Everyone is celebrating about the fourth halving but what is this?

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: Findingnemo on April 24, 2024, 01:24:39 AM

My portfolio value is irrelevant here, if that was such a compulsion then why not an altcoin?

If you want to spend $100 on something and you have 10K in your wallet doesn't mean we should pay $26 for transferring $100 or at least in my opinion, I wouldn't do that mistake because we have alternatives to do it for cents.

Well, some people prefer the security and reliability of Bitcoin for payments. Even if that comes at a cost of higher fees and slower confirmation times. Altcoins are faster and cheaper to use, but are often centralized and unreliable. Bitcoin's Lightning Network promises to fix this. But so far, it has failed to attract the masses. I think this has to do with a lack of user experience and flawed/buggy design.

At least, Bitcoin works well as a store of value. With "Wall Street" getting in the game, don't expect this to change anytime soon. Hopefully, fees will be much lower by the next block reward halving.

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Quote from: oktana on April 24, 2024, 04:30:48 PM

I understand and agree with what you’ve said, indeed, Bitcoin wasn’t created to compete with the current system in regard to being cheaper with transaction fees.

alot of people think because it's "digital" it was designed to be "cheaper". nonsense. in this case. with crypto.

Quote

However, how much it costs is not irrelevant to everyone.

of course not. but being able to send money cheaply or even cost effectively there's no guarantees for that in the bitcoin protocol and there never will be. and its sad that people have to try and "time" when they submit their payment so they can get a cheaper fee. it's like being reduced to a beggar.

Quote

For some, it actually matters for how much they are transacting, or would you rather make a transaction and pay a transaction fee equivalent to the actual value transacted? Depending on the amount being transacted, the transaction cost may be a cause for concern.

ask the designers of bitcoin why they set it up that way then. it wasn't me. Angry

instead you could have unlimited block space and charge everyone a flat $1 fee which the conversion to bitcoin would be handled by some type of oracle. is that what you want?

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Quote from: larry_vw_1955 on April 22, 2024, 06:18:41 PM

Quote from: oktana on April 22, 2024, 04:47:50 PM

A relieving explanation because it will be really saddening if this has a lot more to it. I have come to see that Indeed one of the biggest things than can stop Bitcoin adoption is its own transaction fee. Imagine if this was permanent, a whole bunch of enthusiasts will stop using Bitcoin because they had no choice.

i don't think we expect transaction fees to just go back down to pre-halving levels. if that happened then miners would be getting paid 50% less. but bitcoin isn't about low fees. thats not why it exists. people seem to get that wrong thinking it exists to help them send money cheaply. unfortunately that's not how it was designed for necessarily. so you have to pay whatever to "support decentralization". that's why it really exists. how much it costs is kind of irrelevant theoretically. get used to that notion as it will be a recurring theme in the years to come most likely.

I understand and agree with what you’ve said, indeed, Bitcoin wasn’t created to compete with the current system in regard to being cheaper with transaction fees. However, how much it costs is not irrelevant to everyone. For some, it actually matters for how much they are transacting, or would you rather make a transaction and pay a transaction fee equivalent to the actual value transacted? Depending on the amount being transacted, the transaction cost may be a cause for concern.

Russlenat

hero member

Activity: 2716

Merit: 904

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

Fees has dropped down into $5 as of this moment so I guess we will start to see people buying and selling bitcoin with regular fees soon. Patience is the best virtue every time this happens, and for those who are impatient because this brings a lot of hassle for them, then they will eventually learn from this that fees won’t stay high forever. Of course, this will happen again and again but at least we won’t be in panic anymore but just learn to be patient and calm the next time it’ll happen.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: justdimin on April 23, 2024, 04:45:25 AM

If you don't have enough capital to pay the fees, you have no other option but to wait. That's why I always recommend that you invest whatever extra money you have on top of trading so that you're never forced to pay high fees or withdraw money for making transactions at such times.

My portfolio value is irrelevant here, if that was such a compulsion then why not an altcoin?

If you want to spend $100 on something and you have 10K in your wallet doesn't mean we should pay $26 for transferring $100 or at least in my opinion, I wouldn't do that mistake because we have alternatives to do it for cents.

