What's happening with Bitcoin transaction fees? - page 5.

serjent05

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Quote from: Bureau on November 07, 2023, 07:58:55 AM

Anyone here who can give a solution to this issue?

Lightning Network should be the solution but the issue with it is not resolved yet. I think if you keep on using Bitcoin, no one has a solution for it unless the developer blocks the ordinals and keep it out of Bitcoin networ.

Quote from: Bureau on November 07, 2023, 07:58:55 AM

I feel they would continue to make the transaction fee in those Satoshi figures . This situation would not help small investors and traders as they would avoid these kinds of transaction fees.

Yeah, the transaction is way too expensive and it is devastating for small-time businesses and it is not good for the Bitcoin economy since these small businesses might be forced to stop their support by disabling Bitcoin payment option.

Binance accepting Ordinals simply shows they do not care about Bitcoin but their own business.

Quote from: Z-tight on November 07, 2023, 05:36:19 PM

BTC blocks are mined ~ 10 minutes on average. The network is congested because fee rate is high and people who attached low tx fees will have to wait as their tx will be unconfirmed, but if you use the fee rate for high priority, your tx will likely be mined in the next block.

I did a transaction recently and the average tx fee suggested by Electrum made me wait 10 hours to confirm. This is not good if Bitcoin wants to compete with fiat payment processors.

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Quote from: Zaguru12 on November 07, 2023, 02:03:34 PM

Although according to their FAQ you could get your transaction mined by other pools because they have a cooperation with other multiple pools but I doubt it will be for free services, it will certainly be for those paid services because they could be paying commission to those pools too. In order to pay miners it will be logical to just use the fee rate estimate by mempool.space as you said or wait till they get less congested a bit if one is not in a hurry to receive the transaction

Yeah, you are right, if you use ViaBTC paid service, your tx can be included in a block mined by one of their cooperative pools.

Quote from: BitcoinsGreat on November 07, 2023, 02:11:56 PM

Well, if the mempool is congested like it is now, will it take longer to mine the block too ?
Yes, I know that the transaction fee is increased but due to this, the block mining time is also increasing ?

BTC blocks are mined ~ 10 minutes on average. The network is congested because fee rate is high and people who attached low tx fees will have to wait as their tx will be unconfirmed, but if you use the fee rate for high priority, your tx will likely be mined in the next block.

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Quote from: Bureau on November 07, 2023, 07:58:55 AM

I was checking mempool and saw the transaction fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?

Sadly, most Binance listing somehow influences the market due to the exchange level of liquidity and the chance of quick profit the exchange listing always provide to the cryptocurrency investment.
Another sad thing is that 90% of all crypto investments only care about profit and have no sentiment for the market condition.

Quote from: Bureau on November 07, 2023, 07:58:55 AM

Anyone here who can give a solution to this issue? I feel they would continue to make the transaction fee in those Satoshi figures . This situation would not help small investors and traders as they would avoid these kinds of transaction fees.

The solution I can think of is the implementation of Schnorr signatures which will also improve security and privacy. Another is the use of lightning network.

Quote from: Helena Yu on November 07, 2023, 08:21:22 AM

Yeah it seems there many stupid people want to get tricked by Ordinal again, that because Binance is now start accepting this shitcoin.

I think they are more than stupid because they are only after the profit aspect of the market and never care about the result with the huge transaction fee the ordinal is creating in the BTC network.

hugeblack

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It is the enthusiasm of the beginnings, but soon people discover that writing on the Bitcoin blockchain is expensive and not as valuable as they see, and thus this type of spam will decrease. Unfortunately, we do not have much to do because these transactions are compatible with the protocol, but I do not expect them to have a future and impact as happens to some NFT markets, so What is happening is temporary and a tax OF decentralization.

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Now the fees keep increasing it is more than 100sat/vB for high priority and I believe it would increase more it's not as good as yesterday.
The only reason that I could see is due to the ordinals we saw this issue on ETH that keeps gas fees rising, and now Bitcoin is having trouble with Ordinals which keeps the fees high same as what happens to ETH when PlayToEarn rises.

The mempool chart for incoming transactions shows a big drop in incoming transactions it seems fees suddenly dropped from 100sat/vB to 70sat/vB.

I can imagine if more people will use Ordinals in the future I hope that they develop their own blockchain or have separate chains to get rid of these fees.

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Quote from: BitcoinsGreat on November 07, 2023, 02:11:56 PM

Well, if the mempool is congested like it is now, will it take longer to mine the block too ?

No. The average time it takes to mine blocks depends on the difficulty and the the total hash power of miners. The number of transactions in the mempool has nothing to do with the block time.
It may worth mentioning that, the average block time is always approximately 10 minutes on average and the difficulty is adjusted every 2016 blocks to keep the average block time close to 10 minutes.

tjtonmoy

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This is not something new and it is also not an issue. Those who can invest could easily use that transaction fee. We have faced similar situation with even higher fees few months ago, maybe. It was more than 350 sat/vB. I may have forgotten but it was higher than this. There was some kind of news as people were making more transaction than usual making the blockchain more crowded.

This is not an issue because you can set the fee manually. You can even put as less as 1 sat/vB. It will take time for the blockchain to cool down but when it does, you transaction will go through. It's all about having patience and if it's not important then just ignore it. But if you are desperate, you have no other choice but to use the dedicated / default fee

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Checking out on https://mempool.space/

Low Priority
91 sat/vB
$4.51

Medium Priority
102 sat/vB
$5.06

High Priority
107 sat/vB
$5.31

This is really a pain in the ass.This isnt the first time but anytime that the network condition is on traffic or tons of pending transactions
then this do usually happens. Its been a while that we havent seen this kind of traffic. Checking out the price then its playing on 35k.
Havent see any news or events that triggers out this situation but well there might be some non obvious reason
with this sudden spike on transaction.

Captain Corporate

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Honestly, this whole ordinals thing didn't really bring in any benefit that could balance the negative that it brought in. I have to say that it has profited only a few people while also making all of bitcoin to be something that is way too expensive to use. That is what bitcoin world should go towards, being "used", and if the transaction takes longer than thirty minutes and costs this much money, how could we say that it is definitely worth to be used, nobody would use it. This is why its a lot better to make sure that we could end up with something that is much better, and could be done in a way that would be cheaper and faster. Which means we need to get rid of ordinals type of things.

BitcoinsGreat

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Quote from: Bureau on November 07, 2023, 07:58:55 AM

I was checking mempool and saw the transaction fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?

It is for sure because of the Ordinals and we see this because of the listing at the binance. I remember that a few months ago the Ordinals were in the hype and at that time too, the mempool was congested resulting in the high tx price.

Anyways this is a party time for the miners as their revenues are increased by many times these days.

Quote from: Zaguru12 on November 07, 2023, 02:03:34 PM

I had a look into the blocks confirmed as at the time of this post it was at 815740 and the last block to be mined by viabtc pool is block 815721 which around 20 blocks down, imagine having to wait this long and if you don’t get into the next block mined by them you wait way longer again, definitely a long time before wait.

Well, if the mempool is congested like it is now, will it take longer to mine the block too ?
Yes, I know that the transaction fee is increased but due to this, the block mining time is also increasing ?

Zaguru12

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Quote from: Z-tight on November 07, 2023, 01:11:51 PM

Take note that ViaBTC is a mining pool and if you use their free accelerator and meet all the requirements, you still have to wait until ViaBTC successfully mines a block, and it can take sometime. ViaBTC also accelerates only 100 tx's per hour, so it is likely that you will fall under a queue.

I had a look into the blocks confirmed as at the time of this post it was at 815740 and the last block to be mined by viabtc pool is block 815721 which around 20 blocks down, imagine having to wait this long and if you don’t get into the next block mined by them you wait way longer again, definitely a long time before wait.

