Adoption for Bitcoin Advances amidst High Network Fee

[Aanuoluwatofunmi]

This is what we mean when it's been said that the more the attack the stronger the network becomes with bitcoin, we don't need to create fear in discontinuity for bitcoin adoption amidst the trending occurrence with bitcoin ordinals, but we must be positive in holding unto what we have believed bitcoin to be because transaction fee  issues won't last long but bitcoin will, this are recent edges achieved while since the onset of ordinals in March, bitcoin continue to remain unstoppable, irresistible and irrevocable best financial option.

Here are few achievement that could be attributed to bitcoin advancement for more adoption as it remains unstoppable.

1. A&M University in Texas has begin the introduction of teaching bitcoin in their classes as part of it curriculum scheme, it has included to enhanced bitcoin education just as in the case of El-Savador where bitcoin was firstly adopted and teaching bitcoin was made effective in schools. https://twitter.com/BitcoinMagazine/status/1653080821090205712?t=tBCeD2tFoU7o0mCOy-OfFA&s=19

2. University of Science and Technology in Ghana is also set to begin the introduction of teaching bitcoin in the school course curriculum as part of it efforts to encourage massive adoption through bitcoin education in the country https://twitter.com/BitcoinMagazine/status/1654218350740881408?t=jRUZI5Cw-a4ejDhF9xzy_A&s=19

3. Kids in Brazil making bitcoin payment through the use of bitcoin lightning network, high fee is never a concern or barrier when there's an alternative. https://twitter.com/BitcoinMagazine/status/1653150841782542336?t=sYNx1yFkAZOmfn8huTtK6w&s=19

4. Mayor of Miami got his salary continued paid in bitcoin amidst controversies on high transaction fee. https://twitter.com/DocumentingBTC/status/1653529796352040961?t=G7Di_sRBff1zlN9OiMXLEw&s=19

5. About 13,584,367 bitcoin addresses last month were all added to the blockchain network https://twitter.com/DocumentingBTC/status/1654260739664670723?t=BBWZq6Qg4eu3sPBTSF8RIQ&s=19

6. About one million addresses now hold at least one bitcoin in them https://twitter.com/CooliganFields/status/1655983018593353744?t=a7-_kD_MAUBCX6Fe0sw-0Q&s=19

7. Lastly hear this that was said of Michael Saylor about bitcoin, that when the fiat economy is no where to be trusted, the financial confidence comes in through bitcoin https://twitter.com/saylor/status/1653508990335172611?t=dzNJt-3V4W9lPLJNHwGCjg&s=19

We must not forgot why we have shown interest in bitcoin the first place when the change in financial economy was needed before bitcoin arrives, yet nothing is changing about bitcoin than for good at the end, invest in bitcoin, hodl and avoid FUD, bitcoin has come to stay.

[Oshosondy]

This is not the first time that bitcoin is facing high fee issue, it happened in February 2021 and it lasted for almost two months until April when the mempool was not congested as it dropped abruptly to 1 sat/vbyte. Bitcoin adoption continues.

What that happened recently did not even take up to weeks. The mempool got to over 500 sat/vbyte and it has dropped to 42 sat/vbyte. Nevertheless, this shouldn't affect bitcoin adoption.

[dzungmobile]

This is not the first time that bitcoin is facing high fee issue, it happened in February 2021

This time is worse if you look at fee in satoshi you have to spend for your transaction. In 2021, you did not have to spend 300 or 400 sat/vbyte to get confirmation quickly like days ago.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

I hope by looking at two charts, you can see how you have to spend more satoshi for your transaction than in 2021. Price is 2 times lower but if transaction fee in USD is the same, that means you have to spend more satoshi (x2 at least). It  means transaction fee is more expensive nowadays in satoshi unit than in 2021.

[Bushdark]

This is not the first time that bitcoin is facing high fee issues.

This increase in the mempool will hopefully reduce with time since this is not the first time we are experiencing this kind of high transaction fee. It had happened few times I'm the past and now we are experiencing it again.

What that happened recently did not even take up to weeks. The mempool got to over 500 sat/vbyte and it has dropped to 42 sat/vbyte. Nevertheless, this shouldn't affect bitcoin adoption.

The meme pool is still increasing and had never reduced to the limit we hope for it to reach. As at few minutes before now, It was about 540 sat/byte which might still continue increasing and decreasing. This alone had halt so many transactions from being confirmed since it was sent lower average. Some exchanges had stopped processing any transactions because of this same issues.

[yhiaali3]

Of course, the problem of congestion and high fees should not make Bitcoin believers anxious. This is a temporary problem that occurred as a result of some recent updates that caused an increase in transactions on the network.

The network has gone through such a problem before and it has been overcome, so personally I have no fear for the future of bitcoin adoption. On the contrary, in my opinion, the presence of problems helps create a more suitable environment for adoption by solving the problems that society may face in the event of bitcoin adoption.

[Oshosondy]

This is not the first time that bitcoin is facing high fee issue, it happened in February 2021

This time is worse if you look at fee in satoshi you have to spend for your transaction. In 2021, you did not have to spend 300 or 400 sat/vbyte to get confirmation quickly like days ago.

