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
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
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.
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. 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.
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 says bitcoin is perfect.
I have always maintained that Bitcoin was supposed to be cheaper and faster than other payment methods. However, people won't use Bitcoin as a payment method if it's more expensive or takes longer than other 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.
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/
Jump to: