Everyone is celebrating about the fourth halving but what is this? - page 2.

larry_vw_1955

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Quote from: GbitG on April 21, 2024, 02:01:24 PM

Yep mate ! that's the biggest reason why Bitcoin is not yet ready to be used as a regular payment method

you're really giving bitcoin a big benefit of the doubt by saying "not yet ready" as though for some unknown reason it hasn't had enough time to be ready yet.

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we use cards and stuff when we go shopping or eat in a restaurant because as you said, you can't afford to pay 10% of what you have spent on the transaction you are going to make, no one would want to experience something like that which is why they would rather use another mean of making their payments than using Bitcoin for it.

if the fee was a percentage of the total amount that would be better. that way you couldn't have the fee being more than the transaction amount which i think i saw recently someone had a transaction of $1xx and the fee was $2xx. can't afford to pay, then find another game to play in. that's how it's going to be. time for penny pinchers to move on. miners don't want them, don't need them. just how it is. i didn't make the rules. Shocked

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If it continues to be this way, our dream of seeing Bitcoin becoming widely accepted worldwide as a payment method will stay a dream forever because it won't work, people would rather use altcoins with cheap transactions fees and faster transaction processing times to make the payments instead of using Bitcoin.

yeah satoshi's dream is not exactly how it is turning out. same thing happened to ethereum. fees went way high. i'm not sure if they ever got them back under control but they lost my interest...

stomachgrowls

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Quote from: electronicash on April 21, 2024, 02:28:05 PM

sooner they will just create a celebration for the sake of creating images on the block. maybe on the pizza day, they will upload pizza images too, and then the fees will also bloat just this like.

we will get used to this if they do this every day just like the Google banner that changes every day, today is Earth Day 2024. the miners of course will like this and i think this will force users to move to altcoins.

Wont really be shocking if this one would happen. Im a Bitcoin supporter but if this one gets out of hand then i wont really be that shocked if there would really be some flipping.
One of the main issues on why people do really dont like is having that high fees, if this one keeps on happening then we do know on what would be next.
Although there would really be that strong community support if we do speak about on Bitcoin as the King or Father of all crypto on which its a title that something that cant be ignored
or something that would really be left behind. Despite of these issues but still if community support is intact then there would be no flipping that will happen.
For sure amjority of us specially old timers been that pop-eyed on that almost $200 gas fee which this is something that first time happen on Bitcoin history.

electronicash

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sooner they will just create a celebration for the sake of creating images on the block. maybe on the pizza day, they will upload pizza images too, and then the fees will also bloat just this like.

we will get used to this if they do this every day just like the Google banner that changes every day, today is Earth Day 2024. the miners of course will like this and i think this will force users to move to altcoins.

GigaBit

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Before the halving we had this idea where block rewards would decrease and miners would get less rewards. After the halving, the exact same picture happened. Currently, the transaction fees have increased a lot. But we were exposed to such experiences in the past as well. Whereas without halving Bitcoin's transaction fees increased manifold. Halving has just happened and we have to wait patiently.

If the block reward is low, the transaction fee will increase, which is per-determined. This is a big advantage for miners. Even though Bitcoin mining is done, the miners are incentivized for their work which requires the miners to rely on transaction fees.

GbitG

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Quote from: Don Pedro Dinero on April 20, 2024, 11:34:51 PM

It is now down to $25, thank goodness, so it should continue to fall. I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin. If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

Yep mate ! that's the biggest reason why Bitcoin is not yet ready to be used as a regular payment method we use cards and stuff when we go shopping or eat in a restaurant because as you said, you can't afford to pay 10% of what you have spent on the transaction you are going to make, no one would want to experience something like that which is why they would rather use another mean of making their payments than using Bitcoin for it.

If it continues to be this way, our dream of seeing Bitcoin becoming widely accepted worldwide as a payment method will stay a dream forever because it won't work, people would rather use altcoins with cheap transactions fees and faster transaction processing times to make the payments instead of using Bitcoin.