After 2021 congestion, the fee I did used until what happened recently has been less than 10 sat/byte. I did used 1 sat/vbytes most of the time until what happened recently. I am not saying what is happening recently is not worse than that time, but 2021 was the last mempool congestion that I experienced. Do not get me wrong.

Have you understood that. What I mean is that there were mempool congestion in the paste, but bitcoin adoption continues.

[dzungmobile]

After 2021 congestion, the fee I did used until what happened recently has been less than 10 sat/byte. I did used 1 sat/vbytes most of the time until what happened recently. I am not saying now is worse than that time, but 2021 was the last mempool congestion that I experieiljne this. Do not get me wrongly.

I understood but my post is to help you get a point that compare transaction fee at different times in USD is non-sense. It only makes sense if at two different times, Bitcoin has same price in USD.

In this comparison, between 2023 and 2021, Bitcoin has two different prices and the difference is very big. Big enough to make the comparison is invalid. Transaction fee can be $20 but if Bitcoin price is $60,000 in 2021, you had to spend less satoshi for your transaction than in 2023 when price is only about $30,000.

[Oshosondy]

I understood but my post is to help you get a point that compare transaction fee at different times in USD is non-sense. It only makes sense if at two different times, Bitcoin has same price in USD.

In this comparison, between 2023 and 2021, Bitcoin has two different prices and the difference is very big. Big enough to make the comparison is invalid. Transaction fee can be $20 but if Bitcoin price is $60,000 in 2021, you had to spend less satoshi for your transaction than in 2023 when price is only about $30,000.

Despite that you are making a valid point, you are getting it wrong. This thread is about bitcoin adoption that continues despite increase in bitcoin transaction fee, you do not have to take it to another direction. All I meant is that bitcoin adoption continues in the past even when mempool was congested and people were paying high fee at the time in the past.

[darkv0rt3x]

This is not only about the fees. Yes, the fees is problematic for instance, for people who's DCA'ing. The other problem is the useless data that is being introduced in the blockchain.
This crap will end sooner or later and the data won't leave the blockchain. It will be there and completely useless. Unless one finds funny to one day, go back in time and see the blockchain with this useless data and be able to say: "these were rough times but Bitcoin prevailed" or something like this. But as of now, I see this only as spam, useless crap, on top of the fees that we witnessed!

[Merit.s]

Surely, this high transaction fee will go down and back to normal. These are part of the challenges bitcoin network will face to make us understand that bitcoin has gained its ground and can't be affected by spammers,no matter what they try to input into bitcoin blockchain. We need to just be patient with ourselves and this will not last for long,because with time this crap will die off. As for the adoption of bitcoin worldwide, nothing can stop it,instead bitcoin is gaining more recognition by people everyday by day. The fact is that bitcoin is the new era currency and people have begin to have that insight of it, including the government and individuals due to lack of trust on banks and fiat currency.

[Aanuoluwatofunmi]

This is not the first time that bitcoin is facing high fee issue, it happened in February 2021

This time is worse if you look at fee in satoshi you have to spend for your transaction. In 2021, you did not have to spend 300 or 400 sat/vbyte to get confirmation quickly like days ago.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

I hope by looking at two charts, you can see how you have to spend more satoshi for your transaction than in 2021. Price is 2 times lower but if transaction fee in USD is the same, that means you have to spend more satoshi (x2 at least). It  means transaction fee is more expensive nowadays in satoshi unit than in 2021.

If am not mistaking, i think we've got an experience on high transaction fee as well some years back in 2017, the problem is that we cannot cease to have any of such even in the future time to come, but on the occassion of bitcoin ordinals, it's serving the biggest of all time, secondly it also giving us much concern not to create a vulnerability to the bitcoin network by them launching an attack on the nodes as a result of the inscription being made, if this will not be a major lapse to the network and the fee can adjusted back to normal, then we are good to go, but for every good side, we have to consider the opposite as well.

[boyptc]

It's good to see that learning Bitcoin is being added to the curriculum for some Universities. This is part of technology advance and that's just what they need to do for the new learners and soon to be professionals will have the idea where they can jump off learning Bitcoin and the tech that it has behind which is blockchain.

These high fees will cease soon and that's going to show how strong Bitcoin even on these times. There will always be the solution for every issue that will be seen towards it.

[stompix]

I understood but my post is to help you get a point that compare transaction fee at different times in USD is non-sense. It only makes sense if at two different times, Bitcoin has same price in USD.

In this comparison, between 2023 and 2021, Bitcoin has two different prices and the difference is very big. Big enough to make the comparison is invalid. Transaction fee can be $20 but if Bitcoin price is $60,000 in 2021, you had to spend less satoshi for your transaction than in 2023 when price is only about $30,000.

Bruh, nobody cares how many satoshis he is paying for a fee! Nobody!!!
What he cares about is what those satoshis mean in $! That's all!
If BTC reaches 300k nobody here will give a crap that he has to pay only 10sat/b instead of 100sat/b now.

