Highest Record Bitcoin Transactions, What does this indicate?

NotATether

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Quote from: Iamsplitbrain on May 02, 2023, 08:21:02 AM

This indicates that bitcoin has been under DDOS attack for several months now and many bitcoiners are not acting, if it continues bitcoin will gradually look like ethereum. The brc-20 standard has just arrived using ordinals! It's a wound for bitcoin. Fortunately Luke Dashjr has created a patch that allows (if you wish) to refuse ordinal transactions in the mempool of your node. We are literally not attending a new OP_return war.

The difference is that none of these features have been endorsed by Bitcoin protocol developers, just like Omni/RGB/Taro/Lightning Network weren't endorsed by them either, which would've meant that they were willing to integrate these features alongside the protocol designing specifications.

I mean, I thought Ordinals were cool, but this: https://brc-20.io/ list of "inscribed" stuff is garbage, and it looks like some exchange listings for a bunch of shitcoins rather than any NFTs. In fact there aren't any pictures at all. Where there used to be real "Pepe" inscriptions, there are now "1000 claims for $PEPE ordinal"-style JSON data. There isn't even any technical whitepaper for the standard and the "design" exists solely in vague tweets.

gunhell16

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Does this show a good effect on our mag community here in the crypto space? The more that the total transaction number of Bitcoin increases, is it a good sign for all of us.

Just in my own opinion, I think the good effect that will give us satisfaction is to see that many people believe in Bitcoin in terms of holdings in the long-term, I just don't know if you will agree with what I said. So if that increases by 54%, I think it's a positive event in the industry we live in.

Abiky

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Quote from: Poker Player on May 02, 2023, 10:55:50 PM

As stated above, this is due to the Ordinals problem, what I see on mempool.space is that there are currently a quarter of a million transactions to be confirmed. I don't know when this ordinals craze is going to end but even if they stopped sending ordinals right now it would take a few weeks to lower the unconfirmed tx in the mempool and the fees. The problem I see is if this craze continues. Are we going to reach half a million transactions to be confirmed? A million? What is going to happen to the fees? If this trend continues, Bitcoin will not be used for everyday transactions, so it will be used only as digital gold.

Fees are insanely-high right now. I've had to pay a lower fee and wait a day for my transaction to get confirmed on the Blockchain. Either Bitcoin is getting spammed with Ordinals transactions intentionally, or whales are simply living up the NFT craze. This won't stop unless Ordinals transactions are rejected on the Blockchain. But that would introduce censorship on the network, making BTC no different than an ordinary payment processor. Miners will be the ones that will ultimately benefit from the high fees, as that means more money in their pockets. We should all start paying lower fees so miners would have no choice but to give priority to our transactions.

I don't get why Ordinals original developer didn't built his project using a sidechain or the LN in the first place. He would've known BTC doesn't have enough on-chain capacity to support high demand for NFTs. This may've been done in bad faith to destroy Bitcoin in the long run. Let's see how Bitcoin Core developers and the community will react as fees continue to rise like there's no tomorrow. Just my thoughts Grin

SquirrelJulietGarden

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Quote from: el kaka22 on May 03, 2023, 01:16:41 PM

I don't know any of those ordinals or whatever, those are beyond me and I never been interested in it. But I am %100 sure that this increase has something to do with the fact that we were 16k just a few months ago, and now we managed to pass 30k and still close it to even today. Sure there are spikes due to some unexpected stuff, I am not saying this is all about what's going on, but at the end of day we are talking about something that is as fun as it gets with the price as well.

Ordinals can make noise and make inexperienced people think that they are contributing to Bitcoin recovery. They are not and they are only small part of Bitcoin communities and its ecosystem. It is debatable that whether Ordinals should be considered as part of Bitcoin ecosystem. Technically, they are but in eyes of Bitcoin maximalists, they are not.

Without Ordinals, Bitcoin will still recover from the bottom area and will reclaim its all time high, make its new all time high in 2024 bull run.

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Plus, the world economy is going terrible so when you consider that it is not going to suffer that much, I feel like that should not really be a big deal, it feels like it can be pretty good and the following up days could continue to be this well too. I can't say if it will, but it may go break more and more records.

It's terrible and more than two years since the pandemic, some massive global effects have been gradually seen very negatively and harmful for some first affected industries. Starting with bank industry and I am sure there will be domino effects in near future.

el kaka22

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I don't know any of those ordinals or whatever, those are beyond me and I never been interested in it. But I am 100% sure that this increase has something to do with the fact that we were 16k just a few months ago, and now we managed to pass 30k and still close it to even today. Sure there are spikes due to some unexpected stuff, I am not saying this is all about what's going on, but at the end of day we are talking about something that is as fun as it gets with the price as well.

Plus, the world economy is going terrible so when you consider that it is not going to suffer that much, I feel like that should not really be a big deal, it feels like it can be pretty good and the following up days could continue to be this well too. I can't say if it will, but it may go break more and more records.

DdmrDdmr

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Quote from: Saint-loup on May 03, 2023, 04:11:36 AM

<…> how do you explain that "Weight of Ordinals per Day - % Block with ordinals per day" doesn't spike too and is even lower than many days in the previous months ? <…>

I figure that the ordinal size is smaller for many of those included recently. For example, block 788070 includes 1.684 Ordinals, taking-up 36,7% of the block size with many Ordinals such as this one, which is a small text (brc-20 related). Block 785744 on the other hand, created a couple of weeks ago, included only 700 Ordinals, taking-up a similar 36,5% of the block size. The block seems to include chunkier larger TXs.

Quote

In addition it's not clear what "nOrdinals per day" is precisely. Is it the number of Ordinals mined into the blockchain, the number of Ordinals sent in transactions or the number of Ordinals remaining in the mempool ?

Dune, de dashboard environment, allows us to analyse information from the bitcoin blockchain, but not from the Mempool as far as I can see. nOrdinals per day is therefore the number of ordinals actually included in the blockchain on a given day.

Saint-loup

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Quote from: DdmrDdmr on May 02, 2023, 12:05:40 PM

Quote from: LDL on May 01, 2023, 08:27:18 PM

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history <…> 568,300 Bitcoin transactions <…>

The record was replaced by yesterday’s staggering 682.281 TXs … though of course that amount accounts for 372.832 Ordinals that are the root cause for both the spike in TXs per day and the fees now over 100 sats/vB over some of the lasts blocks.

Take away all this Ordinal bloat, and the last fortnight would be showing between 239697 and 309449 TXs per day – something in line with the ranges over the months prior to Ordinals (Ordinals started picking-up traction in February 2023).

See:
https://bitinfocharts.com/comparison/bitcoin-transactions.html#1y
https://dune.com/ddmrddmr/ordinals-data

Those datas about Ordinals are interesting but how do you explain that "Weight of Ordinals per Day - % Block with ordinals per day" doesn't spike too and is even lower than many days in the previous months ? I don't understand that. In addition it's not clear what "nOrdinals per day" is precisely. Is it the number of Ordinals mined into the blockchain, the number of Ordinals sent in transactions or the number of Ordinals remaining in the mempool ?

yazher

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I think those other transactions are from the people who already lost their trust in banks and considering migrating their assets to bitcoins when these record-breaking numbers of transactions will be increasing in the upcoming days, then my speculations are right and we need to be ready for great changes because this is the start of the new beginning and that would be the time when bitcoins price will gonna explode and might gonna be creating another ATH. most speculations are right for this scenario and one thing is for sure about them that this indicates good positive feedback for the bitcoin investors.

Yogee

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Quote from: jrrsparkles on May 02, 2023, 11:55:11 AM

[....]
Even if those 50% are from ordinals then still the numbers of pending transaction is huge and it's really not a sign of adoption if I am not wrong so possibly whales are clogging the network or something happening.

I don't know about whales. The number is huge now because on-chain transactions with lower fees piled up in the last few days as a result of ordinals clogging the network. There are over 200K of unconfirmed transactions with ~17 sat/vB in the mempool which is way below the highest priority of 120 sats/vB as of this writing. I bet majority of those are regular BTC transfers.

I agree that that's not sign Bitcoin adoption but NFTs on bitcoin.

Quote

While I am writing the numbers are nearing 300K and you need to spend over 110 sats/byte for a transaction to get included in the next block which is kind of worrying, I hope it will be cleared in the next few days or else people will use this to create FUDs about Bitcoin and will try to bring down the price.

Same old "fee is high" argument won't affect the old users but maybe the newbies.

thecodebear

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Quote from: ImThour on May 02, 2023, 01:25:09 AM

I really want to know if they also integrate Bitcoin's Lightning Transactions in this. And if we include that also, what is the new total number of transactions per day?
That will be interesting as Lightning is also part of the Bitcoin Ecosystem.

