Bitcoin network fee, worrying sign?

[pawanjain]

I believe that the current congestion issue is a minor setback that the Bitcoin network can easily overcome, given its track record of resilience in the past. I'm not worried about the impact of Bitcoin ordinals on transaction fees in the long run. However, I do think that NFTs are just a passing fad and should not have been allowed on the Bitcoin network in the first place. Nonetheless, I'm confident that this trend will eventually die down and be replaced by more useful and sustainable use cases.

The NFT hype is already over or at least have drastically decreased. Many users have already declared NFTs as a scam.
Well it was expected since most of the NFT projects were just a rug pull. What you say is true that bitcoin shouldn't have had NFTs at first place.
Just like the ICO hype is over and nobody talks about it now, nobody will talk about NFTs in a few years.

[crwth]

This is not the first time that it happened, we just need to be patient. That's why it's not completely being used every day because of this but I don't think it should because I'm a hodler lol.

I remember sending it before with at least 0.001 BTC I think. I'm not sure but that's just ludicrous if you compare it and convert it now lol.

[stompix]

There's no clog, only a lot of people trying to outbid each other for the first block transaction.

Ok, let's not play with words and try to make it look like it's nothing.
There is a clog! The moment you pay a fee x10 smaller than the top and you see that you're going to wait days for it that's the definition of a clog!
It's Saturday afternoon when usually you could send 1sat/b tx and have them confirmed and we see the last block with a min 114sat/b 260k transactions in the mempool and not even a full day of no tx will manage to clear the backlog now sitting in the mempool.
It's a clog!

The NFT hype is already over or at least have drastically decreased.

Where do you see this drastically decrease cause for sure it's not in the mempool, it's not in the numbers of brc20 tokens minted and I see no sign of it going away.

Many users have already declared NFTs as a scam.

So? Let's ask around the forum in the sections where only hardcore bitcoins post what ETH is!
The answers will be shitcoin, centralized scam coins, useless smart contracts, NFT garbage, and so on!
Some right here in this forum should understand that the general consensus here doesn't apply to the outside world and this community is just a tiny fragment, labeling NFT as a scam, shitty, useless, a waste of time, waste of money here might not mean a thing to the majority of crypto users.

[Lorence.xD]

When we mint NFTs transaction fees are already an issue as it depends on the time of expensive fee or lower. Which I think it's already an issue before a similar situation to your post OP. I've profited a lot in this trend of NFT back then, but now I don't already see any hype on it or potential projects that could be a worth of a risk. Since fee is also a problem when it comes to NFT.

[adzino]

Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?

Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.

Nothing new. The fees have spiked before when the network was congested. If you aren't in any hurry, pay low fees (you might have to wait few hours to a day or two though...) and wait for the confirmation. If you really want to avoid paying huge fees, buy some altcoins and use them while the fees of bitcoin is high. There are altcoins that you can use to transact instantly. Once the fees goes down, you can start using bitcoin again.

By the way, what does NFT has to do with bitcoin fees?

[Eureka_07]

Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?
<snip>

I was that the transaction fee has really gotten higher than the usual this year, it spiked greatly.
Personally, this sudden spike of transaction fee makes me worry. That is because  do not want to pay more than the usual.
Why is NFT being connected to bitcoin transaction fee? Is there any serious relation between these assets?

There's a member who mentioned that the network might be under attack... Is that thing possible? If so, is it similar to the concept of DDoS ?

[Bobrox]

Don't worry about bitcoin network fees because they will upgrade every time depend on bitcoin price, when still using Trustwallet sending Bitcoin trough BTC segwit network has lower fees under $0.5 and transaction is faster. For exchange market I use Binance and sending trough internal account because without payment fees. But some exchange have change their fees transaction of sending Bitcoin how to make their costumer not worry or have to pay expensive fees transaction.

But many people not really faced problem about fees sending, we can check when NFTs hype and they have spent much fees for claiming NFTs looks not any problem yet although have to pay above $10 each transaction.

[serjent05]

Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?

We do not need the wait for the future, the Bitcoin Ordinals had been affecting the network traffic and the transaction fee.  It is too obvious that the Bitcoin Ordinals is creating a problem to the regular users.

Ordinals are not the reason for the current congestion, before BRC20 it was normal for transaction fees to be 20/30 sats per byte, and now we all know how exorbitant the fees are now. BRC20 is using the same protocol loophole as Ordinals but it is not using any Ordinals software.

Ok, are you saying that BRC20 has nothing to do with Bitcoin ordinals?  Then the article written by cointelegraph is misleading? Since they state that Bitcoin Ordinals daily inscriptions surge due to ‘BRC-20 tokens’. 

Regardless, the current network congestion simply tells us that the Bitcoin network isn't ready yet for massive adoption.  Imagine if millions of transactions is processed every minute, we would have way more problems than what we are experiencing right now.

Aside from that, I also wonder if there are some people who maliciously spiked the transaction fee for some personal reason.

[_BlackStar]

This is not the first time that it happened, we just need to be patient. That's why it's not completely being used every day because of this but I don't think it should because I'm a hodler lol.

Of course, I think the problem of expensive transaction fees like now is quite frequent in fact I don't think this is the last although over time the transaction fees will decrease when the mempool is cleaned up.

If you don't need the bitcoins to be sold or moved to one address or another, then just leave the bitcoins there. There will definitely be time to move that at as low fee as 1 sat/byte again in the months to come. The current recommended transaction fee for high priority transactions is 157 sat/vB ^{[https://mempool.space/],} which is certainly not very suitable for small bitcoin amounts.

[pawanjain]

The NFT hype is already over or at least have drastically decreased.

Where do you see this drastically decrease cause for sure it's not in the mempool, it's not in the numbers of brc20 tokens minted and I see no sign of it going away.

