Disappointedly, my friend was complaining to me this afternoon about how he couldn't move out $10 worth of Bitcoin from his old wallet today; instead, hewas seeing an error message saying, "please consider decreasing sending amount or topping up balance". This is probably was caused by these high transaction fee issue.
There was some news that pop out on my notification yesterday. Although I didn't give much attention to that article, I only remember it was talking about the many non-fungible tokens that are based on the Bitcoin protocol, which some investors have been trying to withdraw. Most of the time, the fee hike is being manipulated or caused by the ordinals; either way, this might happen most of the time and will still become normal after some days or months. I remember one reputable member here once said that we should expect this to happen more often in the future.
Topic: Everyone is celebrating about the fourth halving but what is this? - page 3. (Read 571 times)
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April 20, 2024, 03:21:14 PM
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.
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.
April 20, 2024, 02:36:12 PM
A lot of stupid people will get wrecked buying worthless NFTs and memecoins with the latest crypto scam known as Runes.
There should be some kind of Darwin award for these idiots.
There should be some kind of Darwin award for these idiots.
April 20, 2024, 11:17:05 AM
It is either what @nullama said (people trying to get into the halving block) or this is "fee market manipulation" considering the timing and how the attack took place. There was an "artificial" injection of a rather large number of transactions (the first suspect is the Ordinals Attackers) into the mempool which has only manipulated the fee market and significantly increased the fee rate by creating this fake competition.
Luckily the attack is becoming very expensive so it can not continue for long but the attack itself will not stop as long as the exploit in the protocol exists and the fake market where they sell fake tokens under the codename Ordinals exists. That is creating an incentive to spam attack bitcoin.
Luckily the attack is becoming very expensive so it can not continue for long but the attack itself will not stop as long as the exploit in the protocol exists and the fake market where they sell fake tokens under the codename Ordinals exists. That is creating an incentive to spam attack bitcoin.
https://bitinfocharts.com/bitcoin/address/bc1pwjna8h2epv73aa4atmqfztm9mj25f957vdemprn7ezukygwcrz3sm5xk49
https://bitaps.com/bc1pwjna8h2epv73aa4atmqfztm9mj25f957vdemprn7ezukygwcrz3sm5xk49
April 20, 2024, 08:32:19 AM
My question is what makes people excited about the halving where they even can afford to pay a huge amount of fee for just sending less than 1BTC? If this is just what's seen in the market, I think it is better not to have halving anymore. In fact, we were surprised when the fee reached $10, $50, but the current fee is more than surprising, it is disappointing.
I'm not sure what people are doing especially those who send their BTC at the current fee because they are not doing right IMO.
I'm not going to expect this be going to calm down fast but I hope it will.
I'm not sure what people are doing especially those who send their BTC at the current fee because they are not doing right IMO.
I'm not going to expect this be going to calm down fast but I hope it will.
April 20, 2024, 08:07:01 AM
Runes plans to continue with us until the next 4 years. It is true that interest in it will decrease after 4 months, but until then, the fees will be higher than 50 satoshi, and many spam transactions will turn into OP_RETURN, and we will need more than 4 days to see levels below 50 satoshi. Total fees are still +2 Bitcoin.
April 20, 2024, 07:39:36 AM
The increase in mempool looks Disappointing but I think it won't last long and may return to normal soon.
[/quote]
But of course, it won't get higher than that once the last minute rush of projects and individuals getting in their transactions into the Blockchain so they can list on the same day as halving ceases, everything will get back to normal. Two days ago, I carried out a transaction when fee was 122Sats but I chose 12sats for it. It's still pending but I'm not worried about that. This noon, fee has gone up to 1209sats.
I know it's the several memes lining up on the Bitcoin chain that's causing this much traffic which has forced fees to skyrocket. While I don't like the sporadic hike in transaction fees occasioned by this recent development, I like the dynamism of devs in creating and minting tokens (shit tokens, may be) on the Bitcoin chain. It gives the whole crypto space a fresh feeling. Let's see where this takes the industry to. I'm excited not just because of the halving that happened a few hours ago but because of this new development of tokens getting deployed on Bitcoin chain.
[/quote]
But of course, it won't get higher than that once the last minute rush of projects and individuals getting in their transactions into the Blockchain so they can list on the same day as halving ceases, everything will get back to normal. Two days ago, I carried out a transaction when fee was 122Sats but I chose 12sats for it. It's still pending but I'm not worried about that. This noon, fee has gone up to 1209sats.