Also as mk4 mentioned, the number of transactions may also be increased due to ordinals.

Ordinals is a term used for non-fungible token (NFT) native to Bitcoin.

No, this is just number of on-chain transactions. There is no way to actually count the number of Bitcoin transactions because that would include LN transactions, side chain transactions, as well as counting each transaction in batched transactions. So at all times there are many more transactions than what is recorded by blockchain, but the only thing we can count is on-chain transactions.

Poker Player

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As stated above, this is due to the Ordinals problem, what I see on mempool.space is that there are currently a quarter of a million transactions to be confirmed. I don't know when this ordinals craze is going to end but even if they stopped sending ordinals right now it would take a few weeks to lower the unconfirmed tx in the mempool and the fees. The problem I see is if this craze continues. Are we going to reach half a million transactions to be confirmed? A million? What is going to happen to the fees? If this trend continues, Bitcoin will not be used for everyday transactions, so it will be used only as digital gold.

Abiky

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Quote from: LDL on May 01, 2023, 08:27:18 PM

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history. Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017. According to Blockchair data on Sunday, there were 568,300 Bitcoin transactions, which is 78,000 more than during Bullran in 2017.

Bitcoin transaction process peaked during bullrun of 2017 but the next two years in 2018-19 the Bitcoin market was completely dumping.

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

I think this is all related to Ordinals NFT inscriptions. They're starting to congest the main BTC blockchain, resulting in higher fees per TX. Let's see how developers and the community will react once BTC becomes as slow an expensive as it was back in 2018. Either they will increase BTC's transaction capacity, or they will reject TXs linked to Ordinals altogether. In bear markets, the least you can think about is BTC's transaction activity rising to the roof. That only happens during a bull market as most people move their BTC to exchanges to sell for profit.

In the meantime, I'd suggest you either wait until fees decline or switch to an off-chain scaling solution such as the Lightning Network for complete peace of mind. I'm pretty sure the NFT hype will end soon enough, leaving BTC accessible to all. Maybe there will be brighter days ahead for Bitcoin? Just my thoughts Grin

DdmrDdmr

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Quote from: LDL on May 01, 2023, 08:27:18 PM

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history <…> 568,300 Bitcoin transactions <…>

The record was replaced by yesterday’s staggering 682.281 TXs … though of course that amount accounts for 372.832 Ordinals that are the root cause for both the spike in TXs per day and the fees now over 100 sats/vB over some of the lasts blocks.

Take away all this Ordinal bloat, and the last fortnight would be showing between 239697 and 309449 TXs per day – something in line with the ranges over the months prior to Ordinals (Ordinals started picking-up traction in February 2023).

See:
https://bitinfocharts.com/comparison/bitcoin-transactions.html#1y
https://dune.com/ddmrddmr/ordinals-data

jrrsparkles

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Quote from: Yogee on May 02, 2023, 10:14:51 AM

Quote from: jrrsparkles on May 02, 2023, 09:57:02 AM

[....]
As of now there are 267K unconfirmed transaction in the mempool and still counting which is not really a great sign because this may create bad impression on Bitcoin for someone who just introduced to it and have to pay 80 to 100 sats/byte

I'm not a newbie but even I don't like what's happening. I've been telling people how transactions over Bitcoin is a lot cheaper compared to Ethereum before all these spam transactions blew up but I can't say the same now.

Quote

but I wonder what is the actual reason cause we didn't see this much of clogged network even in the previous ATH so there is shortage of miners or actually the number of incoming transaction increased all of a sudden?

If you bothered to read the previous replies then you would have seen that more than 50% of the transactions are attributed to Ordinals.
There are topics here that you can check if this is your first time learning about it.

Even if those 50% are from ordinals then still the numbers of pending transaction is huge and it's really not a sign of adoption if I am not wrong so possibly whales are clogging the network or something happening.

While I am writing the numbers are nearing 300K and you need to spend over 110 sats/byte for a transaction to get included in the next block which is kind of worrying, I hope it will be cleared in the next few days or else people will use this to create FUDs about Bitcoin and will try to bring down the price.

Hamza2424

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What does it indicate, it's quite simple to guess Bitcoin community is growing at a faster rate and this is the reason for the reliability of the Bitcoin. There are a few reasons behind this in my view the main role in community growth after 2020 is played by,

COVID-19 During the pandemic crisis digital skills developed so fast because everyone was staying at home and learning some new skills and this indorsed the Bitcoin understanding in the Public resulting in large-scale adoption of Bitcoin for different reasons.

