Bitcoin Halving Event [2024], Reality!

[pakhitheboss]

Before the Bitcoin Halving event of 2024 in 2023 we were happy and enthralled as we all were expecting a massive bull run like 2021 post halving. Before the halving, we saw a small but good bull run due to the Bitcoin ETF, which none of us might have anticipated as the demand for Bitcoin suddenly increased through ETFs. We did notice that Bitcoin broke its previous ATH and soared above $73K. Everything was going well and we expected to see another bull run but..

Reality:

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

What to do now?:

I understand it is an ongoing issue but what is the solution to this issue? Will those spammers namely Ordinals stop spamming the network or it is a new thing that we as a community now need to adapt? The whole concept of Bitcoin adoption gets a big jolt due to the high transaction fees. There is a layer 2 solution for Bitcoin, but that is not as easy to use as other layer 2 solutions on a different blockchain.

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[highalch]

Ordinals congestion has been discussed here countless times. I'm conservative on what the function of bitcoin should be, but to be honest, rolling back inscriptions is no longer a viable solution. Addressing the issue like this would definitely result in a major hard fork of the network. For now, we live with it. Let's see what the future brings.

Also, Runes might replace BRC-20s in the future, which utilizes UTXOs giving a less stressing solution to fungible tokens.

[hd49728]

I understand it is an ongoing issue but what is the solution to this issue?

If you only have bitcoins, wait. Waiting for some months after a halving will help you to have better price to take profit.

If you have altcoins, banks, you can use them alternatively during this time.

Will those spammers namely Ordinals stop spamming the network or it is a new thing that we as a community now need to adapt?

They will stop or reduce their spam. Ordinals and Runes are the same, when people are seriously minting those tokens, they spam Bitcoin mempools. When these guys done their minting, Bitcoin mempools will gradually become better.

Ordinals and Runes can come and go, then return and we can see other similar projects too.

Inscriptions, Ordinals and their effects in 2023.

[Cryptoprincess101]

Before the Bitcoin Halving event of 2024 in 2023 we were happy and enthralled as we all were expecting a massive bull run like 2021 post halving. Before the halving, we saw a small but good bull run due to the Bitcoin ETF, which none of us might have anticipated as the demand for Bitcoin suddenly increased through ETFs. We did notice that Bitcoin broke its previous ATH and soared above $73K. Everything was going well and we expected to see another bull run but..

You need to understand that even before the approval of spot Bitcoin ETFs, the market was already bullish and this triggered the price of Bitcoin to create a new ATH after ETFs were officially approved so after the post halving, it wasn't bullish again as expected because it has already experienced it in pre-halving times.

Reality:

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

Sure miners are f*cking making a whole lot of profits now that transactions fees have became unbearable as a result of too much congestion in mempool.

What to do now?:

I understand it is an ongoing issue but what is the solution to this issue? Will those spammers namely Ordinals stop spamming the network or it is a new thing that we as a community now need to adapt? The whole concept of Bitcoin adoption gets a big jolt due to the high transaction fees. There is a layer 2 solution for Bitcoin, but that is not as easy to use as other layer 2 solutions on a different blockchain.

Ordinals may not stop spamming the network anytime soon so the congestion continues but this should be the best time to hodl because it is really hard to pay high transactions fees now more especially those that want to make small transactions, so hodling for now is the way out till when the congestion becomes less and transactions fees reduces.

[Plaguedeath]

The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

Possible, if:
1. Someone willing to spend $200 for the fees.
2. The transaction size isn't big and viabtc accerelated his transaction.

There is a layer 2 solution for Bitcoin, but that is not as easy to use as other layer 2 solutions on a different blockchain.

Easy if you use custodial LN wallet, the problem is if you don't have Bitcoin in lightning network, it means you need to pay on-chain fees in order to convert your coins from on-chain to LN.

[tabas]

Just as the ordinals have stopped during their network spam. These runes are also going to stop anytime soon. In fairness, there's a decrease on the fees but I am not yet in the hope that we're going to see it continue because the last time when the fees have dropped down, there's a sudden rise of it. While this reality sucks because we think that the fees won't be moving together with the price but, some drama and issues like this has to happen before everything is all set for BTC on its peak.

[Fiatless]

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

The price of Bitcoin during post-halving is not triggered by transaction fees but by the reduction in the supply of Bitcoin caused by the halved block reward. The high transaction fees are beneficial to miners but it will not stop the increase of the price if demand exceeds supply.

What to do now?:
I understand it is an ongoing issue but what is the solution to this issue? Will those spammers namely Ordinals stop spamming the network or it is a new thing that we as a community now need to adapt? The whole concept of Bitcoin adoption gets a big jolt due to the high transaction fees. There is a layer 2 solution for Bitcoin, but that is not as easy to use as other layer 2 solutions on a different blockchain.

With these ordinal inscriptions/Runes clogging the mempool only the rich can afford the transaction fees and it will indeed make Bitcoin less attractive for small investors. Opening and closing the LN network is not also cheap and popular. For now, there is no solution in sight, so the best option is to learn how to live with these attacks. Small Bitcoin users would have to wait until the transaction fees drop before they carry out transactions.

[sokani]

Unfortunately, there's no solution at the moment, this is a sad reality and we just have to live with it. The reoccurring attack on the network should be a major concern by everyone who truly cares about Bitcoin. The spamming is not going to stop, even after ordinals and runes must have lost their hype, another non-fungible token will take their place, it'll keep happening over again and again. Sooner or later I'd expect Bitcoin core devs to do something about this.

[Aanuoluwatofunmi]

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion.

Their rewards have been slashed so what else should we expect, they will need a turnover to cover up on that, though that may not be the direct application of how it happened, what causes the high fee rate in the mempool congestion, but i want to believe that this time, the miners are having a good ride on the current transaction fee rate charged and they can prefer its going the same way like this.

I understand it is an ongoing issue but what is the solution to this issue? Will those spammers namely Ordinals stop spamming the network or it is a new thing that we as a community now need to adapt?

The answer to your question is this response that also asked that, have there not been mempool congestion right before the introduction of the bitcoin ordinals to the blocks space, how has it been dealt with ever since before now, maybe we should wait to see what more other things the developers may bring as a solution to increasing high fee, but will the miners go in support of that, we should also put ourself in such position, if something works in our favour, we may not care on it implications on others.

[btc78]

I understand it is an ongoing issue but what is the solution to this issue? Will those spammers namely Ordinals stop spamming the network or it is a new thing that we as a community now need to adapt?

I have actually seen a lot of members of the community express their concerns about ordinals and how they believe it needs to abolished somehow. It’s something that will require the support of most of the community if it were to happen

The whole concept of Bitcoin adoption gets a big jolt due to the high transaction fees. There is a layer 2 solution for Bitcoin, but that is not as easy to use as other layer 2 solutions on a different blockchain.

We need a new innovation that would take bitcoin to another level. And we need it now. Especially that in the next following months bitcoin’s activity is expected to increase. For now however we have no choice but to pay the ridiculous amount of transaction fees even with little bitcoin involved

[pakhitheboss]

I went through all the replies on my thread and unfortunately, it looks like none of them can offer any solution. Sadly, no one here wants to think out of the box, it is a known fact that Ordinals have jeopardized the way Bitcoin transactions used to be before. They will do such spamming in the future unless the developers think again about what they did and come up with a solution. This is not what I expected and envisioned about Bitcoin neither did Satoshi, do you think he/group thought that such a situation would happen in the future?

[EL MOHA]

I went through all the replies on my thread and unfortunately, it looks like none of them can offer any solution. Sadly, no one here wants to think out of the box, it is a known fact that Ordinals have jeopardized the way Bitcoin transactions used to be before. They will do such spamming in the future unless the developers think again about what they did and come up with a solution. This is not what I expected and envisioned about Bitcoin neither did Satoshi, do you think he/group thought that such a situation would happen in the future?

The solution isn’t simple as you think because it requires community consensus. The first will be to increase the block size css this will allow more transactions per block and also increases the throughput. This solution has long ago be abolished as many think it will cause the network security reduction, that’s why we even got to the place of using Segwit addresses.

The other solution is actually fixing the exploit in the protocol that allows ordinals transaction into the network. This solution is widely debated on because some people are of the opinion that it is share censorship and as such is going against the Bitcoin protocol, while Others are saying it is not. To me the reason why this is still a problem is because some set of users are definitely gaining from this exploit and a consensus will not be reached easily except it persists to an extremely unbearable degree

[Maus0728]

Might be the case for awhile but I don't think that we will see the high tx fees having a long staying power because if that continues, that would also mean that people are going to have a hard time getting into bitcoin because the transaction fees are so high that it discourages them to get investing, the benefit of bigger transaction fee will only serve to gatekeep bitcoin to the only few people that was able to buy some bitcoin when the transaction fees were low. Maybe if we see a reduction in people having interests in ordinals, we might see some kind of change and we wouldn't mind the damage of transaction too much as we do now.

I went through all the replies on my thread and unfortunately, it looks like none of them can offer any solution. Sadly, no one here wants to think out of the box, it is a known fact that Ordinals have jeopardized the way Bitcoin transactions used to be before.

It's difficult to offer a solution if you don't really have the experience at dealing with the network right? You wouldn't know the in and outs of the system which might lead you to give out the wrong advice and opinions.

