Like today being the 2nd of May, the Mempool is full and I have not seen such fee in any of my transactions before.
The few is very high that I canceled the transaction.
Topic: Is anyone else glad Bitcoin is calming down? - page 3. (Read 482 times)
Whether bitcoin price is going down or up people are always happy. Because when it comes down, people that want join the blockchain will be happy to join it easily without the fear of spend high money again. And when it goes up, those how have saved enough will be happy to sell at that time so the price is good at all time.
Like today being the 2nd of May, the Mempool is full and I have not seen such fee in any of my transactions before.
The few is very high that I canceled the transaction.
Like today being the 2nd of May, the Mempool is full and I have not seen such fee in any of my transactions before.
The few is very high that I canceled the transaction.
Pretty much a pattern if you'll ask me. Whenever there's high volatility you'd find that the fees surge upwards, soon as it stabilizes fees go down with it. Not really sure bout the nitty-gritty but I guess it has something to do with congestion of transaction within the network as it's expected that more and more people will buy and sell during these crunch times (correct me if I'm wrong with this). Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.
Depends on which side you are;
If you are a person using the Bitcoin network for transactions, then obviously you would be glad. However, if you are a miner. then you are sure why they wouldn't be so glad.
By the way, the fee was much lower than it is even right now before the emergence of ordinals into the Bitcoin space. I would have 1 sat/vbyte transactions get confirmed in the next block almost any time of the day, the fee would be worth $0.02 in fiat.
If you are a person using the Bitcoin network for transactions, then obviously you would be glad. However, if you are a miner. then you are sure why they wouldn't be so glad.
By the way, the fee was much lower than it is even right now before the emergence of ordinals into the Bitcoin space. I would have 1 sat/vbyte transactions get confirmed in the next block almost any time of the day, the fee would be worth $0.02 in fiat.
You can take a look site like mempool.space to see how much the transaction that occur one time, on this case you pay high fee because the network is congestion bitcoin had 1 MB block so it can only carry a few transaction and it happen quite sometimes.'
if you pay less fee your transaction still can be approved by miner but it takes times
if you pay less fee your transaction still can be approved by miner but it takes times
I think the mempool was mostly getting full because of Ordinals, right? I suspect the initial excitement has died down and people trading Ordinals aren’t consuming as much block space as they were when it was new and exciting. That leaves more space for other transactions which allows the mempool to clear and the cost of transacting to go down.
It is not new. If you're around for a while you'll realize that mempool always gets busy when there is high volatility. People don't really have the patience to wait and that's why they'll keep increasing their fee, which in turn increases the average fee for the next blocks. CMMIW, but miners would still make a decent profit as of right now as long as they can find a block even if the fee does not increase since the majority of their profits come from the block rewards and not fees.
In bitcoin blocks, there is really a small commission of 0.3-0.5 bitcoin. In ethereum, it was fun when the block reward was 2 coins, and the commission was 50-200 coins, and this went on for weeks. These were golden times for miners.
It is not new. If you're around for a while you'll realize that mempool always gets busy when there is high volatility. People don't really have the patience to wait and that's why they'll keep increasing their fee, which in turn increases the average fee for the next blocks. CMMIW, but miners would still make a decent profit as of right now as long as they can find a block even if the fee does not increase since the majority of their profits come from the block rewards and not fees.
Recently, if you've been on Mempool, Bitcoin has had many transactions going through the blocks, causing high fees, I was paying about $3-5 per transaction a week ago and now I'm down to $0.2.-0.5 per transaction. Is anyone else effected by this? Miners are great and have made the 108 block backup into a 7 block backup in a week, keep going miners!
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