in your wallet, you won't lose the Bitcoin because the Bitcoin is still in your wallet. If you want to send your Bitcoins, maybe you can do it now.
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 short, the very high transaction fees right now is due to the congestion of the mempool. So in order to have your transaction get confirmed in the next few blocks, you will have to pay very high fees.Unfortunately, during the halving. A certain group of individuals decided to introduce a certain pointless protocol known as Runes which is leading to the spamming of the network leading to very high fees for normal transactions
Under normal circumstances, things would have been fine but right now we are faced with that problem of inscriptions (Runes and ordinals)
We know that the high transactions fees was because of so much congestion but what I really don't understand is that how long with it take this runes and ordinals to stop spamming the network because this is really making things very difficult for everyone and it's not funny anymore, paying high fees for a transaction to be confirmed is really worrisome and this continues congestions have led to so many people choosing exchanges over non custodial wallets which pose a security threat to their assets because they can't be trusted on exchanges.
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Let's just say what is happening in the Bitcoin network is having traffic, due to because of demand, a lot of transactions happening in the Bitcoin network right now and do not really relate anymore with the Bitcoin block halving, Bitcoin block halving is just reducing the rewards for miners.
We must consider some projects like runes or BTC-20 that is running on the bitcoin network right now.
This is another reason why people must understand the sat/vbyte because if op does there wouldn't had been any way he could have lost his bitcoin, do we say he was over excited to carry out the transaction or what?
And I began to wonder is this what the Bitcoin Halving is all about???
If that's what you choose to believe, then it's on you. I really don't know why so many investors thinks that the halving will just magically push Bitcoins price to the moon. I think investors who has this mind set are those who really don't understand Bitcoin and it's past halving. Yes a lot of us were excited about the halving, which of cause from past halvings event, Bitcoins price is followed by a new breakthrough in its movement. But did this Happen immediately after the past halving? Nope. If you check properly, it literally took months before Bitcoins price made a significant movement from its past halvings. So why all these pressure now?
Though the increase in fees wasn't expected as much but if you compare it to what it was during when the last 84000 block was mined, you'll notice it's gradually going back. It will take a little time though but it will.
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 😭😭
Right now it's so down compare to the past days, I did have some transactions to make at the time but I postponed it all, and yesterday I was able to make the transaction using a bit over $2, next time when you see high transaction fee on mempool, all you have to do is have some patience.
The minting of Runes and Ordinals on Bitcoin Network was why the transaction fee got so big, let this be a lesson for you, always check for transaction fee before making one and also I suggest you use Bitcoin wallet that allow transaction fee adjustment like Trust wallet, you just have to adjust it to the minimal number on mempool.
I also felt how fees became quite crazy after the halving, but this was not because of the halving completely but because of meme coins. It's pretty crazy how minting meme coins makes the network congested and it becomes difficult for people to make transactions on that day. As far as I remember the fees were very high on that day, so it took you a long time just to complete a transaction of several tens of dollars. However, now the fees have returned to normal, so that is no longer a problem. But the problem may occur again considering that ordinals still exist in the Bitcoin network.
Like @Hatchy explained, the halving isn't supposed to push price of Bitcoin immediately as against the expectations of some who don't have a prior knowledge about this.
Again, when making your transactions, the amount of the network fee to be collected would show and except you too excited to see it, it would have helped you reevaluate your decision to sell.
RN fees are high but I believe it will normalize later on.
Again, when making your transactions, the amount of the network fee to be collected would show and except you too excited to see it, it would have helped you reevaluate your decision to sell.
RN fees are high but I believe it will normalize later on.
You're a newbie and possibly didn't know, and it's also understandable because everyone keeps mentioning the halving,
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.
Well, didn't you check the fee before proceeding with the transaction? There's no way you couldn't have noticed it, so that's on you. The first hours had excessive fees but returned to normal shortly after. As other users have already mentioned, the halving event is an integral part of Bitcoin, happening every 4 years. There was nothing extraordinary going on with this particular halving event. You're a newbie and possibly didn't know, and it's also understandable because everyone keeps mentioning the halving, and it's reasonable to believe that it's suddenly going to surpass its ATH, but it doesn't work that way.
You don't have to blame them because probably this is their first time of experiencing halving in the cryptocurrency ecosystem. As for me I was strongly believing that the price of bitcoin would come down very well for investors to invest and reap it in the aftermath of the halving because it was also my first time to see and experienced halving but when the halving came nothing changed and the experienced I got from the halving was the red boxes in the mempool and the high transaction fee.
Of course, both proficient and beginners are always required to be able to follow analyzing market movements and I think now there are quite a lot of references that can be followed related to the increase in fees at this time and if there is smelly or unsmelly info, of course, we don't forget to filter also don't immediately consume the information we get so as not to be trapped in a narrative that is too simplistic.
And I believed everyone has their experiences in the halving so probably his own was to see the halving increasing the price of bitcoin. But normally we have been seen experienced investors saying that the All Time High will come after the halving so if anyone was expecting to see the price increase in the halving then he was not a active member in the forum or a new member.
Nice joke..
But this is not the case, everyone has expectations of price increases and maybe they are just not used to the current conditions of crypto market dynamics and have excessive expectations. 
Sorry I will say is your bad you didn't understand the fee aspect of the bitcoin and many people has lost their bitcoin at point of trying to carry out transactions. If I could recall correctly, some paid huge amount of bitcoin as fee instead of the amount they are sending it was the other way round, that's why you need to study to know how the bitcoin fee are been handled before making any transaction, a relative of mine wanted to send 50$ worth of Bitcoin and he ended up paying 150$ for 50$ transaction thereabouts it was like a magic to him to have lose such amount within a limited space of time his wallet was emptied after sending out payment.
