Bitcoin reaches record high # of daily transactions

[adaseb]

Was hoping of being able to send a transaction on the weekend when fees are usually low, like it was for the past few years however today you would have to use at least 100sat/byte to be able to get any transaction going. Basically it reminds me of ETH network pretty much.

Had a bunch of small amounts that I was going to sweep into a new output using 1 sat/byte but I guess that will now have to wait.

Pretty crazy seeing 350K transactions on a weekend.

[Poker Player]

Had a bunch of small amounts that I was going to sweep into a new output using 1 sat/byte but I guess that will now have to wait.

You better wait. LoyceV's dedicated thread finally had its title changed. In the original title it said to take advantage of the opportunity to consolidate inputs, now instead:

[May 2023] Fees not low! Wait for opportunity to Consolidate your small inputs

That's what I see wrong with this, on the one hand we can celebrate the record, but sending transactions is getting quite expensive, for a sample the OP himself:

Friends, thank you all for a great week / 2nd week payment sent. ^{[exchange rate: 28502]}

Please feel free to join the discussion and testing of the platform. 

Thanks.

And I don't mean to clutter the thread but I bit the bullet and made a tx with a 138 sat/byte fee to hopefully encourage a miner to pick up the payment transaction 

Cheers to all, have a great week.

If you want to sent a small transaction, let's say $20, currently mempool.space suggests $6.18 as a high priority fee and even $4.12 for a low priority one, which in percentage terms is crazy. So it is not time to consolidate or to send small transactions, much less if you are in a hurry to get them confirmed.

[stompix]

~

That's because last I checked block time has nothing to do with number or transactions, or even MBs of transactions, it's purely to do with hash rate and mining difficulty. Increasing hash rate decreases the block-time, but then the difficulty adjusts every two weeks to effectively return the block time time to 10 minutes.

Are you really lecturing me on this?  

You completely missed the point of my remark.
It was about the record number of traction in a day, if in a day you have only 120 blocks it will be nearly impossible to make a record in the number of transactions even if you cherry-pick them by size and deny sanctions over 10 inputs/outputs. At the same time because when there were 170 blocks mined there were only huge transactions mainly consolidation because of the low fees, you couldn't break it either.

So yeah, block time does directly influence the number of tx in a day, and no, it's not a perfect correlation to the actual hash rate, and quite a bit of luck and variance. For example in the last 24 hours, we only have only 124 blocks mined, you think 15% of the miners have shut down their gears cause it's Sunday?

even if more transactions in the mempool means that miners get slightly higher rewards from the transaction fee, it's pretty negligible compared to the 6.25 BTC reward per block of transactions.

Really? Last block mined:
https://mempool.space/block/000000000000000000035434a80dd8e575f113f6bde1f42d5a2640e280d01ac5

Total fees   ‎2.106 BTC$60,676
Subsidy + fees   ‎8.356 BTC$240,751

Negligible???  

[Artemis3]

This means the world's most famous cryptocurrency is now being utilized more than ever

* But not for actual bitcoin transactions...


True fact is Bitcoin is being attacked by a spam exploit and you don't care this is killing REAL bitcoin transactions.


For others reading: Bitcoin = Network/Project, and bitcoin = the electronic cash. These spam advocates don't care that the spam is preventing Bitcoin to function for bitcoin and instead turn it into some sort of general spam database that would be useless for electronic cash.

And this is not innocent. Pay very well attention to the people who defend the spam clogging Bitcoin for they have an agenda, and its not in favor of bitcoin.

[nutildah]

* But not for actual bitcoin transactions...

They are actual bitcoin transactions. The transactions are valid, they have fees and are getting picked up by miners.

True fact is Bitcoin is being attacked by a spam exploit and you don't care this is killing REAL bitcoin transactions.

Bro you're a spam exploit. You're just like pooya, relentlessly re-hashing the same opinion over and over again, with zero effect on the situation. I already know your thoughts on the subject, why do you feel the need to share them for the 400th time?

Meanwhile, bitcoin doesn't care what you think. It will keep on doing its thing just fine.

And not that you care what I think as you're already convinced I'm a bitcoin hating terrorist sympathizer, but I think both BRC20 and Ordinals are just fads that will calm down when the degens involved move on to the next thing. And they will because that's what degens do: move from trend to trend.

Until then, try not to stay too mad, its not healthy.

[be.open]

This means the world's most famous cryptocurrency is now being utilized more than ever

* But not for actual bitcoin transactions...


True fact is Bitcoin is being attacked by a spam exploit and you don't care this is killing REAL bitcoin transactions.


For others reading: Bitcoin = Network/Project, and bitcoin = the electronic cash. These spam advocates don't care that the spam is preventing Bitcoin to function for bitcoin and instead turn it into some sort of general spam database that would be useless for electronic cash.

And this is not innocent. Pay very well attention to the people who defend the spam clogging Bitcoin for they have an agenda, and its not in favor of bitcoin.

You have a very limited view of the current situation. Why don't you, for example, be happy for the miners who earn a nice premium on top of their usual reward for their efforts to keep the bitcoin network running? Or do you think miners are not an important enough part of the bitcoin community? What makes you think that you have the exclusive right to determine exactly how the public blockchain should be used? Don't you see in the picture clear signs of success for the wider adoption of bitcoin, albeit not in the way you planned to see it?

[NotATether]

I may be poking my head in the sand with this comment but:

Why don't you, for example, be happy for the miners who earn a nice premium on top of their usual reward for their efforts to keep the bitcoin network running?

That's like saying we should be happy for any Fortune 500 company that announces record-breaking $100 billion dollars in profit. That would be cringe IMO. They're just doing their job.