I think the ordinals dev, purposely created BRC20 tokens to attack bitcoin in other to kill some of it potentials, because the reason why bitcoin was created was to be used as an alternative payment method and we cannot enjoy that benefit right now because of those garbage using bitcoin blockchain.
LN is somehow technical and newbies might find it difficult to understand it but I believe it is the only option currently for people that wants to send small amount of coins. If the fee continues to be as high as this, it means that bitcoin will become more of an asset than a payment method.
Topic: BTC unconfirmed transactions exceed 500k on mempool - page 3. (Read 466 times)
I really hope bitcoin doesn't become something only the rich can afford (fees). Also I just don't see most people having the time to learn bitcoin. 
This problem has lasted longer than the past congestion I have ever experienced. OG Bitcoiners like Luke Dashjr have proposed some way to permanently block BRC-20 tokens from the network but it seems there might be no solution in sight because the clamor for Bitcoin Ordinals is still growing every day. It will be difficult to end since some groups of persons are benefiting from it. The fee is becoming unbearable and it is affecting Bitcoin transactions negatively.
He might able to block BRC-20 tokens transactions, but there are many new tokens standard e.g. BRC 721, BRC 777 etc and it need to be improved from time to time. Luke Dashjr is also a miner, he can get benefit from that and if this censorship is agreed by other developers, we can expect more and more censorship because of majority I think it's not that the on chain need to be fixed, but sooner or later we will migrate to L2.
Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit
It is already affecting the use of Bitcoin because most people prefer to use stablecoins and altcoins for transactions to avoid this high fees. Like you said if the price continues this way Bitcoin might become a currency for only the rich. It might be used for only Investment, while altcoins will become more attractive for daily transactions.
Many people with their own opinion and thoughts about what's the reason for the high transaction fee but with the way this situation has lasted I wonder if there would be any solution in view.
This problem has lasted longer than the past congestion I have ever experienced. OG Bitcoiners like Luke Dashjr have proposed some way to permanently block BRC-20 tokens from the network but it seems there might be no solution in sight because the clamor for Bitcoin Ordinals is still growing every day. It will be difficult to end since some groups of persons are benefiting from it. The fee is becoming unbearable and it is affecting Bitcoin transactions negatively.
I think this post is a perfect fit for the "Mempool Observer Topic".
We have talked about congested transactions and high Bitcoin fees a lot lately, so no need for another thread and to rehash everything all over again.
We have talked about congested transactions and high Bitcoin fees a lot lately, so no need for another thread and to rehash everything all over again.
That thread is all well and good but there's no way we're going to concentrate all the discussion there. Every now and then topics like this will appear and nobody will be able to avoid it. Besides, as the thread gets longer, if you want to concentrate on what is happening at that moment, what you say on page 1 of a thread like this one has more visibility than on page 57 of that thread.
Getting to the point:
The current network is congested because of BRC-20 tokens. This is the reason why Bitcoin is walking away from its real goal. I tried a few days ago to make a Bitcoin payment where transaction fees became $17 to make a $50 transaction.
Probably with those percentages Bitcoin is the most expensive payment method in the world right now for those amounts. That's 34% of the fee you paid. I'm not going to make payments of those amounts as long as the fees continue to be that high.
The option you have now is to start learning about BTCLN. If you want to know more then search Google by typing Bitcoin lightning network as it is the only solution to these high transaction fees.
Lightning network is not really an alternative at the moment because opening and closing channels still need on-chain transactions, and its complicated for an average Joe.
We have enough threads in bitcointalk itself
1. Basics of the Lightning Network
2. The Lightning Network FAQ
3. Electrum Lightning Network walkthrough
I think this post is a perfect fit for the "Mempool Observer Topic".
We have talked about congested transactions and high Bitcoin fees a lot lately, so no need for another thread and to rehash everything all over again.
We have talked about congested transactions and high Bitcoin fees a lot lately, so no need for another thread and to rehash everything all over again.
The number is going to definitly get above $500k very soon, with the high rate of transaction fees, personally speaking I have opted not to make a transaction recently because of the high transaction fee.
Many people with their own opinion and thoughts about what's the reason for the high transaction fee but with the way this situation has lasted I wonder if there would be any solution in view.
Many people with their own opinion and thoughts about what's the reason for the high transaction fee but with the way this situation has lasted I wonder if there would be any solution in view.
The current network is congested because of BRC-20 tokens. This is the reason why Bitcoin is walking away from its real goal. I tried a few days ago to make a Bitcoin payment where transaction fees became $17 to make a $50 transaction. So how will we make Bitcoin payments and use it as a payment method? Most likely now, stable coins would be popular payment methods instead of Bitcoin due to the high fees. We always blame Ethereum for high transaction fees, but lately Bitcoin transaction fees surpass Ethereum transaction fees. I hope developers will find a solution for that. Still, LN isn't very popular worldwide.
Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit
No, it won't as we have seen such amount of congestion in the past. The transaction fee is a concern, that is agreed in an age where congestion is normal. The reason being the devlopers wanted a challenge, ultimately they found a way to get the network spammed by Ordinals.right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit
The option you have now is to start learning about BTCLN. If you want to know more then search Google by typing Bitcoin lightning network as it is the only solution to these high transaction fees.
Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit
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