Topic: Why is the transaction fee and mempool congestion increasing ? - page 4. (Read 759 times)

I think not, because they're buy Bitcoin just for transactions fee which mean they're not really interested with Bitcoin in the first place.

But with the current Bitcoin fee is quite high, this make small holders are careful enough to buy or sell because they will need to spend more money. I think many people might choose to adopt lightning network because they have no other way to reduce fee in Bitcoin network even you've use segwit address.

Got it, so its all about ordinals making this happen. Although, I do like the lightening network, but I think not many services support it yet?
I have one of my tx stuck from a few days. I paid 5.98sat/vB in fee thinking the fee rate would come down soon, my bad.
Tx: https://mempool.space/tx/428784a3370461b0504a2cae425c297cd5194fcf96501f2375b1b1cd9d810334

So most likely I will have to wait 14days for this to get dropped and get back to my wallet.

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Will this ordinals thing have any impact on Bitcoin's price as well? Thoughts?

So basically, people realize that the Bitcoin chain is more secure compared to other networks to print their NFT, which is why they are fine with paying 30 sat/vbyte now?

Makes me wonder if they will continue doing this or will eventually move back to 'fast' confirming blockchain since it allows them to move their tokens asap. Looks like those blockchain project that aims to anchor other chains to BTC is not going to die soon if people keep flooding BTC with NFT and the demand for anchoring to reduce congestion increase. CMIIW.

It may seem unreasonable to you, but there were times in the history of Bitcoin when you had to pay as much as $50+ to get your transaction confirmed in the next block. Back then, someone spammed the network for completely different reasons than what happens today, but the effect is the same for the average user - more expensive fees for sending transactions.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

I don't like it happening this way either, because vigilant critics will again start criticizing that Bitcoin makes no sense as a currency because the transactions are simply too expensive. And of course there is some truth here, because microtransactions that are worth a few $ do not make sense if you have to pay a higher fee than the value of the transaction.

Yesterday the numbers of unconfirmed transactions around 290K but now it's near 210K so it's a sign of the network is clearing but as you said anyone who wants to make Bitcoin transfer can avoid on chain transaction to save few dollars because on normal days it won't even cost half a dollar now it's over $6.

This is incorrect.

Firstly, I would point out that bitcoin.com is a BCash scam site entirely designed to trick newbies in to believing a dying shitcoin is the "real" bitcoin. I would avoid it like the plague.

Secondly, the current average block time for this difficulty epoch is around 10 minutes and 12 seconds. This is the difference between 144 blocks a day and 141 blocks a day. This is a difference of 3 blocks and therefore 3 MvB at most, and not nearly enough to explain the >100 MvB of unconfirmed transactions we currently have.

This quote in particular goes to show the author has absolutely no idea what he is talking about:
The time it takes a single block to be found is utterly meaningless when considering the global hashrate or the average for the epoch. We could double the hashrate and still wait an hour for a block, or we could lose 90% of the hashrate and still find the next block in 20 seconds.

The unintended consequences of the growing adoption of Bitcoin are definitely a bitter pill to swallow, especially for those idealistically-minded people who have repeatedly talked about Bitcoin being a store of value and its sole purpose being an alternative to the traditional financial system built on top of debt and continuous printing of money. As it turns out, the permissionless and decentralized nature of Bitcoin may involve utilizing it in unexpected ways that not everyone supports. Nevertheless, this additional source of demand (I am now talking about ordinals, inscriptions, and other NFT stuff) results in blocks full of large-sized transactions, which in turn leads to an increase in fee rate and mempool congestion. I'd say if you favor the absence of centralized control over Bitcoin protocol and permissionless access to all its capabilities and features, you should be happy about the fact that people find ways to use Bitcoin in a way they consider beneficial and useful for themselves. After all, not all people in the Bitcoin community support the use of Bitcoin as a means of payment, but nothing can't stop you from paying others in Bitcoin (assuming your counterparty voluntarily agrees to conduct the said exchange), so why give people a right to decide for other users which use case is acceptable?

Because a plague named NFT hit Bitcoin blockchain. Those greedy bustards inscribe more than 5k NFT in each block.. Seekers of easy money load a lot of traffic to blockchain, making every low fee transaction stuck there for days and weeks, which turns into fee increase. These bustards are turning BTC blockchain into ETH Remember times when transactions on Ethereum cost +50 bucks and still could fail? We can get same in BTC. Funny that those people will be first to complain that they no longer can pay few cents for transaction

I was reading through bitcoin.com the other day and saw that there has been decreased in the global hashrate with it been around 300EH/s with also the the intervals for the next block to discovered has increased above the 10 minutes interval. So I think this could be part of it aside the fluctuations of bitcoin price.

AFAIK, it's related to Bitcoin ordinals[1]. If you're transacting on a regular basis, then maybe it's better to try and stick to the lightning network for now.

[1] https://decrypt.co/138668/bitcoin-daily-fees-hit-all-time-high-with-3-million-ordinals-inscriptions

Since the past few days (probably a week), Im observing that the bitcoin transaction fee (for a tx to get confirmed and included in the next block) has increased to an unreasonable level and is not ready to come down. My tx used to get confirmed at 1sat/vB in the past months. I was just curious to know as to what has caused this sudden congestion in the mempool? I cant find a reason.