No, Bitcoin Sequence Numbers (NFTs) do not affect the fees required for future transactions. The fee for a transaction is determined by the demand for the transaction at the time it is sent and the current level of network congestion. If the network is congested, then users will charge higher fees so that their transactions are processed faster.
The bitcoin network congestion problem can be caused by various factors, including a surge in the number of users and transactions, the use of inefficient methods for sending transactions, inefficient fee selection algorithms, and other factors.
Topic: Bitcoin network fee, worrying sign? (Read 353 times)
Still the network is highly congested and there is no real way to proceed with this much amount of transaction fee for day to day usage so what are the options now apart from LN?
Switching to Bech32 address saves the fee to some extent but I am not sure it will be helpful with the current situation.
Bitcoin ordinals and this crazy fee is going to last long for months? You opinions will be grateful for someone who doesn't know what to do right now.
I read that someone is intentionally spamming the bitcoin network, they even use 65$ to send 10$ worth of Bitcoin, this person has a goal that's my believe, no one on their right state of mind will be burning Bitcoin away like this, it's only a matter of time, this person will soon run out of Bitcoin. I've suspended every transactions for now until further notice.
What a dumb motherfucker he is if that is true. One man can't break the system, without pissing everyone else off first.
I haven’t researched what was behind it so I would just be assuming. I did assume it was someone minting a giant NFT collection or something. Things like this are probably good though. It will get large consumers of block space to be more efficient and whoever is doing it will lose a bunch of money showing others in the future it isn’t worth it.
I read that someone is intentionally spamming the bitcoin network, they even use 65$ to send 10$ worth of Bitcoin, this person has a goal that's my believe, no one on their right state of mind will be burning Bitcoin away like this, it's only a matter of time, this person will soon run out of Bitcoin. I've suspended every transactions for now until further notice.
What a dumb motherfucker he is if that is true. One man can't break the system, without pissing everyone else off first.
So what is my take on increased fees on the blockchain will be no major impact because we all know with ETH there was a big problem with gas fees the case in Bitcoin is not that scary. It cant push the prices down but there can be temporary FUd for the prices drop. Bitcoin will stay as long as the community is standing behind and community know what they need to do and what suits them better.
I read that someone is intentionally spamming the bitcoin network, they even use 65$ to send 10$ worth of Bitcoin, this person has a goal that's my believe, no one on their right state of mind will be burning Bitcoin away like this, it's only a matter of time, this person will soon run out of Bitcoin. I've suspended every transactions for now until further notice.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
I am not sure about this kind of update but for the BIP (Bitcoin Improvement Proposal) it is not an easy thing as most of the Bitcoiners believe the ordinals are not needed on the Blockchain why add scarp to the Blockchain? So in my view if there is any type of proposal that might get rejected. But there is another way of doing it but that's not the topic today.
So what is my take on increased fees on the blockchain will be no major impact because we all know with ETH there was a big problem with gas fees the case in Bitcoin is not that scary. It cant push the prices down but there can be temporary FUd for the prices drop. Bitcoin will stay as long as the community is standing behind and community know what they need to do and what suits them better.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
I thought that by today the fees are going to be much lesser than yesterday but it doesn't look like that. As of checking, the amount for the fees set on the mempool is more expensive right now, yes today it's much more expensive. IIRC, the fee during 2017 bull run, it was more than this.Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
But during that time, it was bull run and right now it is not yet bull run. And those that don't want to have their transaction take long, you have no choice but to pay for the suggested fee as priority.
How can you be so sure it's not bullrun now? In theory, bull cycle starts immediately after we reach the bottom. And I'm pretty sure the bottom is in for this cycle. Indeed, we haven't reached the parabolic growth or the final stage of every bullrun but we're not in a bear market either.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Oh but you can see it, just go to this site and check Dec 2017, Jan, Feb, 2018. by Mar calmed down. This on the other hand, has kept worsening since Feb 2023...
The NFT hype is already over or at least have drastically decreased.
Where do you see this drastically decrease cause for sure it's not in the mempool, it's not in the numbers of brc20 tokens minted and I see no sign of it going away.
Apologies, for not being more clear but I was talking about NFTs in general and not bitcoin ordinals.
Since the NFTs have a bad name in public view I think bitcoin ordinals won't last longer too.
