Maybe if those who rarely make bitcoin transactions temporarily stop bitcoin transactions it won't be a problem. But for those of us who do bitcoin transactions every day, this is really unavoidable and we still have to use it even at high fees.
The solution I use is to keep transactions as low as possible at a reasonable limit and use paid acceleration. But if you have no interest in an urgent bitcoin transaction then well waiting and being patient until the hype dies down is a good thing.
Topic: Delay your Bitcoin transaction for this week| Volunteer campaign (Read 531 times)
I'm also in the crowd that says this is a bad idea. We already have morons from Ethereum Twitter calling for boycott of the Bitcoin network to support Ordinals (whatever that degenerate call for action means), so this is only going to help them.
For how long? I don't see this going away unless ordinal is done for, and that's never going to happen any soon, if ordinal is up and running there will always be higher transaction fees to be paid for sending Bitcoin on the network, do not expect this to be going away any time sooner. I will be using Bitcoin to move money around only when the amount I got is good enough for the transaction fee, for now, I quit.
Due to the raise in bitcoin transactions fees,most of the signature campaign are struggling to pay their participants.It doesn’t mean they are scammers,they are hard to afford the fees.For each participant they are forced to pay 5$ as minimum fee.If the campaign had 10 participants,the transaction fee will be 50$ which is additional burden to them.For the faster transaction of the bitcoin,the fee will be ten dollars minimum.So to pay they are forced to pay 100 dollars which is not the needed one for the project team.In addition,most of the transaction was not confirmed and delaying a lot.
at least postpone all your bitcoin transactions for this week, including a call to all signature campaigns and your friends to postpone payment for this week for several days.
As much as I appreciate the initiative, you're basically asking to stop using Bitcoin as a payment system. That's not good. The message shouldn't be that signature campaigns can't be paid because of transaction fees.That being said: I always try to avoid making on-chain Bitcoin payments when fees are high
Yes agreed. I mean I guess there was a major spam attack on Bitcoin like yesterday and the day before as fees were very high and they've got back down a lot now. When that sort of thing happens most people should just delay their transactions for a few days. Most people aren't using bitcoin to buy things, but rather just move money around to exchanges or off exchanges or whatever so just wait a few days to do it.
Delay of transaction is the only way out from this high transaction fee due to BRC-20 token that was added to bitcoin block chain causing ordinals attack on the block chain. I have also thought of a way on how to play safe,so that I don't pay a high fee when making any transaction,itis to delay all transactions till the fee becomes normal again. This is the time that we should forget about our bitcoin and use fiat for any transaction that we want to do. The banks transactions wouldn't be as high as this and wouldn't waste much time,the only thing is that banks are centralized system and will always poke their nose into every transaction made by their customers.
I agree that postpone transactions is the best to do now. Fees are really crazy.
I don’t really know if their will be better solution than this, if you think postponing the transitions till the transition fee drop is the best solution, we don’t know how long it will take before the transition fee will drop, so even if it will take like two - three months before the transaction fee will drop do you mean we should just postpone our transaction? I don’t think that’s the best option but I don’t know if their is any alternative or we just have to be spending this crazy amounts on transaction fee. Am not seeing any sign that the transaction fee is going to reduce anytime soon and It’s really affecting us.
I fully support this volunteer campaign. and will be delaying all my potential transactions for at least 15 days.. but i think more and more people need to be aware of this out side this forum. because the reall mass transaction and high fee is caused by all those BRC20 and Ordinals tokens. I don't think most of them are using forum. so we need to spread the word out side the forum to get more and more support to this volunteer campaign.. otherwise there is nothing much can be done.
I don't understand what's the point of this campaign? it depends on each user whenever they willing to pay high fee or not, you can't generalize everyone need to hold their coins in this week. Losing $20 only for transactions fee can't be accepted by most people, but what if there are some people willing to pay it because they hold million $$$ and they see $20 is just a peanut for them? Are there any disadvantages or detriments that comes with using free bitcoin accelerator to accelerate pending transactions?
The only disadvantage to accelerate your transaction it would harm your privacy. I agree that postpone transactions is the best to do now. Fees are really crazy.
Until this ordinals crazy ends, there isn't much we can do. Fees are already better than when you posted.
I have created this api which always shows the updated recommened fees
https://bitcoindata.science/api/bitcoinfees.php
Until this ordinals crazy ends, there isn't much we can do. Fees are already better than when you posted.
I have created this api which always shows the updated recommened fees
https://bitcoindata.science/api/bitcoinfees.php
Code:
[url=https://bitcoindata.science/local-price-to-image.html][img]https://bitcoindata.science/api/bitcoinfees.php[/img][/url]
Are there any disadvantages or detriments that comes with using free bitcoin accelerator to accelerate pending transactions?