I know it's the several memes lining up on the Bitcoin chain that's causing this much traffic which has forced fees to skyrocket. While I don't like the sporadic hike in transaction fees occasioned by this recent development, I like the dynamism of devs in creating and minting tokens (shit tokens, may be) on the Bitcoin chain. It gives the whole crypto space a fresh feeling. Let's see where this takes the industry to. I'm excited not just because of the halving that happened a few hours ago but because of this new development of tokens getting deployed on Bitcoin chain.
April 20, 2024, 07:27:48 AM
What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.
The first thought that comes to mind when looking at the high transactions fees is disappointment. The feeling that this wasn't what was expected. I have seen some friends already conclude that it is going to discourage mass adoption. I tell them that it is too early to conclude. This is just less than 24 hours after the halving. In my estimation, we can begin to "panic" and make theories and draw conclusions "30 days after" halving if the transaction fees remains this high. April 20, 2024, 07:05:44 AM
This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.
So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.
Wow, they're so addicted with inscriptions that they don't mind paying these exorbitant amounts of fees? The craze about inscriptions seems to not fade away just yet. I guess the miners need to make their money and so far, this is their best way to make some after the halving. It will eventually improve, developers are probably doing what they can about that situation, if we're really mad about this, why not use Lightning Network? So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.
April 20, 2024, 06:58:09 AM
Should be normal in an hour or 2.
-Dave
-Dave
Add a zero to those, or to the fees
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!
I'm not celebrating the halving since I don't understand what there is to celebrate, but all of this crap and more just shows you why bitcoin just isn't really a practical form of money. Don't burn me at the stake for heresy; I've always thought that it's a much better investment vehicle than a currency, and I'd bet a lot of people (if they're being honest with themselves) would agree.
Bitcoin has limitations as a currency, acceptance, fees and capacity, for an investment neither of those matter, and then on top of that you add ridiculous gains like the ones we had that need to skill just holding the coin and refrain from spending what would be obvious choice?
April 20, 2024, 06:01:14 AM
Bitcoin heading more towards been more of a store of value than medium of exchange.
The rune protocol hype can't be maintained for long.
Like has been said the fee is already falling.
The price of Bitcoin is relatively which is to be expected
Is like the fee is holding many back
Lol to buy or to sell.
The rune protocol hype can't be maintained for long.
Like has been said the fee is already falling.
The price of Bitcoin is relatively which is to be expected
Is like the fee is holding many back
Lol to buy or to sell.
April 20, 2024, 05:16:03 AM
LMAO. Here we were all celebrating halving and we won't be able to make a transaction. This nonsense will eventually have to wear off.
I'm not celebrating the halving since I don't understand what there is to celebrate, but all of this crap and more just shows you why bitcoin just isn't really a practical form of money. Don't burn me at the stake for heresy; I've always thought that it's a much better investment vehicle than a currency, and I'd bet a lot of people (if they're being honest with themselves) would agree.
It is obvious that Bitcoin can never be used as a means of payment, this type of increase in transaction fee will always cause problems for any business that decides to accept Bitcoin as money, good luck to all people that believe that this should work, it is clearly not working as a means of payment.
Confirmation time is another bitch of a problem if you're in a store that accepts bitcoin (unless you pay whatever the going rate is for a fast transaction). If you want to buy something from a merchant that uses Bitpay, for example, any of the altcoins Bitpay accepts are better alternatives than bitcoin. I wouldn't call LTC a shitcoin, but it's a coin for spending. Bitcoin is a store of value, an investment, a speculative instrument. It just isn't a great currency. I still love it, though!
This is crazy someone send 0.00020330 BTC to three addresses but he spent 0.99 BTC just for the fees. 
Jesus. I know there are some whales who've got more bitcoin than they know what to do with, but that almost brings a tear to my eye.
April 20, 2024, 01:29:39 AM
What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.
This is the best thing to do, wait it out because that's the only thing that you can do and it's not like this is going to be the thing that will happen forever, I'm sure that we're going to see something done about this and also, it's not like the market's going up like crazy right now that we can't afford to sell our bitcoin because of the transaction fees, I'm sure that we'll be paying less than what's the current fee right now, just be patient. Let's give this days to the miners because they're the ones that would be affected the most by the bitcoin halving. 