Many users have already declared NFTs as a scam.
So? Let's ask around the forum in the sections where only hardcore bitcoins post what ETH is!
The answers will be shitcoin, centralized scam coins, useless smart contracts, NFT garbage, and so on!
Some right here in this forum should understand that the general consensus here doesn't apply to the outside world and this community is just a tiny fragment, labeling NFT as a scam, shitty, useless, a waste of time, waste of money here might not mean a thing to the majority of crypto users.
Again, NFTs in general doesn't have a good fame these days because many people have lost money in it and declared it as a scam.
I know this doesn't necessarily mean bitcoin ordinals are scam but I personally think it won't really get much of a hype.
This is not the first time that it happened, we just need to be patient. That's why it's not completely being used every day because of this but I don't think it should because I'm a hodler lol.
Of course, I think the problem of expensive transaction fees like now is quite frequent in fact I don't think this is the last although over time the transaction fees will decrease when the mempool is cleaned up.If you don't need the bitcoins to be sold or moved to one address or another, then just leave the bitcoins there. There will definitely be time to move that at as low fee as 1 sat/byte again in the months to come. The current recommended transaction fee for high priority transactions is 157 sat/vB [https://mempool.space/], which is certainly not very suitable for small bitcoin amounts.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
We do not need the wait for the future, the Bitcoin Ordinals had been affecting the network traffic and the transaction fee. It is too obvious that the Bitcoin Ordinals is creating a problem to the regular users.
Ordinals are not the reason for the current congestion, before BRC20 it was normal for transaction fees to be 20/30 sats per byte, and now we all know how exorbitant the fees are now. BRC20 is using the same protocol loophole as Ordinals but it is not using any Ordinals software.
Ok, are you saying that BRC20 has nothing to do with Bitcoin ordinals? Then the article written by cointelegraph is misleading? Since they state that Bitcoin Ordinals daily inscriptions surge due to ‘BRC-20 tokens’.
Regardless, the current network congestion simply tells us that the Bitcoin network isn't ready yet for massive adoption. Imagine if millions of transactions is processed every minute, we would have way more problems than what we are experiencing right now.
Aside from that, I also wonder if there are some people who maliciously spiked the transaction fee for some personal reason.
Don't worry about bitcoin network fees because they will upgrade every time depend on bitcoin price, when still using Trustwallet sending Bitcoin trough BTC segwit network has lower fees under $0.5 and transaction is faster. For exchange market I use Binance and sending trough internal account because without payment fees. But some exchange have change their fees transaction of sending Bitcoin how to make their costumer not worry or have to pay expensive fees transaction.
But many people not really faced problem about fees sending, we can check when NFTs hype and they have spent much fees for claiming NFTs looks not any problem yet although have to pay above $10 each transaction.
But many people not really faced problem about fees sending, we can check when NFTs hype and they have spent much fees for claiming NFTs looks not any problem yet although have to pay above $10 each transaction.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
I was that the transaction fee has really gotten higher than the usual this year, it spiked greatly. Personally, this sudden spike of transaction fee makes me worry. That is because do not want to pay more than the usual.
Why is NFT being connected to bitcoin transaction fee? Is there any serious relation between these assets?
There's a member who mentioned that the network might be under attack... Is that thing possible? If so, is it similar to the concept of DDoS ?
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Nothing new. The fees have spiked before when the network was congested. If you aren't in any hurry, pay low fees (you might have to wait few hours to a day or two though...) and wait for the confirmation. If you really want to avoid paying huge fees, buy some altcoins and use them while the fees of bitcoin is high. There are altcoins that you can use to transact instantly. Once the fees goes down, you can start using bitcoin again. Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
By the way, what does NFT has to do with bitcoin fees?
When we mint NFTs transaction fees are already an issue as it depends on the time of expensive fee or lower. Which I think it's already an issue before a similar situation to your post OP. I've profited a lot in this trend of NFT back then, but now I don't already see any hype on it or potential projects that could be a worth of a risk. Since fee is also a problem when it comes to NFT.
There's no clog, only a lot of people trying to outbid each other for the first block transaction.
Ok, let's not play with words and try to make it look like it's nothing.
There is a clog! The moment you pay a fee x10 smaller than the top and you see that you're going to wait days for it that's the definition of a clog!
