Topic: Bitcoin reaches record high # of daily transactions (Read 334 times)

I may be poking my head in the sand with this comment but:


That's like saying we should be happy for any Fortune 500 company that announces record-breaking $100 billion dollars in profit. That would be cringe IMO. They're just doing their job.

You have a very limited view of the current situation. Why don't you, for example, be happy for the miners who earn a nice premium on top of their usual reward for their efforts to keep the bitcoin network running? Or do you think miners are not an important enough part of the bitcoin community? What makes you think that you have the exclusive right to determine exactly how the public blockchain should be used? Don't you see in the picture clear signs of success for the wider adoption of bitcoin, albeit not in the way you planned to see it?

They are actual bitcoin transactions. The transactions are valid, they have fees and are getting picked up by miners.


Bro you're a spam exploit. You're just like pooya, relentlessly re-hashing the same opinion over and over again, with zero effect on the situation. I already know your thoughts on the subject, why do you feel the need to share them for the 400th time?

Meanwhile, bitcoin doesn't care what you think. It will keep on doing its thing just fine.

And not that you care what I think as you're already convinced I'm a bitcoin hating terrorist sympathizer, but I think both BRC20 and Ordinals are just fads that will calm down when the degens involved move on to the next thing. And they will because that's what degens do: move from trend to trend.

Until then, try not to stay too mad, its not healthy.

* But not for actual bitcoin transactions...


True fact is Bitcoin is being attacked by a spam exploit and you don't care this is killing REAL bitcoin transactions.


For others reading: Bitcoin = Network/Project, and bitcoin = the electronic cash. These spam advocates don't care that the spam is preventing Bitcoin to function for bitcoin and instead turn it into some sort of general spam database that would be useless for electronic cash.

And this is not innocent. Pay very well attention to the people who defend the spam clogging Bitcoin for they have an agenda, and its not in favor of bitcoin.

Are you really lecturing me on this?  

You completely missed the point of my remark.
It was about the record number of traction in a day, if in a day you have only 120 blocks it will be nearly impossible to make a record in the number of transactions even if you cherry-pick them by size and deny sanctions over 10 inputs/outputs. At the same time because when there were 170 blocks mined there were only huge transactions mainly consolidation because of the low fees, you couldn't break it either.

So yeah, block time does directly influence the number of tx in a day, and no, it's not a perfect correlation to the actual hash rate, and quite a bit of luck and variance. For example in the last 24 hours, we only have only 124 blocks mined, you think 15% of the miners have shut down their gears cause it's Sunday?


Really? Last block mined:
https://mempool.space/block/000000000000000000035434a80dd8e575f113f6bde1f42d5a2640e280d01ac5


Negligible???  

You better wait. LoyceV's dedicated thread finally had its title changed. In the original title it said to take advantage of the opportunity to consolidate inputs, now instead:

[May 2023] Fees not low! Wait for opportunity to Consolidate your small inputs

That's what I see wrong with this, on the one hand we can celebrate the record, but sending transactions is getting quite expensive, for a sample the OP himself:


If you want to sent a small transaction, let's say $20, currently mempool.space suggests $6.18 as a high priority fee and even $4.12 for a low priority one, which in percentage terms is crazy. So it is not time to consolidate or to send small transactions, much less if you are in a hurry to get them confirmed.

Was hoping of being able to send a transaction on the weekend when fees are usually low, like it was for the past few years however today you would have to use at least 100sat/byte to be able to get any transaction going. Basically it reminds me of ETH network pretty much.

Had a bunch of small amounts that I was going to sweep into a new output using 1 sat/byte but I guess that will now have to wait.

Pretty crazy seeing 350K transactions on a weekend.

That's because last I checked block time has nothing to do with number or transactions, or even MBs of transactions, it's purely to do with hash rate and mining difficulty. Increasing hash rate decreases the block-time, but then the difficulty adjusts every two weeks to effectively return the block time time to 10 minutes. Hash rate doesn't increase because there are more transactions either, as the block rewards remains the same, even if more transactions in the mempool means that miners get slightly higher rewards from the transaction fee, it's pretty negligible compared to the 6.25 BTC reward per block of transactions.

I don't completely think of this as win situation for normal folks, 5% of block reward means a lot. I just saw to transfer 0.1 BTC you are paying around $130 for a transaction of normal priority which I feel is too damn high. Scalability is one of the issues of bitcoin whenever the amount of transactions is increased the fees also increases in an equitable proportion. This is a big problem, which I think only LN might solve for bitcoin because even with segwit i have to pay 4% of my transaction amount as fees only.

