Delay your Bitcoin transaction for this week| Volunteer campaign - page 2.

Nwada001

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Quote from: tjtonmoy on May 09, 2023, 02:36:24 PM

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.

tjtonmoy

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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. Yesterday's fees were 620sat/vB and today it down to 215sat/vB at the time of posting.

Bitcoin mempool gets full by exceeding its maximum size limit, just like it did two weeks before it was cleared, on October 30, 2020, spiking the median fees to a three-year high of $11.66 and leaving 145,000 transactions pending.

Source

So it will come back to low fee soon. All we can do is just wait or use lightning network.

Asuspawer09

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I mean there wasn't really any choice at this point, I don't really make a lot of transactions daily, and I already have some pending small transactions I can't really bump the fees because the transactions were just so small.

For sure the network is going to stabilize soon in my opinion this brc20 is just hype, for sure a lot of people just wanted to join this because it's a new thing on Bitcoin. But it wasn't guaranteed that they would make a profit on it, I think when the hype is over everything will go back to normal for sure. Also, this might be good for miners and even though it is a big problem bitcoin can always adjust to different problems.

traderethereum

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Quote from: Rupok on May 09, 2023, 09:34:37 AM

Everyone is expressing concern over the recent high Bitcoin fees. I don't know how long the high bitcoin fees for bitcoin transactions will be a problem. Although we all know about the high fees of ethereum.But no one expected Bitcoin to pay high fees. But I like your idea very much. All Bitcoin users should follow this idea if they want to avoid high fees. Since we cannot do more than that, we should avoid transactions. But for those who are investing for a long time, the high fees may not have much impact.

In the meantime, it's better to refrain from sending bitcoins from one wallet to another.
But if we are forced to do it because of an urgent situation that requires money, we still have to do it.
We need to be patient waiting for things to return to normal again and maybe we can observe when that time will come so that we can send bitcoins at not as high a fee as they are now.
This is where we learn to become investors with strong hands to hold onto bitcoin until things normalize again.

sokani

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Quote from: Despairo on May 09, 2023, 06:29:11 AM

I don't think high fees only last for this week, as long as the hype on BRC-20 tokens is still happen, the fees would be like this and will not changed. We need a news where the hacker find a vulnerability on BRC-20 tokens or the creator of those tokens run with investors money.

I believe the BRC-20 tokens prominence is an indirect attack on the Bitcoin network. I think the hype is getting everyone really crazy and it's generating a lot of traction. It's just a matter of time before something happens and the BRC-20 tokens will die a natural death just as every other fake tokens. But before then, we need an immediate solution to address this crazy transaction fees.

Rupok

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Everyone is expressing concern over the recent high Bitcoin fees. I don't know how long the high bitcoin fees for bitcoin transactions will be a problem. Although we all know about the high fees of ethereum.But no one expected Bitcoin to pay high fees. But I like your idea very much. All Bitcoin users should follow this idea if they want to avoid high fees. Since we cannot do more than that, we should avoid transactions. But for those who are investing for a long time, the high fees may not have much impact.

salad daging

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I didn't make a transaction in signature campaigns I'm just trying to keep it in my wallet while I don't need it but I'm a doer doing DCA every week or every two weeks buying BTC from exchanges now applying a higher fee of 0.001 from Binance this will a little delayed I think it's a big amount but I'll be keeping a little on the exchange until the mempools normalize again to make lower withdrawals or wait for the Binance exchange to adopt the Lighting Network sometime soon.

Quote from: Despairo on May 09, 2023, 06:29:11 AM

I don't think high fees only last for this week, as long as the hype on BRC-20 tokens is still happen, the fees would be like this and will not changed. We need a news where the hacker find a vulnerability on BRC-20 tokens or the creator of those tokens run with investors money. It will not stop 100% all people to not get involved in BRC-20 tokens, but it obviously the traffic will decrease and it would make the hype over.

I hope that the high fees won't last for weeks, of course it will burden those of us who often make transactions, the brc20 hype is still going on but I don't know when this hype will end, maybe it won't take that long to return to normal for bitcoin transactions.
I am not involved in brc20 tokens even though the profits are many times over, this is just a pump that is being manipulated by other investors so that others follow it but for me this will end soon.

Yogee

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Quote from: ?? on ??

[......]
Even if all of us here stop spending, there’s no guarantee that the network will be less congested because there’s literally someone flooding it with dust transaction.

No guarantee indeed but if everybody thinks that way then don't expect a less congested network anytime soon. Not participating or adding more to the congestion problem like what the OP is suggesting is already helping in a way.

Quote from: noorman0 on May 09, 2023, 08:50:27 AM

[...]
I can't understand why BRC-20 has to be part of the ecosystem, while its presence doesn't add any improvements other than massively disrupting network traffic.

I guess it wasn't intended to be part of the Bitcoin ecosystem but someone found a "loophole" from the taproot upgrade to insert those tokens and then greed took over.

Fiatless

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Quote from: Yamane_Keto on May 08, 2023, 06:52:49 PM

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.

This is a good solution for those that don't depend on Bitcoin for daily business transactions. I know some businesses that are highly reliant on Bitcoin as a means of payment for imports. This will affect the business negatively. But for those that don't depend on bitcoin, there is no need to congest the Bitcoin network. This situation might also be designed by some forces to spread FUD. So we must do all we can to reduce the impact of their actions. This BRC-20 tokens hype will soon die down and the main pool will become free thereby leading to a drop in transaction fees. After all, this is not the first time such an attack is happening, bitcoin will surely overcome.

noorman0

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[Nope]No hype delivers more than hope

Quote from: Yamane_Keto on May 08, 2023, 06:52:49 PM

-snip-
including a call to all signature campaigns and your friends to postpone payment for this week for several days.