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Quote from: pooya87 on April 23, 2024, 05:53:20 AM

It is not an idea anybody had, it is just FUD. Every time there is a Halving, there are people who spread this FUD about "miners going away and bitcoin dying" but it never happens. The nature of mining is in a way that it keeps going and when it is accompanied by price rising, the miners' profit grows too but in the long run.
Don't forget that price wasn't always $65k-$70k. It's not so long ago when it was less than half this ($30k-$35k) and miners were making a lot of profit then. And with 3.125BTC reward at $65k we are at the same place as back then!

uh, what happens if bitcoin price ever goes back down into the $40k or even $30k range. would you then admit that it is a failure? because then miners would be in trouble.

Quote from: Assface16678 on April 23, 2024, 06:06:25 PM

Well, of course, we hope that it will get low over time, but still, we're not sure when it will happen. I think this high transaction fee will be in there for quite some time.

miners hope it will be there forever!

Quote

If we can endure it, then it's better not to engage in any transactions for now as it is not worth it, especially for small transactions.

you'll never hear someone saying that who holds fiat. it costs nothing to spend their money. so maybe thats a good reason to use fiat. and maybe keep bitcoin as something that doesn't need to be spent but just held for price appreciation purposes. clearly bitcoin is not so user friendly when it has high transaction fees. everyone loves bitcoin when the transaction fees are low but when they get high, you start to hear them grumbling. Shocked

Assface16678

full member

Activity: 1484

Merit: 136

★Bitvest.io★ Play Plinko or Invest!

Quote from: 0t3p0t on April 23, 2024, 09:28:33 AM

Still way too high for a small transaction. This is what it was when I checked on it and still not worth it. I even pay almost $20 for my $70 cashout and that really hurts a lot but yeah no choice. Do you guys think it will stay this way or it will soon go down?

Well, of course, we hope that it will get low over time, but still, we're not sure when it will happen. I think this high transaction fee will be in there for quite some time. If we can endure it, then it's better not to engage in any transactions for now as it is not worth it, especially for small transactions. You will be at a disadvantage if you still make those transactions. It's a waste to pay such a huge amount just for transaction fees, and I will not let that happen. I'd rather not make any move as long as the transaction fee is in double digits. For now, I will become quiet and wait for the fees to get low. But notice that there are still transactions being made with a very huge transaction fee and a small amount of transfer, which is why I was wondering if they were okay with that or if they just had the capability to afford those kinds of fees.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: pooya87 on April 19, 2024, 10:41:53 PM

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.

Of course it won't continue. Otherwise, people will stop using Bitcoin for good. That's why the fee mechanism was invented. To help protect the Blockchain against spam attacks. I'd imagine chains with bigger block sizes (BCH and BSV) getting abused because of their higher transaction capacity. Even Solana's ultra-low fees paves the way for transaction spamming. Eventually, the attacker is going to run out of money as fees continue to rise like there's no tomorrow. When fees decline, it will be the perfect time to send money across the BTC blockchain. Or you can take the opportunity to open/close a channel on the LN at a lower cost.

I'm not surprised about fees surging towards the "triple digits", since that's usually the norm with every halving event. The past halving caused fees to rise all the way to the moon (although not as high as they are right now). I'd hope Ordinals moves away to a sidechain just to leave the main BTC blockchain for financial-only applications (sending/receiving money). Maybe Bitcoin Core devs will come up with a solution soon? Cheesy

0t3p0t

sr. member

Activity: 1736

Merit: 357

Peace be with you!

Still way too high for a small transaction. This is what it was when I checked on it and still not worth it. I even pay almost $20 for my $70 cashout and that really hurts a lot but yeah no choice. Do you guys think it will stay this way or it will soon go down?

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

It's truly painful to see how much the fees rise sometimes. I agree that it's a major issue, that it's a challenge. My only solace is that I don't think the problem is getting worse or that there won't be any low fees in the future. It's not over $100 any more, but it's still over $25 for any kind of priority, according to mempool.space. For now, we can just try to wait it out and/or use the bits we have on some centralized platforms. It's great if ultimately we see some sort of patch (soft fork) that can improve the situation.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: GigaBit on April 21, 2024, 02:17:13 PM

Before the halving we had this idea where block rewards would decrease and miners would get less rewards.

