Why bitcoin transactions fees gone high and will be be increasing day by day?

AHOYBRAUSE

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It truely is super annoying and unpleasant.
Right now I need 2 transactions to finally go through and there is not ETA when this might happen.

Every time you think the situation relaxes a little bit 2 hours later there are 20000 new transactions on top of your which already had over 40k on top to begin with.
This happens every time and yet nothing is done to prevent this. If bitcoin is supposed to be the "future" then I don't know, transactions taking days and weeks to confirm unless you pay 100$ or more for it to go through doesn't sound so futuristic to me.
Grin

Sure there is btc lightning but who actually uses this? Signature campaign payments are done isn regular btc. If the fee situation doesn't get solved at some point the whole signature campaign thing here is doomed if we only stay on btc only.

Volimack

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As far as I understand if the volume of transactions increases the amount of fees may increase. Data space is limited in each new bitcoin block so generally speaking the more transactions the network requires bitcoin miners to process the higher the fee as one goes, so does the other. Bitcoin is the most popular of the virtual coins released so far. Its value has increased at an incredible rate due to increased investment.

darkv0rt3x

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Quote from: _BlackStar on April 22, 2024, 03:20:12 PM

Quote from: coolcoinz on April 22, 2024, 02:55:02 PM

Quote from: darkv0rt3x on April 22, 2024, 01:49:40 PM

-snip-

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

High transaction fees are annoying - but one doesn't need to use bitcoin as a means of payment as long as there are alternatives like altcoin. This is not the time to move bitcoin from one wallet to another - unless they can afford expensive transaction fees. Personally I tend to use altcoin for a while if I need to send someone a payment - while I'll hold bitcoin longer until transaction fee come down.

I agree with you - waiting is the solution, otherwise you will have to pay dearly for every transaction broadcast. That's how the network works to compensate miners who have currently received a cut of rewards after the halving - but I'm sure transaction fees will come back down.

Niet shitcoins here! Shitcoins are what the name implies! Shit!

I will patiently wait for the fees to go down. This won't last forever. Those shitcoiners will eventually run out of money to keep going with the crap!

_BlackStar

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Quote from: coolcoinz on April 22, 2024, 02:55:02 PM

Quote from: darkv0rt3x on April 22, 2024, 01:49:40 PM

-snip-

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

High transaction fees are annoying - but one doesn't need to use bitcoin as a means of payment as long as there are alternatives like altcoin. This is not the time to move bitcoin from one wallet to another - unless they can afford expensive transaction fees. Personally I tend to use altcoin for a while if I need to send someone a payment - while I'll hold bitcoin longer until transaction fee come down.

I agree with you - waiting is the solution, otherwise you will have to pay dearly for every transaction broadcast. That's how the network works to compensate miners who have currently received a cut of rewards after the halving - but I'm sure transaction fees will come back down.

darkv0rt3x

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Quote from: coolcoinz on April 22, 2024, 02:55:02 PM

Quote from: darkv0rt3x on April 22, 2024, 01:49:40 PM

You guys think the fees will ever go down back to what they were before the runes crap and before the halving? I mean, would we go back to fees as low as 30sats/vByte or something like that?

This is insane to pay over 100 sats/vByte. This was never intended to be te Bitcoin network. Cheap transactions for everyone purpose is rapidly going down the drain! Sad

(

It is insane and that's why they'll eventually run out of money to spam.

The market will self-regulate. You don't want to pay 100, I don't want to pay 100 and obviously most people don't want it too because it was 3 times more yesterday.
If you don't want to pay that much don't do it. You can pay 80 and get it confirmed in less than 6 hours, but you can also wait it out and get even lower price.

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

Yeah, I'm waiting and counting on that! I have an LN node that I want to keep alive and want to open more channels and eventually close some other channels but with these fees, I don't think so! lol. Patience is key, I guess!

coolcoinz

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Quote from: darkv0rt3x on April 22, 2024, 01:49:40 PM

You guys think the fees will ever go down back to what they were before the runes crap and before the halving? I mean, would we go back to fees as low as 30sats/vByte or something like that?

This is insane to pay over 100 sats/vByte. This was never intended to be te Bitcoin network. Cheap transactions for everyone purpose is rapidly going down the drain! Sad

(

It is insane and that's why they'll eventually run out of money to spam.

The market will self-regulate. You don't want to pay 100, I don't want to pay 100 and obviously most people don't want it too because it was 3 times more yesterday.
If you don't want to pay that much don't do it. You can pay 80 and get it confirmed in less than 6 hours, but you can also wait it out and get even lower price.

The fees will depend on how many people decide to spam the network but historically these attacks never lasted for very long. In May 2023 we were at 200, so higher than we are today and a month later it was back at 16.

InfinityExists

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Quote from: Charles-Tim on 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.

Yep, that's at least where I'm running into high fees.

darkv0rt3x

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Quote from: Franctoshi on April 22, 2024, 02:07:45 PM

When the mining rewards has been cut into another halve due to Bitcoin halving that just took place and miners now get lesser rewards for the work they do , What do you expect them to do to cover up their expenses on electricity bill, is for the miner to increase their transactions fees ,and this I kind of believe at the moment have caused this increasing rate we are witnessing in the transaction fees lately.

The network didn't need the crap to increase fees. They would increase yes, but at a different pace, probably!
I don't understand how people still get along with this crap in the blockchain!

Franctoshi

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When the mining rewards has been cut into another halve due to Bitcoin halving that just took place and miners now get lesser rewards for the work they do , What do you expect them to do to cover up their expenses on electricity bill, is for the miner to increase their transactions fees ,and this I kind of believe at the moment have caused this increasing rate we are witnessing in the transaction fees lately.

darkv0rt3x

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You guys think the fees will ever go down back to what they were before the runes crap and before the halving? I mean, would we go back to fees as low as 30sats/vByte or something like that?

This is insane to pay over 100 sats/vByte. This was never intended to be te Bitcoin network. Cheap transactions for everyone purpose is rapidly going down the drain! Sad

(

Maus0728

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The reason for the increase in transaction fees have been stated already and that's basically all there's to the reason why bitcoin transaction right now is so expensive, just wait it out though, that pressure in transaction fees will eventually settle down, the craze behind the halving hasn't died down yet so make this times as an opportunity for you to save up in fiat so when the time comes that all the hype's gone and the price goes down which will happen eventually, you can buy a lot of bitcoins with that money that you've saved up.

Regarding the whales, I don't think that they can spam the network unless they do want to do it, they've got the most to lose when the market is chaotic.

Aanuoluwatofunmi

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Quote from: ~speedx~ on 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 ?

Right before the inculcation of bitcoin ordinals inscribed on the blocks, there have been increasing cost of transaction fee as long as the mempool keeps getting clogged, this is not more about the NFTs or BRC20 tokens, if there were all there and the network isn't congested, there might be no increasing transaction fee.

Quote from: ~speedx~ on April 21, 2024, 02:20:45 PM

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 ?

Nothing like this exist, whales cannot manipulate to the extent that it always favour them, they also loose while others are moving bitcoin from one asset to another, this is never a weak point, instead, you need to understand what is being meant by a volatile cryptocurrency and how its demands and supply determines the rate for the market price or value.

Smack That Ace

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Quote from: Odusko on April 22, 2024, 09:07:25 AM

Quite hard to state the obvious reasons for the current bitcoin fee situation and the network congestion, but know that, this could be as a result of combination of factors before this current network congestion, and if you have being current with crisis in the bitcoin network, you will know that this is not the first time we are seeing such situations, but one thing is for sure, which is that on the long run, the network is going to settle down since the spammers won't continue to spam the network with junk transactions all in the aim to conggest the bitcoin network.

If a solution is not found soon, do not expect the network to be stable again soon. I heard this last year when ORDI was first introduced and things just calmed down for a short while and now we are facing network congestion and increased transaction fees just because of RUNE. Is there any guarantee that after these RUNE spammers are the last and when they are gone, we will have no more spammers created? Don't console yourself by not daring to face the truth, we need bitcoin developers to quickly find a solution.

btc78

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Quote from: ~speedx~ on 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 ?

Not really, no. I mean there might be a chance that they are contributing to the congestion of the network but I don’t think they are the main cause because they have existed way before and they really did not have huge impact on the transaction fees.

Quote

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 ?

Well I saw some people trying to make transactions just because of the halving. Even saw someone pay huge amount of money just to be part of the block.

moneystery

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Quote from: BitMaxz on 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.

i didn't know that ordinals were still causing serious problems on the bitcoin network. it's really sickening to see how this ordinal makes the network congested and interferes with people transacting. like last night i made a transaction with bitcoin, i was charged around 10 usd just for a transaction worth 60 usd, it's really quite unreasonable. don't know how the bitcoin network is polluted by this ordinal and until now it seems that the bitcoin developers have not taken any serious steps towards this problem.