It would be funny, if all of this wanking from token lords does not cause the BTC price to go up significantly (+$1000-$2000 does not count).

Am not too surprised for sure because there was a significant %drop in its price, following the FOMC meeting which saw the Fed increase interest on tax by about 5.25%.
https://www.coindesk.com/markets/2023/05/03/bitcoin-falls-slightly-after-fed-rate-hike/
I was of a thought that it could have prompted more persons to transact more, enabling a normalize of Bitcoin in the current market, thereby retaining its value.
Bitcoin would now have to do more by what it is currently doing, i.e. causing more awareness and making investors happy, if it means the business of being a recognized currency.

core devs and their corporate sponsors managed to scare miners to ignore blocks not flagging segwit in 2017. thus they managed to stop miners from making legacy blocks, thus producing the faked 100% allegiance of faked segwit desire
(100% is not natural in a decentralised world so you know the activation was manipulated.. check the data. its immutable and proves the point)

they actually can do the same in reverse, they can threaten a mandate date when their sponsored corporations (merchants/economic nodes) will reject blocks that use certain tx containing certain opcodes that have no pre-requisites.. you know the ones that allow junk data due to lack of rules

thus instead of softening consensus by allowing opcodes with not pre-requisite rules implied within. they instead could harden consensus by only allowing blocks that add transaction that use opcodes that have function/rules implied to them(like the good old days)

yep many years ago opcodes with no rules set were default rejected at relay. and the same can be re introduced again
thus when a new feature is wanted it actually does then require devs to publish what opcodes will do, their functions and requirements. and if deemed worthy then the new feature then becomes part of consensus rules. rather than letting any junk happen without a consensus vote

the thing is core devs can do it. they are just paid to stand back and let the spam crap happen.. which shows they dont care about bug fixing they just care about doing what they are paid to do or not do

yep there are fixes but core devs have been paid to moderate out discussion of fixes..
heck even luke jr proposed a fix but could not explain it in the core repo or add it as a bip to cores repo. so he had to offer it in his own client(knots) .. thats how bad core have got

core have lost their independence and care for the network, they only care about whatever their sponsors want them to do even if it makes the network more messy, cludgy, clogged up, expensive to transact

The first thing you have to remember is that you can't control it at all. There's nothing that can be done at this point to stop it, by anyone -- not even the core devs. So there's no point in getting mad at it. Having said that, I think it is just a fad that will eventually die down, along with the ordinals inscriptions, and I did prefer using BTC back when you could make a tx for 20 cents and get it confirmed in the next block, which wasn't too long ago.

What's funny is the ordinals system is especially hard to implement in Dogecoin because of the random block reward from blocks 0 - 99,000, and then there are hundreds of billions of coins, so its near impossible to map all the individual dogetoshis. I think I remember reading that the Ordinals satoshi database is over 1 TB so the one for DOGE would be exponentially larger.

the increase is due to spam
this last month we are seeing a new spam to break ordinal inscription counts.. so its spam attacking spam

the new spam set-up is requiring 3 transactions
1. to fund a UTXO of an amount to be wasted as a fee
2. wasting the funds as a fee to set up a zero sat utxo (one in one out)
3. another one in-one out to use the zero sat utxo to create a inscription to cause the miss count
yep point 3 transactions have no btc(sat) value ins and no btc(sat) value outs

recent stats show that 50% of a blocks tx's are the point 3 tx style. moving no btc. just publishing deadweight data

April this year 2023, the interested personal who has storm (join or use) Bitcoin is on the higher level. As it is now bitcoin is facing traffic in the transaction aspect. The blockchain has accommodated enough of transactions that is making the system very slow. As it right now in the mempool.space/ there 6393 confirmation transactions are on going. Even as it is one can boost his transaction by increasing the fear.
One thing I am happy about bitcoin and ecosystem now is the massive adoption of the system. People are using bitcoin every day now. I appreciate the work of Satoshi Nakamoto. As nutildah said it, the "terrorist" are helping bitcoin in their own way.

I kinda think this time it's a kind of pyrrhic victory though, mainly because of the fees you mentioned. Truth is, if we're not careful and people keep abusing BRC20 spam, then Bitcoin is going to be rivaling crappy ATMs in transaction fees.

Normally I would not have a problem with random meme tokens on the Bitcoin network, but as this is slowing the whole network to a crawl, there is some concern here.

I guess the common hope around here is that this BRC20 fad ends as quietly as it started and fees go back to semi-normal. But there is no guarantee that is happening, especially if exchanges follow through with implementing this hot garbage.

