Bitcoin Halving Making Me Wonder | Bitcointalksearch.org

Bravut

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Quote from: Tmoonz on May 03, 2024, 10:33:55 AM

Quote from: Belarge on April 28, 2024, 01:57:46 AM

Quote from: Popkon6 on April 23, 2024, 01:26:31 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, 05:25:20 PM

Quote from: red4slash on May 02, 2024, 04:51:21 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, 01:57:46 AM

Quote from: Popkon6 on April 23, 2024, 01:26:31 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, 03:31:29 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, 04:51:21 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, 06:06:08 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, 03:31:29 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, 06:51:59 AM

Quote from: kotajikikox on May 01, 2024, 03:40:33 PM

Quote from: kentrolla on April 30, 2024, 02:13:12 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.

CageMabok

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Quote from: kotajikikox on May 01, 2024, 03:40:33 PM

Quote from: kentrolla on April 30, 2024, 02:13:12 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, 05:49:41 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.

kotajikikox

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Quote from: kentrolla on April 30, 2024, 02:13:12 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, 01:52:30 PM

Quote from: kotajikikox on April 30, 2024, 01:35:48 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, 02:13:12 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, 01:35:48 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, 05:49:41 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, 10:02:50 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.

kentrolla

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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.

bSpend

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 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???

😂 😂 Haha
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.

kryptqnick

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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.

Gaza13

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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.

jcojci

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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.

Cryptoprincess101

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Quote from: Bitcoin_Arena on April 22, 2024, 06:11:17 PM

Quote from: Bitwave01 on April 22, 2024, 06:06:08 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 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.

Adbitco

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Quote from: GreatArkansas on April 29, 2024, 07:28:52 PM

Quote from: Adbitco on April 29, 2024, 06:32:10 PM

Snip

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.

Yeah this is what causing much trifficing on the block whereby keep shoot up the fee where newbie invest who doesn't know how the fee works keeps wasting their precious investment just to make sure they send out payment to their fellows.
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?

Outhue

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

Quote from: Hatchy on April 22, 2024, 05:57:03 PM

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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 😭😭

Sorry that you don't know, this type of outcomes are possible with newbies and bitcoin beginners, it is not your fault entirely, you just don't know is all, now I will advice you to keep mempool.space in your bookmarks, before you make transaction using Bitcoin another day always go to mempool first to check the current transaction fee.

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.

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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.

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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.

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Quote from: Ultegra134 on April 30, 2024, 01:20:23 AM

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.

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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.

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Quote from: Agbe on April 28, 2024, 10:52:26 AM

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.

Quote from: Agbe on April 28, 2024, 10:52:26 AM

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.. Grin

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.

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Quote from: Adbitco on April 29, 2024, 06:32:10 PM

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.

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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.

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Quote from: Agbe on April 28, 2024, 10:52:26 AM

Quote from: Hatchy on April 22, 2024, 05:57:03 PM

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.

They are partially to blame for their false expectations, after all how hard it is to look for the dates at which the previous halvings took place and then compare that information against the charts? If anyone did that they will soon realize that the price does not go up all of a sudden, and instead it is a process that takes months before it manifest itself, and if anything it is possible this process will get even slower as the market cap of bitcoin is many times higher as it was during the first halving and this could cause a slowdown on its growth.

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Quote from: Hatchy on April 22, 2024, 05:57:03 PM

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.

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Quote from: B2Z on April 28, 2024, 08:30:27 AM

Quote from: Hatchy on April 22, 2024, 05:57:03 PM

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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.

People who are basically new to bitcoins start to fall for the bitcoin halving without realizing it. But in the case of Bitcoin investment, we must first gain enough knowledge about Bitcoin. If we have enough knowledge about Bitcoin market, we will definitely get proper success through Bitcoin investment. There are many newbies who are in a hurry to invest in Bitcoin. Don't be too hasty in investing in Bitcoin. We must always have a long-term plan in investing in Bitcoin. Many times it is seen that we lose patience when it comes to investing in Bitcoin, so patience is very important. If we can invest patiently and check the market and invest for a long time, we will definitely get success in Bitcoin investment.

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.

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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.

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Quote from: dothebeats on April 28, 2024, 07:52:34 AM

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.

Quote from: dothebeats on April 28, 2024, 07:52:34 AM

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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Quote from: dothebeats on April 28, 2024, 07:52:34 AM

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.

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.

In my opinion, you don't have to always follow Bitcoin from the start, because there are many media that help us to inform Bitcoin, which at this time Bitcoin is experiencing Halving. The question is why there is no significant movement from market participants about Bitcoin Halving?
Seeing a glimpse of the 4 -year Bitcoin Halving Cycle backward, market participants were very enthusiastic about Bitcoin Halving which resulted in a very significant movement of the price of Bitcoin itself.

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Quote from: Hatchy on April 22, 2024, 05:57:03 PM

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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.

People who are basically new to bitcoins start to fall for the bitcoin halving without realizing it. But in the case of Bitcoin investment, we must first gain enough knowledge about Bitcoin. If we have enough knowledge about Bitcoin market, we will definitely get proper success through Bitcoin investment. There are many newbies who are in a hurry to invest in Bitcoin. Don't be too hasty in investing in Bitcoin. We must always have a long-term plan in investing in Bitcoin. Many times it is seen that we lose patience when it comes to investing in Bitcoin, so patience is very important. If we can invest patiently and check the market and invest for a long time, we will definitely get success in Bitcoin investment.

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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.

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.

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 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

Why panic about halving if it happens every 4 years and is an integral part of the BTC-system? Also, this event is inevitable and is “hardwired” into the bitcoin program code. No one can influence this or make changes, but only take it for granted in the work of bitcoin.

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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.

How has there been no change? But what about the halving (x2) of the reward for the mined block? Or did you want the halving to immediately affect the current value of bitcoin, the price of which will skyrocket immediately? This doesn't happen overnight and positive factors must accumulate to lead to explosive demand for this asset.

Quote from: Bitwave01 on April 22, 2024, 05:49:41 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.

And without any analysis of the charts, it is clear that during this year bitcoin will reach new highs (if force majeure circumstances don't arise) as happened before.

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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

I described the essence of the BTC-halving (briefly) above.

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Quote from: BALIK on April 22, 2024, 10:50:04 PM

This is one of the risks when someone joins bitcoin hastily and without understanding, if you spend a lot of time learning about bitcoint before investing you will not panic.

Surely you like many other newbies, are looking forward to a price increase after the halving, I hope you will not continue to be disappointed or complain if bitcoin does not increase in the coming days.

I think it's okay, so OP will understand it more and more especially having experienced it himself and at least it will be a pretty strong reminder because everyone at the beginning was also still a little fumbling especially the reference sources that were studied and found are still online, especially during current conditions.

The OP has started out to be one of the parts that realize that BTC is a very and reliable asset to own and invest in. Continue to buy and increase your BTC coffers OP and you will reap the rewards in the future very decently.

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Quote from: Popkon6 on April 23, 2024, 01:26:31 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.

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Bitcoin, with all its awesomeness!, has some shortcomings and flaws too. One of those is its vulnerability to spam attacks that can create congestion and cause fee spikes. That "shortcoming" exists because there is a finite amount of space available in each block but there can be virtually infinite number of transactions competing for that space.

A while ago, someone found another exploit in the protocol which allowed them to inject an arbitrary message into each block with an arbitrary size. Then they created a scam known as Ordinals where they sold those messages to newbies who didn't understand what "token" really means. That scam market picked up a lot of gamblers who then participated in creating a lot of such messages exploiting the protocol and effectively spamming the network.

This recent fee spike is the result of that ongoing spam attack.

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Quote from: adaseb on April 22, 2024, 11:02:45 PM

The halving has nothing to do with the change in transaction fees. What happened was something called Runes protocol was activated on the same halving block.

I believe it is not coincidence that Runes team planned to launch their project at Bitcoin halving block. I believe they did planned the launch time to spam Bitcoin network and mempools to make as biggest noise as possible. If they launch their project and minting previously or later, it will make less noise so they just chose a most noticeable block and time to do that.

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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.

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Gosh it's been a while since I read some fake story that just sounds and looks ridiculous lol

Instead of spending all that time analyzing charts OP maybe you should start analyzing wallets so you know about transaction fees. I'm just so curious not that you will answer but have you been doing trading all this while and only have what, $50 of BTC to trade?

I mean, you said it's all gone for fees so that must be the max you have

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The halving has nothing to do with the change in transaction fees. What happened was something called Runes protocol was activated on the same halving block.

Similar to Ordinals people wanted to get their transaction in and they spammed the blockchain and the fees spiked to like 1500 sats/vbyte. It was bad, basically $150 for a simple transaction.

It’s come down since then, now it’s at like 150 sats and the cost is around $10-15 or so.

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 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???

If you have learned about bitcoin and halving using online resources, I think you also know that the sudden increase in transaction fees has nothing to do with halving and it is not caused by halving. Regarding the reason for the sudden increase in transaction fees, you should learn more and on the forum there are many topics about this issue.

This is one of the risks when someone joins bitcoin hastily and without understanding, if you spend a lot of time learning about bitcoint before investing you will not panic.

Surely you like many other newbies, are looking forward to a price increase after the halving, I hope you will not continue to be disappointed or complain if bitcoin does not increase in the coming days.

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The fees of the network are getting high because of the investors and creators who are minting runes on the network. As a Bitcoin investor one should have proper knowledge about it and its network. I suggest you to look for Bitcoin network transactions fees at mempool.space before making any transactions.

The halving event was just an event which cut the reward per block to half and it has nothing to do with the transaction fees directly. The protocol that allowed rune creators to mint runes is the main cause of those high fees that we have right now.

Next time when you want to invest in Bitcoin then you should learn more about the transaction fees before investing money in it. It's always preferable to wait for low transaction fees if your main goal is investing and holding of that investment. A DCA strategy with dip buying could also be helpful.

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Quote from: BlackBoss_ on April 22, 2024, 09:03:04 PM

Halving is event for Bitcoin subsidy drops (halves) a half of its previous block or more accurately of 210,000 previous blocks. Two halvings are 210,000 separately with each other.

If you think a halving, a half of block subsidy, will cause price to rise 100% after one block or one day, one week after a halving block, you think wrongly about halving effects.

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.

Quote from: Bitwave01 on April 22, 2024, 05:49:41 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.

Actually, OP must see the moment and check before making a transaction how much fee you have to pay, if it is expensive do not force it and wait until normal conditions and anyway you will not lose if you want to wait for a few days unless there is the most urgent need so you have to do it.

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

after the bitcoin Halving I didn't really see a significant change apart from a little drop in price!

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

Halving is event for Bitcoin subsidy drops (halves) a half of its previous block or more accurately of 210,000 previous blocks. Two halvings are 210,000 separately with each other.

If you think a halving, a half of block subsidy, will cause price to rise 100% after one block or one day, one week after a halving block, you think wrongly about halving effects.

It only creates more scarcity with less new bitcoins from future blocks but it takes people time like some months to realize this. Especially people who are exposed with Bitcoin news very first time in this bull run, they will not quickly make decisions and spend money to buy bitcoins. They need some months to decide and when new capital flows from these people come to this market, price will rise.

Panic because price didn't rise or double after a halving, funny panic.

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 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???

The demand will go up because supply is dwindling, basic law of supply and demand. And it's good that you have experience your first halving, some of us here are very excited when we see it the first time. But the thing is that the transaction fees are so high because there are some individuals who want their inscriptions on the particular block (but that is another day for discussion). So with that, I will just advise you to HODL and not sell because of the high transaction fees, if you can then still accumulate as much as you can and wait till we reach the top price or what we call all time high (ATH).

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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

Of course not it is simply one of the many consequences brought by the halving event itself.

The reward for mining blocks have reduced down to half. This is to control the supply entering the market at a time. It is good to fight inflation and it drives up demand even more. The halving event’s impact can not only be seen in one day or one week. It stretches out for months even years so anything you see right now as a consequence isn’t the end of it all.

Some of them even bitcoin’s price is temporary.

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 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.

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

Nope, that's not halving is all about.

Just like the other concerns about the fees on other networks, the bitcoin blockchain is experiencing some kind of spam or attack from the runes that have been making the demand higher so the price reflects on it.

This isn't the first time that it did happened, way back on 2017 EOY it also happened and last time early this year, it happened due to BRC20 and ordinals.

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

Quote from: Hatchy on April 22, 2024, 05:57:03 PM

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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 😭😭

Whenever you are engaging in a new activity you need to research a little bit to understand more about it, if you have done so you would have known there are some dumb people out there which wanted to get their transactions into the block in which the halving took place to create useless collectibles and sell them for a profit, and there were so many people doing it, that it caused the fees to skyrocket, so if you had to do a transaction you should have done it before or after the halving to avoid the congestion and the high fees caused by those people.

Bitcoin_Arena

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Quote from: Bitwave01 on April 22, 2024, 06:06:08 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 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)

Bitwave01

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Quote from: Hatchy on April 22, 2024, 05:57:03 PM

Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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 😭😭

Hatchy

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Activity: 336

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Quote from: Bitwave01 on April 22, 2024, 05:49:41 PM

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.

Bitwave01

newbie

Activity: 23

Merit: 3

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???

Topic: Bitcoin Halving Making Me Wonder (Read 596 times)