What d fxxk...my money is hooked mehn

suzanne5223

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I have been vocal against bank to fully appreciate bitcoin, the surprise of today falls my ego. A transaction of $344 has not gone through, 14 hours have passed. It was until I shared my frustration in the office that mempool orientation came on board.

Despite how Bitcoin is a mind-blowing and game changer digital currency there is something you need to pay attention to when making a transaction from your non-custodial wallet to avoid transaction long span of transaction confirmation.
If you don't pay attention to mempool level or use some transaction fee calculation website before making your transaction it's not the BTC network fault but your naiveness so BTC doesn't fall your ego buddy.

BitDane

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Blame the incident to the growing demand for Bitcoin ordinal inscription. They don't only bloat the network but also increase the transaction fee for several time. I am still wondering the importance of this Bitcoin ordinal. Does the advantage out weight the negative why this Bitcoin ordinal project is not blocked in using the Bitcoin network?

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In all, suggest permanent solution to this problem for bitcoin fans if there is any

You can always send with the highest priority transaction fee cost if you don't mind spending extra dollars to get your transaction get the priority for confirmation. Aside from the developers side of creating and upgrading the Bitcoin system, this the the only thing we are able to do to solve the current problem If we intend to stay and use Bitcoin.

Coyster

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Quote from: Merit.s on May 04, 2023, 07:28:01 AM

What I noticed is that if you are sending higher amount the transaction fee is always favourable compare to when you are sending a little amount.

This is not correct. Bitcoin transaction fee is not determined by the amount involved in the transaction. What determines the fee is your wallet input and output, how clogged the network is and the Bitcoin address that you are using for the transaction; mind you that you can always adjust the fee rate to your choice, but these are the factors that determine how high or low your fees can go if you want your transaction to be confirmed as fast (or slow) as possible.

tabas

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Quote from: NotATether on May 04, 2023, 08:19:57 AM

Quote from: tabas on May 04, 2023, 08:16:00 AM

It sucks to see the network is congested again and this is also happening in many alts like ETH which is still having a high gwei for its transactions.

Bitcoin transaction fees, even post-Ordinals, are nowhere near as stupefying as various types of ETH gas fees, which in turn give me ATM fee vibes.

Yeah, it's not that near as those but when you're looking for some alternatives you've got no option but to just choose where you want to transact and just set the fee that's likely going to be confirmed. I just choose somewhere between from low priority to medium priority when I'm not in a hurry.
Anyway, the mempool seems to be a bit of breathing now.

JeromeTash

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Quote from: NotATether on May 04, 2023, 08:19:57 AM

Bitcoin transaction fees, even post-Ordinals, are nowhere near as stupefying as various types of ETH gas fees, which in turn give me ATM fee vibes.

Provided these "NFTs" or whatever they are called continue to hype up until the next bull market. I am visualizing how things might look when Bitcoin smashes past $100K Grin

NotATether

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Quote from: tabas on May 04, 2023, 08:16:00 AM

It sucks to see the network is congested again and this is also happening in many alts like ETH which is still having a high gwei for its transactions.

Bitcoin transaction fees, even post-Ordinals, are nowhere near as stupefying as various types of ETH gas fees, which in turn give me ATM fee vibes.

tabas

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Since yesterday up to this point, think of your transactions before doing it. If you're impatient then you have to shoulder the fee and set it up to the high priorty fee which currently is @ 137 sats/vbyte. You'll have to accept that if you're not willing to pay such fee at these moments, you just set it in low to no priority and just be patient until it gets confirmed. It sucks to see the network is congested again and this is also happening in many alts like ETH which is still having a high gwei for its transactions. Plan ahead your transactions so you won't be annoyed or pissed of waiting but has to pay the highest priority fee for it to be confirmed. A technique that you can do is to pay for 10 sats per byte and get some confirmation help through viabtc's accelerator.

Pandu Geddon

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

In all, suggest permanent solution to this problem for bitcoin fans if there is any.

transactions that occur at this time may be very dense. That's what makes transaction costs also increase. If you use the fee settings that you normally use, it can delay the transactions that you make.
You just need to wait until everything returns to normal. or if you use a network that you can use to add transaction fees, maybe that can help you. but if you can accept to pay more for the transaction you made.