Odusko

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Quite hard to state the obvious reasons for the current bitcoin fee situation and the network congestion, but know that, this could be as a result of combination of factors before this current network congestion, and if you have being current with crisis in the bitcoin network, you will know that this is not the first time we are seeing such situations, but one thing is for sure, which is that on the long run, the network is going to settle down since the spammers won't continue to spam the network with junk transactions all in the aim to conggest the bitcoin network.

DanWalker

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Quote from: yudi09 on April 22, 2024, 08:29:06 AM

Quote from: ~speedx~ on 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 ?

I would like to add to what has been said here that the high Bitcoin transaction fees can be caused by congestion and the large number of tokens with their respective names being minted which can be seen here -> https://ordiscan.com/runes
If I consider the high Bitcoin transaction fees to be Bitcoin's weak point, I will not agree directly because transaction fees do not occur all the time except in situations like the current one.
You have to be sure that transaction fees will return to normal and won't be like this forever which can disrupt many services and businesses.

But have you ever thought of a scenario where the price of bitcoin increases, the popularity of bitcoin grows larger, and the demand for bitcoin also increases over time? That will certainly also lead to higher transaction fees. Slow transaction confirmation times and non-scalable blocks are bitcoin's weaknesses, and it's not something new. Bitcoin is not perfect and we need to accept that fact, do not stubbornly think that bitcoin is so perfect that it has no disadvantages.

If the developers don't come up with any solution to fix this, you'll see bitcoin transaction fees go even higher than they are now in the coming years as trading volume increases.

yudi09

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Quote from: ~speedx~ on 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 ?

I would like to add to what has been said here that the high Bitcoin transaction fees can be caused by congestion and the large number of tokens with their respective names being minted which can be seen here -> https://ordiscan.com/runes
If I consider the high Bitcoin transaction fees to be Bitcoin's weak point, I will not agree directly because transaction fees do not occur all the time except in situations like the current one.
You have to be sure that transaction fees will return to normal and won't be like this forever which can disrupt many services and businesses.

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Quote from: Luzin on April 22, 2024, 05:27:05 AM

The Lightning network has not been effective enough to facilitate large transactions. So I think it can't be the best solution yet.

Right, it's only good for smaller transactions.

@OP, you're right and it's about the same thing as brc20 and those nfts that are built on the Bitcoin blockchain. They're the ones causing these high fees.

But compared to a few days ago, the fees were higher that time than of today. It's a common issue when the network has been clogged or spammed but eventually, we'll see the fees to drop soon.

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Quote from: SamReomo on April 22, 2024, 04:35:58 AM

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.

I just read indeed Bitcoin transactions after halving to 2,750 satoshis per virtual byte (sat/vB) or more than $240 per transfer on Friday, April 19, 2024. Of course, the Meme, Ordinal, Rune networks located on the Blockchain provide high benefits. You need to remember that Ordi is widely traded, the fees increase tremendously. Many even propose to remove tokenized tokens that ride on the Blockchain network. Although it has now gone down, this position is still quite expensive. Even after Ordinal was quiet I could still enjoy an 11sat/vB fee to send 0.1BTC. I think there will be a time when fees will return to normal, you just need to seize the moment when transactions are not so congested.

Quote from: ?? on ??

Layer 2 solutions like Lightning Network aim to alleviate congestion. While fees fluctuate based on network conditions, advancements and protocol upgrades may address scalability issues in the long term, potentially reducing fees and enhancing Bitcoin's efficiency.

The Lightning network has not been effective enough to facilitate large transactions. So I think it can't be the best solution yet.

Source:
1. https://news.bitcoin.com/after-halving-event-bitcoin-transaction-fees-soar-to-over-240/
2. https://www.coindesk.com/markets/2024/04/22/bitcoin-transaction-fees-come-crashing-down-post-halving/
3. https://news.bitcoin.com/bitcoin-halving-runes-proliferation-results-in-historic-fee-increases-crypto-community-reacts/

SamReomo

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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.

heslylamba

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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.

letteredhub

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Quote from: Mia Chloe on 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.

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.

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Quote from: ~speedx~ on 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 ?

Read this

Quote from: The Cryptovator on April 21, 2024, 03:01:38 PM

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 too

Quote

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

The Cryptovator

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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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Quote from: ~speedx~ on 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 ?

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 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.

BitMaxz

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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.

Mia Chloe

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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.

Upgrade00

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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.

Charles-Tim

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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.

~speedx~

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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 ?

Topic: Why bitcoin transactions fees gone high and will be be increasing day by day? (Read 278 times)