just because a 4mb block can have a single tx of 4mb of data, does not mean it requires a hard fork or complicated rules to stop the junk.. nor does it require a whole network wide node upgrade by all/majority of users.. we can actually even have a temporary rule that stops bloated transactions without needing every node to comply to a new temporary rule
core devs can(but refuse) to actually write a mining pool specific node that actually does reject bloat (thats not using real signing proof scripts that are truly byte for byte counted/validated), but we all know by now the reasons core adore the soft validation bypass tricks that allow the bloat
Topic: The fee is ridiculously high. (Read 735 times)
There's no choice but to use the fee needed when it is like that if you can't wait for it to decrease again. It shouldn't be the same as before where it stays for months before it becomes 2 sats/byte. As of this day, the fee is back to normal so it should be because of people minting runes so it should be happening soon enough just like what you have said when the transaction fee spike up. As I have said, the fees right now is back to normal.
If not that people don't want to use their head once the fee is high they should be able to wait till when the price is down because if you look at the amount some people spend on fee it's just on called for because why will you be spending a lot when you know you that the fee will eventually come down, their are periods were the fee can actually be crazy, periods like that you will avoid bitcoin transactions and if it is from exchange to exchange you don't have to worry about anything.
Because now if you check you will see that it is not worth it because both high, medium and low priority are very low, are just a point away from each other, and and even the high priority is not even up to a dollar, so what does it take for anyone to just wait till the price of the fee comes down, because if you should send when. The fee is high with a low fee then the next thing you see is that your transaction will hang for days and even weeks.
You're wrong, the fees went high because people are minting runes which named MEMENTO•MORI, it was started from block 868168, before that the fee was just 5 sat/vbyte and now the fees is slowly back to normal.
Someone was expecting the fees would reach 1,000 and 2,500 sat/vB, not sure why people are obsessed with this token, I think it's related to Halloween.
Someone was expecting the fees would reach 1,000 and 2,500 sat/vB, not sure why people are obsessed with this token, I think it's related to Halloween.
It’s pretty crazy that the fee spikes are due to BFTs (this is what we ought to call them) Bitcoin fungible tokens! That’s got a nice ring to it doesn’t it. Eh who am I kidding that sounds more like a BLT sandwich lol. Even so I feel like these Bitcoin NFTs ought to have a more special designation other than Ordinals which doesn’t sound like it’s even remotely Bitcoin related.
That was just a short-term spike thankfully. Damn runes! The fees are totally back to normal and I hope they stay that way. The miners probably made bank thanks to that short-term spike during the festive season.
These high fees were expected only. But thankfully for the Oct-Nov period it’s over now. But we might see the same situation again in the December and January period due to Christmas and New Year. Hence, if you want to save some money, then it’s better to do the necessary transactions from a very early point or do it at this current time when the fees are normal. I know, like me, many of us don’t want to convert our bitcoins into altcoins; hence, the best decision will be to send the funds before any festive season comes.
After continuous waves of Ordinals in 2023 and 2024, experiencing double and triple digit sat/vb for weeks, I'm really not afraid of anything. New hype might be created, but since we survived Ordinals, no bull run can exceed that.
Consolidate your inputs whenever the median fee is less than 5 sat/vb, or as I like to call it: Buy the block space dip!
Consolidate your inputs whenever the median fee is less than 5 sat/vb, or as I like to call it: Buy the block space dip!
There's no choice but to use the fee needed when it is like that if you can't wait for it to decrease again. It shouldn't be the same as before where it stays for months before it becomes 2 sats/byte. As of this day, the fee is back to normal so it should be because of people minting runes so it should be happening soon enough just like what you have said when the transaction fee spike up. As I have said, the fees right now is back to normal.
Again people have good chances for consolidating their inputs as preparations for future transactions. I believe again they will waste opportunities and will return in future with complaint when transaction fees more expensive.A Guide to Saving on Bitcoin's High Transaction Fees.
How to avoid paying high Bitcoin transaction fee.
Bitcoin Transaction Fees - Everything in one
There's no choice but to use the fee needed when it is like that if you can't wait for it to decrease again. It shouldn't be the same as before where it stays for months before it becomes 2 sats/byte. As of this day, the fee is back to normal so it should be because of people minting runes so it should be happening soon enough just like what you have said when the transaction fee spike up. As I have said, the fees right now is back to normal.
From that, I think some vested interest group is behind that garbage, so I don't think they will stop creating it for profit when the time is right. I guess as we get into the bull season, these congestions will get worse and last longer, they won't go away in just a day or two as you say. As long as they are profitable for someone, they will always find a way to create and hype them.