Ryu_Ar1

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Quote from: MainIbem on April 21, 2024, 08:56:55 AM

Quote from: Ryu_Ar1 on April 20, 2024, 02:52:40 PM

Haha I even had to postpone my transaction due to the poor fees at the moment.
This is my first Halving and I don't know if previous Halvings were like this or if this is the first time but the transaction fee today is really crazy and even though it's starting to decrease, it's still very much bigger than before.

Hopefully this doesn't last long because if something like this continues to happen then it's definitely a little annoying because indeed large transaction fees like this make the transactions that I want to do a little hampered because even if forced it will not be possible to be profitable for myself so the only way is to wait for it to return to normal.

The complaints about the fees is getting too much and this years halving is the 1st for a lot of people. Infact this is the most talk about halving, there was a lot of awareness everywhere on the media and many people where very ready to participate in it but then with the hike I gas fee, i feel many people might begin to get discouraged and I hope it decrease to normal as it was before now. Well wait and see if the transaction fee would drop soon because it's really crazy and annoying especially for someone that wants to do multiple transactions of small fees to different people. However what surprises me is that despite the high fees more people are still taking their chances to acquire more Bitcoins in every little dip.

I would actually like to see some people who have experienced halving or people who are older give their experience when halving because for now if in the end the fee that becomes a problem is something new when halving occurs then indeed this is a problem that will sometimes always be repeated again and again.
The first day of halving if you look at the transaction fee it reached 2000 sat although it has now decreased back to 183 sat for high priority.

Although this has decreased but still for a transaction especially it is a fairly small transaction this is burdensome and now I still have to continue to wait for the delay of the transaction I want to do because I don't want to mess up with a large enough fee just for the current fee Cheesy

alastantiger

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Quote from: 3kpk3 on April 20, 2024, 12:20:45 AM

Ordinals messed up the network for a while and runes are messing it up too now. Miners would be really happy while the average crypto investor would be pissed and direct their anger at the halving event.

I was in a conference about a year ago when the speaker talking about ordinals mentioned that there are 3 "Bitcoins". They are the token, the Network, and the Meme (or the public perception). According to the speaker, he said that ordinals wouldn’t harm the first two, but would definitely harm the public perception of Bitcoin, and that this would become an attack vector we as Bitcoiners needed to prepare for. And what is happening is now is exactly what the speaker predicted. It is time we know who the real bitcoiners are and not those who have been latching on to take advantage of the network.

MainIbem

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Quote from: Ryu_Ar1 on April 20, 2024, 02:52:40 PM

Haha I even had to postpone my transaction due to the poor fees at the moment.
This is my first Halving and I don't know if previous Halvings were like this or if this is the first time but the transaction fee today is really crazy and even though it's starting to decrease, it's still very much bigger than before.

Hopefully this doesn't last long because if something like this continues to happen then it's definitely a little annoying because indeed large transaction fees like this make the transactions that I want to do a little hampered because even if forced it will not be possible to be profitable for myself so the only way is to wait for it to return to normal.

The complaints about the fees is getting too much and this years halving is the 1st for a lot of people. Infact this is the most talk about halving, there was a lot of awareness everywhere on the media and many people where very ready to participate in it but then with the hike I gas fee, i feel many people might begin to get discouraged and I hope it decrease to normal as it was before now. Well wait and see if the transaction fee would drop soon because it's really crazy and annoying especially for someone that wants to do multiple transactions of small fees to different people. However what surprises me is that despite the high fees more people are still taking their chances to acquire more Bitcoins in every little dip.

DanWalker

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Quote from: Findingnemo on April 21, 2024, 12:20:59 AM

I wonder who are these people because they are ready to get the piece of useless things at whatever cost, they have some kind of money growing plants to waste money on these things?