Although according to their FAQ you could get your transaction mined by other pools because they have a cooperation with other multiple pools but I doubt it will be for free services, it will certainly be for those paid services because they could be paying commission to those pools too. In order to pay miners it will be logical to just use the fee rate estimate by mempool.space as you said or wait till they get less congested a bit if one is not in a hurry to receive the transaction

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Quote from: Bureau on November 07, 2023, 07:58:55 AM

I was checking mempool and saw the transaction fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?

I went ahead and check the price of $ORDI on Binance and found that it is trading at a price which is way beyond it should be. I am sharing the screenshot below.

I don't think this listing of ORDI has anything to do with congestion and, to be frank, we have seen more so I would not that the fee is beyond anyone's imagination I think you were not active in the market when the price for the fee were touching $32. Yeah if you want to know more you might want to visit the following thread:

Why BTC Transactions Fees are Skyrocketing?

And to some extent, it does have some impact on the congestion because it is a BRC-20 token so based on the BTC blockchain. This really upsets me like how money makers who don't give a shit about BTC are misusing it to make what like 10x or 50x maximum (just assume). They still are doing the wrong thing IMHO.

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Those ordinals are the worst attack to the Bitcoin network but still those useless Jpeg files are getting appreciation from the ones who really don't care about Bitcoin's network. The ordinals caused huge market back then when the BRC-20 protocol was introduced and now once again those useless tokens are causing network congestion.

It's insane to see 73 sat/vB for low priority transactions and that shows how horrible the ordinals are for us Bitcoiners. I think the developers should find a way to stop those ordinals as they are huge risk for Bitcoin network. Those useless tokens are creating many TX's and which's causing network congestion.

The worst thing is that those useless tokens are now getting listed in centralized exchanges and that means that more and more network congestion for Bitcoin transactions. I think it's the start of those useless ordinals and who knows in future how severe network congestions they may create.

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Quote from: Wapfika on November 07, 2023, 11:59:59 AM

Definitely not related since Bitcoin high transaction is already there few days ago when the pump to 35k started.

Guess what, so where ordinals!
https://dune.com/queries/2433706/3998316
https://mempool.space/graphs/mempool#1m

The first day that 1sat/b tx stopped getting confirmed was the exact day the ordinals started being minted again!
Besides, the first major pump in Bitcoin price happened in the 14-16 interval, the mempool actually went down during those days!

Quote from: Mpamaegbu on November 07, 2023, 11:38:40 AM

This is really some crazy shit, frankly. It's becoming obvious this is going to be the major bane of Bitcoin, and not even the government we keep poking fingers at for its refusal to fall in line with the mass adoption thing.

So let me get this right, guys printing jpegs and paying for those around 2 million a day in fees are a treat for Bitcoin, but not the government, which can spend for example 4 million a day on a single aircraft carrier, and the US has 11 of them! Imagine they would truly want to attack Bitcoin as they see it as a threat and redirect just that money to increase the fees to attack Bitcoin, you would be paying $60 per tx by now! Cheesy

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Had to check mempool, and from the image shown in the OP, the fees as am writing have actually jumped up another plus 20sat/vB which is currently averaging between 77 - 90 sat/vB and looking at number of transactions in the block these are actually getting filled up unlike same time last week we're we saw blocks carrying 1000 transactions to 2500 transactions but now they are all carrying 3500+ tx...which to me suggests that demand to get transactions confirmed in the next block is the primary reason!!!

With these high transactions, this makes making micro payments unattractive and alts could be benefiting from this for now..

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Yes. The high transaction fee occurred because of the listing. Ordinals are currently a major part of Bitcoin's block size, and Binance listing made the situation worse.

A solution could be to limit the amount of arbitrary data that can be included in a transaction (similar to https://github.com/monero-project/monero/pull/8733, which was implemented by the monero community to stop transaction spam on the network).