One can just copy the transaction hash and boost it up with the accelerators but it will take couple of four hours, I am not so sure but I really got a message from a friend who did to hasten his transaction that's been pending since saturday.
Fees can be high and one would want to transact that way still, but having pending transactions for days sucks, I'd be happy if it doesn't brings panicking because I was to a level.
We all know the problem of the recent high bitcoin fees and because we can't do much, at least postpone all your bitcoin transactions for this week, including a call to all signature campaigns and your friends to postpone payment for this week for several days.
~snip~
~snip~
Well this year I never made one transaction for Bitcoin, because I always hodl till the next bull run ended. It's crazy seeing many whales moving their Bitcoin made the fees grow up and also this year Bitcoin movements are really volatile due to many whales moving their holding that making fear to traders.
Well since I'm holding for the long term I'm just going to buy more since right now the price is at a discount...
I fully support this volunteer campaign. and will be delaying all my potential transactions for at least 15 days.. but i think more and more people need to be aware of this out side this forum. because the reall mass transaction and high fee is caused by all those BRC20 and Ordinals tokens. I don't think most of them are using forum. so we need to spread the word out side the forum to get more and more support to this volunteer campaign.. otherwise there is nothing much can be done.
As an intention it is not bad, but the OP is asking people to stop doing what many have already stopped doing.
The problem with mempool congestion is not people on the forum sending $20 transactions, it's people spamming images on it and paying high fees for it.
It's like setting up a volunteer campaign to get umbrellas when it rains.
The problem with mempool congestion is not people on the forum sending $20 transactions, it's people spamming images on it and paying high fees for it.
It's like setting up a volunteer campaign to get umbrellas when it rains.
Lucky with participants joining signature campaign trough exchange Bitcoin address and they not spent for paying higher fees sending to exchange or try to withdraw bitcoin assets to be cash. Last two weeks sending Bitcoin still not stable or back normal because each transaction take above $5 and still slow process with two option more take time for delay or transaction will be failed and we loss fees.
For Bitcoin miner right now is their time because earn higher reward with their mining due bitcoin fees still up, can't predicting when fees for sending bitcoin back to normal and for signature campaign participants get payment on time without delay. Have planning with several campaign manager will distribution reward each two weeks how to minimalize with fees sending transaction. I don't sure upcoming two weeks later when payment time will have lower fees transaction.
For Bitcoin miner right now is their time because earn higher reward with their mining due bitcoin fees still up, can't predicting when fees for sending bitcoin back to normal and for signature campaign participants get payment on time without delay. Have planning with several campaign manager will distribution reward each two weeks how to minimalize with fees sending transaction. I don't sure upcoming two weeks later when payment time will have lower fees transaction.
Even an attack on the BRC-20 token won't actually work; have you forgotten that even with the high ETH fee back then, NFT worth millions of dollars were hijacked? What happened is that people just kept on moving their assets to a newer wallet, which they thought was more protective, keeping the network busy, and the fee still continues. I think the only solution here is that, whatever method those developers used in implementing BRC-20, validators should also look for a way to stop that from happening. If the BRC-20 tokens can be completely shut down, I think we will see back our old and regular fee as it used to be.
True there were many cases of hack in NFT, yeah it's still not stop, but in this year the NFT hype is decreasing. Bored Ape Yacht Club NFT was really booming in the last year, but I don't heard it anymore in this year and I've check on Opensea, some people willing to sold their NFT in cheaper.Validators aka miners will not want to stop it, people who trade BRC-20 tokens are really benefit for them.
Well, that is what I'm going to do, even though I need to sell some BTC for daily expenses. But I think I can hold on for now, so my money lasts longer and I don't have to sell my coins for now. Besides the fact fees are too expensive, we also have to keep in mind Bitcoin is cheap after the recent crash due to the fees, which dropped BTC from almost 30,000$ to 27,500$ right now. It seems interesting to wait the price to go upside again for profit maximization.
I think this kind of situation takes almost 2 weeks to cool down. Every 2 weeks, the fee for bitcoin transactions gets adjusted. I think it's already been a week, so I guess we have to wait for another week for it to cool down again.
I don't think this fee can actually go down just like that without anything being done. This fee didn't just go up ordinarily, so I don't think it will go down as well just like that. The more this BRC-20 token hype keeps on increasing, the more I believe we might even experience more of this high transaction fee in the coming days. I believe this fee will drastically go down once those BRC-20 tokens are no longer being produced. As long as blocks are being filled with useless APE pictures that actually have no real life value, the network will continue to be congested, which will give the miner enough work load.
i have the feeling that this hurdle won't take long. because if it is, then, people will think again about the viability of btc in the payment sector. this is not user friendly when it comes to transaction fees. miners are getting their benefits from this situation.
but seems that this won't take long. let's see.