April 20, 2024, 01:08:38 AM
Be calm, you guys can't tell me that this is the first time such a thing is happening.
Some runes owners are up for extra free NFTs on Bitcoin aka inscriptions, maybe thats the reason why the fee is this high?
Let's sit back for now and let the miners make some insane amount of money for a few hours as a gift, it won't last very long I believe.
It is obvious that Bitcoin can never be used as a means of payment, this type of increase in transaction fee will always cause problems for any business that decides to accept Bitcoin as money, good luck to all people that believe that this should work, it is clearly not working as a means of payment.
Runes and Ordinals will bring more problems than solutions for Bitcoin, yes miners will always have good days like this but the problems will be as annoying as what we are seeing right now.
Some runes owners are up for extra free NFTs on Bitcoin aka inscriptions, maybe thats the reason why the fee is this high?
Let's sit back for now and let the miners make some insane amount of money for a few hours as a gift, it won't last very long I believe.
It is obvious that Bitcoin can never be used as a means of payment, this type of increase in transaction fee will always cause problems for any business that decides to accept Bitcoin as money, good luck to all people that believe that this should work, it is clearly not working as a means of payment.
Runes and Ordinals will bring more problems than solutions for Bitcoin, yes miners will always have good days like this but the problems will be as annoying as what we are seeing right now.
April 20, 2024, 12:49:50 AM
The fee has gone up too much. Is this how blocks mined immediately after halving would be?
Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
The increase in mempool looks Disappointing but I think it won't last long and may return to normal soon. OP when you posted mempool was 1345sat/vB in low mode 1760 Sat/vB in medium mode and 2202 Sat/vB in high mode. Currently I see much less than the situation you mentioned. Such increase may be due to increased transactions in the market. There is nothing to worry or despair and wait for things to return to normal soon.Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.
April 20, 2024, 12:27:08 AM
This is crazy someone send 0.00020330 BTC to three addresses but he spent 0.99 BTC just for the fees.
Despite the fees jump up crazy, but the price is relatively stable, not give any impact.
Oh wait, where are people who keep saying "bItCoIn mUsT Be uSeD As A cUrReNcY, bItCoIn lOsT It's dEfInItIoN"? they need to use Bitcoin on-chain to buy something right now, don't need to wait.
https://mempool.space/tx/7923e59abd8f8ab40dcc7915ae864d8b7ad6776811ba4d478f42248a7827a7f3
Despite the fees jump up crazy, but the price is relatively stable, not give any impact.
Oh wait, where are people who keep saying "bItCoIn mUsT Be uSeD As A cUrReNcY, bItCoIn lOsT It's dEfInItIoN"? they need to use Bitcoin on-chain to buy something right now, don't need to wait.
https://mempool.space/tx/7923e59abd8f8ab40dcc7915ae864d8b7ad6776811ba4d478f42248a7827a7f3
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April 20, 2024, 12:21:18 AM
Bunch of NFT people trying to get their NFTs in the block.
Not sure why other then people are just that stupid.
Also, probably some other people trying to do something collectable.
Not sure why other then people are just that stupid.
Also, probably some other people trying to do something collectable.
Bitcoin Runes supposed to start at the halving block and it is the same developer who developed BRC-20 thing. The fees have been skyrocketing since the halving block and even before the halving. People use https://magiceden.io/ and OKX exchange to buy runes which increase the number of transactions. But, If I am not wrong, We had half a million pending transactions a few months ago and yet the transaction fees were around 200 sat/vB. But look at the mempool now, we have less than 300K pending transactions and look at the fees.
April 20, 2024, 12:20:45 AM
This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.
So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.
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.So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.
Personally, I am super pissed that the runes team chose the halving event to launch this crap. Miss the good old days when BTC fees were consistently dust.
April 19, 2024, 11:47:07 PM
This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.
So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.
So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.
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April 19, 2024, 11:20:58 PM
Wtf? I see fees have gone down a bit but still 1.122 sat/vB for medium priority and 1.214 sat/vB for high priority according to mempool.space. $100 fees? LMAO. Here we were all celebrating halving and we won't be able to make a transaction. This nonsense will eventually have to wear off.
The miners will be very happy for the time being, as these fees more than compensate for the fall in the block reward.
The miners will be very happy for the time being, as these fees more than compensate for the fall in the block reward.
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