I'm also kinda bummed that BRC20 never turned out to be what I thought it was i.e. a protocol for Ordinals, and instead when you go to Twitter and look up its hashtag, you're immediately bombarded by "WAGMI" "this is the beginning" "we are going to be rich" type of posts about BRC20 meme tokens, which is going to fuel the maniac hysteria (and I can only imagine in horror what would happen if Elon rides this wave too, though it's not Doge at all so I guess we lucked out here).

The record was once again broken on May 1st: over 682k transactions. There's only ever been a few days with over 400k transactions: a few of them happened in the last days of 2017 but thus far there's been more in April and May of this year. Although rising, tx fees remain relatively low compared to what they were in late 2017 / early 2018 and then the first half of 2021.

As far as the blockchain is concerned, transacty are very low. However, I think this is still a small percentage of the total. We can still see the development of the blockchain, so we should not see a sudden decrease in the number of transactions in the world of cryptocurrencies.

Bitcoin hashrate is also almost at an all time high. Not exactly at the highest but the tendency is quite clear if we see all the history:




But it's not all good; at the moment it's getting more expensive to make transactions if we want them to be confirmed without too much delay although things are better than in the past, as kryptqnick points out.

Huh, that's really impressive, as it's not just the highest number of transactions, but also significantly more than the previous highest number of 490k at the end of 2017. I remember the fees of that time, though, which were around $25-30 per transaction if you want it confirmed within an hour or even a few hours. It seems that for the same waiting time the fees is currently around $2.5, so 10 times less. I'd say it's fantastic how much better things are now.
I don't know how I feel about the reason of the spike, but it doesn't seem to hurt Bitcoin, so I suppose it's not a bad innovation.

Reading this after reading hundreds of pages on users here claiming that a terrorist attack is happening on Bitcoin with jpg monkeys, that spam done by people minting memes on the chain is killing normal daily transactions and it's making the true purpose of Bitcoin unachievable, thinking those evil three letter agencies are scared of a protocol that can be killed by 10x10 pixels is kind of....


But, but..that's not what Satoshi planned!
Btw, new 24h interval record, 566,441!

I recently have seen a lot of normal people are interested in Bitcoin Ordinal. Can it have something to do with the increases number of transactions? There are a lot of invest in altcoin but suddenly I can see an interest at Bitcoin ordinal on them.

You are right. If Lightning Network is in full action, bitcoin on chain transactions will be decreased. The transactions in Lightning Network has nothing to do with on chain. Only transactions, happening at the time of opening channel and closing channel, will have record in the bitcoin blockchain.

Am I wrong by saying Lightning Network helps diminish the number of daily Transactions rather than help them increase?  As far as I am concerned.  You can make a number of Transactions on the Lightning Network and only output a few on the first Layer of the network.  Not every single Lightning Network Transaction is registered in the Blockchain.  This is why three letter agencies are scared too.  They can not track down Lightning Network TX's as easily.

Yes I want to take a moment to thank all the mean cyber terrorists for helping bitcoin to break new records

Its funny that people have created a new shittoken standard for Bitcoin using Ordinals, all the more power to them I suppose.

Possibly my favorite piece of terrorism is this chess game built from scratch, simply stunning that the entire thing is only about 12.1 kb:

https://ordinals.com/inscription/d412d1aa997583ec5c558bee031291bac78f9f9a8acb2edccd2b6e19df64c9bbi0

Its a fully-functioning chess game, all you have to do is double-click a piece and then double-click where you want to move it. Apparently the opponent is at around Level 800!


TBH I didn't analyze it but I suspect it has to do with what Stompix mentioned.

Do you know what is it come from?

Increases in usage of Segwit and Lightning Network or just people are making smaller value transactions that can be contributed by small bitcoin users rather than Bitcoin whales. An increasing adoption for Bitcoin is going an soon its blocks will be fulled by bigger demand.

In future I think Bitcoin developers will have to work and bring proposal to increase its block size like in 2017 with Segwit. Bitcoin community will vote to support that proposal and hopefully it won't be a mess like 2017 Segwit.

Interesting is that the record is also happening with relatively normal block time, we don't have a record of blocks in the last 24 hours, just 148 so far from times when we even had over 160 for two or three days one after other.

As for why this is happening, not so many are going to like the reason, it's again "spam" or how did they call it, a "terrorist" attack on bitcoin!
https://unisat.io/brc20/meme  

Congratulations to Bitcoin, which just reached a record-high 564,839 transactions in the last 24 hours. This means the world's most famous cryptocurrency is now being utilized more than ever, as is also reflected on the following chart:

Hourly chart, weekly MA:


Fees as a % of block reward is also the highest its been since early March (almost 5% of total reward). Will be interesting to see if this is a trend or a one-off event.