Bitcoin Forum

The side effects of Bitcoin halving have emerged.Seeing posts about folks being charged triple their transaction amount in fees for trying to move BTC. Personally tried to move $60 other day and got charged $40 for it. If you don’t believe , go try it.

Rune is one of the cause of the high fee but the mempool is getting better.

The fee is gradually reducing. After halving, it increased to over 2000 sat/vbyte. It later reduced below 500 sat/vbyte. I saw it below $150 sat/vbyte yesterday. It is below 100 sat/vbyte now.

https://www.talkimg.com/images/2024/04/22/jKTdg.jpeg

 Fees are so high right now I can't even make transactions! I wonder if this will last for a long while because of the hype of the halving or it's just a temp thing. I've been forced to hold my coins because of this and honestly it's not funny.

I did experience it somehow a little bit before with a $50 fee. It's really too much when it comes to transactions because the expensiveness of it makes it hard for it to be used in an everyday setup. I think it's not mainly halving but it has something to do with Runes as well or something.

I don't have to believe because the fees are visible by checking how much the transactions fees are right now.

This isn't the effect of the halving but those minters that are doing it on the bitcoin blockchain. They're spamming the network with their runes, ordinals and everything that they've been doing to mint new money for themselves.

In return, the fees for Bitcoin transactions have been affected but this isn't going to take any longer. Soon, we'll see the drop in fees.

It's really hard now to do micro transactions, I usually have some spare Bitcoin in my wallet and use it to buy things online such as gift cards or coupons/vouchers but in the past few months especially this few days, it's really impossible to make small transactions and sometimes the fee is higher than the value of the Bitcoin that you are going to transfer.

I think I need to use altcoins for micro transactions but the problem is not all of them accept other coins, they mainly accepts Bitcoin.

It is not because of halving, but because of those who try to inject codes, images, expressive texts and other things into the Bitcoin blockchain. block size is limited, fees are high, and some are still willing to pay thousands of dollars for nothing.
The rules of the free market say that at some point this spam will stop and fees will return to normal, but without intervention from most of the network, there is no guarantee that this will happen again, for or without a reason.

We can bear paying fees up to 3% of the transaction value, but if the fees are higher than that, the network will be used for large value transactions.

This is not really anything to do with halving, if you've been trying to spend BTC for the last year you'll know it was even higher last year around the same months :)

Like @Oshosondy already showed, it was a temporary spike, mainly because of Rune, but 100 sat fee is okay if you just spending a normal input. Last week I spent 8 inputs and spent only 51 sat fee, when network average according to mempool was 200. I still got confirmed in 24 hours.

No need to go crazy let the Rune people fight. Oh and this is nothing to do with trading, move to Bitcoin Discussion :)

Honestly, this is bringing a hassle for everyone, but what else can we do but to wait patiently until the normal price gets back. My only worries is that if emergencies arise and you have no cash funds for it, it will really hit you into nerves. However, we all know this is just temporary. And right now, the price gets even better than the first and second day of halving. But I also have this feeling that this isn’t halving only but most probably with Runes as well, although we all know that is what normally happens when a very important crypto event is on going.

It doesn't make sense to move $60 when the mempool is at a standstill, but when it's needed in btc then there's no other way but you wait a long time, even with the current fees for me is quite heavy.

I don't know if during the halving in 2020 the mempool will be as congested as it is now? If I'm not mistaken at that time there were no ordinals that were hype, was it quite normal then?
I don't remember exactly at that time.

its not because halving its because the rune minting you try seeing the rune minting in unisat you will find people are trying to get ahead of other people and paying $100 for just minting rune is normal thing.
the halving I think has very little to do with the fact that the fee is increasing, the block size still remain the same everything is the same only reward gets halved, but with the presence of these runes it does cause the fee to increase just like similar scenario in ethereum blockchain whenever there's airdrop claiming or NFT minting the fee spikes.
just to give you an information those rune minters are minting the runes by bulks, sometime 100x in a row with $100 fee and they are willing to pay for it.
its basically just whoever pay gas fee higher they get to get the limited supply minted runes.

No one should put the blame on the halving because it is only the halving block which is 840,000 block that the fee can be expensive just to insert your transaction into the halving block. The present cause of this hike in transaction fee is because of Runes, using bitcoin blockchain to mint.

We have seen such hike in transaction fee last year when ordinal attack bitcoin network, and it subsided, fee went back to normal showing that we are still going to experience normal transaction fee soon. In such times like this, I don't make any transaction, because I cannot afford the transaction fee.

We know the condition of the fee is high caused by something that has been mentioned. Because of the high cost, I still don't want to move Bitcoin assets and that is not one strong reason because there is another stronger reason why I still want assets to be stored in a private wallet.

