Is anyone else glad Bitcoin is calming down?

[MythicalPikachu]

Recently, if you've been on Mempool, Bitcoin has had many transactions going through the blocks, causing high fees, I was paying about $3-5 per transaction a week ago and now I'm down to $0.2.-0.5 per transaction. Is anyone else effected by this? Miners are great and have made the 108 block backup into a 7 block backup in a week, keep going miners!

[1715496451]

1715496451

[1715496451]

1715496451

[1715496451]

1715496451

[1715496451]

1715496451

[1715496451]

1715496451

[joniboini]

It is not new. If you're around for a while you'll realize that mempool always gets busy when there is high volatility. People don't really have the patience to wait and that's why they'll keep increasing their fee, which in turn increases the average fee for the next blocks. CMMIW, but miners would still make a decent profit as of right now as long as they can find a block even if the fee does not increase since the majority of their profits come from the block rewards and not fees.

[FP91G]

It is not new. If you're around for a while you'll realize that mempool always gets busy when there is high volatility. People don't really have the patience to wait and that's why they'll keep increasing their fee, which in turn increases the average fee for the next blocks. CMMIW, but miners would still make a decent profit as of right now as long as they can find a block even if the fee does not increase since the majority of their profits come from the block rewards and not fees.

In bitcoin blocks, there is really a small commission of 0.3-0.5 bitcoin. In ethereum, it was fun when the block reward was 2 coins, and the commission was 50-200 coins, and this went on for weeks. These were golden times for miners.

[OgNasty]

I think the mempool was mostly getting full because of Ordinals, right? I suspect the initial excitement has died down and people trading Ordinals aren’t consuming as much block space as they were when it was new and exciting. That leaves more space for other transactions which allows the mempool to clear and the cost of transacting to go down.

[dansus021]

You can take a look site like mempool.space to see how much the transaction that occur one time, on this case you pay high fee because the network is congestion bitcoin had 1 MB block so it can only carry a few transaction and it happen quite sometimes.'

if you pay less fee your transaction still can be approved by miner but it takes times

[Bitcoin_Arena]

Depends on which side you are;

If you are a person using the Bitcoin network for transactions, then obviously you would be glad. However, if you are a miner. then you are sure why they wouldn't be so glad.

By the way, the fee was much lower than it is even right now before the emergence of ordinals into the Bitcoin space. I would have 1 sat/vbyte transactions get confirmed in the next block almost any time of the day, the fee would be worth $0.02 in fiat.

[panganib999]

Pretty much a pattern if you'll ask me. Whenever there's high volatility you'd find that the fees surge upwards, soon as it stabilizes fees go down with it. Not really sure bout the nitty-gritty but I guess it has something to do with congestion of transaction within the network as it's expected that more and more people will buy and sell during these crunch times (correct me if I'm wrong with this). Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

[Mate2237]

Whether bitcoin price is going down or up people are always happy. Because when it comes down, people that want join the blockchain will be happy to join it easily without the fear of spend high money again. And when it goes up, those how have saved enough will be happy to sell at that time so the price is good at all time.

Like today being the 2nd of May, the Mempool is full and I have not seen such fee in any of my transactions before.

The few is very high that I canceled the transaction.

[NotFuzzyWarm]

...
 Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

No, BTC does not need its own NFT... Folks already bitch about the local storage needed to run a full node and BTC was intended as a means for having an immutable open ledger for storing/transferring the chain of a currency, in this case BTC,from its creation to current ownership, if desired, also including a short bit of text that can be used as 'notes'. For pure efficiency it should remain so. It was never intended to be a ledger/storage method for any form of data such as contracts, images, etc.

 There are numerous side-chains (ran by companies...) that can be used for NFT crap and smart contracts etc but of course records documenting the chain of ownership can be stored on the BTC blockchain much like Ordinals do. Only difference is that Ordinals actually store their crappy 32kb 'artwork' on the main chain as well as just track its movement from wallet to wallet using actual - but very tiny, like BTC0.0001 btc - transactions holding the full 32k of possible data to go with it.

Yay Taproot that allowed this mess...   The only good part is they usually pay very hefty fees for that 32vkb tx.

That said today has seen mempool showing some insane fees - many are well over 1BTC of fees being rewarded  

[duckalis]

In addition to the fact that a fee depends on the number of transactions in the mempool, it also depends on the transaction weight in bytes.

[Bitcoin_Arena]

Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

There's nothing totally good about the scammy ordinals anyway. Bitcoin was never built for the purpose of storing some shitty JPEGs or GIFs of lousy monkeys and frogs onchain to scam newbies. The purpose of Bitcoin is very clear in the whitepaper.

These ordinals and shit are hurting the true users of the Bitcoin blockchain because of insane transaction fees which shouldn't be there in the first place. Imagine what is going to happen in a bull run.

[sha420hashcollision]

Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

There's nothing totally good about the scammy ordinals anyway. Bitcoin was never built for the purpose of storing some shitty JPEGs or GIFs of lousy monkeys and frogs onchain to scam newbies. The purpose of Bitcoin is very clear in the whitepaper.

These ordinals and shit are hurting the true users of the Bitcoin blockchain because of insane transaction fees which shouldn't be there in the first place. Imagine what is going to happen in a bull run.

Agree but unless you get the law involved you cannot do anything about people scamming newbs.

