Topic: What's happening with Bitcoin transaction fees? - page 4. (Read 1043 times)

We don't need a fix or a sidechain like some people are suggesting, we just need to find a way or wait for BRC20 to disappear then I believe everything will return to normal. The main reason for the recent high transaction fees similar to what happened in May this year is due to most BRC20 transactions. BRC20 is nothing but a meme even worse than some other altcoins, I thought they were dead and gone but to my surprise, Binance listed them and made them revive.

If these attack continue then I won't be suprised to see 150 sat/vB to the range of 200sat/vB. The USD value will go up if Bitcoin price continues to pumps for the next 8 days. That will hurt the sentiments more as people tend to look into the USD value more often for transaction fees.

If I remember correctly we faced a similar issue a couple of months back. At that time the memepool was completely conjusted and the transaction fee was too high to complete a small transaction. There should be a solution to this issue otherwise it might become a constant affair.

Miners will stay neutral in this war because they are middle men who get most benefit from higher, more expensive transaction fees on Bitcoin blockchain. They do their works and if they get more money from mining, they are happy. The responsibility is from Bitcoin nodes which come from Bitcoin mining pools, miners too but not all Bitcoin full nodes are from mining entities.

I see this spam type will only end if Bitcoin protocol will be updated to prevent it to be accepted by miners. This will be very challenging task for developers if they don't get support from Bitcoin miners to vote for a new consensus.

Those Ordinals guys can create new projects, new tokens to milk from Bitcoin blockchain and make harmful effects on non BRC-20 token fans.

Well they can do it, to spam the network again with high fees, perhaps they are doing it intentionally and make bitcoin developers realized another sidechain and scaling solution. But I'm not an expert on it so I will leave if to someone who has more technical skills.

However, I don't also think that they can intentionally do this forever, sooner or later it will have to settle down again.

So for now that is the best thing to do, wait and if we really don't know to spend then just continue to hold.

You can say that again!

At the moment bitcoin isn't looking attractive not only to ordinary investors but also to users who use it regularly for micro payments and actually with these high transaction fees I see this negatively affecting the gig industry which uses crypto payment a lot...

And with this coordinated attack, we must give the ordinals a hand for not getting bored doing this , spamming the network and all but with time they sure will need to focus their energy elsewhere, let's hang in there & wait for this wave to pass 

Yeah at this point it is hard to know what's happening next.
I just wanted to do a little transaction and the last number I had in mind from yesterdat was like 50-60 sat/b for a transaction. When I checked right now what the actual fee would be I was a bit shocked about the graph at the mempool site.

It's insane to be forced to pay over 140 sat/b again, I really want to throw up.

We need a fix and a solution for that asap.

Yes today was bad, I was expecting a dip in the transaction fees but if you wanted any transaction to go thru you would need to pay up 100 sats byte.

The fact that Bitcoin broke to new yearly highs many probably want to sell some and this is causing the backlog to get bigger and bigger.

Maybe this weekend we will get a nice dip in transaction fees but who knows.

Yes, as per mempool the fees are:



And it looks like this is a coordinate attack in the last couple of weeks to really increased the fees and make the bitcoin network not usable for ordinary investors. We have this kind of situation before if I'm not mistaken, around May and we didn't do anything about it but just to wait for this whole BRC-20 ordinals to die down. But now they are at it again. Specially the timing though, when we are about to make a good run, some entities will have to ruined it.

This is what i like when using up Electrum on which you could really be able to modify fees according into the amount that you are really that willing to be spend in terms of fees amount.
In regarding on the situation and connecting out on BRC20 then its not really that new anymore, this kind of network congestion is never been the first time that do happen into the network.
Just like on what mentioned above, this would usually flat out on 1-2 weeks time basing up on the last congestion similar as this but if you are really that in a rush
on pushing up a transaction then you could always have that option on taking that high priority fee.

The ones who are mainly affected into this one are to those people who are really that making some micro transactions on which even if 4-5 bucks isnt that much on some people
but this is an amount that not all would really be liking to see on. No one really likes to pay up high fees but this is actually the main flaw of Bitcoin
is on about its scalability but well we arent experiencing this problem all of the time.Indeed there are really just times of  the year that we would really be
hitting up this scenario.

Yeah those looking to drive fees high can not afford to do it on a 365 day basis. So they cycle up when ever they can.

It is nice to earn the extra coin via fees I am earning around 103% a block vs 97% a block

Most likely once the Ordinals trend starts to fade after the Binance listing, the transactions should go down. This has been happening all year. It has its spikes but eventually people get bored of Ordinals and just move on to something else.

Probably 2 more weeks of this and we should level out. If you need to do a transaction try and get it done on the weekend, most likely you will be able to get a 25sat/byte transaction there, so if you got a segwit address it shouldn't cost too much.

you are very optimistic if you think high fees are not a permanent problem.  high fees will occur over and over and over see the pattern below:

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it will repeat over and over and over. there are many groups of people with a vested financial interest In having btc fees sky rocket.

BRC20 is on it again.

Binance is the culprit and I guess that they should make a solution on this one. They're affecting literally everyone with such fees because high priority costs $4 and a few cents.

