Mempool hit my usual 15sats/vbyte today

dragonvslinux

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Quote from: Solosanz on June 05, 2023, 12:43:24 AM

You can pay for 5sats/byte if you're not in hurry, maybe it only need 24 hours your transaction will be included into the block by the miner.

Have you been living under a rock of something? 5 sat/vB transactions haven't been clearing since April, let alone 24 hours. The lowest fees clearing in the past month appears to be around 12 sat/vB right now.

Overall though fees have continued to decline over the past week or so, depsite all the "doom and gloomers" claiming that the fees would never come down again. Clearly they've never heard of altseasons, which are short lived, and this time involved BRC20 memecoins and as well as Ordinals inscriptions. It seems quite obvious that these short-lived fads have passed for now and fees will continue to decline.

If previous mempool history is anything to go by, then once the 10-12 sat/vB transactions are cleared out, the rest should clear out pretty quickly after that.

avikz

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Quote from: Z390 link=topic=5455071.msg62357878#msg62357878
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You like to maintain this transaction fee because it's cheaper to send Bitcoin in and out of a Bitcoin wallet? You must be joking.

If this is maintained like you wished for, Bitcoin is never going over 27,000$ again and you will become a winner, tell me, are you buying Bitcoin right now because of cheap transaction fee? Will you be happy if Bitcoin stays at 27,000$ in the next years because of cheap transaction fee?

Well this cheap fee won't last for long unfortunately, if you are sad because of this, well, I am not, I want to see Bitcoin at 150k minimum in few years later, and this will result in higher transaction fee at the time, 20$ to 100$ per transaction might be a norms in the year 2025.

If the transactions fees goes to $100, I am sure 99.99% of the cryptos users will be very unhappy. Bitcoin can never become an ideal payment processor if the fees do not stay cheaper. Otherwise Bitcoin will remain an investment asset only and never become a method to transfer value.

Also OP is not referring to the USD value of the fees. He is pointing towards Satoshi value and it's quite fair at his part. Bitcoin has to remain competitive in the market in order to survive. I personally don't see a reason to pay high fees just because some junk Ordinals.

Z390

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Quote from: Call_Me_Guru on June 04, 2023, 11:59:36 AM

Mempool has hot discussions on the forum in May, it got me goose pimples and the congestion in it has lasted for a full one month. The good news is that is getting better from how it was 3 weeks ago when it was at over 650sat/vbyte. I became happy to see it at my normal bitcoin transfer fee of 15sats/vbyte today. The 15sat/vbytes is my usual fee from the first day I started sending bitcoin, I like to maintain that. The highest I sent for the congestion was 40sat/vbyte two weeks ago, but the light after the tunnel is likely here.

The mempool congestion has been fast decreasing in the last 3 days, the memory of 1G/300MB was last seen as 863MB/300MB. The notion is that a lower memory can be seen by this time next week and fee can be lower than 9sats/vb.

The ecstasy will be high if I got this correctly.

You like to maintain this transaction fee because it's cheaper to send Bitcoin in and out of a Bitcoin wallet? You must be joking.

If this is maintained like you wished for, Bitcoin is never going over 27,000$ again and you will become a winner, tell me, are you buying Bitcoin right now because of cheap transaction fee? Will you be happy if Bitcoin stays at 27,000$ in the next years because of cheap transaction fee?

Well this cheap fee won't last for long unfortunately, if you are sad because of this, well, I am not, I want to see Bitcoin at 150k minimum in few years later, and this will result in higher transaction fee at the time, 20$ to 100$ per transaction might be a norms in the year 2025.

sunsilk

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As I've observed it, it's really decreasing and becoming around $1-$2 as the minimum but I also it went down under $1 just as what OP has said and did a few of it because I just can't miss it.

32 sat/vbyte as the top priority as of typing this and the low priority is 28 sat sat/vb and then the no priority is just around 10 sat/vb.

If you're fine for paying around 10 sat/vb then you really have to be patient but the priority isn't that far to the middle priority to the top one if you want it gets confirmed within a few minutes.

Hispo

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I have also kept an eye on the evolution of the Mempool congestion these lastest nights and I am also pleased to see it may be possible to send Satoshis again in (hopefully) a few days at rates as low was 5 sat/vbyte.

When I started using Bitcoin, I tried to save on fees as much as possible, sending my transactions only at night and with enough anticipation, so I could pass with 1 sat/vbyte. I would not like those days to be forever gone, I would be happy if I could still do the same on Sundays. Wink

hosseinimr93

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Quote from: Solosanz on June 05, 2023, 12:43:24 AM

You can pay for 5sats/byte if you're not in hurry, maybe it only need 24 hours your transaction will be included into the block by the miner.

The last time miners included transactions paying the fee rate of 5 sat/vbyte in the blockchain was around 40 days ago.
If you make a transaction paying the fee rate of 5 sat/vbyte now, it would be around 80 vMB from tip and it's very very unlikely that it will be confirmed in the next 24 hours.

348Judah

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Quote from: Call_Me_Guru on June 04, 2023, 11:59:36 AM

Mempool has hot discussions on the forum in May, it got me goose pimples and the congestion in it has lasted for a full one month. The good news is that is getting better from how it was 3 weeks ago when it was at over 650sat/vbyte. I became happy to see it at my normal bitcoin transfer fee of 15sats/vbyte today.

I know this is a thing that that everyone got affected with and it's something that we also believe will be handled well if the due attention needed is giving, the solution will definitely come onboard either by taking the ordinals off the bitcoin layer 1 blockspace to layer 2 or considers both transaction fee on a lower rate and lastly if the bitcoin token had a drop in it market value and number of transaction it performs.