Merit.s

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Bitcoin ordinals is what is causing the hike in transaction fee. I just confirmed that yesterday after I tried to transfer a liitle amount of bitcoin to an exchange. I realized that the transaction fee was 19% of the coins am transferring. I was wondering why and I had to check if the fee can be reduced through RBF but it was impossible. What I noticed is that if you are sending higher amount the transaction fee is always favourable compare to when you are sending a little amount.
OP, there are two ways out,it is either you increase the transaction fee if your wallet has RBF,or you should be patient with your transaction as it will surely be through. It can take two to three days sometimes.

Hyphen(-)

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Quote from: asawale on May 02, 2023, 11:52:35 PM

One of the disadvantages I see in cryptocurrency most especially the Bitcoin and Ethereum transactions is the huge transaction fees in the time huge transactions are taking place.

Can this be a disadvantage over not having financial freedom?

A Bitcoin transaction fee is very low compared to an Ethereum transaction fee.

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The transactions with high fees are given priority to be processed over the low one.
If you sent the fund from your custodial wallet, you should be able to speed up the transaction by increasing the gas fee. Just that you will be more than you planned as transaction fees. Always check the fee suggestions before you send or approve a transaction next time

The fee we paid for the transactions is the reward the miners get for aiding our transactions, that is why they process transactions with higher fees first before the ones with lower fees.

Ojima-ojo

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Quote from: asawale on May 02, 2023, 11:52:35 PM

One of the disadvantages I see in cryptocurrency most especially the Bitcoin and Ethereum transactions is the huge transaction fees in the time huge transactions are taking place. The transactions with high fees are given priority to be processed over the low one.
If you sent the fund from your custodial wallet, you should be able to speed up the transaction by increasing the gas fee. Just that you will be more than you planned as transaction fees. Always check the fee suggestions before you send or approve a transaction next time

For the past one week, Bitcoin transaction fees have been on a hike and there is no possible reason for that rather than the fact that the network has become congested which has resulted in high fees and a longer time for transactions to get to confirmation, over the week even with a high priority fees you will have to wait up to 2-3 hours for the transaction to go through.

And just today, bitcoin recorded the highest trafics in Bitcoin transaction even though most cryptocurrency users are looking for alternatives the highest volume in the last 3-6 months cycle and that indicate how user trust and use Bitcoin and also the underlying reason why the fees have become excessively high recently even though the price of bitcoin still remain under 30k.

So I wonder what the reason for the recent fee hike is since high fees have always been associated with raise in Bitcoin price but this time the case is different.

Dunamisx

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I have been vocal against bank to fully appreciate bitcoin, the surprise of today falls my ego. A transaction of $344 has not gone through, 14 hours have passed. It was until I shared my frustration in the office that mempool orientation came on board.

One can get discouraged sometimes when you experience a delay in confirmation of your payment, but always be rest assured that there's nothing that will affect your transactions from getting confirmed as long as you input the right receiving address, mempool may get congested after you've initiated your transaction or before it.

Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I always use 15 sat/vb with no problem for all my bitcoin transactions.

Any idea what the heck is going on?
Why the so much high fees this time?
Any idea of when my money is gonna be received?

You will definitely received your payment but the delay is because of the low priority you took which will took about 25 blocks confirmations before your transactions gets confirmed.

Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

In all, suggest permanent solution to this problem for bitcoin fans if there is any.

1. If ordinals does not exist again
2. If a new development is introduced
3. If you track the mempool at the lowest fee rate.
4. Make weekend transactions

asawale

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One of the disadvantages I see in cryptocurrency most especially the Bitcoin and Ethereum transactions is the huge transaction fees in the time huge transactions are taking place. The transactions with high fees are given priority to be processed over the low one.
If you sent the fund from your custodial wallet, you should be able to speed up the transaction by increasing the gas fee. Just that you will be more than you planned as transaction fees. Always check the fee suggestions before you send or approve a transaction next time

odolvlobo

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I always use 15 sat/vb with no problem for all my bitcoin transactions.