That's so much for the fees when the transfer is just going to be around $4-$10 although we're allowed to adjust that but you can expect with these volatile times and fees have been dynamic, it might take a long time if you adjusts to medium and low priority.

You have to check https://mempool.space/ before making your tx, sometimes Electrum might not give you a good estimate when making your tx, if you check mempool.space, you can then customize your fee rate in Electrum to that for high priority, and you may not have to wait for so long for a confirmation. Though take note that you could broadcast your tx and the fee rate in the mempool goes high, meaning you have to either wait for the fee rate to drop, or you have to bump your tx with rbf.

BTC isn't competing with other payment systems, blocks are mined ~ 10 minutes on average, and tx fee rate can go high sometimes, meaning that you have to outbid other users by paying a higher fee to get a space in a miners block.

In fact, there's a lot of many reasons can be exchange into other coin wiht a pair of the bitcoin now the active traders make their move in every situation so they grab and scalp each profit, actualy its not the only day, because even this week the rise up of the bitcoin trades are often congested afaik I saw that it reaches for over 4$ just to have a medium transaction there's alot of block transaction stuck because of this number people make trades with their bitcoin. This means people now are keep engaging with the bitcoin network.

Isn't that the crazy part of crypto? I have been into crypto for few years now and the one thing that's learned and that haven't change yet is that the most stupid utilities in crypto space tend to work for the next bull market and millionaires are always printed by them.

I have said this before that Ordinals have the potential to get people rich in 2025, it's something new and it's even on BTC, of cos it doesn't make it the best thing but that's the way things are, it's how we all called Shiba inu a shit god forsaken project and meme coins printed many millionaires still.

Now this Ordi is trading for $13-$14, yes it's probably another meme coin but ask yourself, why are you in crypto space even if Bitcoin is your most trusted project ever? You can possibly use Ordinals to get more Bitcoin on the long run, so be prepared for an insane spending on transaction fee in 2024-2025 and miners will be there to rip the most profits out of everyone.

Unfortunately this is unavoidable. 

ORDI is back and it is causing a lot of trouble for bitcoin transactions. Many people thought that this ORDI was dead, but according to what I saw in the past 2 days, it was not only revived but also very strong. Not only Binance list ORDI, another token called Sats is also being listed by major exchanges. This suggests that the transaction fee issue will not improve anytime soon as the BRC20 trend is still very strong.

To me, BRC20 is nothing more than a meme, they were created to create hype to attract new people to become liquidity for market makers. So I think they will not easily disappear but will continue to exist and develop.

In this Tweet, @rodamor made it clear that ORDI does not have a direct relation to the Ordinals project (*). The Tweet even led Binance to recently rectify some of the token’s info on its page regarding $ORDI.

As far as I can make out, each $ORDI is backed by one Satoshi, though I see this backing more as a conceptual thing than anything, since the token flows in value at will.

From what I’ve read, its utility seems to reside in:
Edit: Let's leave the above user cases in quarantine for now, until some evidence of this being so or potentially so being comes to light.

(*)There is therefore some relation to Ordinals, just not strictly at a core level, at least as far as I can tell. Bearing in mind the above quote, its listing should have no direct relation to Bitcoin network TX Fees, but rather these should relate to the number of Ordinals inscriptions themselves (not the token, though the buzz may cause for a higher demand of both, and even more so when many may be confusing the two).

See : https://www.publish0x.com/cointurk-news/ordinals-adding-extra-data-to-bitcoin-and-creating-nfts-with-xnkxqze


Going over My Ordinals Dashboard (I’ve refreshed some parts now to get a clearer picture), Ordinal inscription numbers boosted from the 24/10/2023 onwards, reclaiming daily bitcoin processed transactions related to Ordinals to be in a range around 40%-60% as of late (last 4 out of 5 days). This is the result not only of the daily inscriptions, but of the cumulative backlog that started to build from the 24/10/2023 onwards.

Consequently, daily Ordinal average fees have steepened over recent days, moving from the placid average of 6,6 sats/vByte on the 02/11/2023, through to 42,4 sats/vByte on the 04/11/2023, to yesterday’s 44,5 sats/vByte on average. Subsequently, all bitcoin TXs fees have paired on the rise, bearing in mind the drive in number of TXs that Ordinals represent as of late, as seen in the prior paragraph.

The Binance listing made $ORDI price go up because it brought more awareness It's also the cause of the congestion on Bitcoin network because the network isn't made for that. Although, I bought some $ORDI. but that was on Bitget before Binance Listing and I sold some after the pump because I just wanna buy more Bitcoin.
So, As people keep minting some NFTs or Brc20 on Ordinals, the Bitcoin transaction fees go higher because its built on Bitcoin network.

This Ordinals thing has not completely died yet. There are still little news or developments every now and then which somehow resuscitate it. ORDI's listing on Binance, for example, is one of them. But I don't think Ordinals is still as popular as it was before. It had a quick golden age and it is now facing its sunset.

I've just checked the mempool and there are still 138,028 unconfirmed transactions and high priority fee is a staggering 100 Sat/vB. Even so, I don't see this as permanent. This will all subside sooner rather than later. The hype of Ordinals will die.