Lol, this must have hurt some participants if forum signature campaigns were their source of income. Still remember this thread? Maybe they should hang on to king status while the mempool is clogged, or maybe they couldn't eat for that long.

I can't understand why BRC-20 has to be part of the ecosystem, while its presence doesn't add any improvements other than massively disrupting network traffic.

hd49728

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Quote from: Yamane_Keto on May 08, 2023, 06:52:49 PM

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.

All good.

Quote from: Doan9269 on May 09, 2023, 08:12:28 AM

Good and perfect ideas, but we expect all these to soon end as solution will be engineered toward the issue of high transaction fee relating to ordinals, something of this has already happened in the past sometimes in 2017 whereby we gad a scenario similar to this

Technical solutions must be developed and supported by Bitcoin community and deployed it on Bitcoin blockchain. The current chaos comes from Taproot upgrade two years ago and now we will have to come to another upgrade to fix flaws in Taproot which is abused by Ordinals and BRC20 tokens.

jokers10

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Quote from: Yamane_Keto on May 08, 2023, 06:52:49 PM

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.
...

Binance announced that they will support Bitcoin Ordinals and BRC-20 capitalization is already about 1 billion. Do you really think this will be over soon enough? Of course we can try to send more rarely, but Ordinals already take much more than a half of all transactions in blocks. So it won't solve the problem. We can just postpone its solving this way. I'd say we should expect this horror to stay with us at least for months... unfortunately. At least we should be prepared to this. Undecided

thecodebear

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Quote from: Mate2237 on May 09, 2023, 08:24:49 AM

It is a good plan or idea but what about those who are making transactions every day? In the forum user can suspend all transactions till further notice. What about traders? This high hike of fee is good with those who are investing for a very long period of time. They are not even bother to transfer any coins. But really this issue right now is affecting households, people are crying for survival. There are some people that want to make transactions that the fee is even higher than the unit of coins that they want to withdraw from their wallets. The whole stuff is mess up. People where not really expecting such to happen in the bitcoin blockchain .

It doesn't affect traders. If you trade you have your money on a centralized exchange so you aren't touching the blockchain unless the rare time when you move between exchanges.

Most people can delay their txs a few days no problem. Not many people use bitcoin for daily spending. And many people who do, do it by choice, and can also delay doing it for a few days. Of course there are always people who want to do a tx today and if they really badly want to do the tx today they will do it, but lots of people can delay without harm. The only real harm would be for perhaps those small areas in some third world countries who use bitcoin regularly (and aren't yet on LN) because they have to. Let's let them keep doing their transactions because they need to, while most other people can simply choose to wait a bit without any problems. For most people it won't matter if they make a transaction today or tomorrow or a week from now, and those people should volunteer to wait a few days. Heck the tx fees have already dropped from like $20-$30 yesterday to $6-$7 today so perhaps the worst part of the attack is already over.

Mate2237

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It is a good plan or idea but what about those who are making transactions every day? In the forum user can suspend all transactions till further notice. What about traders? This high hike of fee is good with those who are investing for a very long period of time. They are not even bother to transfer any coins. But really this issue right now is affecting households, people are crying for survival. There are some people that want to make transactions that the fee is even higher than the unit of coins that they want to withdraw from their wallets. The whole stuff is mess up. People where not really expecting such to happen in the bitcoin blockchain .

Doan9269

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Quote from: Yamane_Keto on May 08, 2023, 06:52:49 PM

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.

Good and perfect ideas, but we expect all these to soon end as solution will be engineered toward the issue of high transaction fee relating to ordinals, something of this has already happened in the past sometimes in 2017 whereby we gad a scenario similar to this, but this got back as expected over time as solution was derived to tackle it, as lomg as the network is not at risk by this then i believe we are good to endure till the lasting solution arrives, we should always try to check the mempool before making any transaction in other to know the direction of where we are heading to whenever we want to make any payment transaction to avoid being disappointed or delayed.

thecodebear

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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.

Stepstowealth

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We should not just delay transactions for this weeks, but we should all delay these transactions until when necessary, that is if not still necessary in a week, wait for a longer time.

Quote from: bitmover on May 09, 2023, 06:09:21 AM

I agree that postpone transactions is the best to do now. Fees are really crazy.

If many people agree to postpone transactions, there will be less congestion for the few who really need to make transactions, the fees will reduce.

Cvetik56

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I wasn't planning to make any transactions at all anyway, but this is huge. The fees and the transaction time is insane now. I guess I'll wait for the week or two to buy some BTC, don't think it's gonna pump.

Nwada001

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Quote from: Despairo on May 09, 2023, 06:29:11 AM

I don't think high fees only last for this week, as long as the hype on BRC-20 tokens is still happen, the fees would be like this and will not changed. We need a news where the hacker find a vulnerability on BRC-20 tokens or the creator of those tokens run with investors money. It will not stop 100% all people to not get involved in BRC-20 tokens, but it obviously the traffic will decrease and it would make the hype over.

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.

thecodebear

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An attack with such fees can only last so long. Looks like the extreme fees from the past day or two are already going away as average fees seem to be now where they were for the past week rather than the past day or two. Still high a few times higher than normal of course, but the attack seems to be (hopefully) subsiding.

Topic: Delay your Bitcoin transaction for this week| Volunteer campaign - page 2. (Read 523 times)