I couldn't care for Bitcoin to be one hundred quadrillion, I ain't going to pay one million $ for a tx, even if that is 1sat/b.

[Poker Player]

I'm not surprised that Bitcoin is still going strong despite the recent fee hike, which has only made it more expensive to pay small amounts using the main chain. The blockchain is more secure than ever and Bitcoin is the best digital currency by far. The spam attack seems to have slowed down a bit and with it the fees. Let's hope that the downward trend continues and we continue business as usual.

[Gallar]

This is what we mean when it's been said that the more the attack the stronger the network becomes with bitcoin, we don't need to create fear in discontinuity for bitcoin adoption amidst the trending occurrence with bitcoin ordinals, but we must be positive in holding unto what we have believed bitcoin to be because transaction fee  issues won't last long but bitcoin will, this are recent edges achieved while since the onset of ordinals in March, bitcoin continue to remain unstoppable, irresistible and irrevocable best financial option.
~

With the increase in the price of transactions on bitcoin in recent weeks, more or less there will definitely be an impact on everyone who has invested in bitcoin and for people who want to start investing. Because they will definitely always make transactions and for those who will start investing, they will definitely convince their minds and finalize their decisions. With the existence of transaction costs that are quite expensive, it will definitely cause anxiety and anxiety for every investor. But all these events will surely only be a passing wind, because true bitcoin holders will not be too affected by the high cost of transactions. They must have fully believed in the advantages that exist in bitcoin.
I also agree, that the adoption of bitcoin will not stop just because of high transaction fees like now, but maybe it will only be slightly hampered because of this incident. And I also hope that the transaction fees on bitcoin will be cheap again soon.

[Ojima-ojo]

The fact that the Bitcoin network experiences high transaction and congested network shows that the miners and node providers are constantly active and demand is on the increase, this is the reflection in high fees, but also this attribute of Bitcoin is not new and it will not be the last time we will experience such hike and traffic on the bitcoin network.


Just as the Bitcoin network experiences similar network traffic and congestion from 2017 to 2018 this will still happen shortly so the best option right now is to look away from spending Bitcoin until miners can fix the network problems by increasing the hash rate to get the transaction confirmed asap and decongest the network to ease the troubles facing them right now.

[palle11]

Just as the Bitcoin network experiences similar network traffic and congestion from 2017 to 2018 this will still happen shortly so the best option right now is to look away from spending Bitcoin until miners can fix the network problems by increasing the hash rate to get the transaction confirmed asap and decongest the network to ease the troubles facing them right now.

How soon will the hash rate be fasten up is the challenge. Back then in 2021 or 2017, I can't say if it took this long because even at this moment close to three weeks the problem is still there and miners are relying on transaction accelerated. The mempool is still congested and I know more people taking different route for transaction which kind of discomfort users.

[stompix]

Just as the Bitcoin network experiences similar network traffic and congestion from 2017 to 2018 this will still happen shortly so the best option right now is to look away from spending Bitcoin until miners can fix the network problems by increasing the hash rate to get the transaction confirmed asap and decongest the network to ease the troubles facing them right now.

Miners can't fix something that is not broken!
Increasing the hash rate can't be done without spending billions right now and it will only work temporarily till the next adjustment in 7 days.

Besides, right now due to luck we have more blocks than there were supposed to be, full 23 extra blocks in the last 24h.

How soon will the hash rate be fasten up is the challenge.

Guys, seriously, stop with the hash rate!
Increasing the hash rate is a temporary fix for 5-10% extra capacity for 7 days till the adjustment kicks in and the cost for the machines to rise it up by that mush is in the hundred million!

[rozak]

We must not forgot why we have shown interest in bitcoin the first place when the change in financial economy was needed before bitcoin arrives, yet nothing is changing about bitcoin than for good at the end, invest in bitcoin, hodl and avoid FUD, bitcoin has come to stay.

the situation that happened to Bitcoin today is not for the first time. in the past we have experienced something like this. and history has already answered. the Bitcoin market is getting stronger, that is undeniable.
those who panic about this situation are just beginners who haven't learned much. only to the market to trade and take profits. more knowledge and experience will make everyone calmer in making decisions.

[taufik123]

-snip-
those who panic about this situation are just beginners who haven't learned much. only to the market to trade and take profits. more knowledge and experience will make everyone calmer in making decisions.

Panic because they cannot make withdrawals faster than usual and also have very expensive fees.
Somehow they have to panic because the Bitcoin network is too dense. Even though their assets will not be lost.
 
currently complaining about expensive fees and long processes are campaign managers who have to pay their campaign members, because it will spend a lot of fees for the delivery made. But now the fees have started to drop and slowly the network is returning to normal.

The Bitcoin network congestion event in 2023 this time will be history.
This is the impact of Ordinal NF and BRC-20 tokens that appear and make the network even more congested.
Who knows how the network will operate? I'm not an expert, I'm just complaining when the congestion event this time is caused by a new phenomenon that is hype.