[Rruchi man]

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

If TX fees are high, you just have to be patient sometimes.
Today being the 25th day of April, after monitoring the mempool for some days now, I saw transaction fees lower than $10.

so it is possible the fees get normal again and stay that way.

[Kelward]

Unfortunately, there's no solution at the moment, this is a sad reality and we just have to live with it. The reoccurring attack on the network should be a major concern by everyone who truly cares about Bitcoin. The spamming is not going to stop, even after ordinals and runes must have lost their hype, another non-fungible token will take their place, it'll keep happening over again and again. Sooner or later I'd expect Bitcoin core devs to do something about this.

It's true that there's no foreseeable solution to this congestion in the nearest future, and it's not a good development for the adoption of Bitcoin as a digital cash, because it doesn't make economic sense to pay so much transaction fees for a small amount of Bitcoin to be sent to another wallet. It's ordinals and runes now, who knows what might come next to disrupt the mempool and we'll start to experience another phase of congestions, the solution to this matter will be if Bitcoin developer team will dig dip and come up with a lasting solution to this recouring congestion problems.

[fuguebtc]

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

If TX fees are high, you just have to be patient sometimes.
Today being the 25th day of April, after monitoring the mempool for some days now, I saw transaction fees lower than $10.

so it is possible the fees get normal again and stay that way.

Transaction fees are trending down over the past 2 days and the reason is because Rune is cooling down quickly. Perhaps things will soon return to normal in the coming days but there is no guarantee that something similar to ORDI will not be created in the future.

Those who are not in a hurry can delay the transaction and wait for the fee to decrease, but what about urgent transactions? This is a problem that requires a radical solution, waiting is not the solution. Not to mention, once the bull season arrives, the demand for bitcoin will increase even more and then we will see even crazier fees than now.

[pakhitheboss]

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

If TX fees are high, you just have to be patient sometimes.
Today being the 25th day of April, after monitoring the mempool for some days now, I saw transaction fees lower than $10.

so it is possible the fees get normal again and stay that way.

Yup! You have to be patient is the right statement but it is not that easy in practice as the situation is not the same for everyone. The volatility of Bitcoin transaction fees and the way BRC20 has been spamming the network cannot be tolerated by everyone. I am glad that it has gone down and today it is at 29 sat/vB but next time they will spam the network and again we will be facing the same situation. There should be a conclusion to the transaction fee problem and I think it is high time that someone here in the forum comes up with another layer 2 solution which is far more practical and easy to use. If Bitcoin LN was that good then there would have been an increase in adoption but it is not and there are many issues.

[bitLeap]

The bull run will happen when it wants to but the miners are having a good time post halving as the transaction fees are now insanely high due to the network congestion. The block rewards have come down from BTC6.25 to BTC3.125, but that will not hamper them as the fees are hovering from 120 sat/vB to 800 sat/vB. Imagine someone who wants to transfer $20 worth of Bitcoin, will it be possible to make such a transaction at such high fees?

If TX fees are high, you just have to be patient sometimes.
Today being the 25th day of April, after monitoring the mempool for some days now, I saw transaction fees lower than $10.

so it is possible the fees get normal again and stay that way.

After the halving, now I often check the mempool 10-15x a day, it's really sad, it's holding me back and I also thought for a moment how Bitcoin adoption would be ideal if the amount of fees was greater than the amount that would be spent. This phase is temporary and slowly starts to fall below 100 sat/vB and this is normal, but retail can only scream. Regarding these ordinal diseases, it is clear that they are parasites that exploit them for themselves and damage their hosts. Bitcoin should not be filled with garbage like ordinals, runes, etc.

[martinex]

After the halving, now I often check the mempool 10-15x a day, it's really sad, it's holding me back and I also thought for a moment how Bitcoin adoption would be ideal if the amount of fees was greater than the amount that would be spent. This phase is temporary and slowly starts to fall below 100 sat/vB and this is normal, but retail can only scream.

Fee wars always accompany especially if there are big moments like now. if this doesn't have a follow-up solution, especially at the moment, I think it's enough to make users a little less comfortable and slow down the widespread adoption of Bitcoin, although many say this is a short-term spike in activity.

Regarding these ordinal diseases, it is clear that they are parasites that exploit them for themselves and damage their hosts. Bitcoin should not be filled with garbage like ordinals, runes, etc.

Yes. They just enliven the event..

[criptoevangelista]

The price explosion does not happen immediately after the halving, it takes a few months for the market to absorb the scarcity of bitcoin, this recent price rise was due to the voracious appetite of ETFs.

I am very optimistic for the coming months, I do believe that we will have a possible rise in prices that will make many people change their standard of living, after all, it has always been like this (although past events do not guarantee the future).