Actually, they won't stop creating these things as long as they have the chance. The developers made the changes to the protocol and now anyone with some coding knowledge can deploy a token, NFT on the Bitcoin network using these protocols. I don't think it can be reversed. So, we have to live with that or the developers have to do something so no one can deploy new tokens on the Bitcoin network.
But that is unlikely to happen. They don't want to censor the Bitcoin network. I don't think these runes, BRC-20 tokens will bother you much. We do not send Bitcoin every day (some people may do), I can wait for a day or two until the network becomes stable again.
That was just a short-term spike thankfully. Damn runes! The fees are totally back to normal and I hope they stay that way. The miners probably made bank thanks to that short-term spike during the festive season.
This is still one of my biggest complaints when it comes to bitcoin. You would think that after all of the years, and all of these testnets and and different types of implementations such as lighting network that we would be much closer to a chain that didn't get clogged up as easily and that was cheaper, as it had been planned out to be from day one ( as far as I know, anyhow). I know Rome wasn't built overnight, but it would be nice to see quicker improvements in this area.
Yeah. This is a big weakness related to the BTC network and I feel like it's a permanent thing no matter how much it improves over time. 
We have often seen this and it is certainly not without reason and it is all based on personal gain, it will slowly go down and don't be surprised if it goes up again, bullish or bearish is not the reason for the increase or decrease in fees.
The market is a friend of nobody, it can be favorable to one today and tomorrow, it becomes more cruel than you could ever think of. Who's after the big winnings in crypto? The whales or investors?You choose your category. The bullish and bearish market is after our pockets, some season disrupts our plans of making our portfolio grow higher in value, who else to blame? Other than focused on our strategies and ensure we're have a smooth lane towards achievement. Crypto fees are placed high these days and you know that doesn't play down so good. 
That's some crazy spike but the highest that I've seen was some months ago when it has exceeded $100 in BTC. That was one of the craziest moments in time when BTC has got that some expensive transactions fees. We tend to say that it's cheaper to buy a cup of coffee than to transact with BTC. I just hope that more people will learn how to use the LN and scale higher to cater bigger transactions. Right now, the fees aren't that much at all.
I’ve mentioned this before, thinking the fee would stay low during the bull run, but I was wrong... so what now?
https://mempool.space/
https://mempool.space/
Buy some wrapped BTC and set it on pair with eth and take the fees yourself. That's what!
You will first be king when you recognize it yourself.
Check if you get a price dump on censorship. I got it around there. Like people trust banks even more after that.
The real answer? Keep it on tradeable custody if you want to trade..
legendary
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Interestingly enough, what if many "Runes" projects would pop up in the ecosystem?
Or it wouldn't be viable for such groups of people to do so?
Or it wouldn't be viable for such groups of people to do so?
It's very much possible and I believe this will happen from time to time. But at the beginning, that was in the hype, and a lot of projects started at once which caused massive network congestion. People had to pay thousands of sat/vb to get their transactions confirmed. But, as you may know, nothing lasts forever. The craze fade away within a couple of weeks and the network becomes normal again.
You can expect the network to stay normal until another Runes/BRC-20 token launch which may create hype. But that will last only for a couple of hours or days. Average users have to wait for a day or so if they do not want to pay high transaction fees.
Most Runes hype only lasts for a few weeks and then fades into oblivion, but what we need to worry about is that there's no guarantee that something similar to Runes won't ever appear again. I remember when Brc-20 was created people also said that things would stabilize soon and that was true, but no one expected Rune to be created later and that made me feel tired with my bitcoin transactions.
From that, I think some vested interest group is behind that garbage, so I don't think they will stop creating it for profit when the time is right. I guess as we get into the bull season, these congestions will get worse and last longer, they won't go away in just a day or two as you say. As long as they are profitable for someone, they will always find a way to create and hype them.
Interestingly enough, what if many "Runes" projects would pop up in the ecosystem?
Or it wouldn't be viable for such groups of people to do so?
Or it wouldn't be viable for such groups of people to do so?
It's very much possible and I believe this will happen from time to time. But at the beginning, that was in the hype, and a lot of projects started at once which caused massive network congestion. People had to pay thousands of sat/vb to get their transactions confirmed. But, as you may know, nothing lasts forever. The craze fade away within a couple of weeks and the network becomes normal again.
You can expect the network to stay normal until another Runes/BRC-20 token launch which may create hype. But that will last only for a couple of hours or days. Average users have to wait for a day or so if they do not want to pay high transaction fees.