Apologies, for not being more clear but I was talking about NFTs in general and not bitcoin ordinals.
Since the NFTs have a bad name in public view I think bitcoin ordinals won't last longer too.

Many users have already declared NFTs as a scam.

So? Let's ask around the forum in the sections where only hardcore bitcoins post what ETH is!
The answers will be shitcoin, centralized scam coins, useless smart contracts, NFT garbage, and so on!
Some right here in this forum should understand that the general consensus here doesn't apply to the outside world and this community is just a tiny fragment, labeling NFT as a scam, shitty, useless, a waste of time, waste of money here might not mean a thing to the majority of crypto users.

Again, NFTs in general doesn't have a good fame these days because many people have lost money in it and declared it as a scam.
I know this doesn't necessarily mean bitcoin ordinals are scam but I personally think it won't really get much of a hype.

[Artemis3]

Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?

Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.

Oh but you can see it, just go to this site and check Dec 2017, Jan, Feb, 2018. by Mar calmed down. This on the other hand, has kept worsening since Feb 2023...

[serveria.com]

Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?

Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.

I thought that by today the fees are going to be much lesser than yesterday but it doesn't look like that. As of checking, the amount for the fees set on the mempool is more expensive right now, yes today it's much more expensive. IIRC, the fee during 2017 bull run, it was more than this.
But during that time, it was bull run and right now it is not yet bull run. And those that don't want to have their transaction take long, you have no choice but to pay for the suggested fee as priority.

How can you be so sure it's not bullrun now? In theory, bull cycle starts immediately after we reach the bottom. And I'm pretty sure the bottom is in for this cycle. Indeed, we haven't reached the parabolic growth or the final stage of every bullrun but we're not in a bear market either.

[Hamza2424]

Sorry for another topic about the recent issue going related to bitcoin network congestion but I really want to know that Bitcoin ordinals so called NFTs is really going to change the fee required for the transaction in the future?

Because I didn't witness such kind of clog since 2017 but by that time there is no segwit, exchanges are clogging the network purposely and so on but later for so many years the fee issue isn't really there but all of a sudden we have to pay over 100 sats for over transaction to get into the block may create a bad image and it will create the FUD and may initiate the price drop.

I am not sure about this kind of update but for the BIP (Bitcoin Improvement Proposal) it is not an easy thing as most of the Bitcoiners believe the ordinals are not needed on the Blockchain why add scarp to the Blockchain? So in my view if there is any type of proposal that might get rejected. But there is another way of doing it but that's not the topic today.

So what is my take on increased fees on the blockchain will be no major impact because we all know with ETH there was a big problem with gas fees the case in Bitcoin is not that scary. It cant push the prices down but there can be temporary FUd for the prices drop. Bitcoin will stay as long as the community is standing behind and community know what they need to do and what suits them better.

[Z390]

I read that someone is intentionally spamming the bitcoin network, they even use 65$ to send 10$ worth of Bitcoin, this person has a goal that's my believe, no one on their right state of mind will be burning Bitcoin away like this, it's only a matter of time, this person will soon run out of Bitcoin. I've suspended every transactions for now until further notice.

[Findingnemo]

So what is my take on increased fees on the blockchain will be no major impact because we all know with ETH there was a big problem with gas fees the case in Bitcoin is not that scary. It cant push the prices down but there can be temporary FUd for the prices drop. Bitcoin will stay as long as the community is standing behind and community know what they need to do and what suits them better.

I am not concerned about the existence of Bitcoin, I am sure that Bitcoin is going to stay but look at the memepool the clog is really huge and most members of bitcoin talk thought that fee will be lowered on weekends but the exact opposite thing is happening at the moment. I have been watching the network from time to time the required fee is getting higher and higher I expect that next week something huge is coming like a price drop of huge congestion that will stun the network for a while.

[NotATether]

I read that someone is intentionally spamming the bitcoin network, they even use 65$ to send 10$ worth of Bitcoin, this person has a goal that's my believe, no one on their right state of mind will be burning Bitcoin away like this, it's only a matter of time, this person will soon run out of Bitcoin. I've suspended every transactions for now until further notice.

What a dumb motherfucker he is if that is true. One man can't break the system, without pissing everyone else off first.

[OgNasty]

I read that someone is intentionally spamming the bitcoin network, they even use 65$ to send 10$ worth of Bitcoin, this person has a goal that's my believe, no one on their right state of mind will be burning Bitcoin away like this, it's only a matter of time, this person will soon run out of Bitcoin. I've suspended every transactions for now until further notice.

What a dumb motherfucker he is if that is true. One man can't break the system, without pissing everyone else off first.

I haven’t researched what was behind it so I would just be assuming. I did assume it was someone minting a giant NFT collection or something. Things like this are probably good though. It will get large consumers of block space to be more efficient and whoever is doing it will lose a bunch of money showing others in the future it isn’t worth it.

[Findingnemo]

Still the network is highly congested and there is no real way to proceed with this much amount of transaction fee for day to day usage so what are the options now apart from LN?

Switching to Bech32 address saves the fee to some extent but I am not sure it will be helpful with the current situation.

Bitcoin ordinals and this crazy fee is going to last long for months? You opinions will be grateful for someone who doesn't know what to do right now.

[MIner1448]

No, Bitcoin Sequence Numbers (NFTs) do not affect the fees required for future transactions. The fee for a transaction is determined by the demand for the transaction at the time it is sent and the current level of network congestion. If the network is congested, then users will charge higher fees so that their transactions are processed faster.
The bitcoin network congestion problem can be caused by various factors, including a surge in the number of users and transactions, the use of inefficient methods for sending transactions, inefficient fee selection algorithms, and other factors.