It's good that fees are usually normal now, regardless of the reason whether it's the high price of Bitcoin or the madness of minting runes tokens, it's best to avoid sending transactions during these busy times first to avoid paying high fees and second to relieve the pressure on the network.
Unfortunately this happens from time to time and we don't have a suitable solution yet other than waiting.
Topic: The fee is ridiculously high. (Read 291 times)
High Fees were to be expected. When the Bitcoin price has a significant upwards movement, it takes time before people find out about it and decide what to do. The craze of Bitcoin Transactions typically starts hours or days after the Price movement. If the Price will move similar to last cycles, expect even higher Fees.
It happened to me before that I had to urgently make a Transaction and while I theoretically put a Fee that would put me on top of the Priority list in the Mempool, others were racing and I had to bump my Transaction Fee many times before it finally got included in a Block. This is what I imagine happens very often and the reason Fees become so high during Bull Runs.
I wish things were different but this is the unfortunate side of Bitcoin cycles. And it does not hurt much if you simply hold on to your Bitcoins only to sell them later since the Profit you will make will likely be worth the Fee, but if you have to make other Transactions then you are kind of screwed. So what you can do is either just pay the Fee once as soon as you want to sell or try moving to Lightning.
It happened to me before that I had to urgently make a Transaction and while I theoretically put a Fee that would put me on top of the Priority list in the Mempool, others were racing and I had to bump my Transaction Fee many times before it finally got included in a Block. This is what I imagine happens very often and the reason Fees become so high during Bull Runs.
I wish things were different but this is the unfortunate side of Bitcoin cycles. And it does not hurt much if you simply hold on to your Bitcoins only to sell them later since the Profit you will make will likely be worth the Fee, but if you have to make other Transactions then you are kind of screwed. So what you can do is either just pay the Fee once as soon as you want to sell or try moving to Lightning.
This is just a short term spike. Gladly no one follow it to continue the trend of high fees. The fee is already back to normal probably due to the low hype of that shit rune that trying to start a trend again.
shitcoin litters everywhere, in altcoin it's the same scene, occasional fee spikes and now it's rune, tbh, how people are still minting runes like there's no tomorrow, most of rune don't even deserve the value its got.
just feels crazy minting a rune which holds unclear value meanwhile we are paying good amount of dollar for each mint.
even crazier, there's people who bought those runes, exchange BTC for rune just doesn't make sense
. 
I don't panic over withdrawal fees anymore; I know spikes are only temporary.
Yes, the last time a check, (before posting this), it's like 2-3 sat/vB, so yeah, most likely it was just a spike and only temporary. Unlike before when there was some entity really trying to hurt or deliberately increasing the size of the fees with their Runes and Brc-20 tokens.
But as we have also said that time, it will not that last long, even if they have big money to do that. Sooner or later there will be no incentives to them and so almost everyone is right about it. And just like what the OP posted, nothing is forever in this market, sooner or later the fees are going back to control.
I was usually checking the Mempool when i had to make any bitcoin transcations and the last time I checked, it was something in between 3 to 5 sat/vbyte a fews days back. After reading the OP post, i rushed to the mempool site to see the current situation and was calmed to see that the transaction fee is still under control. Maybe there could be such a high spike for little time but everything seems to be normal at the moment.
BTW it's a reminder for those who want to sell their BTC that they should withdraw them when they find the fee lowest from their non-custodial wallets otherwise when the time will come they might find the tx fee high as it is now.
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
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.
Thanks for sharing the real reason of the spike in fee, I also wonder why would someone completely blinded by such tokens that have no actual use case maybe some whale might be backing it up and trying to create a fake pool to rug pull as most of these token follow this path but don't know much about this one.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.
BTW it's a reminder for those who want to sell their BTC that they should withdraw them when they find the fee lowest from their non-custodial wallets otherwise when the time will come they might find the tx fee high as it is now.
This won't last but it will happen again and even more in the future, and this is the problem with bitcoin that we really need a solution for, not denial and comforting ourselves that it will soon go away. Bull season hasn't even peaked yet and what guarantees that spammers like BRC or Rune won't attack us again? Not to mention, in the more distant future, what will happen to transaction fees if bitcoin is legalized globally and widely used on a daily basis?