Quote from: Call_Me_Guru on June 04, 2023, 11:59:36 AM

The 15sat/vbytes is my usual fee from the first day I started sending bitcoin, I like to maintain that. The highest I sent for the congestion was 40sat/vbyte two weeks ago, but the light after the tunnel is likely here.

The mempool congestion has been fast decreasing in the last 3 days, the memory of 1G/300MB was last seen as 863MB/300MB. The notion is that a lower memory can be seen by this time next week and fee can be lower than 9sats/vb.

The ecstasy will be high if I got this correctly.

I've made transactions with less than 15 sats/vbyte before and i hope you had experienced such before or in time to come for you to enjoy the more beauty in cheaper transaction fee rate, better days are already coming ad i believe this will be a motivation to encourage those already loosing hope on bitcoin because of the ever increasing fee experienced recently and those who await the aftermath of these inscriptions on the bitcoin network, bitcoin is never down neither is the network being compromised, more calls for adoption.

NeuroticFish

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Quote from: Solosanz on June 05, 2023, 12:43:24 AM

You can pay for 5sats/byte if you're not in hurry, maybe it only need 24 hours your transaction will be included into the block by the miner.

Since the week-end is over I think that this would be a somewhat risky move; I'd expect the fees rise again until next Friday, with or without the ordinals' spam.
So for that one has to be more than "not in a hurry": also prepared to find his tx dropped after some days.

Ojima-ojo

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Quote from: Call_Me_Guru on June 04, 2023, 11:59:36 AM

Mempool has hot discussions on the forum in May, it got me goose pimples and the congestion in it has lasted for a full one month. The good news is that is getting better from how it was 3 weeks ago when it was at over 650sat/vbyte. I became happy to see it at my normal bitcoin transfer fee of 15sats/vbyte today. The 15sat/vbytes is my usual fee from the first day I started sending bitcoin, I like to maintain that. The highest I sent for the congestion was 40sat/vbyte two weeks ago, but the light after the tunnel is likely here.

The mempool congestion has been fast decreasing in the last 3 days, the memory of 1G/300MB was last seen as 863MB/300MB. The notion is that a lower memory can be seen by this time next week and the fee can be lower than 9sats/vb.

The ecstasy will be high if I got this correctly.

Bitcoin network congestion is gradually getting better compared to the month of May when the hype was crazy and the network was totally clogged and fees were unbearable but at the moment normalcy is gradually returning to the Bitcoin network even though it is too early to say we are out of it since the network still get congested from time to time but not as congested as last month.

The spam token supplier is ruining out of supply and in a short time from now there will be totally faced out and the Bitcoin network can be free again, i did 15sat/byt last two nights and it only took seconds for my deposit to appear.

OcTradism

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Quote from: Solosanz on June 05, 2023, 12:43:24 AM

You can pay for 5sats/byte if you're not in hurry, maybe it only need 24 hours your transaction will be included into the block by the miner.

The BRC-20 tokens hype already ended and there must be a lot people lose their money because they has no choice either cut loss or hold until the token become worthless. Am still waiting the mempool is empty and we can make a transaction by just using 1sat/byte.

The hype of BRC-20 tokens blurs and it helps mempool to be cleaned up. Bitcoin looks to has a confirmation of a falling trend and it can be one factor to stop the hype on BRC-20 tokens, Ordinals.

Fee rate 1 sat/byte will need 2 or 4 more weeks to be seen if nothing suddenly loads massively in mempools again.

Solosanz

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You can pay for 5sats/byte if you're not in hurry, maybe it only need 24 hours your transaction will be included into the block by the miner.

The BRC-20 tokens hype already ended and there must be a lot people lose their money because they has no choice either cut loss or hold until the token become worthless. Am still waiting the mempool is empty and we can make a transaction by just using 1sat/byte.

adaseb

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I think last week or so on the weekend some transactions around the 15-17 sat/byte mark also filled. The worse is the weekdays when the fees always jump.

However what is more impressive is the ETH gas fees. I saw it at 12 gwei earlier today. Can’t remember last time it was that low. Means meme coins are dead for now.

So I am also assuming these lows fees are due to the low liquidity and regulations and people just quitting crypto pretty much. And summer is around the corner which leads to less volatility.

pooya87

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You are correct.
The Ordinals Attack lost some of its hype so the number of junk transactions went down very slightly. It is too soon to celebrate it though since the attack is still ongoing and the exploit is not fixed yet.
Another major contributed is the price stagnation which always leads to lower trading volume hence less on-chain transactions (less transfer to and from exchanges) hence bringing down the mempool congestion.

Call_Me_Guru

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Mempool has hot discussions on the forum in May, it got me goose pimples and the congestion in it has lasted for a full one month. The good news is that is getting better from how it was 3 weeks ago when it was at over 650sat/vbyte. I became happy to see it at my normal bitcoin transfer fee of 15sats/vbyte today. The 15sat/vbytes is my usual fee from the first day I started sending bitcoin, I like to maintain that. The highest I sent for the congestion was 40sat/vbyte two weeks ago, but the light after the tunnel is likely here.

The mempool congestion has been fast decreasing in the last 3 days, the memory of 1G/300MB was last seen as 863MB/300MB. The notion is that a lower memory can be seen by this time next week and fee can be lower than 9sats/vb.

The ecstasy will be high if I got this correctly.

Topic: Mempool hit my usual 15sats/vbyte today (Read 114 times)