People will think, people will talk, and in fact, most unbelievers and racists will definitely use this for their campaign against Bitcoin. But that won't change anything; Bitcoin adoption will continue, but the main purpose of Bitcoin is being gradually killed, which is its availability, to be used whenever, wherever, etc.
Miners will benefit from whatever they can lay their hands on; it is what it is. There is a saying, "It's where one works that they will feed from" . We all just have to prepare for the worst and, at the same time, hope for the best.
I think this kind of situation takes almost 2 weeks to cool down. Every 2 weeks, the fee for bitcoin transactions gets adjusted. I think it's already been a week, so I guess we have to wait for another week for it to cool down again.
I don't think this fee can actually go down just like that without anything being done. This fee didn't just go up ordinarily, so I don't think it will go down as well just like that. The more this BRC-20 token hype keeps on increasing, the more I believe we might even experience more of this high transaction fee in the coming days. I believe this fee will drastically go down once those BRC-20 tokens are no longer being produced. As long as blocks are being filled with useless APE pictures that actually have no real life value, the network will continue to be congested, which will give the miner enough work load.
i have the feeling that this hurdle won't take long. because if it is, then, people will think again about the viability of btc in the payment sector. this is not user friendly when it comes to transaction fees. miners are getting their benefits from this situation.
but seems that this won't take long. let's see.
We all know the problem of the recent high bitcoin fees and because we can't do much, at least postpone all your bitcoin transactions for this week, including a call to all signature campaigns and your friends to postpone payment for this week for several days.
Future solutions:
Use Bech32 addresses.
Use wallet that support RBF.
When fees are low Fees not low! Wait for opportunity to Consolidate your small inputs, consolidate all of your previous transactions into one income.
Use the Lightning Network for everyday payments.
Will Bitcoin's high fees last for a week? I don't think this high transaction fee of Bitcoin will be sustainable for a week it may take much longer to come down. At the moment I am on a complete break from trading. Especially the payment that we receive weekly, it's been almost five days that our payment still hasn't entered our wallet. We are never worried about this many people are feeling worried in many ways. But I hope that soon Bitcoin transaction fees will be reduced and we will be able to transact normally with fees as before. Future solutions:
Use Bech32 addresses.
Use wallet that support RBF.
When fees are low Fees not low! Wait for opportunity to Consolidate your small inputs, consolidate all of your previous transactions into one income.
Use the Lightning Network for everyday payments.
I think this kind of situation takes almost 2 weeks to cool down. Every 2 weeks, the fee for bitcoin transactions gets adjusted. I think it's already been a week, so I guess we have to wait for another week for it to cool down again.
I don't think this fee can actually go down just like that without anything being done. This fee didn't just go up ordinarily, so I don't think it will go down as well just like that. The more this BRC-20 token hype keeps on increasing, the more I believe we might even experience more of this high transaction fee in the coming days. I believe this fee will drastically go down once those BRC-20 tokens are no longer being produced. As long as blocks are being filled with useless APE pictures that actually have no real life value, the network will continue to be congested, which will give the miner enough work load.
However, the Bitcoin network congestion is also the same as the Bitcoin price which heavily fluctuates we can't predict it.
I have this on my mind thinking that this BRC-20 doesn't have a direct effect on the Bitcoin price or market congestion, it might be the market manipulations or we've just had a mass adoption to choose Bitcoin transactions.
I also believe it doesn't have any high effect on the bitcoin price. But I will say otherwise on the transaction fee; even if it's as a result of mass adoption, the fee shouldn't be that high, and even if the fee gets as high as 200 SATs, it should also at least allow transactions to be processed on time with just a little delay.
It's true that we can't predict when all this will eventually stop, but I strongly believe, based on everything gathered both on this forum and aside from the search, that the transaction fee is an effect of the BRC-20. Who knows what will happen next if ORC's hype starts on its own? It's just a matter of time, and we should just hope any quick and possible solution is being provided for this before it eventually becomes part of us.
I think this kind of situation takes almost 2 weeks to cool down. Every 2 weeks, the fee for bitcoin transactions gets adjusted. I think it's already been a week, so I guess we have to wait for another week for it to cool down again.
I don't think this fee can actually go down just like that without anything being done. This fee didn't just go up ordinarily, so I don't think it will go down as well just like that. The more this BRC-20 token hype keeps on increasing, the more I believe we might even experience more of this high transaction fee in the coming days. I believe this fee will drastically go down once those BRC-20 tokens are no longer being produced. As long as blocks are being filled with useless APE pictures that actually have no real life value, the network will continue to be congested, which will give the miner enough work load.
However, the Bitcoin network congestion is also the same as the Bitcoin price which heavily fluctuates we can't predict it.
I have this on my mind thinking that this BRC-20 doesn't have a direct effect on the Bitcoin price or market congestion, it might be the market manipulations or we've just had a mass adoption to choose Bitcoin transactions.
Jump to: