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Z390

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Quote from: Sunderland on April 15, 2024, 07:23:58 AM

zz this happened when I wanted to send a small amount of bitcoin.
Transaction fees suddenly hike to 150 sats/byte from 34 sats/byte and it keeps rising now.
Any clue what is going on with this abnormal spike?

One thing is very clear though, there was no Runes when Bitcoin transaction fee surged so high some months ago, at the time we all agreed that its Ordinals, and now we have Runes too, and from the view of the runes community I see that its making good money from their fans.

There is nothing we can do about this than to wait it out, I made few Bitcoin transactions myself and I couldn't afford the minimal requested amount by my Bitcoin wallet, I had to use a smaller amount and the transaction hooked for hours.

I got tired of waiting so I went on ViaBTC and use their transaction booster, at first I thought it won't work but to my surprise it doesn't take more than thirty minutes the transaction went through, so far ViaBTC is still very reliable, if anyone is facing problem they should consider using a booster like ViaBTC.

davis196

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

What is up with Bitcoin transaction fee since two days ago now?

Since the value is dumping in the past days I expect the transaction fee to keep its low as well.

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

Also is there any transaction booster that still works today? Like ViaBTC?

Are there any other boosters that are free like ViaBTC? Because this is the most talked about, I don't know any other. Thank you.

The "massive sell off" means that more traders/investors are moving their BTC, which means more transactions in the blockchain, which causes the transaction fees to go up. So the answer is yes, but I couldn't call this "a massive sell off". This is more like selling pressure, which pushes the price down, because the selling order are more than the buying orders on the markets right now. Maybe it's caused by FUD(even though I don't see any big FUD news) or maybe it's caused by the expectations of many traders, that the BTC price will drop after the halving, so they are selling now, in order to buy at a lower price in the future.

Belarge

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Quote from: kotajikikox on April 15, 2024, 01:37:04 PM

Mempools are congested because many people still decide to make a transaction with their bitcoin the thing is only most rich people can afford to do this.

This is why the transaction fees are getting higher. The richer people are willing to pay more but another richer person could and would pay with a higher fee so of course now everyone is suited to follow that.

Those with not much funds now have been left behind.

The higher transaction fees are mainly triggered by the whales in the market, they know everything and they're also running smoothly when it involves their crypto activities. We have congested memepool and this can be as a result of the steady rise in the system. We have transactions fees that's simply based on the trader, either to selects a cheap network or go for high ones. Every category of trader or investor have their set and they will likely possibly utilized them.

kotajikikox

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Quote from: Catenaccio on April 15, 2024, 05:48:00 AM

Quote from: btc78 on April 15, 2024, 05:15:21 AM

From what I know, bitcoin’s transaction fees depend on how much transactions are waiting to be confirmed so if there are many who wants to sell their bitcoin then many are also waiting to get their transactions done.

It's part of the story. Another part is more important, how many people want to pay expensive transaction fee even their transactions are very small. By paying expensive transaction fees, they convert their small bitcoin value to dust. If there are more people like this when mempools are congested, transaction fee will be expensive. If there are less people like this, transaction fee will less likely be very expensive, just higher a little bit.

Mempools are congested because many people still decide to make a transaction with their bitcoin the thing is only most rich people can afford to do this.

This is why the transaction fees are getting higher. The richer people are willing to pay more but another richer person could and would pay with a higher fee so of course now everyone is suited to follow that.

Those with not much funds now have been left behind.

Kelward

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Quote from: btc78 on April 15, 2024, 05:15:21 AM

Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

From what I know, bitcoin’s transaction fees depend on how much transactions are waiting to be confirmed so if there are many who wants to sell their bitcoin then many are also waiting to get their transactions done.

Hence the spike in transaction fees. If you want to join the mass movement then you’d have to pay for them.

Obviously high transaction fees should be as a result of more Bitcoin transactions, that's ofcourse the logical reasoning behind it, so in this case that price is dipping, perhaps many holders are frantically selling off. Although it's ironic that investors are supposed to be buying more during price dip than selling, maybe as some are panicking and selling, others are rushing to buy, but whatever the case is, miners are having their hands full in confirming transactions, so inevitably transaction fees will hyke.

Adbitco

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Its normal thing with bitcoin transaction fee especially when more transactions are being recorded we would see some delay except to those that gives higher charges, meaning during confirmation priority are given those with high fee. So when making transaction you should at least increase your fee to 40 sat/vbyte and above depending on the volume of your transaction otherwise anything less than could take several days to confirm.

kentrolla

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At this moment I could only think of massive selling as the reason for spoke in Bitcoin transaction fee ass there are no other valid reason because we have not seen any sharp surge in the value of Bitcoin lately. There might be other reason which we don't have knowledge about but it's not a good sign and if this happens multiple times in a year then it won't be used to transfer even mid level funds.

Sexylizzy2813

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Quote from: Pmalek on April 15, 2024, 10:35:28 AM

Quote from: Sexylizzy2813 on April 15, 2024, 10:15:01 AM

If the fee is as high as this when the price is dropping what then will happen if the price gets to let's say $85k, that means it will completely damage business for both investors and traders because no one would want to lose more than what is in his or her wallet.

It's not the current value of Bitcoin that is causing mining fees to reach 150 sat/vByte. Compared to bitcoin, ethereum dumped even harder and its fees have been on the lower side the last couple of days. Ordinals part 2 are going live on the Bitcoin blockchain. Monkeys are again looking for their bananas.

Honestly it looks that way because when it first started I think early this year, as Bitcoin price is going up the fees became high. I started thinking, if that's the case then Bitcoin price should go back to $40k, not until some corrections was made or something like that before the transaction fee came back to normal.
I also thought if it was because we're on the halving period, things started going through my mind. Does it have to this way every two months in this year? If so then is really not helping in any way.

LogitechMouse

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Well, I did look on the possible reasons, and based on this website:

Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Can massive sell off be thr reason behind the transaction fee spike?

I don't think so.
I believe that the current happening between Iran and Israel is the reason why we are seeing the market going down. It's also possible that the upcoming halving event and the bull run are the reason why we are seeing a price correction. Anyway, this is a healthy correction and investors are given another opportunity to buy Bitcoin.

Pmalek

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Also is there any transaction booster that still works today? Like ViaBTC?

ViaBTC works, but you have to be really quick to submit your transaction within a few seconds exactly on the new hour mark. Mempool.space also offers transaction boosting, but you have to pay for it. And it isn't cheap.

Quote from: Sexylizzy2813 on April 15, 2024, 10:15:01 AM

If the fee is as high as this when the price is dropping what then will happen if the price gets to let's say $85k, that means it will completely damage business for both investors and traders because no one would want to lose more than what is in his or her wallet.

It's not the current value of Bitcoin that is causing mining fees to reach 150 sat/vByte. Compared to bitcoin, ethereum dumped even harder and its fees have been on the lower side the last couple of days. Ordinals part 2 are going live on the Bitcoin blockchain. Monkeys are again looking for their bananas.

Sexylizzy2813

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

What is up with Bitcoin transaction fee since two days ago now?

Since the value is dumping in the past days I expect the transaction fee to keep its low as well.

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

I was expecting the transaction fee to be low or let me say it should be normal not as we are seeing it now. Bitcoin is at a price that we don't expect but still the transaction fee is high.
If the fee is as high as this when the price is dropping what then will happen if the price gets to let's say $85k, that means it will completely damage business for both investors and traders because no one would want to lose more than what is in his or her wallet.
This is the second time this is happening and I believe it will get back to normal before the halving and is best to hold than sell for now that the fee is high, nobody wants to lose but to gain more in this coming halving period.

Zaguru12

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

What is up with Bitcoin transaction fee since two days ago now?

Since the value is dumping in the past days I expect the transaction fee to keep its low as well.

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

The only clear explanation for a transaction fee hike is mempool congestion which means many people are moving their bitcoin to somewhere, there is no indication that people are selling. It is one of the FUDs spread to affect bitcoin that when you see the pool congested people are selling, which is wrong. A transaction movement can also be from an unsafe wallet either exchanges to a safer one. Maybe many investors wanted to take advantage of the low fees then to move and it caused the hike in fee. So it’s not about the price drop because even in a bullish period fees too can get high

Quote

Also is there any transaction booster that still works today? Like ViaBTC?

