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. 
Topic: The fee is ridiculously high. - page 2. (Read 748 times)
This is not the first time BRC-20 token and the runes congested the Bitcoin network which leads to an increase in the transaction fee. The situation getting normal again, but you can face similar network congestion in the future if similar NFT minting things happen. Just three days ago, it was possible to confirm your transaction with as low as 2 sat/vb.
The transaction fee is normal again and currently, it is 4 sat/vb. If any significant event does not take place on the Bitcoin network, then the standard fee will be 5 sat/vb to 10 sat/vb. People should consolidate their TX when the network is less congested.
The transaction fee is normal again and currently, it is 4 sat/vb. If any significant event does not take place on the Bitcoin network, then the standard fee will be 5 sat/vb to 10 sat/vb. People should consolidate their TX when the network is less congested.
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?
This is not the first time BRC-20 token and the runes congested the Bitcoin network which leads to an increase in the transaction fee. The situation getting normal again, but you can face similar network congestion in the future if similar NFT minting things happen. Just three days ago, it was possible to confirm your transaction with as low as 2 sat/vb.
The transaction fee is normal again and currently, it is 4 sat/vb. If any significant event does not take place on the Bitcoin network, then the standard fee will be 5 sat/vb to 10 sat/vb. People should consolidate their TX when the network is less congested.
The transaction fee is normal again and currently, it is 4 sat/vb. If any significant event does not take place on the Bitcoin network, then the standard fee will be 5 sat/vb to 10 sat/vb. People should consolidate their TX when the network is less congested.
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.
So maybe that’s just a little preview of what’s ahead if the bull run really takes off....
I mean, Bitcoin's getting close to its ATH, but since it hasn’t totally broken through yet... we can’t call it a bull run just yet. We need to wait until Bitcoin shoots up to around $80k before we can really say the bull run is on. For now, fees are nice and even kinda low. Right now, high-priority fees are just 4 sat/vB, which is about $0.39. Hopefully we will see high fees during the bull run so taking profit won't be a problem.
Do you think Iran will stop the rally for BTC and for how much?
I hope it won't do much.. In the long run.
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.
So maybe that’s just a little preview of what’s ahead if the bull run really takes off....
I mean, Bitcoin's getting close to its ATH, but since it hasn’t totally broken through yet... we can’t call it a bull run just yet. We need to wait until Bitcoin shoots up to around $80k before we can really say the bull run is on. For now, fees are nice and even kinda low. Right now, high-priority fees are just 4 sat/vB, which is about $0.39. Hopefully we will see high fees during the bull run so taking profit won't be a problem.
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.
As it was said - not need to worry about it much.
Sometimes, waves come up, but then, they go down
Just like the ocean. 
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 fees have gone back down to 2sat/vB - I think the spike was temporary on October 31 and its back to what it should be, though I always like it as less as possible - sorry to my miner friends out there. 
People going crazy with runes and other shitcoins without having a care about plebs like us trying to push the transactions while cheaping out on fees.
Cant solve both things at once can we?
People going crazy with runes and other shitcoins without having a care about plebs like us trying to push the transactions while cheaping out on fees.
Cant solve both things at once can we?
Yup. And all these altcoin boys that used to talk about cheap fees or even 0 fees, 99% of them are holding worthless coins that they never transact anyway.
I also don't mind to say this because I was one of them, so I went there and made the mistake of thinking BTC had high fees. Even Ethereum is generally more expensive overall now, its never a few cents unlike BTC which is super cheap 90++% of the time.
OP looks ridiculous now for saying 'ridiculously high' lol
I also don't mind to say this because I was one of them, so I went there and made the mistake of thinking BTC had high fees. Even Ethereum is generally more expensive overall now, its never a few cents unlike BTC which is super cheap 90++% of the time.
OP looks ridiculous now for saying 'ridiculously high' lol
I think it was made to get attention to what occurred, probably
However, it's better yet to check the fees from time to time, the spikes are not a crazy problem to not shrug it off from the radar.
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.
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.
Yup. And all these altcoin boys that used to talk about cheap fees or even 0 fees, 99% of them are holding worthless coins that they never transact anyway.
I also don't mind to say this because I was one of them, so I went there and made the mistake of thinking BTC had high fees. Even Ethereum is generally more expensive overall now, its never a few cents unlike BTC which is super cheap 90++% of the time.
OP looks ridiculous now for saying 'ridiculously high' lol
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.
Unfortunately this happens from time to time and we don't have a suitable solution yet other than waiting.
At the very least, we need to figure out a way to kick out all the shitcoinery (runes, ordinals, brc-20...) from the blockchain.
The beauty of the space is that everybody can do whatever they want.
And people always go after the risk.
Be it memes or runes
Won't change in the future. Even if it makes BTC's fees clumsy. 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.
Unfortunately this happens from time to time and we don't have a suitable solution yet other than waiting.
At the very least, we need to figure out a way to kick out all the shitcoinery (runes, ordinals, brc-20...) from the blockchain.
So assume for a minute that the entire world decides to switch to bitcoin. Everyone dumps their fiat, overnight.
I did the math a while ago. With a world population of 8 billion, and current chain capacity at 7 tx per second, that means each person on the planet would get to do an L1 tx every 36 years.
It's only too obvious, this is not workable. We need to scale some more. Now, I don't know what the solution is: Llightning, Liquid, side chains, fedimint, or (shivers) btc banks? Or something we haven't figured out yet?
I'm pretty sure a custodial LN wallet, like Chico in El Salvador will be part of the solution. Maybe a form of local bank acting as a fedimint?
And I'm pretty sure shitcoinery like runes, BRC-20, and ordinals, those are part of the problem.
I did the math a while ago. With a world population of 8 billion, and current chain capacity at 7 tx per second, that means each person on the planet would get to do an L1 tx every 36 years.
It's only too obvious, this is not workable. We need to scale some more. Now, I don't know what the solution is: Llightning, Liquid, side chains, fedimint, or (shivers) btc banks? Or something we haven't figured out yet?
I'm pretty sure a custodial LN wallet, like Chico in El Salvador will be part of the solution. Maybe a form of local bank acting as a fedimint?
And I'm pretty sure shitcoinery like runes, BRC-20, and ordinals, those are part of the problem.
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.
Unfortunately this happens from time to time and we don't have a suitable solution yet other than waiting.
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.
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