Any idea what the heck is going on?
Why the so much high fees this time?
Any idea of when my money is gonna be received?

In all, suggest permanent solution to this problem for bitcoin fans if there is any.

15 sat/vb is generally too much, but it varies depending on what other transactions are paying and how many transactions are waiting. As you can see, sometimes the necessary fee can be quite high, but there are times when 1 sat/vb will get it into the next block.

Helpful tips:

1. Look up the current transaction fees before sending. Wallets can be unreliable, so I look at mempool.space or other similar sites to see what the fees look like.
2. Be patient. If you are paying for something, then you might want to pay a fee that will get the transaction into the next block. But, if you are just moving money around, you can save some money by paying a lower fee and waiting longer.
3. Use RBF. If the fee turns out to be too low, you can increase it with RBF.

Poker Player

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I always use 15 sat/vb with no problem for all my bitcoin transactions.

You've been wasting money for the last year, then. In general, for a long time, much lower fees allowed confirmation in the next block. Not to tell you on weekends that with the minimum fee I have gotten quick confirmations.

The fees thing is not an absolute concept, it depends on how congested the blockchain is. You have to look and depending on the hurry you are in choose a fee, do not always use the same fee regardless of whether the mempool is empty, so you are wasting money, or if it is very full as it is now, so your transaction will not be confirmed in a long time unless you opt for RBF and increase the fee later.

The reason why it is so crowded is because as noted above there are a lot of people using the blockchain to store images.

Husires

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All the numbers that you see are an estimate of the ideal fees according to the number of transactions currently in the mempool, but they do not necessarily mean the actual amount. For example, you can set the fees at Medium Priority to be confirmed during the next 10 blocks, and the fee estimate was correct, but suddenly something happened, so that thousands of transactions were created after your transaction Thus, when mining pool found the block, they will choose current transactions with high fees, not according to your estimation.

Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I always use 15 sat/vb with no problem for all my bitcoin transactions.

Do not take it as a fixed rule, but if you are in a hurry, go to https://mempool.space and pay a fee that is 30% higher than High Priority. Here you will greatly guarantee that your transaction will be confirmed within the next half hour in the worst conditions.

palle11

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I noticed the congestion today and not only today for close to 48 hours but I'm not really worried because I used a lower fee. Well apart from pumping your transaction like have been suggested to you if you are in a rush, I think you can be patient for the congestion to be cleared. If you check the transaction you see how many thousands of transactions waiting to be cleared. One reason that cause such traffic is fees when it is lower.

JeromeTash

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

I always use 15 sat/vb with no problem for all my bitcoin transactions.

That's not always the optimal fee rate. You are supposed to first check what's going on in the mempool before you broadcast the transaction

Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

In all, suggest permanent solution to this problem for bitcoin fans if there is any.

Always check the mempool before sending out a transaction

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Quote from: Little Mouse on May 02, 2023, 01:08:53 PM

Consolidate all the input when fee is significantly low. You will get 1 sat/byte sometimes.

This is not about input consolidation because transaction with 1 input and 1 output can be stuck today because people were using fee rate of less than 10 sat/vbyte, but now the mempool is at 140 sat/vbyte now. That is huge. In just few hours, the mempool become very congested.

Yes, it is true that input consolidation can help, but somehow off-topic to this thread.

Little Mouse

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Quote from: Call_Me_Guru on May 02, 2023, 01:02:33 PM

Any idea what the heck is going on? Why the high fees this time?

It's possibly Bitcoin Ordinal. It's consuming the block space for no reason and as a result, the normal Bitcoin user has to pay a higher fee. Just a guess as I have seen a lot of talk regarding Bitcoin Ordinal in the last few days.

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Any idea of when my money is gonna be received?

No one can predict the fee rate. Which wallet have you used and have you used RBF enabled? If so, you can bump the fee as required. Alternatively, if you have access to the wallet where you sent BTC, you can use CPFP method and get your transaction cosnfirmed.

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In all, suggest permanent solution to this problem for bitcoin fans if there is any.

Consolidate all the input when fee is significantly low. You will get 1 sat/byte sometimes.

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