What's up with btc.

[andulolika]

Hi yall, first time I post here and first time I feel like this because of bitcoin's confirmation speed.
So for first time I got in a quite ugly congestion on the network my tx been waiting for over 6 hours now and instead of just looking at blocks I started looking around.
For the 7 years of so I been into bitcoin I was only bothered by sometimes high fees but never really cared, today I looked and seen the huge delays the network having for 50k transactions . How can we expect btc to succeed in the future if it can barely take care of 50k tx's and how the hell one could get its !tx confirmed with anything over few hundred satoshis and now seemingly they expect nearly .0005 btc in fee.
I noted for a short time we went from 50 to nearly 60k unconfirmed then it went down to about 20-25k can't remember well and then it promptly pumped back to 50k
I believe these were made probably by the same fuckers that like to do this from time to time, used to call it pentesting the network.

Miners greed feels to grow with time more fees when bitcoin worth more (I admit in the past when btc was dirt cheap one wouldn't mind tossing .001 or even .01 btc fee if was feeling like it) and it gets more slow too.
Is this going to change and updates to be done or not? I'm definetly pondering about xlm and xmr nowadays eth seemingly doing the same at times and such slowness going on drives me to believe that it will be hard to have a one world currency and that at tops we will get one per continent, in past used to believe btc will only be held by big companies and people that buy at shops would be using ltc/doge (not that many alternatives back then) I'm now uncertain what to believe and clueless of what future should look like.

note: the part in bold is my actual question.
note2: I don't really mind it taking time but does make me worry to know it will handle such small amount of txs
note3: First confirmation,after 7 hours and a half a record for me .

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[AB de Royse777]

In my entire bitcoin experience I have sent bitcoin using 20+ sat/B very few times. May be max five times if I am not massively wrong. I do transfer bitcoin almost every day, several times in a week. And most of the time I go with 1 sat/B, occasionally I may use 3 or 4 sat/B. When mempool is to spicked then it takes 24 to 30 hours (the worse I had) but most of the times I end up seeing the tx to be confirmed in 1 and 2 hours. Very often I find myself the tx were picked in the next block.

Anyway, in my case I do not have any urgency to the transfers I do so I can afford time to waste (if we say so) but I understand that there are people who need the tx to be confirmed in the next block and to ensure that people end up paying too much fees and this actually coz the problem.

You will notice when for the next block 3 sat/B (as example) is enough we see some transactions have over 100 sat/B. This race of paying very high fees without actually calculating the actual fees (3sat/B in this case) which is enough to get the next block is harming the system.

May be we need more realistic tools to measure the accurate tx fees so that people do not pay very excessive fees without any reason which ultimately cost others too.

Summary is that we need more people to understand bitcoin and it's technology.

note3: First confirmation,after 7 hours and a half a record for me .

Feels good ? :-D

[nc50lc]

Miners greed feels to grow with time more fees when bitcoin worth more (I admit in the past when btc was dirt cheap one wouldn't mind tossing .001 or even .01 btc fee if was feeling like it) and it gets more slow too.
-snip-
note: the part in bold is my actual question.
note2: I don't really mind it taking time but does make me worry to know it will handle such small amount of txs
note3: First confirmation,after 7 hours and a half a record for me .

It's not the miners who are dictating the transaction fee, it's the Bitcoin users as well as the "fee-rate priority" design.

Updates? Lightning network is now available for some clients (not popular ones) and now on it's way to more maintream clients like Electrum.
An official release should take at least a portion of the small-valued mainchain transactions (hopefully).
But after it made its way to Exchanges and others services (as a Deposit/Withdrawal option), then it will definitely decrease the average on-chain transactions.

Perhaps for now, if there's a maximum fee rate, the priority fee won't reach to a "greedy" level, what do you think?

[pooya87]

It's the miners who are dictating the transaction fee, it's the Bitcoin users as well as the "fee-rate priority" design.

it is not exactly miners that "dictate" the fees. it is mostly bitcoin nodes that dictate it and in some cases during high transaction traffic it is the poorly designed fee estimation mechanisms that inflate the fee rate and we see spikes. and obviously miners love high paying transactions.

[nc50lc]

It's the miners who are dictating the transaction fee, it's the Bitcoin users as well as the "fee-rate priority" design.

it is not exactly miners that "dictate" the fees. it is mostly bitcoin nodes that dictate it and in some cases during high transaction traffic it is the poorly designed fee estimation mechanisms that inflate the fee rate and we see spikes. and obviously miners love high paying transactions.

Yeah, that's a typo (my bad).
See that it's countered after the comma, otherwise, the purpose of that reply wont make sense at all  

[20kevin20]

IIRC, Bitcoin had a network congestion back in 2018. If not, it was 2017. Anyways, I had to move very large amounts back then and it was a pain in the ass. Had to pay more than $15 in fees for a transaction to get confirmed in a few hours.

I can only hope there'll be an update sooner or later that will lower down the fees as much as possible. Otherwise, it could be bad even for larger players and companies if and when the network gets congested again. The number of companies and people using BTC will most likely only grow, so the probability of a network congestion increases at the same time.

Otherwise, the larger the players in the network gets, the more often txs will be added to the network and therefore it'll get much easier to congest it. If so, I agree with you: people will have to move to alts. It's so cool when I can send an alt for fees under $0.001 and then I get to move BTC where I usually have fees sitting at ~$0.1-0.5. Annoying

[andulolika]

I'm not sure I understand why my posts are getting erased from this thread. https://imgur.com/a/70yProj

Edit: Got a response, seemingly they were off topic but I don't see that as true, anyhow.

[Pmalek]

The replies from that Eplus user got deleted. Any post quoting a deleted post will also get deleted. You were also posting and replying to a post about Dogecoin, hence the off-topic deletions.