Moving a small amount of assets is not an option if the transaction fee is high especially the value to be moved is less than $100. Fee Bitcoin per transaction is now at 132 sat/vB for high priority based on migration.
While waiting for ATH Bitcoin to be achieved, the fee will probably be low. Please be patient first.

I would assume that there are plenty of reasons why, but if we are being honest the simplest answer to all of this is that people are paying for it and that's it. If people decided boycotting these miner fees then we would just not have any transactions, we would drop everything and stop moving our money between wallets, it includes runes and everything else, we would just stop. Then miners would slowly first mine the latest ones with high fee, then there won't be any high fee and they would start to look at backlog and do with smaller fees, and then eventually it will be empty enough that we would all be doing it for cheap.

But right now, we have way too many transactions and everything which makes it quite expensive because we are crowded and there is a limit to per block transactions.

If I'm not mistaken there is someone entering transactions into the halving block by sending dust but the fee is quite astonishing, it's like they want to be in the 840,000 halving block so the fee is expensive.

Yeah this high fee is only temporary while the cost of bitcoin will return to normal high waiting for the right time, even now it is lower when the block halving is done, it usually takes months to mempool back to normal.

Few weeks i should say or a couple of days which these high fees would really be tending up to normalize but of course this is something that cant really be that known on how fast it would really be able to plummet down. Honestly, it do really sucks on the time that we do have this kind of problem on which tending to make out some transactions but due to that current $10-20 fee then you would really be hesitating on doing so.Even if i do have the money but im not really that still willing on paying up 20 bucks for something about transfer fee. It is really just that too much but on the time that i have seen that this one
would really be taking too long then i might sacrifice my 10-20 bucks.  :'(

Fees now are playing in between 90-120sats/byte which it might be that lower in compared into that previous days but still a painful fee if you would really be tending to make
out some transactions.

2024 has been the worst year in terms of fees paid on transactions. BRC-20 spam has hit the network hard over the past months with more Bitcoin users looking for ways to accelerate txs more than in previous years.

The halving caused a spike in fees due to people trying to get into the halving block, but after almost 400 transactions, that's no longer an influence, this is the reality now which everyone is hoping wears off with time. But if it doesn't, there may need to be a tweak on the network to make Bitcoin usable for regular users again.

I have never experienced this even when people keep saying about this fee it gets me surprised to see that after halving instead of positive news we keeps seeing people give negative news about fees getting high instead of bitcoin price to high.

You are correct.
After i finished typing the above comments and decided to make a little search about Runes (https://coinmarketcap.com/academy/article/what-is-the-runes-protocol) and i came to observed its another reason for the sudden surge in bitcoin fee.

I think the halving event is not to be blamed here. Even though it was not a halving event in the previous months, transaction fees were still high due to congestion in the network and also mempool, so I don't think that blaming it all on halving is not a thing. Anyway, just wait for a few days and the transaction fee will slowly be reduced and be backed to a single digit. It can't be helped. Many holders or people tried to transfer assets to different addresses during the halving event, which is why it causes congestion in the network. We dont know why. Maybe they are securing their assets as we dont know what will happen after or during the halving event.
So for now, take it easy. If the transaction is not that important, then don't push to do transaction because, believe me, you will be shocked if you see that your transaction fee might be higher than the amount you will transfer.

You're correct about fees and the BRC20 effect. Though all that have made Bitcoin usage difficult for small transactions, I like how something is being built on its ecosystem too. Yes, BRC20 tokens are memes on the chain and that goes to show how memes have made themselves a huge talking point in the current crypto narrative. We can't rule that out no matter how we despise them as worthless tokens.

Fees will return to normal once the mempol is cleared up. The high fees won't remain forever. Late last year I had over three transactions of mine stay unconfirmed for more than three weeks. It got to that point where I lost hope they were ever going to confirm. I'm sure that would've scared any newbie in the space if it happened to them and they would've erroneously believed they had lost their Bitcoin.

I believe you because we can see it. But this isn't the effect of halving. What you should blame is the runes protocol people that have been minting whatever they want as they seem to start the NFT craze again on Bitcoin network. Do they think that it's all worth it? for the miners it is. But for some plebs like me, it is not worth it at all because we're suffering and we can't transact with cheap amounts like $5-$10 because the fees have reached $30 which is crazy!

Many believe that it was the halving because there are no recent events apart from it and then there is also no upward movement in the price. Rise in fees can occur from time to time but this one here is different because the fees are already at the roof. I don't know what Rune means. Is it a new crypto? It's only great that the fees are starting to get better again.

This means a lot of us can now go back on our Bitcoin activities and this could lead for its price to recover. 24-hours confirmation for a BTC transaction is already long and seems appropriate already for the fees that you have inputted. As long as we are not in a hurry we can do this often.

Well, we did not expect this will be going to happen. Of course, there is an increase in fees but what we have experienced now is somewhat different, I'd never think this would even take so long, unfortunately, until these days, it remains high. It is quite disappointing but there is nothing we can do other than accept the reality. We just think that the market is wildly changing now and even the fees.