It's November 2, and the high priority fee is $0.5 (5 sat/vB). So it's very mild, very comfortable. The spike was so short that if I hadn't seen this thread, I would've missed it altogether. I'm personally okay with high fees for very short periods of time. One should just be careful and sometimes be ready to wait things out. It isn't common to have fee issues these days, so I believe the overall situation is pretty manageable.
This is still one of my biggest complaints when it comes to bitcoin. You would think that after all of the years, and all of these testnets and and different types of implementations such as lighting network that we would be much closer to a chain that didn't get clogged up as easily and that was cheaper, as it had been planned out to be from day one ( as far as I know, anyhow). I know Rome wasn't built overnight, but it would be nice to see quicker improvements in this area.
This is actually a good idea but the problem it will be risky for any one to actually move out your bitcoin and probably keep till you can sell just because you intend to sale at a later stage, rather it will be much better to simply just consolidate the smaller inputs and take the cut of moving whenever you intend, except you go on a crazy long time high fees like the one we had late last year and early this year if not I don’t see fees going up that extremely high for a longer time again
Consolidating the smaller inputs is a good idea but those who have move their funds back from one wallet to another and now they have no smaller inputs but one big input well, still it's a good way for those who have lot of small inputs, and yeah the chances for fees to go high again are not high but still it's BTC anything can happen and I am pretty sure when the BTC will make new ATH or outperform our expectations then people will be making transactions and due to congestion the network fee will definitely increase. I plan to withdraw my few satoshi into a exchange so I could sell them as my plan is to book profit in this bull run, and I will definitely not going to pay 80$ in fees just to move them from one wallet to another.
I wasn't expecting the high transaction fees to happen this period, not even for a moment. I was expecting it in December for some reason. During that time, some folks would want to sell some portion of the portfolio because of the end-of-year events. They would love to buy a house, get a new car, go on vacation, and family treats, and enjoy the Christmas holidays. Even though all these things are not necessary for someone who wants a 5 to 10-year period investment they can't control themselves. For two years now there has always been a high transaction fee in December and this year we might still expect the same thing.
We never can predict when the fee rate will go high as it comes when we least expect it, but some do say that fee increases always come together with bull runs when people try to conduct constant transactions on the blockchain, which could lead to network congestion, but the fee is not always as high as what runs and ordinals cause to the network. December selling pressure can't even push the fee very high; instead, we might just expect a little price shift in the market.Am glad you know that there will be more selling in December, this will cause congestion in the network leading to high fees before a transaction on each block will be mined. Also, this one good period for miners where there will be more than enough blocks to mine.
You're wrong, the fees went high because people are minting runes which named MEMENTO•MORI, it was started from block 868168, before that the fee was just 5 sat/vbyte and now the fees is slowly back to normal.
Someone was expecting the fees would reach 1,000 and 2,500 sat/vB, not sure why people are obsessed with this token, I think it's related to Halloween.
Someone was expecting the fees would reach 1,000 and 2,500 sat/vB, not sure why people are obsessed with this token, I think it's related to Halloween.
People are obsessed with shit tokens I guess or may be they want to try everything they can to get rich from shitvestments.
These runes are killing bitcoin in a way. Increasing the bitcoin tx fees and pissing off bitcoiners unnecessarily.
or to switch to something that wouldn't spike that much, I hear about Monero all the time, but I also would like to see LTC in a brighter spotlight..
Lol. Monero is a coin that is good if we want to stay anonymous but it was the Litecoin is the one that many people are recommending in times like this where the crypto transactions are at their all-time highs again. With that being said, you don't need to look for that spotlight anymore for Litecoin because the coin gets it from time to time. Maybe not really in terms of its price that breaks a new all-time high because I rarely see people talking about it, although I only see some speculation if what price it might reach some time. Oh well, there are still other cryptos out there like Bitcoin for example which are mostly built for it.Both can spike a bit, but, yeah - it's a price to pay for how things are currently.
Of course, it's better to have BTC, even with spikes from time to time like that.
As long as volatility is there, yeah, spikes can occur but a shitcoin will always be a shitcoin lol. I wouldn't afford it to swap my Bitcoin onto it, only because its fees is much lesser. Besides, I am still in profit even if I pay more in my Bitcoin transactions, so I'm only going to be just fine. I only don't know about the others though who are only just getting started. There are still better alternatives out there than a shitcoin like for example Litecoin. A lot of people are going for it if it's about cheaper transactions are the ones that we are talking about. Of course, it's better to have BTC, even with spikes from time to time like that.
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