I don't panic over withdrawal fees anymore; I know spikes are only temporary.
Topic: The fee is ridiculously high. - page 2. (Read 313 times)
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.
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/
These spikes usually result in high transaction fees when Bitcoin price changes significantly, pumping and dumping Bitcoin prices, and bull runs. This is because some traders are trading more bitcoins during this time as the exchange dollars are in and many traders are out.
But I think trading following this Mempool saves a lot because now it is understood what kind of congestion is created, if there is more transaction pressure then the Mempool spikes but now the transaction pressure is very less at present due to which the fee is at a very low level.
It's like waves in the ocean, a storm from time to time, in my opinion.
The waters always fluctuate, always changing..
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/
These spikes usually result in high transaction fees when Bitcoin price changes significantly, pumping and dumping Bitcoin prices, and bull runs. This is because some traders are trading more bitcoins during this time as the exchange dollars are in and many traders are out.
But I think trading following this Mempool saves a lot because now it is understood what kind of congestion is created, if there is more transaction pressure then the Mempool spikes but now the transaction pressure is very less at present due to which the fee is at a very low level.
In such cases, the No Priority fee is what will determine whether this spam is due to an increase in the number of transactions or whether it is due to people paying much higher fees for no reason for these high fees.
The fees are currently reasonable and the analysis mentioned by @Jawhead999 is correct.
in the next time you need to wait
The fees are currently reasonable and the analysis mentioned by @Jawhead999 is correct.
in the next time you need to wait
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.
This is very common everytime price of Bitcoin rally. Even before, this was already the problem.
Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
What happened in two latest years 2023 and 2024 are different than what happened in 2017.Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
In 2017 and 2018 bull run, there were Bitcoin fork and Segwit activation, back in these days Segwit adoption was very limited, and Roger Ver Bitcoin Cash team did dust attacks to spam Bitcoin network too.
In 2023 and 2024, it's Ordinals and Runes BRC20 minting transactions are causes of expensive fees.
The Big Bitcoin Battle: What I Found Out About Bitcoin VS BCash
A history of Bitcoin transaction dust & spam storms
Those articles are pretty interesting, thanks for them!
I did read them not at full (will do it later, appreciated), but, can't we call the Runes the same as the dust storm that swallows up the space for basically no good?
This is very common everytime price of Bitcoin rally. Even before, this was already the problem.
Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
What happened in two latest years 2023 and 2024 are different than what happened in 2017.Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
In 2017 and 2018 bull run, there were Bitcoin fork and Segwit activation, back in these days Segwit adoption was very limited, and Roger Ver Bitcoin Cash team did dust attacks to spam Bitcoin network too.
In 2023 and 2024, it's Ordinals and Runes BRC20 minting transactions are causes of expensive fees.
The Big Bitcoin Battle: What I Found Out About Bitcoin VS BCash
A history of Bitcoin transaction dust & spam storms
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.
Hopefully, it would stay that way
Some say it's because of the rally for BTC, some - because of the Runes (never got involved into 'em), but the fact remains.
I would very much like to dodge the high transaction fees this time around - before they come back - using the Lightning Network, but unfortunately, I can't seem to get anybody to send sats to my channels (which is the whole point of LN - you need to receive - send - receive - send so you don't have to keep doing many pointless Submarine Swaps).
I'm thinking of maybe setting up a digital store and conenct it to my BTCPayServer.
I'm thinking of maybe setting up a digital store and conenct it to my BTCPayServer.
This is very common everytime price of Bitcoin rally. Even before, this was already the problem.
Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
Take a look this all-time chart of Bitcoin Average Transaction fee, as you can see there's a huge spike every bull run season. Even before, around 2017-2018 bull run, we already experiencing this.
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.
thinking the fee would stay low during the bull run, but I was wrong... so what now?
It is not just during bull runs but generally whenever there is a "large" price change (rise or fall) the traders start moving their coins around (some deposit and some withdraw from exchanges) therefore the increased number of on-chain transactions creates these temporary spikes.Although it is hard to talk about the cause without actually going through the transactions in each block and analyzing them but I have to say there is a good chance that the recent fee spikes were because of the same ongoing spam attack as some others mentioned.
These are the same scammers who have been exploiting the Bitcoin protocol to inject arbitrary data into the chain calling it Ordinals, Runes, Tokens, etc. and that spam attack makes things worse and causes fee spike as well.
BTW you created this topic about 1.5 hours ago and right now mempool.space shows this as fees:
copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
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.
Exactly!
Blame those #@%&$ runes.
If you look at the following block, it's full of op_return tx's:
https://mempool.space/block/00000000000000000002f0d74899067c194433712672955709375f0b56f23522
Only Ocean pool is doing something about it. Other pools swallow up the fees from those runes.
Blame those #@%&$ runes.
If you look at the following block, it's full of op_return tx's:
https://mempool.space/block/00000000000000000002f0d74899067c194433712672955709375f0b56f23522
Only Ocean pool is doing something about it. Other pools swallow up the fees from those runes.
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 a bull run, activities naturally rise as well. Why are you expecting the fees to stay low?
But this time around, yeah, the bullish market is probably driven mainly by institutions. Yesterday, the fees were as low as 2 Sat/vB for high priority transactions. So, I guess this is just a spike in the fees, a quick and temporary increase. Right now, the fees have decreased considerably. It might go north once more especially if the retail market goes active, but I'm seeing double-digit fees in a day or two.
But this time around, yeah, the bullish market is probably driven mainly by institutions. Yesterday, the fees were as low as 2 Sat/vB for high priority transactions. So, I guess this is just a spike in the fees, a quick and temporary increase. Right now, the fees have decreased considerably. It might go north once more especially if the retail market goes active, but I'm seeing double-digit fees in a day or two.
I’ve mentioned this before, thinking the fee would stay low during the bull run, but I was wrong... so what now?
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.https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight
Inscriptions transaction count share
If it repeats, Bitcoin mempools will look better after next 1 or 2 weeks, and I really hope so because hypes from Ordinals, Runes won't be able to last for so long.
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/
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