It is not an idea anybody had, it is just FUD. Every time there is a Halving, there are people who spread this FUD about "miners going away and bitcoin dying" but it never happens. The nature of mining is in a way that it keeps going and when it is accompanied by price rising, the miners' profit grows too but in the long run.
Don't forget that price wasn't always $65k-$70k. It's not so long ago when it was less than half this ($30k-$35k) and miners were making a lot of profit then. And with 3.125BTC reward at $65k we are at the same place as back then!

callmyname

newbie

Activity: 4

Merit: 0

Quote from: nullama on April 19, 2024, 08:30:26 PM

There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.

The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.

You can see the differences in sat/vB between these blocks:

https://www.talkimg.com/images/2024/04/20/j47QG.png

In this case, the "golden" block was mined by ViaBTC, congrats to them!.

No, if you do like this guy said https://bitcointalksearch.org/topic/m.63973918 .

After fiter by OP_RETURN , more than 80% transaction is OP_RETURN. Send and recive address are same. They are spam transactions.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Quote from: Out of mind on April 21, 2024, 11:49:56 PM

During the halving, people may have made larger transactions that caused the free to be higher, although people with higher fees did not wait to complete their transactions. People were more aware when Bitcoin halved, and although they were more interested in trading in Bitcoin, many people were discouraged from trading because of the high gas fees. However, at the time of the halving, even though gas fees had increased significantly, many people did not trade and instead waited. Although Bitcoin transaction fees have come down a lot now, if we can wait a little longer it will definitely come down even more. Despite the high fees, many people traded in Bitcoin and continued their work, although many people could not trade because of the high fees, but if we wait a little longer, maybe the transaction fees will drop further this week.

Because they want to have their inscriptions on that particular block, even willing to pay as high as $36,000. But despite that, this is how bitcoin is design, to have halving every 4 years and I guess that's enough for everyone to celebrate and witnessed it as other might have not seen in run-time. There are a lot of countdowns as well, so we can say that it is again another successful halving. And despite the insane fees 2-3 days after, and because of this Runes, maybe the fees will continue to go up. Nevertheless, just like before when the tx fees goes up, just a matter of time before it came back down again to at least manageable, 10 sats/vB.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Lol...I was shocked like the majority of the people here when I saw this in the wake of the halving, it is one of the reasons I've always said that the Bitcoin system is not well-planned. Leaving the good system in the hands of all to dominate it and do it as they like is lame in my opinion as people can do and undo since the heart of an average person is wickedly wicked. Miners have found ways to bypass the planned fee arrangement with the block rewards since there is no one to check their excesses and this could be worse over time as they've already monopolised the system's fee for sole business, which is an offence in a sane economy.

All I regret now is that Satoshi is no longer in charge, I am sure he should have found a lasting solution to this instead for those who were not there when he was putting his/their brains together now reaping it big and ripping people off of their money in the name of Bitcoin.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

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

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?

I don't think there is anyone who spends money knowingly or casually. There are many people for whom doing transactions is both a compulsion and a necessity.
People who have earned money through hard work think a hundred times before spending it anywhere. A need is something that can compel you to pay any price

If you don't have enough capital to pay the fees, you have no other option but to wait. That's why I always recommend that you invest whatever extra money you have on top of trading so that you're never forced to pay high fees or withdraw money for making transactions at such times.

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Quote from: oktana on April 22, 2024, 04:47:50 PM

A relieving explanation because it will be really saddening if this has a lot more to it. I have come to see that Indeed one of the biggest things than can stop Bitcoin adoption is its own transaction fee. Imagine if this was permanent, a whole bunch of enthusiasts will stop using Bitcoin because they had no choice.

i don't think we expect transaction fees to just go back down to pre-halving levels. if that happened then miners would be getting paid 50% less. but bitcoin isn't about low fees. thats not why it exists. people seem to get that wrong thinking it exists to help them send money cheaply. unfortunately that's not how it was designed for necessarily. so you have to pay whatever to "support decentralization". that's why it really exists. how much it costs is kind of irrelevant theoretically. get used to that notion as it will be a recurring theme in the years to come most likely.

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Quote from: nullama on April 19, 2024, 08:30:26 PM

There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.

The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.

You can see the differences in sat/vB between these blocks:

[img]

In this case, the "golden" block was mined by ViaBTC, congrats to them!.

A relieving explanation because it will be really saddening if this has a lot more to it. I have come to see that Indeed one of the biggest things than can stop Bitcoin adoption is its own transaction fee. Imagine if this was permanent, a whole bunch of enthusiasts will stop using Bitcoin because they had no choice.

Faisal2202

hero member

Activity: 1386

Merit: 513

Payment Gateway Allows Recurring Payments

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

The fee has gone up too much. Is this how blocks mined immediately after halving would be?
-cut-Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

OMG that's shockingly awesome haha, well, I guess miners don't have to leave the network now as before writing here, I just said in another post that some miners might leave the network due to the high cost of electricity and low block reward and high computations power need, a single miner have to struggle to win the block reward as competition is so high. But I guess I was wrong. As fee only made that much money I mean that's mad.

How people are paying hundreds of dollars for just one tx, why they are not waiting for the price to cool down a bit, although I just remembered what if the price remained the same and I have to withdraw my funds from web3 wallet to exchange in order to sell, then I have to pay the fee as i left with no other option. Maybe that's why people are willing to pay 100$ fee because they might be making more money from the BTC they have that they don't care about $100. Well, I hope this will end soo and the fee will be back to its normal place.

Out of mind

sr. member

Activity: 644

Merit: 321

I like to treat everyone as a friend 🔹

During the halving, people may have made larger transactions that caused the free to be higher, although people with higher fees did not wait to complete their transactions. People were more aware when Bitcoin halved, and although they were more interested in trading in Bitcoin, many people were discouraged from trading because of the high gas fees. However, at the time of the halving, even though gas fees had increased significantly, many people did not trade and instead waited. Although Bitcoin transaction fees have come down a lot now, if we can wait a little longer it will definitely come down even more. Despite the high fees, many people traded in Bitcoin and continued their work, although many people could not trade because of the high fees, but if we wait a little longer, maybe the transaction fees will drop further this week.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Quote from: alastantiger on April 21, 2024, 11:48:37 AM

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.

We already experienced this, when these Ordinals started to make some noise, we experienced high traffic in the Bitcoin network and that caused very high transaction fees.
Especially right now, hype of Bitcoin block halving plus this new protocol built on top of Bitcoin called RUNES, this for sure will add some high traffic to the Bitcoin network but let's monitor it first.

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

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.

Quote

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

Quote

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

hero member

Activity: 3010

Merit: 794

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

legendary

Activity: 3178

Merit: 1054

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

hero member

Activity: 1666

Merit: 513

Leading Crypto Sports Betting & Casino Platform

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

sr. member

Activity: 854

Merit: 364

I ❤️Bitcoin

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

hero member

Activity: 910

Merit: 677

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

sr. member

Activity: 574

Merit: 310

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

sr. member

Activity: 1316

Merit: 379

Fully Regulated Crypto Casino

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

hero member

Activity: 1960

Merit: 547

Vave.com - Crypto Casino

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

hero member

Activity: 2268

Merit: 588

You own the pen

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

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

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

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

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.

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.

Quote

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

sr. member

Activity: 1190

Merit: 469

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.

Quote

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

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

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

hero member

Activity: 812

Merit: 619

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

legendary

Activity: 2030

Merit: 1569

CLEAN non GPL infringing code made in Rust lang

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

legendary

Activity: 3108

Merit: 1290

Leading Crypto Sports Betting & Casino Platform

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

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

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

legendary

Activity: 1526

Merit: 1359

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

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

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.

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

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.

Ryu_Ar1

hero member

Activity: 910

Merit: 677

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.

headingnorth

member

Activity: 266

Merit: 42

NO SHITCOIN INSIDE

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.

Airfin Same

newbie

Activity: 17

Merit: 1

Quote from: pooya87 on April 19, 2024, 10:41:53 PM

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.

https://bitinfocharts.com/bitcoin/address/bc1pwjna8h2epv73aa4atmqfztm9mj25f957vdemprn7ezukygwcrz3sm5xk49

https://bitaps.com/bc1pwjna8h2epv73aa4atmqfztm9mj25f957vdemprn7ezukygwcrz3sm5xk49

Hypnosis00

sr. member

Activity: 2436

Merit: 343

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.