It's Saturday afternoon when usually you could send 1sat/b tx and have them confirmed and we see the last block with a min 114sat/b 260k transactions in the mempool and not even a full day of no tx will manage to clear the backlog now sitting in the mempool.
It's a clog!
The NFT hype is already over or at least have drastically decreased.
Where do you see this drastically decrease cause for sure it's not in the mempool, it's not in the numbers of brc20 tokens minted and I see no sign of it going away.
Many users have already declared NFTs as a scam.
So? Let's ask around the forum in the sections where only hardcore bitcoins post what ETH is!
The answers will be shitcoin, centralized scam coins, useless smart contracts, NFT garbage, and so on!
Some right here in this forum should understand that the general consensus here doesn't apply to the outside world and this community is just a tiny fragment, labeling NFT as a scam, shitty, useless, a waste of time, waste of money here might not mean a thing to the majority of crypto users.
This is not the first time that it happened, we just need to be patient. That's why it's not completely being used every day because of this but I don't think it should because I'm a hodler lol.
I remember sending it before with at least 0.001 BTC I think. I'm not sure but that's just ludicrous if you compare it and convert it now lol.
I remember sending it before with at least 0.001 BTC I think. I'm not sure but that's just ludicrous if you compare it and convert it now lol.
I believe that the current congestion issue is a minor setback that the Bitcoin network can easily overcome, given its track record of resilience in the past. I'm not worried about the impact of Bitcoin ordinals on transaction fees in the long run. However, I do think that NFTs are just a passing fad and should not have been allowed on the Bitcoin network in the first place. Nonetheless, I'm confident that this trend will eventually die down and be replaced by more useful and sustainable use cases.
The NFT hype is already over or at least have drastically decreased. Many users have already declared NFTs as a scam.
Well it was expected since most of the NFT projects were just a rug pull. What you say is true that bitcoin shouldn't have had NFTs at first place.
Just like the ICO hype is over and nobody talks about it now, nobody will talk about NFTs in a few years.
There's no clog, only a lot of people trying to outbid each other for the first block transaction. Every time this happens there's a spike in fees, but there are many ways to go around it, or simply ignore it. One of them is to use LN, the other is to opt out of the race and pay much less fee than required to be in the fist block. I never overpay and it's completely fine for me to wait 30min. Just going from 0 to 25 min lowers your fee by 40%. 25 min is nothing, I can make myself lunch in that time, or take a dump and a shower afterwards and be back to see my TX confirmed.
telling people bitcoin is completely fine to wait longer.. and then advertise people should instead use another network. is not a great way to promote bitcoin
LN is not even going to help in this scenario as even the L1 contact points are swamped with transactions, so on-chain settlement will take a long an unknown amount of time.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
We do not need the wait for the future, the Bitcoin Ordinals had been affecting the network traffic and the transaction fee. It is too obvious that the Bitcoin Ordinals is creating a problem to the regular users.
Ordinals are not the reason for the current congestion, before BRC20 it was normal for transaction fees to be 20/30 sats per byte, and now we all know how exorbitant the fees are now. BRC20 is using the same protocol loophole as Ordinals but it is not using any Ordinals software.
There's no clog, only a lot of people trying to outbid each other for the first block transaction. Every time this happens there's a spike in fees, but there are many ways to go around it, or simply ignore it. One of them is to use LN, the other is to opt out of the race and pay much less fee than required to be in the fist block. I never overpay and it's completely fine for me to wait 30min. Just going from 0 to 25 min lowers your fee by 40%. 25 min is nothing, I can make myself lunch in that time, or take a dump and a shower afterwards and be back to see my TX confirmed.
telling people bitcoin is completely fine to wait longer.. and then advertise people should instead use another network. is not a great way to promote bitcoin
imagine if my bank (it does instant transfers uk-uk and uk-eu) told me that instead of being in and out of the bank branch in 10 minutes i should go home take a dump, have a shower and come back later to check the wire transfer complete.. id change my bank
there are reasons people hate banks already. and your advocating that bitcoin should be a high fee system of delayed transfers.. and then advertise some other system .. shameful mindset you have
i guess your not a bitcoiner anymore
It's not a big worry at the moment. Transaction fee rates still drop to even below 10 sats/vbyte if you are not in a hurry. Guess we will wait and see what happens in a bull market, but I think these NFTs will die a natural death once people realize that they are useless as ICOs, STOs, IDOs, IEOs were.