Most of the energy going into it is like "look I can waste my money and also spend way too much on fee per bytes even though no one is forcing me to by any means necessary". Kind of like spending a fuck ton of money on food with gold on it so you can post it on instagram to like 200~ followers or something. That kind of shit is clogging up society in many ways not just Bitcoin but ultimately theres no magic trick behind it. Pretty much all these things they are paying for will become worthless just like all other NFTs even ones collected by Celebrity Douchebags https://www.sportskeeda.com/esports/news-logan-paul-s-623k-2021-nft-now-worth-10-here-s .

For the record yes Logan Paul is generally irrelevant even when he is mentioned in something and he certainly is not a blockchain wizard or educated in anything useful. However it goes to show that even a guy with a billion blind young rich followers cannot sell this absolute crap to anyone. It will die slowly or fast depending on how much money the buyers have and how many drug addictions the sellers have.

[bettercrypto]

Recently, if you've been on Mempool, Bitcoin has had many transactions going through the blocks, causing high fees, I was paying about $3-5 per transaction a week ago and now I'm down to $0.2.-0.5 per transaction. Is anyone else effected by this? Miners are great and have made the 108 block backup into a 7 block backup in a week, keep going miners!

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

    I don't really understand why the fee is so high now in bitcoin when you make a transaction that once we check in the mempool,
the fee is so expensive. I hope it goes well somehow.

[sha420hashcollision]

Recently, if you've been on Mempool, Bitcoin has had many transactions going through the blocks, causing high fees, I was paying about $3-5 per transaction a week ago and now I'm down to $0.2.-0.5 per transaction. Is anyone else effected by this? Miners are great and have made the 108 block backup into a 7 block backup in a week, keep going miners!

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

    I don't really understand why the fee is so high now in bitcoin when you make a transaction that once we check in the mempool,
the fee is so expensive. I hope it goes well somehow.

There was a fee spike caused deliberately by Udi, Taproot Wizards, and their sheep followers who send them real bitcoin to get some fake ponzi token that they paid for with REALLY HIGH SAT PER BYTE FOR 1 of 2 Reasons:

1. They are using some custodial wallet participating in the coordinated spam attack on the Bitcoin base layer.

2. They are people like Udi who enjoy wasting money on fees to brag about making others pay more for casual payments.

They have also been enlisting Bots of the shiba and dogecoin pump n dump type that spam twitter everyday causing tons of newbs to get scammed as well.

Only way to avoid this is to be VOCALLY AGAINST SCAMMERS LIKE UDI AND THE TAPROOT WIZARDS

[larry_vw_1955]

.

For the record yes Logan Paul is generally irrelevant even when he is mentioned in something and he certainly is not a blockchain wizard or educated in anything useful. However it goes to show that even a guy with a billion blind young rich followers cannot sell this absolute crap to anyone. It will die slowly or fast depending on how much money the buyers have and how many drug addictions the sellers have.

there's no way that logan paul bought an nft for $623,000 in 2021 and then today it's only worth $10, as that site claims.  i'm sure people would buy it for 3 figures just based on how much it sold for in the past. but if you're just going to sit there and complain about how it's not worth anything but not actually put it up for sale to the highest bidder then you can't say it's only worth $10. i'll buy his dumb nft for more than $10. so i'ts worth more than $10  

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

time to sign up for western union if that's the case...i'm sure their fees for sending $180 are much reasonable than that. need a website link? 

[sha420hashcollision]

.

For the record yes Logan Paul is generally irrelevant even when he is mentioned in something and he certainly is not a blockchain wizard or educated in anything useful. However it goes to show that even a guy with a billion blind young rich followers cannot sell this absolute crap to anyone. It will die slowly or fast depending on how much money the buyers have and how many drug addictions the sellers have.

there's no way that logan paul bought an nft for $623,000 in 2021 and then today it's only worth $10, as that site claims.  i'm sure people would buy it for 3 figures just based on how much it sold for in the past. but if you're just going to sit there and complain about how it's not worth anything but not actually put it up for sale to the highest bidder then you can't say it's only worth $10. i'll buy his dumb nft for more than $10. so i'ts worth more than $10  

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

time to sign up for western union if that's the case...i'm sure their fees for sending $180 are much reasonable than that. need a website link? 

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

[larry_vw_1955]

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

he might have paid $623,000 for some nft in 2021 but guaranteed it's worth more than $10 even RIGHT NOW. i would pay $10 for that thing all day long and so would you!

people that bought one of his 99 originals they're probably under water but then again, i'll buy theirs for $10 too if they want. 

can you help broker that deal or not?

[sha420hashcollision]

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

he might have paid $623,000 for some nft in 2021 but guaranteed it's worth more than $10 even RIGHT NOW. i would pay $10 for that thing all day long and so would you!

people that bought one of his 99 originals they're probably under water but then again, i'll buy theirs for $10 too if they want. 

can you help broker that deal or not?

You would have to pay me atleast 1 bitcoin whole to do anything related to Logan Paul lol, offer is on the table.

[mindrust]

This is the best time to consolidate your inputs or make or make small transactions. When bitcoin goes crazy (higher or lower) people rush to/from the exchanges and the blockchain gets too crowded. That’s why we occasionally experience them high fees. I personally don’t pay more than 2-3 sats and if that can’t make my funds move, it is not enough for the miners, I wait till the things calm down.

[tjtonmoy]

It's so crowded today as well. It's been like this for maybe 3-4 days now. The transaction fee is very high at this moment. I have made a transaction with 5 sat/B, and it's been over 2 days. It's still stuck there. I don't want to spend more fees on them, so I'll just let that be there until things cools down. I don't know when that will happen, but these spike movements are making it hard.
Well nothing to do rather than waiting for it to cool down.