Husires

legendary

Activity: 1596

Merit: 1288

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.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: 2Pizza410000BTC on April 20, 2024, 12:49:50 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.

Davidvictorson

hero member

Activity: 1120

Merit: 887

Livecasino.io

Quote from: Aanuoluwatofunmi on April 19, 2024, 07:49:02 PM

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.

Maus0728

legendary

Activity: 1904

Merit: 1563

Quote from: adaseb on 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.

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?

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: DaveF on April 19, 2024, 08:11:22 PM

Should be normal in an hour or 2.
-Dave

Add a zero to those, or to the fees Grin

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!

Quote from: The Sceptical Chymist on April 20, 2024, 05:16:03 AM

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?

Ambatman

sr. member

Activity: 420

Merit: 315

Top Crypto Casino

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 Sceptical Chymist

legendary

Activity: 3528

Merit: 7005

Top Crypto Casino

Quote from: Don Pedro Dinero on April 19, 2024, 11:20:58 PM

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.

Quote from: Z390 on April 20, 2024, 01:08:38 AM

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!

Quote from: Helena Yu on 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. Shocked

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.

pinggoki

sr. member

Activity: 1666

Merit: 426

Quote from: Aanuoluwatofunmi on April 19, 2024, 07:49:02 PM

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.

Z390

sr. member

Activity: 812

Merit: 315

Vave.com - Crypto Casino

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.

2Pizza410000BTC

sr. member

Activity: 364

Merit: 195

Buy on Amazon with Crypto

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

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.

Helena Yu

hero member

Activity: 742

Merit: 633

This is crazy someone send 0.00020330 BTC to three addresses but he spent 0.99 BTC just for the fees. Shocked

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

Learn Bitcoin

hero member

Activity: 462

Merit: 767

Instant cryptocurrency exchange with own reserves!

Quote from: DaveF on April 19, 2024, 08:11:22 PM

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.

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.

3kpk3

full member

Activity: 1050

Merit: 149

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: adaseb on 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.

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.

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.

adaseb

legendary

Activity: 3808

Merit: 1723

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.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

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.

pooya87

legendary

Activity: 3472

Merit: 10611

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.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

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.

Is it good example that Bitcoin blockchain will continue its long life even every four years, Bitcoin block subsidy will halve?

The increasing demand in short term and in long term, will feed Bitcoin miners and it is good for Bitcoin network. If Bitcoin miners have good income, profit from mining, they will continue to mine Bitcoin blocks, to receive rewards from block subsidy and transaction fee.

Things are going on a good direction for Bitcoin network and miners.

Hype on Bitcoin blockchain last two years comes from Ordinals as you can see some information from Glassnode Insights' report months ago.
Inscriptions, Mempools and Miners

usekevin

hero member

Activity: 2324

Merit: 562

DGbet.fun - Crypto Sportsbook

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

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.

It was the expected one in the market,when the price of bitcoin or cryptocurrencies was in bull run.It will impact the fee of the cryptocurrency and mainly the bitcoin.This happened by two factor,one is the demand of the bitcoin was multiplied to 10x as compared to the normal time.Every one try to get some profit by investing in the bitcoin.Second factor is mostly not expected one,because the exchanges try to hold the bitcoin in their exchange.If the fee goes high,most of the traders will try to hold their money in the exchange mostly to withdraw later or at the end of the bull run.

Quote from: Aanuoluwatofunmi on April 19, 2024, 07:49:02 PM

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 demand for the bitcoin will be stable at the halves period,but the transaction will be reduced because of the fee in the exchange.The O.P may exchange their bitcoin to other coin and easy withdraw to the other wallet.The fee mentioned here was extremely huge like 120$ for the transaction,it’s better to hold the bitcoin now till the transaction fee for the transaction become normal one.Because the way of spending huge money for the fee will affect you in huge way.

nullama

hero member

Activity: 1008

Merit: 960

There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.

The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.

You can see the differences in sat/vB between these blocks:

In this case, the "golden" block was mined by ViaBTC, congrats to them!.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

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

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

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.

You can see the incoming TX spike here:

Not a big deal, it's already dropped off.
Should be normal in an hour or 2.

-Dave

Aanuoluwatofunmi

sr. member

Activity: 672

Merit: 416

stead.builders

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.

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

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.

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