It's just a matter of time.
The hype of NFT is already over and particularly in this period the blockchain is under attack intentionally in my opinion. Even though I thought the fee will drop after fee days but throughout the week it is getting higher along with the number of unconfirmed transactions. As of now, we have over 300K transactions but the time between each block is 10 minutes so there is no worry about the loss of miners but the network is being clogged and that is the reality, hopefully it will be resolved soon. It's just a matter of time.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
We do not need the wait for the future, the Bitcoin Ordinals had been affecting the network traffic and the transaction fee. It is too obvious that the Bitcoin Ordinals is creating a problem to the regular users.
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
I think the Bitcoin network become smooth after the implementation of Segwit and the lightning network. There are seldom cases like this until Bitcoin Ordinal is introduced and I agree, this will create a negative sentiment on the Bitcoin market because users who are not used to this kind of problem will get stressed and will look for alternatives just like the previous year when we experience the same kind of problem.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Who wouldn't worry? I mean it's alarming to see the network again being congested. However, we don't known if Bitcoin ordinals are going to change the network fee. We all know that NFT is hype, just like the rest of what we have seen before. Eventually, it will die down a natural death.
2017 is different though, as far as I can remember there were network spams early that year and then the congestion was due to the bull run itself. And most likely there are a lot of us here who are newbie that time and we don't know what's happening. So we will see how we are going to adapt in the next bull run if Ordinals are still are thing that time.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Back in the day when Bitcoin was not very popular and NFT was not around, there weren't many users, so the fees were low and there were no network congestions.Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
But now that the popularity of Bitcoin and NFTs has grown tremendously, there are a lot more people searching for and using them, which is causing the network to become congested.
Moreover, new projects that mint NFTs or offer presales on the first-come, first-served basis require people to set high gas fees to increase their chances of getting a slot.
As others have said, if you are not in hurry then you can still used a lowest fee and it can be confirmed within the day.
I know that we are not getting used to it, the last time this happen to us is 2017. And with the whole ordinals spamming, sooner or later it will die down and fees going back to normal again. They can't sustain that run for a long time. Just monitor mempool and see what will be the best time for you to do your transaction.
I know that we are not getting used to it, the last time this happen to us is 2017. And with the whole ordinals spamming, sooner or later it will die down and fees going back to normal again. They can't sustain that run for a long time. Just monitor mempool and see what will be the best time for you to do your transaction.
There's no clog, only a lot of people trying to outbid each other for the first block transaction. Every time this happens there's a spike in fees, but there are many ways to go around it, or simply ignore it. One of them is to use LN, the other is to opt out of the race and pay much less fee than required to be in the fist block. I never overpay and it's completely fine for me to wait 30min. Just going from 0 to 25 min lowers your fee by 40%. 25 min is nothing, I can make myself lunch in that time, or take a dump and a shower afterwards and be back to see my TX confirmed.
telling people bitcoin is completely fine to wait longer.. and then advertise people should instead use another network. is not a great way to promote bitcoin
imagine if my bank (it does instant transfers uk-uk and uk-eu) told me that instead of being in and out of the bank branch in 10 minutes i should go home take a dump, have a shower and come back later to check the wire transfer complete.. id change my bank
there are reasons people hate banks already. and your advocating that bitcoin should be a high fee system of delayed transfers.. and then advertise some other system .. shameful mindset you have
i guess your not a bitcoiner anymore
There's no clog, only a lot of people trying to outbid each other for the first block transaction. Every time this happens there's a spike in fees, but there are many ways to go around it, or simply ignore it. One of them is to use LN, the other is to opt out of the race and pay much less fee than required to be in the fist block. I never overpay and it's completely fine for me to wait 30min. Just going from 0 to 25 min lowers your fee by 40%. 25 min is nothing, I can make myself lunch in that time, or take a dump and a shower afterwards and be back to see my TX confirmed.
