Hurray!!! Bitcoin defeated miscreants again

[EarnOnVictor]

Who wasn't worried about the transaction fee of Bitcoin some months ago should raise up their hands...and the Nay has it...lol

Jokes apart, the Bitcoin transaction situation months ago was a subject of concern for many people especially me since I've not witnessed such ever since I became more conversant with it. This was particularly alarming when people online were complaining bitterly. The situation even took a burden on CMs here and it raised discussions as to the way forward in many quarters. Those who are privileged outside BTT started using alternative coins and tokens to ease their transactions. My transaction stuck for over a month and I could remember seeing a high transaction fee like 650sat/vB.

My research then showed that the problem was primarily due to the demand and supply where Ordinal and BRC-20 present issues which are scalability problems. I even wrote a topic about this when I was kinda angry about the whole thing. It's of course relieving now to see the same Bitcoin that hit 650sat/vB transaction fee now in 2sat/vB a while ago.



I saw unconfirmed transactions above 400,000 at that troubled time, but now the unconfirmed transactions are a bit above 28,100 which I believe will continue to decrease over time. But come to think of it, even at 2sat/vB, we still have over 28,100 unconfirmed transactions, maybe some people don't want to pay any fee at all...lol.

I'm happy Bitcoin shows its reliability once again and has defeated the spammers and those without good intentions. I also share to let beginners know how to calm down if a situation like this presents itself again. Bitcoin will always win.

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[Orpichukwu]

This is a welcome development, although your screenshot shows it on the all-time low that I have ever come across this week. Although I made some transactions a few days ago and sometimes last week at 5–10 saturdays as a transaction fee, this appears to be convenient for me as I proceed with such transactions.
 
The high transaction's fee, which happens back to them because of network congestion or the increase in transaction volume due to the NFt that was being minted on the bitcoin blockchain, made the network unconducive for us all.

This was truly making and breaking the true purpose of bitcoin, as we were unable to use our coin when we wanted to, how we wanted to, as many were looking for alternatives that could help reduce the fee, and those who were willing to pay the high transaction fee were just completing their transactions very fast. It's good to see the fee reducing drastically.

[BIT-BENDER]

I'm happy Bitcoin shows its reliability once again and has defeated the spammers and those without good intentions. I also share to let beginners know how to calm down if a situation like this presents itself again. Bitcoin will always win.

Bitcoin was never in any battle even then, so I don't see what the win is all about, anyone that doesn't believe in Bitcoin because of the fee then was raised then they should not be in Bitcoin in the first place. I think newbies should be more aware about how the transactions works I don't this some people actually don't want to pay those fees but they aren't aware that the higher the fee the quicker the transactions would be.

[Mr.right85]

My transaction stuck for over a month and I could remember seeing a high transaction fee like 650sat/vB.

My research then showed that the problem was primarily due to the demand and supply where Ordinal and BRC-20 present issues which are scalability problems. I even wrote a topic about this when I was kinda angry about the whole thing. It's of course relieving now to see the same Bitcoin that hit 650sat/vB transaction fee now in 2sat/vB a while ago.

That’s a lot, over 650sat/vB, I didn’t actually notice that myself, the most I did was around 100sat/vB on my transactions and that was after I’ve had to bump fees severally and still didn’t get much success with the processing speed of my transaction. Although, at 100sat/vB, there was some progress so, I’m wondering why would anyone go that far to processing a transaction with over 650sat/vB, it’s way high.

The reason behind these fee hikes is no secrete when you frequent the cryptospace and actively transact in between. As alarming as it might have been, we always knew it’s only for a time, just like the various seasons in the market, it’s sure to rise and fall.

[Coyster]

I don't know if we're over the ordinals spam attack just yet, but obviously the mempool is not clogged right now or as it was a couple of months ago, one can make transactions again with a fee rate of 2-7 sat/vB. Anyway, like i said; i don't think the BRC-20 spam attack is over, but it has definitely reduced and as was predicted when it began: it'd continue in that way until it is completely over.