Some of the memes on RUNE became trash but some became valuable and as far as I know one of them was quite successful, it was the Satoshi token and it was listed on Gate. Similar to the BRC-20 wave, many tokens will become worthless but there are also tokens with a market capitalization of over billions of dollars such as ORDI or Sats and they are being traded on leading exchanges Binance. In terms of practical application, they are really as useless as other altcoins but they can be used as a money game, and those who take advantage of it will make decent profits.

yazher

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This is expected as soon as bitcoin halving comes because the huge numbers of investors will buy bitcoins at once and more of them are still buying it even though the amount of transaction fees are overwhelming. That's why when a bull run comes, the network becomes congested and you need to understand it as well, therefore, people are not only buying in dip they are also taking advantage of small transaction fees while the storm is yet to come because if this gonna happen, then small traders are hurt with this and also those who also want to cash out their small amount of bitcoins cannot do the process while the fees are higher than they expected.

Findingnemo

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Quote from: Gladitorcomeback on April 20, 2024, 08:19:12 PM

The fee will remains high for some days as Rune protocol NFT trend has been started with BTC halving where NFT minter paying high fee than normal to mint nft quickly. This is not good for people who just use btc for normal transaction. Now we have to pay 80$ per transaction which will produce some question about btc advantages. I hope everything will be normal in week as yesterday the Gas fee was above 600 but now come down to 200 but if any big support comes out for Runes than the situation will become difficult and we might see high fee for long time

The fees are quite volatile and it's swinging in the range of 300sat - 600 sat/vb since yesterday. I think the payments via BTC has to be stopped until things become normal or pay whatever fee, I will choose the former anyday.

I wonder who are these people because they are ready to get the piece of useless things at whatever cost, they have some kind of money growing plants to waste money on these things?

Iranus

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Quote from: larry_vw_1955 on April 20, 2024, 11:44:40 PM

Quote from: Don Pedro Dinero on April 20, 2024, 11:34:51 PM

It is now down to $25, thank goodness, so it should continue to fall.

So miners took a 50% pay cut and we're expecting them to not want to raise transaction fees? I think transaction fees have to go up to offset their pay cut.

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I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin.

that's the whole plan. miners are taking a 50% pay cut. where do you think they are supposed to make up the missing revenue from? fees of course. from your transactions.

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If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

that's not really how bitcoin works. the fee is not a percentage of the amount sent. it has more to do with how many utxos you're using. and of course, what miners are willing to accept to include your transaction into a block. but i don't think they want to do it unless you're paying them alot. paying $100 to send $1000 who would do that? not me.

I finally found someone with the same opinion as me, if transaction fees increase, who will benefit? Many people are waiting for fees to drop, but I wouldn't be surprised if bitcoin fees continue to move higher in the near future and even peak as we enter bull season. Retail investors will complain about high fees but miners will be happy if fees increase further and I think ORDI or RUNE is just the start and more will be created on bitcoin.

This is a financial market and interest groups will always exist in the market, they will have to come up with more games to make more money.

larry_vw_1955

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Quote from: Don Pedro Dinero on April 20, 2024, 11:34:51 PM

It is now down to $25, thank goodness, so it should continue to fall.

So miners took a 50% pay cut and we're expecting them to not want to raise transaction fees? I think transaction fees have to go up to offset their pay cut.

Quote

I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin.

that's the whole plan. miners are taking a 50% pay cut. where do you think they are supposed to make up the missing revenue from? fees of course. from your transactions.

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If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

that's not really how bitcoin works. the fee is not a percentage of the amount sent. it has more to do with how many utxos you're using. and of course, what miners are willing to accept to include your transaction into a block. but i don't think they want to do it unless you're paying them alot. paying $100 to send $1000 who would do that? not me.

Don Pedro Dinero

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Quote from: Gladitorcomeback on April 20, 2024, 08:19:12 PM

Now we have to pay 80$ per transaction which will produce some question about btc advantages.

