Bitcoin network fee´s insanly high at the moment!

[PX-Z]

I believe the increase of transactions from BRC-20 tokenization is root cause of this. The same scenario of ETH and other coins with tokens on their mainchain. Too many pending transactions, higher recommended fees and longer confirmation of previously sent txs smh.

[jostorres]

Last weeks have been a bit crazy, with insane fees one day and very low fees another day. I use Exodus and Blockchain I also got a wallet at Noones (old Paxful)
If i want to send $100 from Exodus its $30 in fees. almost the same at Blockchain a bit lower i think around $20.
But if i want to send from Noones it only cost $0.50. Why is this?

I know Noones just open their business and what to attract customers. But if they are available to have that low fees why is not Exodus or Blockchain?
With fees like this its not worth to use bitcoin as payment method at all.

The last time I moved Bitcoins was this weekend, I think it was Sunday, I sent from my Electrum wallet to Binance and it didn't cost me more than a few cents, I used SegWit, so maybe it charges fewer fees, and Electrum probably the best wallet if you do usual transactions. You can choose the minimum fee and it will still go through within a few hours if you can wait.

If you want it to go through within the next few blocks, you might need to pay a couple of dollars but it isn't so expensive in my opinion. I also used to use non-custodial wallets before, but wallets like Electrum are much better, safer, and cheaper.

[CYBER_COWBOY]

 & still rising and rising.


https://mempool.space/

No Priority          - 42 sat/vB     - $1.71
Low Priority         - 207 sat/vB    - $8.41
Medium Priority    - 214 sat/vB   - $8.70
High Priority         - 220 sat/vB   - $8.94

[logfiles]

& still rising and rising.


https://mempool.space/

No Priority          - 42 sat/vB     - $1.71
Low Priority         - 207 sat/vB    - $8.41
Medium Priority    - 214 sat/vB   - $8.70
High Priority         - 220 sat/vB   - $8.94

That's nothing... Here we are right now 



Mempool is are 1 GB lol



Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

[CYBER_COWBOY]

& still rising and rising.


https://mempool.space/

No Priority          - 42 sat/vB     - $1.71
Low Priority         - 207 sat/vB    - $8.41
Medium Priority    - 214 sat/vB   - $8.70
High Priority         - 220 sat/vB   - $8.94

That's nothing... Here we are right now 



Mempool is are 1 GB lol



Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

Just woke up and saw it... what the heel is going on? 

[AHOYBRAUSE]

& still rising and rising.


https://mempool.space/

No Priority          - 42 sat/vB     - $1.71
Low Priority         - 207 sat/vB    - $8.41
Medium Priority    - 214 sat/vB   - $8.70
High Priority         - 220 sat/vB   - $8.94

That's nothing... Here we are right now 



Mempool is are 1 GB lol



Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

Just woke up and saw it... what the heel is going on? 

Yeah, every time I look at the mempool I want to throw up as well. Have several incoming transactions that will take ages to confirm. I don't understand how this kind of congestion can build up in such a short time.

I guess your small btc loan service has no value at the moment since the fees are almost as high as the loans, haha.

Hopefully this will normalize anytime soon. Until then I will stay away from any kind of btc transaction and rock with altcoins.

[CYBER_COWBOY]

& still rising and rising.


https://mempool.space/

No Priority         - 42 sat/vB     - $1.71
Low Priority         - 207 sat/vB    - $8.41
Medium Priority   - 214 sat/vB   - $8.70
High Priority         - 220 sat/vB   - $8.94

That's nothing... Here we are right now  



Mempool is are 1 GB lol



Someone convince me that this is not a spam attack on the Bitcoin Blockchain

I wonder what folks who said that Ordinals were a good thing for Bitcoin adoption think about right now.

Just woke up and saw it... what the heel is going on?  

Yeah, every time I look at the mempool I want to throw up as well. Have several incoming transactions that will take ages to confirm. I don't understand how this kind of congestion can build up in such a short time.

I guess your small btc loan service has no value at the moment since the fees are almost as high as the loans, haha.

Hopefully this will normalize anytime soon. Until then I will stay away from any kind of btc transaction and rock with altcoins.

Yeah  
I got some transactions i waiting for to. I really hope it normalize soon to.


The transaction fee seems to being better and better now.
Unconfirmed: 409,793 TXs

[CYBER_COWBOY]

Seems to go back to some kind of normal, slow but on the right way.

Unconfirmed  303,547 TXs

Low Priority
46 sat/vB
$1.77

High Priority
51 sat/vB
$1.97


But it goes up and down very fast, but the unconfirmed tx´s go down more and more for time pass by.
I would say it would be more or less back to normal in 48 hours or less.

[tabas]

I'll not get into Noones, we know what happened with Paxful and even if they announce that they're integrated or having a comeback, it's just best not to use them just to avoid the heat. As for the typical wallets that you've mentioned, they're also adjusting the network fees. They somehow have a little commission on it per transfer and that's why they have to adjust it or else, they'll be losing income from each transaction and they'll be the one to charge with these high fees. And yes, I do believe that this will stabilize in the nearest future, things will have to be good again so don't be bothersome with the current situation.

[AHOYBRAUSE]

Seems like things are slowly but surely getting back to normal.

Got a bunch of transaction through today with fees of around 45sat/b.

Thought still will take until at least next week but thankfully I was wrong about that.

The problem now is, what can be done so this will not happen again anytime soon. Slow confirmations and high fee is a big factor for people to not use bitcoin and switch to altcoins I think.

[Helena Yu]

Seems to go back to some kind of normal, slow but on the right way.

But it goes up and down very fast, but the unconfirmed tx´s go down more and more for time pass by.
I would say it would be more or less back to normal in 48 hours or less.

End of BRC-20 hype? the hype didn't even last for a month

I check BRC-20 site today and I found most of the tokens are in dump, unlike the three days before. Hope many people continue to lost their money on those shitcoins, it will them downturn and leaving BRC-20 tokens.

The problem now is, what can be done so this will not happen again anytime soon. Slow confirmations and high fee is a big factor for people to not use bitcoin and switch to altcoins I think.

I think it's a natural thing, the developer haven't do anything to stop BRC-20, but the volume trade drastically drop. People still use Bitcoin to buy and sell in CEX, but they will not send to their non custodial wallet due to high fee before.