Institutional Adoption: This is also one of the main reasons that the Bitcoin market grew at a higher rate as Tesla adopted Bitcoin, MicroStrategy, Square, and other institutional adoption attracting a vast range of investors in the crypto market.

Bitcoin Halving: As always Bitcoin halving creates hype around the world by the tremendous gain after the completion of each cycle and it's a proven historical fact that Bitcoins popularity grows in doubles after each Halving event.

Media Coverage: Bitcoin is getting more and more attention from law enforcement and Public platforms which is the reason Bitcoin stays a Hot topic in the media and it directly attracts ground-level investors.

buwaytress

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Came here from finding out how high fees are. Am actually surprised the old record stood for so long -- not going to check myself to verify but it does coincide with two events I remember somewhat -- the block size wars that saw full blocks and fee bloat, and then SegWit which made txs more space efficient. It's all full circle now (but I wonder what happened to Ordinals haha).

Yogee

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Quote from: jrrsparkles on May 02, 2023, 09:57:02 AM

[....]
As of now there are 267K unconfirmed transaction in the mempool and still counting which is not really a great sign because this may create bad impression on Bitcoin for someone who just introduced to it and have to pay 80 to 100 sats/byte

I'm not a newbie but even I don't like what's happening. I've been telling people how transactions over Bitcoin is a lot cheaper compared to Ethereum before all these spam transactions blew up but I can't say the same now.

Quote

but I wonder what is the actual reason cause we didn't see this much of clogged network even in the previous ATH so there is shortage of miners or actually the number of incoming transaction increased all of a sudden?

If you bothered to read the previous replies then you would have seen that more than 50% of the transactions are attributed to Ordinals.
There are topics here that you can check if this is your first time learning about it.

jrrsparkles

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Quote from: LDL on May 01, 2023, 08:27:18 PM

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history. Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017. According to Blockchair data on Sunday, there were 568,300 Bitcoin transactions, which is 78,000 more than during Bullran in 2017.

Bitcoin transaction process peaked during bullrun of 2017 but the next two years in 2018-19 the Bitcoin market was completely dumping.

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

As of now there are 267K unconfirmed transaction in the mempool and still counting which is not really a great sign because this may create bad impression on Bitcoin for someone who just introduced to it and have to pay 80 to 100 sats/byte but I wonder what is the actual reason cause we didn't see this much of clogged network even in the previous ATH so there is shortage of miners or actually the number of incoming transaction increased all of a sudden?

Rupok

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The subject seemed different to me as well. I have never seen such a record transaction of Bitcoin before. Maybe this increase in transactions can bring positive results. Maybe people are increasing the use of Bitcoin day by day.The question now is whether Bitcoin is really headed for a bull run. Since Bitcoin transactions have broken the previous record, we can assume that the price of Bitcoin will go up a lot.If Bitcoin transactions continue to grow in this way, the price of Bitcoin can be expected to double.

stompix

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Quote from: Iamsplitbrain on May 02, 2023, 08:21:02 AM

This indicates that bitcoin has been under DDOS attack for several months

DDOS? lol

Quote from: Iamsplitbrain on May 02, 2023, 08:21:02 AM

Fortunately Luke Dashjr has created a patch that allows (if you wish) to refuse ordinal transactions in the mempool of your node.

Has he done this after or before securing his coins and blaming the protocol for his losses?
Luke was one of the champions of censorship, he claimed almost was spam, of course not his own transactions, satoshi dice > spam, mixers > spam, batching transactions > spam, the thing that he opposes this much ordinals and he's already on with his censorship makes me think ordinals are not that bad after all.

Oh, and you can do whatever you want with your node, as long as the biggest mining pools accept them any community actions are useless.

Quote from: Fivestar4everMVP on May 02, 2023, 07:40:04 AM

This mean nothing, other than the fact that more and more people are discovering and adopting bitcoin, there are those who are also buying strategically in preparation for next year's halving event, as almost every bitcoin investor have come to believe that a bull run happens after every bitcoin halving, and 2024 halving won't be an exception.

No, it doesn't mean that at all.
If it were like this you would have normal transactions going up in numbers, besides it will be far more of a linear growth and not something like this:
https://bitinfocharts.com/comparison/bitcoin-transactions.html#3m
Besides, one user can do 1000 transactions and 10 users 10, the overall number is hardly an indicator of anything.

Topic: Highest Record Bitcoin Transactions, What does this indicate? (Read 379 times)