Let's just say what is happening in the Bitcoin network is having traffic, due to because of demand, a lot of transactions happening in the Bitcoin network right now and do not really relate anymore with the Bitcoin block halving, Bitcoin block halving is just reducing the rewards for miners.
We must consider some projects like runes or BTC-20 that is running on the bitcoin network right now.
Sorry I will say is your bad you didn't understand the fee aspect of the bitcoin and many people has lost their bitcoin at point of trying to carry out transactions. If I could recall correctly, some paid huge amount of bitcoin as fee instead of the amount they are sending it was the other way round, that's why you need to study to know how the bitcoin fee are been handled before making any transaction, a relative of mine wanted to send 50$ worth of Bitcoin and he ended up paying 150$ for 50$ transaction thereabouts it was like a magic to him to have lose such amount within a limited space of time his wallet was emptied after sending out payment.
I really don't know why so many investors thinks that the halving will just magically push Bitcoins price to the moon.
You don't have to blame them because probably this is their first time of experiencing halving in the cryptocurrency ecosystem. As for me I was strongly believing that the price of bitcoin would come down very well for investors to invest and reap it in the aftermath of the halving because it was also my first time to see and experienced halving but when the halving came nothing changed and the experienced I got from the halving was the red boxes in the mempool and the high transaction fee. And I believed everyone has their experiences in the halving so probably his own was to see the halving increasing the price of bitcoin. But normally we have been seen experienced investors saying that the All Time High will come after the halving so if anyone was expecting to see the price increase in the halving then he was not a active member in the forum or a new member.
I really don't know why so many investors thinks that the halving will just magically push Bitcoins price to the moon.
You don't have to blame them because probably this is their first time of experiencing halving in the cryptocurrency ecosystem. As for me I was strongly believing that the price of bitcoin would come down very well for investors to invest and reap it in the aftermath of the halving because it was also my first time to see and experienced halving but when the halving came nothing changed and the experienced I got from the halving was the red boxes in the mempool and the high transaction fee. And I believed everyone has their experiences in the halving so probably his own was to see the halving increasing the price of bitcoin. But normally we have been seen experienced investors saying that the All Time High will come after the halving so if anyone was expecting to see the price increase in the halving then he was not a active member in the forum or a new member. 
And I began to wonder is this what the Bitcoin Halving is all about???
If that's what you choose to believe, then it's on you. I really don't know why so many investors thinks that the halving will just magically push Bitcoins price to the moon. I think investors who has this mind set are those who really don't understand Bitcoin and it's past halving. Yes a lot of us were excited about the halving, which of cause from past halvings event, Bitcoins price is followed by a new breakthrough in its movement. But did this Happen immediately after the past halving? Nope. If you check properly, it literally took months before Bitcoins price made a significant movement from its past halvings. So why all these pressure now?
Though the increase in fees wasn't expected as much but if you compare it to what it was during when the last 84000 block was mined, you'll notice it's gradually going back. It will take a little time though but it will.
As long as you know what it takes in investing in bitcoin, there is nothing wrong with rushing to invest, especially now that everyone is eager to buy at a fair price before the bitcoin price increases again.
There is alot coming in now that the halving is over. For many of us, this is our first halving experience and I totally understand that many of us were made to believe that the value of bitcoin will rise immediately after the halving. The fact that what we were made to believe is not happening yet is not enough reason to lose hope in bitcoin.
The current bitcoin transaction fee issue has been on even before the halving. The transaction fee increase is as a result of the mempool congestion and not because of the halving. Bitcoin investment needs patience, we are only hoping that everything will normalize soon.
I don't know when it happened, but Bitcoin didn't print new ATH right before or after this halving. It's currently below $65k($63.5k precisely) while it's ATH is $73,750 according to Coinmarketcap. And it hasn't crossed this level since the first half of March. But if you bought your Bitcoin several months ago I understand you want to take your profits. If you have used a self custody wallet to send your Bitcoins to an exchange, I guess you didn't check neither notice the transaction fees your wallet has defined, it's very important to do that for some cryptocurrencies such as Bitcoin though. Unfortunately, I'm afraid there is no way to recover your funds now.
If you are not following bitcoin closely, there were a group of people who are always trying to make some money every halving. They are creating these tokens, inscriptions, or whatever else you want to call it in order to make money off of it. These are what caused the high amount of fees in the recent halving that took most of your bitcoins, and you're not alone in your sentiment that bitcoin halving sucks because of the high fees.
I think the OP is complaining more about why bitcoin isn't going up in price after the halving than being concerned about rising bitcoin transaction fees. Because this happened before when the BRC 20 concept appeared and it was much worse then than now.
As of right now, the fees have since normalized, and the FOMO about Runes have since died out. Bitcoin halving has always been something special for the community since it marks a certain milestone on our journey to 21m bitcoins. As we mine more and more coins, it becomes progressively harder to reach the 21m limit, and bitcoin halving helps us in that goal.
That's right, things are gradually calming down as the Rune trend is gradually fading into oblivion. But what I worry about is that until we have a solution to the transaction fee problem, the fee will increase at any time. We cannot guarantee that no junk tokens will be created after Rune.
The halving is considered special and important to investors but if it is not tied to a bull market, I think many investors never pay attention to it, and that is why is OP wondering.
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