Yes, something similar to BRC-20/ordinals has become possible for the creators to include in blocks and that's the cause of those higher fees.
That thing is named as runes by the developers, and the rune creators are spending huge amounts to get their runes minted so they can make more profits as early adopters of it.
Runes are just like meme coins on Bitcoin network and if they continue popping like that then they may create more network congestion in coming days.
If the hype of runes get reduced then we may see low transaction fees once again and till then we will have to cope with those fees as part of Bitcoin community.
Topic: Why bitcoin transactions fees gone high and will be be increasing day by day? - page 2. (Read 278 times)
April 22, 2024, 04:35:58 AM
April 21, 2024, 04:00:19 PM
Looks like Runes and Ordinals are now the reason for the high fees. We must be prepared for the fact that fees will only increase in the future.
April 21, 2024, 03:27:38 PM
Op the cause is congestion in the recent halving block. A lot of persons tried as much as possible just to make sure that their transaction is added and confirmed In block #840,000 which is the most recent halving block. Therefore there was a great deal of competition for block space on the network causing fees to rise. However unfortunately a couple of users still paid those fees.
Currently the fees are still very high but according to most speculations it would probably return to normal within a couple of weeks or even less. If you observe closely you will even notice that fees are actually gradually going back to normal.
Yesterday I tried executing a transaction worth $25 for a an urgent request, couldn't believe it when I saw the tx fees for it was $21 as charged. I had to abandon it and go for another alternative to satisfy that request. I checked again today and discovered the fees has dropped, so yea, it's possible it won't even get up to a week or more before the fees drops to normal. Peradventure the fees doesn't normalize within the shortest time then it should be understood that there may be miners manipulation involved to rake profits to their side using the halving as a wash-up excuse. Currently the fees are still very high but according to most speculations it would probably return to normal within a couple of weeks or even less. If you observe closely you will even notice that fees are actually gradually going back to normal.
April 21, 2024, 03:11:45 PM
I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?
Read thisAnd is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?
On the other hand, since block rewards have decreased, transaction fees would go a bit higher as well. Miners could manipulate transaction fees also by creating dust transactions
And this is part tooQuote
If you notice a lot of dust transactions, then imagine miners manipulating.
Yeah this could be some couple of dust transactions which will set a very high priority of fee and this could be more advantage to miners... so miners could be at this too 
April 21, 2024, 03:01:38 PM
Ordinals messed up the transaction fees. On the other hand, since block rewards have decreased, transaction fees would go a bit higher as well. Miners could manipulate transaction fees also by creating dust transactions, because eventually transaction fees will go to them so they won't lose anything for a dust transaction. If you notice a lot of dust transactions, then imagine miners manipulating.
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April 21, 2024, 02:57:39 PM
I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?
I would like to your title maybe it can be possible the fees may gone more high in the next days of future because it's the simple thought like the user are increasing as well the project whos are based on Bitcoin work and if we think from one side, these projects will be one of the biggest reasons for the spam tx on bitcoin network and it is becoming congested and as a result of which we are currently seeing the transaction fee of bitcoin so high. So yes it's possible to increase the fees day by day but I also think it will also not sustain all the time in network.And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?
And I will also say the that yes it is possible to whale make some impact on network intentionally but he will also can't take it for long-last may be for the short period.
April 21, 2024, 02:48:53 PM
There are lots of runes currently still in the minting process that cause these transaction fees to still be at a high level.
Check all runes that are still in the minting process here https://ordiscan.com/runes
Once the minting process of most of the runes there is done expect transaction fees to drop.
Check all runes that are still in the minting process here https://ordiscan.com/runes
Once the minting process of most of the runes there is done expect transaction fees to drop.
April 21, 2024, 02:29:47 PM
Op the cause is congestion in the recent halving block. A lot of persons tried as much as possible just to make sure that their transaction is added and confirmed In block #840,000 which is the most recent halving block. Therefore there was a great deal of competition for block space on the network causing fees to rise. However unfortunately a couple of users still paid those fees.
Currently the fees are still very high but according to most speculations it would probably return to normal within a couple of weeks or even less. If you observe closely you will even notice that fees are actually gradually going back to normal.
Currently the fees are still very high but according to most speculations it would probably return to normal within a couple of weeks or even less. If you observe closely you will even notice that fees are actually gradually going back to normal.
April 21, 2024, 02:29:14 PM
You've listed the top reasons for the increase in fees, fungible tokens like runes are also contributing to the high fees. A lot of people paid Hugh fees to try and squeeze into the halving block but the effect of that has worn off now.
A whale can spam the network but cannot do that sustainably to keep the tx fee high for extended periods of time.
A whale can spam the network but cannot do that sustainably to keep the tx fee high for extended periods of time.
April 21, 2024, 02:27:49 PM
If you want to know the cause, you can read about Runes.
They are tokens similar to BRC20 or so. Their transactions are making the network congested. Also Ordinals are part of the reason that we should not neglect.
They are tokens similar to BRC20 or so. Their transactions are making the network congested. Also Ordinals are part of the reason that we should not neglect.
April 21, 2024, 02:20:45 PM
I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?
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