I was quite surprised by the high network fees when I tried to send my bitcoins. it's 2x bigger since I last shipped it last week.
can anyone explain the reason behind the current skyrocketing network fees?
but 2 days ago i tried to transmit by changing the network fee to the lowest level. it worked just that it took more time to wait for the confirmation to finish more than 24 hours to finish.
but I think these NFTs will die a natural death once people realize that they are useless as ICOs, STOs, IDOs, IEOs were.
It's just a matter of time.
It's just a matter of time.
People just seems to be running into any new trend on the crypto space not realizing how perishable those new hype can be, I can recall when all this NFT of a thing started some few sold for millions of dollars which I'm not even sure how much is their market worth currently now again. Most people who are really diving into this NFT of a thing under Bitcoin are people I believe they think they have seen greater opportunity to make few dollars from recent trend which sometimes end really negative for them.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
You need to understand that nothing is perman in life as change, this was not in place before now that everyone start to experience bitcoin ordinals, maybe anything new can comes up later to change the whole story again, but now we can still work our way out already with the help of tracking the mempool to when it's less congested for a lower transaction fee, which in most cases comes in during the weekends.
Because I didn't witness such kind of clog since 2017
You could relate this to a number of challenges before the introduction of lightning network and the reason why the LN got in place, there will always be a solution to every challenges in due time.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
I thought that by today the fees are going to be much lesser than yesterday but it doesn't look like that. As of checking, the amount for the fees set on the mempool is more expensive right now, yes today it's much more expensive. IIRC, the fee during 2017 bull run, it was more than this.Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
But during that time, it was bull run and right now it is not yet bull run. And those that don't want to have their transaction take long, you have no choice but to pay for the suggested fee as priority.
I was quite surprised by the high network fees when I tried to send my bitcoins. it's 2x bigger since I last shipped it last week.
can anyone explain the reason behind the current skyrocketing network fees?
but 2 days ago i tried to transmit by changing the network fee to the lowest level. it worked just that it took more time to wait for the confirmation to finish more than 24 hours to finish.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Almost all of us here are shocked by this incident because of the ordinal nature of Bitcoin or NFT on the blockchain. But from what I see, it seems like it's only an experimental or trial, so it doesn't seem like it's because we're already affected by the transaction fee.
Maybe everything will be fixed like what happened with Ethereum before where the fees were too high but later it also decreased I hope it won't take that long to fix this problem.
It's not a big worry at the moment. Transaction fee rates still drop to even below 10 sats/vbyte if you are not in a hurry. Guess we will wait and see what happens in a bull market, but I think these NFTs will die a natural death once people realize that they are useless as ICOs, STOs, IDOs, IEOs were.
It's just a matter of time.
It's just a matter of time.
Exactly. Fees have spiked before, and have always come down.
When the NFT insanity hit ETH it was the same story.
People are spending a fortune on them now so adding a bunch of money to the price for TX fees is really not a big deal.
Eventually the idiots who get their financial advice from Twitter / YouTube / Reddit / and so on will go off to the next thing and tx fess will drop back to normal.
As has been said a few posts up and many times over the last few weeks. If you are not in a rush, just set a 10 sat / VB and it will probably go through in 24 to 28 hours.
-Dave
I believe that the current congestion issue is a minor setback that the Bitcoin network can easily overcome, given its track record of resilience in the past. I'm not worried about the impact of Bitcoin ordinals on transaction fees in the long run. However, I do think that NFTs are just a passing fad and should not have been allowed on the Bitcoin network in the first place. Nonetheless, I'm confident that this trend will eventually die down and be replaced by more useful and sustainable use cases.
It's not a big worry at the moment. Transaction fee rates still drop to even below 10 sats/vbyte if you are not in a hurry. Guess we will wait and see what happens in a bull market, but I think these NFTs will die a natural death once people realize that they are useless as ICOs, STOs, IDOs, IEOs were.
It's just a matter of time.
It's just a matter of time.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
There will be more changes and upgrades for Bitcoin. Don't worry.Before any upgrade comes, make your plans to consolidate your small inputs and make your necessary transactions whenever fee rate is cheap for you.
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Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Segwit did not have good adoption since its appearance in 2017. I recalled that Segwit only started to use more since 2019 and at least back in that year, some campaign managers in bitcointalk began to force their participants to use Segwit address for receiving payments.However, Segwit adoption globally increased one or two years after what happened in Bitcointalk.
Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.
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