Whatever the reason for this  ( some people are talking Runes), we'd just keep in mind that this will never be forever. And just like in the previous months, it getting back slow to the usual fee of 1- 5 sats.

Fees are normalizing now.. Yesterday this is really playing around 150-200sats/byte.
Now....

Low Priority
43 sat/vB
$3.87

Medium Priority
50 sat/vB
$4.50

High Priority
55 sat/vB
$4.95

This day if this confirmation of blocks would really be that something that fast just like on previous hours
then it would really be showing again that 2-10sats/byte on which we are all longing for. Most of my transactions had already been that confirmed.
It do really sucks that you cant really be able to make out some Bitcoin transaction because of fees but this would really be only into those people who
do only have that small amount of money but for whales then this wont really be an issue.

Fees are slowly back to its normal rate now. I just hope that it will not reverse all of a sudden. But as we keep on saying, though the market is changing and even with the fees, still the changes won’t take forever. Patience is what we actually need the most. If you don’t have that, then you’ll never have a brighter future with crypto. Regardless if this is all about simply due to halving or those Runes, I guess it’s almost over now.

For day traders the change in fee dynamics won't affect that much cause they are going to trade inside the exchange and withdraw only to cash out but that can be postponed until fee becomes normal. P2P traders will be affected a lot but I guess they moved to centralized P2P platforms since the domination of exchanges.

runes are tanking in value lately maybe because the surge was too astronomical earlier when the first runes were out for mint.
I mean just imagine flipping money by minting rune flipping that $100 as a fee for getting a rune that is valued $1000 later on I think it does make sense why people across the world are trying hard to mint as much as they can even the built in feature in many minting site such as unisat where you can just bulk mint with high fee also doesn't go to waste so many people utilizing it that it literally flooded the blockchain I think it does make sense why many of us think the fee getting out of control out of the blue because of the runes alone.
just wait until rune become somewhat normal then things will get back to normal again.
its just like the case of ethereum when gwei usually skyrocket whenever there's airdrop claiming or NFT minting going on.

Well, it was quite obvious that it wouldn't really be that great, so obviously we are not seeing it change anytime soon, it will crash and not be valuable. Maybe there will be a period when it gets a surge because some people work really hard to revive it, but that will fail after a while as well. Runes are all destined to crash there is really no other way, it is just how we are seeing right now. All in all we are going to end up with a much different situation.

All of the situation, we are seeing right now is just temporary, eventually bitcoin and blockchain will go back to how it was. It doesn't really work as something that is changing in the end, we should be considering bitcoin getting "attack" right now which makes fees high, but that will be gone soon enough and we will go back to being normal again.

I think Rune will be subjected to pump and dump.  And I feel sad for those who got FOMO'ed to mint Rune NFT because sooner or later they will realize that they just wasted their money when the demand for the NFT tanked.


Once the hype about the new Rune subsided, the transaction fee of Bitcoin will surely return to normal just like in the time of the hype of Ordinals.


It is to be expected because Rune surged due to hype and has no use case.  It is also possible that the early price manipulator had already taken their profit and somehow left the "scene."

It has become a risk and Bitcoin can be developed by anyone. The emergence of the Rune Protocol which was initiated by several bitcoin developers has made bitcoin even more popular. Positive and negative effects will of course occur, such as rapidly increasing transaction costs and network congestion, but I think this will only happen in a few moments when transaction fees return to normal. Isn't this a bitcoin innovation and of course in a more fun way?

Bitcoin transaction fees went so high after the halving, and I wouldn't know for sure if it's caused by the aftermath of the halving or due to the runes that are dominating the network as members are speculating, but the fact remains that the occasional congestion in the mempool is not good for Bitcoin business. I'm however glad that the mempool is dicongesting, because evidently transaction fees are gradually returning to normal, I sent Bitcoin yesterday, $106 and the transaction fees was $6, and I was expecting the confirmation to take a couple of days, like the experience that I had a week before, but it didn't take long.

Moving BTC during the Halving will obviously be a very heavy burden but why not do it before the halving if the goal is the same as wanting to sell on the exchange. Therefore, as a retailer, we need to have a minimalist strategy in taking advantage of every opportunity. During the halving, costs will increase than usual and seeing how congested the mempool is, it is inevitable. I speak like that because I carried out 2 transactions before halving and after halving, as a result the second transaction was successfully confirmed 5 days later.

Now transaction fees have returned to normal but prices have fallen below $60K, so those who originally wanted to make a profit have to be patient and wait longer. As a retailer, I can only take advantage of the halving according to the initial target of investing for 3 years until the peak in the area of $72K managed to sell 70%, the rest was to determine whether there would be another new ATH after the ATH occurred before the halving, but in fact the $100K speculation had to be swallowed back.