This is one of the reasons why I think bitcoin will never be able to become a popular currency, payment method, bitcoin is not absolutely perfect as we think, it's just that many people don't want to accept that.
We will not know whether this high cost game will happen more often in the future or not. the fact that this kind of incident has happened several times certainly teaches us that most people will probably hold back from making transactions when the costs become higher and cannot be handled.This is one of the reasons why I think bitcoin will never be able to become a popular currency, payment method, bitcoin is not absolutely perfect as we think, it's just that many people don't want to accept that.
The existence of these weaknesses does not mean that they cannot be tolerated by users. some Bitcoin holders may choose to keep it as a profitable investment in the future, not as a means of transaction even though it is legal. because we understand how the value of Bitcoin has the potential to experience quite significant growth.
Ordinals, Runes
These were able to pay high fees because their pump-and-dump markets had high profits. The suckers have mostly left those markets. But Runes moved from Ordinals to OP_RETURN TXOs a few months ago. They're occupying about 60% of each block, as thousands of small transactions, not large inscriptions. They're the reason that rates are 2-4S/vb instead of 1S/vb. Counting Ordinals isn't useful for monitoring these transactions. The fee surge mentioned in the top post lasted about 10 blocks, not a doom and gloom event
A quick look at one of the blocks shows a lot of RBF fee-boosting. We can hope that the Rune OP_RETURN transactions were automatically paying RBF fees of 400-700S/vb in these blocks, wiping out their meager pump-and-dump profits
This won't last but it will happen again and even more in the future, and this is the problem with bitcoin that we really need a solution for, not denial and comforting ourselves that it will soon go away. Bull season hasn't even peaked yet and what guarantees that spammers like BRC or Rune won't attack us again? Not to mention, in the more distant future, what will happen to transaction fees if bitcoin is legalized globally and widely used on a daily basis?
This is one of the reasons why I think bitcoin will never be able to become a popular currency, payment method, bitcoin is not absolutely perfect as we think, it's just that many people don't want to accept that.
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. This is one of the reasons why I think bitcoin will never be able to become a popular currency, payment method, bitcoin is not absolutely perfect as we think, it's just that many people don't want to accept that.
I’ve mentioned this before, thinking the fee would stay low during the bull run, but I was wrong... so what now?
Nothing! As a common user, we will keep on highlighting these high transaction fees and no one would care. If anyone would have cared about it, we would have found a solution by now.
The only solution here is to move to LN. But that is an offchain solution. I hope Bitcoin devs sleep well while we continue to face issues. This is ridiculous!
I don't panic over withdrawal fees anymore; I know spikes are only temporary.
Yes, the last time a check, (before posting this), it's like 2-3 sat/vB, so yeah, most likely it was just a spike and only temporary. Unlike before when there was some entity really trying to hurt or deliberately increasing the size of the fees with their Runes and Brc-20 tokens.
But as we have also said that time, it will not that last long, even if they have big money to do that. Sooner or later there will be no incentives to them and so almost everyone is right about it. And just like what the OP posted, nothing is forever in this market, sooner or later the fees are going back to control.
Yeah, 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..
This will be like telling someone to sell his gold to buy silver. Do you not know that people will have preferences? As for me I prefer to have bitcoin instead of monero or litecoin but I do not like the mempool to be congested. But bitcoin mempool is still very not congested at all. The congestion lasted not more than an hour and got back to normal. Bitcoin transaction fee is still very cheap as of now.Nothing wrong with using BTC if you are okay with fees spiking sometimes.
If a person is not - he will find alternatives. That's all.
This is one of the reasons why I think bitcoin will never be able to become a popular currency, payment method, bitcoin is not absolutely perfect as we think, it's just that many people don't want to accept that.
That wasn't the discussion of the post I quoted. The discussion was that the network fees have gone back to normal.
On this forum and elsewhere, I have often complained about high network fees. I have talked about how high network fees can be an issue for bitcoin adoption. I don't think there's any logical person that this bitcoin is perfect.
I have stayed how bitcoin was supposed to be cheaper and faster than other payment methods. People won't use bitcoin as a payment method if it's more expensive or takes longer than other payment methods, so yeah, I agree that we need a solution to that because it will happen again in the future.