It is now down to $25, thank goodness, so it should continue to fall. I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin. If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

Gladitorcomeback

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The fee will remains high for some days as Rune protocol NFT trend has been started with BTC halving where NFT minter paying high fee than normal to mint nft quickly. This is not good for people who just use btc for normal transaction. Now we have to pay 80$ per transaction which will produce some question about btc advantages. I hope everything will be normal in week as yesterday the Gas fee was above 600 but now come down to 200 but if any big support comes out for Runes than the situation will become difficult and we might see high fee for long time

Artemis3

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Its just another spam flood. As is typical with altcoins, pump & dump. Sadly done in the Bitcoin blockchain because they can...
Plus, people who blindly trust the fee estimation, those people are losing money and will either fix their mistake or go bankrupt. That is, automated system racing each other to get a transaction in the next few blocks. Never trust a wallet tx fee estimation or you could end spending 1400 sats when 60 would do if you could wait a few hours instead...

Or wait for the storm to pass, because this new trash won't hold for long. A shame Bitcoin is prone to those DDoS attacks due to flaws introduced relatively recently. Ordinals, nft, memes, brc20 runes all that trash that is not Bitcoin should go away... Otherwise from time to time we will keep getting those disruptions to the delight of altcoin promoters.

mirakal

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Quote from: btc78 on April 19, 2024, 08:15:14 PM

Quote from: Oshosondy on April 19, 2024, 07:39:40 PM

Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

Well it seems temporary to me and I hope it is

Bitcoin has changed drastically over the past few years and we are expecting bitcoin to only go up from here I don’t think we should be overthinking some things and instead let it play out for a bit

This is what will cost us if we do not have the patience to trust bitcoin

Of course, obviously it's all temporary. You see fees are even changing from every single second, until it will eventually get back to its regular price. Now talking about when will bitcoin price starts surging high, I'm actually not sure about it but if you have experienced the past halvings, bitcoin price will not immediately rise up high. It may still take months or even a year before we will witness bitcoin price finally in skyrocket again. So being patient should be more encouraged from now on.

AmoreJaz

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Quote from: Stalker22 on April 20, 2024, 03:49:01 PM

Quote from: stompix on April 20, 2024, 06:58:09 AM

But how funny that tx with 100 sat/vb made it to block 840 000 while guys are paying even now 400sat/vb for block 840065, you won't be making history there!

Well, looks like the "golden block" was mined by ViaBTC. Wouldn't surprise me if some folks used their free transaction accelerator service to get to the front of the line and guess thats why a cheap 100 sat/byte tx got in quick while others with higher fees still waiting. Makes sense ViaBTC give special treatment to transactions from their own transaction accelerator. If only the other pools offered something similar for low byte transactions.

As a regular crypto user, what we can do is just monitor the mempool and see when the fees will go down. Just like in the past, it will surely go down in the coming days as we are already seeing the significant change even today. For users who are transacting small amount, either wait for the fees to go down or trade your btc with other alts having cheaper tx fees. Otherwise, you will incur a hefty fee just to go thru your transaction.

Stalker22

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Quote from: stompix on April 20, 2024, 06:58:09 AM

But how funny that tx with 100 sat/vb made it to block 840 000 while guys are paying even now 400sat/vb for block 840065, you won't be making history there!

Well, looks like the "golden block" was mined by ViaBTC. Wouldn't surprise me if some folks used their free transaction accelerator service to get to the front of the line and guess thats why a cheap 100 sat/byte tx got in quick while others with higher fees still waiting. Makes sense ViaBTC give special treatment to transactions from their own transaction accelerator. If only the other pools offered something similar for low byte transactions.

suzanne5223

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Most of the high fee in Bitcoin is caused by the Ordinals NFT on the BTC network and the sad thing is that the project continues to get support from naive people.
Having said that, the block halving has nothing to do with the hike in the network transaction which is determined by the level of the network congestion.

Topic: Everyone is celebrating about the fourth halving but what is this? - page 2. (Read 571 times)