Topic: Mempool full? Long transaction times + fees x10! - page 7. (Read 1256 times)

That big block nonsense may cause way more damage than ordinal nonsense.    Remember Bitcoin Cash? Been there done that!

There has to be some other solution... like persuading the guy behind ordinals to migrate to ETH blockchain? Perhaps he's not aware of all advantages of ETH? 

I'm afraid that the only manner to slow down the damage of this nonsense is to rise the block size limit.

I'd say impossible-- period. You can't arbitrarily force on a protocol level what you find appropriate as fee. That's a miner's job. And if we reach the phase where we don't treat each byte equally, we're censoring.

Check your wallet settings for RBF option. If your transaction is RBF-opted in, you can bump fee later like in Ordinal case. Default, RBF is chosen but check to make sure you did not uncheck it by mistake.

RBF: Replace by Fee.

True, I was one of those 'victims' of this so called 'ordinals', and I later found out what is doing in the bitcoin networks. Story goes that I used to pay just ~2 sat/VB on my every transactions and it seems to get confirmed easily without any issues.

But starting like in the 3rd week of February, I suddenly surprised that it didn't go in as what I have expected. And worst it took me 24 hours, was the first time to see this long for my transaction to get confirmed. Now, I have to check the mempool before sending any transaction and it become expensive now the best I pay now is like ~9 sat/VB so that's almost x5 of what I previously paid. And if I want it to be confirmed quicker, I have to pay more.

There's a change quite alright from the transaction fee recommended but still yet that does not mean you shouldn't adjust to your desired priority which the dept and time taken will be the determinant as expressed on the mempool, so if i were you, all i will first do before making a transaction is to check on the mempool first through mempool.space and see how busy it was abd also check the recommendations for the three priorities before sending my transaction, also you can adjust the charges by pumping it should it case you experience delay in time of confirmation, but to be honest the said amount of charges is still affordable because it's still within zero point in USD, meaning not upto a dollar you're being charged.

I'm on my 3rd day waiting thanks to the Ordinals spam.

50 may not be "much", but its still 50 times more than before this spam attack. It would be fine if the congestion was because of actual Bitcoin transactions, but this is abuse of foreign entities against the Bitcoin blockchain.

I at the very least, will boycott those involved in it.

Absolutely nailed it! 

NFT make our live worse

Yeah, that's exactly what I'm going to do. I'm not in a hurry, so I'll wait.

I want to believe that this ordinals plague can be stopped before it grows to gargantuan size. Can NFT transactions be marked and refused by most nodes? Or perhaps increase fee for NFT transactions?

nope

bytes are actual real bytes of the full transaction
then
vbytes change this using cludgy code to give:
a. the entire legacy transaction a 4x meaning its total size is not in bytes but 'weight' of 4x of bytes
b. segwit get multiplied differently

(remember byte are bytes.. the international standard of measuring data!
the weight crap is a dev politic implemented cludge math of silly miscalculation.. its not division or discount of byte, its instead multiplication/premium of byte)

It does.
Virtual size is transaction weight divided by 4 and weight is counting witness by computing "base size" (which is serialized size without witness) multiplied by 3 added to the "total size" (which is serialized size with witness).

Bytes was the original estimate where each byte in the transaction counted towards the fee. Vbytes is a more recent estimation that still counts in bytes, but does not count the bytes of certain parts of the transaction such as the witness data (IIRC).

Not only this sites is unreliable but also it is a malicious website designed to inflate bitcoin fees to unreasonable levels. It has always been reporting outrageously high fees.
For example right now it is still reporting 102 satoshis/byte and calls it "fastest and cheapest transaction fee" whereas even in worst case scenario in the past couple of days the "fastest and cheapest transaction fee" never surpassed 30 and right now it is around 2-3 satoshi/vbytes. In other words this site is maliciously reporting a fee that is 3400% higher!

vbytes is the virtual bytes calculated by taking witness into account (everything gets a factor of 4 except witness) so the size is smaller for SegWit transactions hence you pay less fee.

That visualization tool reminds me about my childhood when I played such old style car racing games. I loved it when I was a kid but now this tool is not interesting with me.

Anyway if anyone need funny visualized tools, let's find them from [LIST] Bitcoin Visualization. Funny but not too useful.

As far as I can see there are about 20,000 unconfirmed transactions at the moment but about 12,000 are on a 1sat/vbyte fee, about 5,000 on a 2sat/vbyte fee and the rest on a higher fee. According to what I have read, this could be due to what you say about the ordinals or consolidations, otherwise the average fee would be higher.

It happened many times in the past and it will appear again in future.

Cheap fee rate and cheap transaction fee won't last forever. You learned a lesson this time so let's be prepared better for next times. When transaction fee is cheap (means you can get a confirmation with lowest fee rates like 1 sat/vbyte or 2 sat/vbyte, you should move your bitcoin or consolidate your small inputs.

Take advantage of such time to consolidate small inputs that is helpful to reduce transaction size later when you need to send it to somewhere. It is very helpful and fee-saved when network and mempools are heavy and you have to use higher fee rate.

See your Tx in mempool with Bitcoindata.science and impacts on transaction sizes by inputs and outputs.

[Guide] Consolidate your small inputs

Not surprised at all. Centralized exchanges and centralized platforms always proceed user withdrawals with very high fee rates but they charge very expensive withdrawal fee on users. As a user, you can not control it and another lesson is: if you want to control fee rate you use for your transaction, let's use self custody wallet and broadcast your transaction from it.

Likely the cause is partially from Ordinals.

However, more general, Bitcoin network usually has more demands when BTC price moves sharply upwards or falls down rapidly. It results in greed and panic that will cause more demand to move Bitcoin on the network as fastest as possible.

a better/fun visualisation

https://txstreet.com/v/btc

you can see southpark characters. the bigger their head the bigger the bloat is of a tx
pending

Not sure how reliable is this one: https://bitcoinfees.earn.com/
But it's currently showing the fastest and cheapest tx to be at 102 sats/byte, which, for median-size tx, converts to >$5, which is quite a lot.



ps. anyone can give a quick explanation on the Byte Vs vByte difference?

I remember few days ago I made a transaction with higher fee that is required for my transaction to be included in the next block but in a minute or later when I checked its 12 blocks away so even checking the mempool may not be enough so we have to enable RBF so incase if we stuck in a situation and need to make the transfer in a hurry then we can increase the fee again to current state and make the transaction pass through.

If you sent out a transaction at 10 sats/vbyte, just wait it out. It could get confirmed anytime. I don't think you will wait for so long.

This is what I always do and I have never been disappointed when I am sending out a transaction.

I really hate how this NFT bullshit is spreading to the Bitcoin blockchain and spamming it, but I guess there is nothing we can do as of now.