However, given the status quo of Bitcoin development, I don't think it's ever going to be implemented, just like many other needed improvements (such as increasing the block size) that aren't being added.

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Quote from: Bureau on November 07, 2023, 07:58:55 AM

Anyone here who can give a solution to this issue? I feel they would continue to make the transaction fee in those Satoshi figures . This situation would not help small investors and traders as they would avoid these kinds of transaction fees.

If this is your first time then you should really get used to it, the only issue that we do encounter on Bitcoin is into that scalability issue on which on the time that the network gets clogged then
fees would go high but this isnt really as near with that ETH shit fees when theres a bloat of network transactions that flood out on the market. We could have several bucks in terms of fees
which we arent really that get used to and on the time that you do able to see those big changes or fees then you would really be starting to have doubts on why is this.
If you've been here on this market for a while then these kind of moments are really that normal.

Any ways on trying out to lessen the fees? The only way is to make out some conversion with some btc pairs and from there you could
really make that transaction but well its something hassle for me but if you are really that minding on saving up the fees then this would really be your choice.
As for Ordinals then i dont really see the connection. Network do really get flooded for sometime and its a natural thing to happen.

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Quote from: taufik123 on November 07, 2023, 11:09:25 AM

LOL, it turns out that what was holding up my delivery last night was Ordinal.
I even got stuck on a fairly long transaction yesterday and spent about 24 hours more.
The incident this time may still be tolerable, but when Ordinal appeared the first time the Bitcoin network was completely stuck and transactions became very expensive.

Will this continue and if the ordinal continues to provide disruptive transaction spikes, then this will not be good.

What about the Lightning Network which is not affected by Ordinal and is even faster?
But many don't like Lightning and don't even consider the lightning network part of Bitcoin.

I also thought twice when I was going to send a few satoshis in a small amount because I saw the expensive fees, I decided not to do it now until normal time, the current fees for small transactions are very burdensome.

Maybe I thought that since the $ORDI token entered the Binance exchange, many people made transactions via bitcoin, we know how Binance is influenced when there is a token listing, users will do many things to benefit there because it is clear that the token will rise, but I am not interested in the $ORDI token at all.

Haven't used the lightning network yet, so I don't know if there is any congestion or not.
Yes that's right, I consider that I have never liked the lightning network, it is still for me the onchain network that is more interested in.

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Quote from: Aanuoluwatofunmi on November 07, 2023, 08:36:37 AM

Having experience in this regards is not something new anymore, this is to tell us how the network is busy or congested, but we can always manuever our own way through, try to use a bitcoin wallet like electrum which support RBF, adjust your transactions to the lowest priority, apply the option of static and set the limit to about 20 Satoshi per vbyte, make your payment and use the transaction id to pump your transaction, use via btc to make your transaction faster since it's a mining pool and it's free, another thing you can do is to target weekend transactions or study the mempool when it's less congested.

Take note that ViaBTC is a mining pool and if you use their free accelerator and meet all the requirements, you still have to wait until ViaBTC successfully mines a block, and it can take sometime. ViaBTC also accelerates only 100 tx's per hour, so it is likely that you will fall under a queue.

It is also worth mentioning that your fee rate must be 10 sat/byte and above in order to accelerate your tx, also the volume of your tx cannot be more than 500 bytes. ViaBTC works anyway, but i would just check mempool.space and choose a fee rate that is best for my tx at that point in time.

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I did not imagine that Ordinals and BRC20 tokens would receive such interaction, but last time, Bitcoin network needed about 5 days before fees returned to normal, so high fees are not a permanent problem.
I created this topic last time Delay your Bitcoin transaction for this week| Volunteer campaign if you are not in a hurry, postpone your payments for this week, and I am sure that within 5 days everything will change.

Future solutions:

Use Bech32 addresses.
Use wallet that support RBF.
When fees are low Fees not low! Wait for opportunity to Consolidate your small inputs, consolidate all of your previous transactions into one income.
Use the Lightning Network for everyday payments.

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