Yeah, 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..
This will be like telling someone to sell his gold to buy silver. Do you not know that people will have preferences? As for me I prefer to have bitcoin instead of monero or litecoin but I do not like the mempool to be congested. But bitcoin mempool is still very not congested at all. The congestion lasted not more than an hour and got back to normal. Bitcoin transaction fee is still very cheap as of now. A few hours later and I see you only need 2 satoshi per vbyte to get confirmed in next block. You know if you want to complain about high fees at least wait for it to be all day big fees or you're just crying wolf 
I mean, I've heard it all before long ago.
What do you prefer. Owning a shitcoin worth $5 and fees equals to a few cents?
Or owning BTC worth 70k and paying fees of 10 cents? Because that's what it costs now.
I mean, I've heard it all before long ago.
What do you prefer. Owning a shitcoin worth $5 and fees equals to a few cents?
Or owning BTC worth 70k and paying fees of 10 cents? Because that's what it costs now.
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.
The high fees don't feel normal for any of us, and, just like in recent months, we're seeing a temporary surge over a few days. The good news is, this time it only took a few hours before things went back to normal. So, when I see this kind of situation, I’m not too worried because I’m confident the fees will drop again soon.
But this trend definitely has an impact, especially if we adopt Bitcoin as a payment method. Let’s face it—no one’s willing to pay fees that high. This is why most people will continue to prefer fiat money for all their transactions instead of Bitcoin.
But this trend definitely has an impact, especially if we adopt Bitcoin as a payment method. Let’s face it—no one’s willing to pay fees that high. This is why most people will continue to prefer fiat money for all their transactions instead of Bitcoin.
Yeah, 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..
It won't last too long and except what happened in 2023 with many months of expensive fees, in other waves from Ordinals, Runes, Bitcoin mempools did not stay at too expensive range for several months.
And it didn't last long at all. It has even gone lower than the 5sat/vb
This happened in the past week and it took only about a day to go back to normal. If not for this post I wouldn't have noticed that transaction fees were so high yesterday.
I don't think the bull run is a reason for high fees. Normal bitcoin transactions, no matter how many they are per minute, will mostly not lead to congestion and ridiculously high network fees, but ordinals and runes that are spammed every second are the major causes of network congestion and high fees.
This won't last but it will happen again and even more in the future, and this is the problem with bitcoin that we really need a solution for, not denial and comforting ourselves that it will soon go away. Bull season hasn't even peaked yet and what guarantees that spammers like BRC or Rune won't attack us again? Not to mention, in the more distant future, what will happen to transaction fees if bitcoin is legalized globally and widely used on a daily basis?
This is one of the reasons why I think bitcoin will never be able to become a popular currency, payment method, bitcoin is not absolutely perfect as we think, it's just that many people don't want to accept that.
The high fees don't feel normal for any of us, and, just like in recent months, we're seeing a temporary surge over a few days. The good news is, this time it only took a few hours before things went back to normal. So, when I see this kind of situation, I’m not too worried because I’m confident the fees will drop again soon.
But this trend definitely has an impact, especially if we adopt Bitcoin as a payment method. Let’s face it—no one’s willing to pay fees that high. This is why most people will continue to prefer fiat money for all their transactions instead of Bitcoin.
But this trend definitely has an impact, especially if we adopt Bitcoin as a payment method. Let’s face it—no one’s willing to pay fees that high. This is why most people will continue to prefer fiat money for all their transactions instead of Bitcoin.
I don't panic over withdrawal fees anymore; I know spikes are only temporary.
A few hours later and I see you only need 2 satoshi per vbyte to get confirmed in next block. You know if you want to complain about high fees at least wait for it to be all day big fees or you're just crying wolf
I mean, I've heard it all before long ago.
What do you prefer. Owning a shitcoin worth $5 and fees equals to a few cents?
Or owning BTC worth 70k and paying fees of 10 cents? Because that's what it costs now.
I mean, I've heard it all before long ago.
What do you prefer. Owning a shitcoin worth $5 and fees equals to a few cents?
Or owning BTC worth 70k and paying fees of 10 cents? Because that's what it costs now.
Jump to: