High usage of the Bitcoin network can be seen as both positive and negative, depending on the context and perspective.
Positive Aspects: High transaction volume can show growing adoption and use of Bitcoin as a means of transferring value and conducting financial transactions. This is showing increased interest and utility in the cryptocurrency.
Negative Aspects: On the downside, a congested mempool with high transaction fees can hinder small-value and everyday transactions, making Bitcoin less practical for microtransactions. It can also lead to slower confirmation times for transactions, which might not be ideal for time-sensitive payments.
I would say anything less than 15sat/vB is considered low fee and if we're able to reach record transactions at a low fee, it's a win in my eyes.
Topic: Bitcoin mempool reaches 600K transactions - page 3. (Read 509 times)
All this has happened before, and it will happen again.
Ordinals are just the newest Magical Internet Money Machine thing. Eventually the scammers making them and the suckers buying them will move on.
Will they move to another coin or network to pump their crap? Who knows.
For now, unless you are combining a lot of small inputs, there is an increased cost to your you TX in the next block or 2, but it's not an incredibly large amount of sats like has happened in the past.
-Dave
Ordinals are just the newest Magical Internet Money Machine thing. Eventually the scammers making them and the suckers buying them will move on.
Will they move to another coin or network to pump their crap? Who knows.
For now, unless you are combining a lot of small inputs, there is an increased cost to your you TX in the next block or 2, but it's not an incredibly large amount of sats like has happened in the past.
-Dave
It is due to the Bitcoin Ordinals and most of these transactions are dust transactions, I would approach and If any Bitcoin Core Developer is here, please try to prioritize less for these Dust transactions as they are blocking the way for other people who really want to use Bitcoin Network for something important, like paying for something with Bitcoin etc. These Ordinals guys need to go somewhere else, BTC Network isn't made for these things.
Haha, dear seniors we had discussed it a lot of times and it seems like they don't listen up to us, these ordinary guys are deaf and blind whenever we say please go somewhere else, to control the situation don't eh control the network there is a possible solution for which everyone will listen up haha because as they aren't listening up to us from a long time need to be hard with the words actions so best solution is, Satoshi needs to announce that "get out of my network".
Besides that Op I think for now things are going smoothly, a bit of delay still at least I'm okay with it, Why do people just spam the meme pool, There should be a priority-based meme pool, but the efficient implementation for that is also not possible.
Raised mempool activity is good and bad. Large transaction numbers indicate a well-used network. This shows Bitcoin is a functional financial ecosystem, not just a speculative asset, inspiring advocates.
However, transaction expenses rose. The increase from 6 to 15 sats/vB indicates network congestion and may discourage microtransactions, making them less accessible to the typical user. High usage may induce "network discrimination" that prioritizes high-value transactions, making it ineffective.
This activity is inscriptional or transactional? Hard to say. But the second one could increase chain traffic, which isnt always bad. More layer 2 options could improve the Bitcoin network. Although waiting patiently for confirmations is a virtue, shouldnt the goal be to remove it?
However, transaction expenses rose. The increase from 6 to 15 sats/vB indicates network congestion and may discourage microtransactions, making them less accessible to the typical user. High usage may induce "network discrimination" that prioritizes high-value transactions, making it ineffective.
This activity is inscriptional or transactional? Hard to say. But the second one could increase chain traffic, which isnt always bad. More layer 2 options could improve the Bitcoin network. Although waiting patiently for confirmations is a virtue, shouldnt the goal be to remove it?
It is due to the Bitcoin Ordinals and most of these transactions are dust transactions, I would approach and If any Bitcoin Core Developer is here, please try to prioritize less for these Dust transactions as they are blocking the way for other people who really want to use Bitcoin Network for something important, like paying for something with Bitcoin etc. These Ordinals guys need to go somewhere else, BTC Network isn't made for these things.
It's not a big concern. Fees are very manageable at 10-12 sats/vbyte as compared to say, May when fees went through the roof at hundreds of sats per vbyte.
A chunk of Ordinals transactions here and there are is enough to clog the network. Most likely, the majority of these 6-7+ sats/vbyte transactions will be cleared within several days if not sooner.
A chunk of Ordinals transactions here and there are is enough to clog the network. Most likely, the majority of these 6-7+ sats/vbyte transactions will be cleared within several days if not sooner.
I don't find any of the 4 answers suitable for me. Maybe the closest to what I think is that it should be cleared quicker, but that's not going to happen as long as a lot of people keep spamming the mempool with ordinals. It's not so much a question of speed of clearance as of people willing to pay ever increasing fees for something that is not what the Bitcoin blockchain was originally intended for.
In the last month or so there were still a lot of transactions in the mempool but the fees went down. I don't know if it's back from the August vacations that the spammers are back to work, so to speak.
In the last month or so there were still a lot of transactions in the mempool but the fees went down. I don't know if it's back from the August vacations that the spammers are back to work, so to speak.
Do people think this high usage is good or bad for Bitcoin? Are there still many inscriptions being made on the network or is this more financial transactions?
With the discussion I read this morning concerning same thing according to DdmrDdmr, this is a case of ordinal inscriptions that was experienced before. They currently take up to 90% of block size and this has resulted in the hike of transaction fees. So as it stands it is a clear case of ordinal attacks again where they intentionally pay higher fees even higher than the output. My curiosity is why because certainly running it this way and with the fees they are paying then it would result into loss to me
As sourced from here, the mempool registered a total of 613K+ transactions today, with a slight increase of average transaction cost in recent days from around 6 to 15 sats/vB.
Do people think this high usage is good or bad for Bitcoin? Are there still many inscriptions being made on the network or is this more financial transactions?
Although I prefer the mempool priced around 4-6 sats/vB, I'm also happy being patient if not urgent, like most network users it seems.
Do people think this high usage is good or bad for Bitcoin? Are there still many inscriptions being made on the network or is this more financial transactions?
Although I prefer the mempool priced around 4-6 sats/vB, I'm also happy being patient if not urgent, like most network users it seems.
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