Are there any other boosters that are free like ViaBTC? Because this is the most talked about, I don't know any other. Thank you.

They are not boosters to say, because any of them you use need to have to mine a block before you can get your transaction to confirmed. As things stands now only Viabtc is the authentic one

Solosanz

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Quote from: Alone055 on April 15, 2024, 07:22:18 AM

You should check in the Services section and you might find some thread where users boost Bitcoin transactions.

Those are fake accelerations, while few of them offer legit service, but they actually use Viabtc.

Quote from: Sunderland on April 15, 2024, 07:23:58 AM

Any clue what is going on with this abnormal spike?

I wanted to say ordinals inscriptions, but I look into the transactions that filled on the block, ordinals only take 10-20% of the capacity. So rest of them are real transactions by Bitcoin users, there are many batch payments, so many weak hands withdrawing their coins.

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348Judah

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

What is up with Bitcoin transaction fee since two days ago now?

Since the value is dumping in the past days I expect the transaction fee to keep its low as well.

We don't determine the rate of transaction fees as a measure of how the bitcoin market fall or rises, the way mempool gets congested with transactions is what determines the rate at which the miners' charges over it, they all work independently, they are separate and different from each other.

Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

No, the reason to why we experience high transaction fee is only about how the mempool gets congested as already explained.

Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Also is there any transaction booster that still works today? Like ViaBTC?

Viabtc is the most reliable one which is free to use, you may not get the required result from using other transaction accelerating services or mining pools.

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Transaction fees increase when there are more transactions happening and the network is getting congested. They don't correlate with the prices, neither positively nor negatively. So, it's not the case that the fees get higher when the price of Bitcoin gets higher, and it's also not the case that the fees get higher when the price of Bitcoin gets lower. Sometimes people sell a lot, and this means an increase in transactions, leading to higher fees. Sometimes people buy a lot, and the same thing happens. And sometimes it's just other factors (like with Ordinals).

Sunderland

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zz this happened when I wanted to send a small amount of bitcoin.
Transaction fees suddenly hike to 150 sats/byte from 34 sats/byte and it keeps rising now.
Any clue what is going on with this abnormal spike?

Alone055

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

Sell off? Since Bitcoin dipped just recently and is now in recovery mode again, it should be more about buying pressure because people buy more when the market dips and when they buy and withdraw their funds from centralized exchanges to their wallets, this could be a reason for why the network has got congested a little bit and the fees are high due to it. A massive sell-off takes place when the market goes up and every rushes to sell their Bitcoin or a part of it so that they can take some profit but that's not the case here.

Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Also is there any transaction booster that still works today? Like ViaBTC?

Are there any other boosters that are free like ViaBTC? Because this is the most talked about, I don't know any other. Thank you.

You should check in the Services section and you might find some thread where users boost Bitcoin transactions.

Catenaccio

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Quote from: btc78 on April 15, 2024, 05:15:21 AM

From what I know, bitcoin’s transaction fees depend on how much transactions are waiting to be confirmed so if there are many who wants to sell their bitcoin then many are also waiting to get their transactions done.

It's part of the story. Another part is more important, how many people want to pay expensive transaction fee even their transactions are very small. By paying expensive transaction fees, they convert their small bitcoin value to dust. If there are more people like this when mempools are congested, transaction fee will be expensive. If there are less people like this, transaction fee will less likely be very expensive, just higher a little bit.

btc78

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Quote from: Crypt0Gore on April 15, 2024, 03:38:39 AM

Or this has something to do with the massive sell off? Can massive sell off be thr reason behind the transaction fee spike?

From what I know, bitcoin’s transaction fees depend on how much transactions are waiting to be confirmed so if there are many who wants to sell their bitcoin then many are also waiting to get their transactions done.

Hence the spike in transaction fees. If you want to join the mass movement then you’d have to pay for them.

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