[Zaguru12]

I saw unconfirmed transactions above 400,000 at that troubled time, but now the unconfirmed transactions are a bit above 28,100 which I believe will continue to decrease over time. But come to think of it, even at 2sat/vB, we still have over 28,100 unconfirmed transactions, maybe some people don't want to pay any fee at all...lol.

It is not like they don’t want to pay but one thing is even the transaction fee is less than a sat/vbyte the block has a size limit of 1,000,000 byte for non-segwit transactions and 4,000,000 weight for segwit transactions. This limit cannot be surpass by miners when including transactions into blocks so since they have been Chunks of unconfirmed transactions in the mempool it is logical that the number will only reduce gradually as the transaction fee is low now and if more transactions are broadcasted because many will use this opportunity to consolidate then Those transactions with extremely low fee will be dropped

[alani123]

Ordinals are something that could come back and bite bitcoin's immutability. Tokenization is in part what made Ethereum's blockchain bloated to a point that running a full node requires datacenter grade servers. Can't have decentralization with that. Ordinals also brought a lot of bloat into bitcoin's blockchain and mounted a lot of pressure on transaction costs and confirmation times too. Hopefully if they become popular again in the future their addition to the bitcoin blockchain will be reconsidered.

[Charles-Tim]

The mempool is back up a little bit, but I trace in on https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight and noticed that you are very correct:

   

I'm happy Bitcoin shows its reliability once again and has defeated the spammers and those without good intentions. I also share to let beginners know how to calm down if a situation like this presents itself again. Bitcoin will always win.

But I do not think Ordinals and BRC20 congesting transactions are over yet, there are still many of them. It is good to see blthe mempool as low as 2 sat/vbyte again.

[albert0bsd]

Not all transactions have the same weight, the ~26k transactions that remains are some big



if you see there are some prediction of the next blocks are going to have only a few dozens of transaction per block, this will slow down the remain transactions that are stuck on mempool.

[hatshepsut93]

Mempool is looking good for now, but I wouldn't call it victory. It will get clogged again, fees will spike again. If more adoption will be coming, fees will be getting higher because the space is so limited. This current moment should be used to consolidate funds or make some transactions ahead of the time.

[MusaMohamed]

If this situation continues to be good, mempools will clear most of waiting transactions with 1 sat/vbyte fee rate after a long time. A last time mempools are clean like this is in late of April, 6 months ago.

After Ordinals, BRC20 tokens wave in early and mid of May, mempools have never cleaned up waiting transactions with fee rate at 1 sat/vbyte. The time is coming and I hope to see it in next weekend.

[aysg76]

The network congestion was at the time of ordinals that pushed the fees higher and memepool full of unconfirmed transactions and it was sorted few days later only when fees came down to normal and high priority also not going too high.The prices are somewhat stable so not too much panic as well like people selling aggressively to cash out their returns but it can go up if we witness something like that again.

[Outhue]

To say the truth, everyone was worried, the smart ones suspended every instant transaction until further notice, but I needed to make transactions back then so I ended paying up the transaction fee and man, it hurt so badly, because the amount I am moving into the exchange is not even much.

Days ago I was surprised to see Bitcoin transaction fee to be as low as it is, it's been a long time I've seen that type of low before but OP, I am not going to sit on this thinking it's going go always be the same, because right now it's not more $0.08$, I checked mempool this morning and it's going up again, now at $0.19 so that's that.

When the Bull market comes it's going to get more painful for Bitcoin, a high transaction fee will be one of the most discussed at the time, and even the Bitcoin Ordinals will nearly cripple Bitcoin, I believe this is going to be unavoidable, the real spamming hasn't even started yet, let's wait til the next bull market and see.

[Plaguedeath]

Unfortunately it doesn't last long and the average fee increase to 6-9 sat/vbyte, it's strange the mempool emptied in weekday because it mostly happen in weekend.

When the Bull market comes it's going to get more painful for Bitcoin, a high transaction fee will be one of the most discussed at the time

But, you can minimize it by consolidating your inputs when the fee is cheap. As you're participated in signature campaign where you could earn Bitcoin every week, you must consolidate your inputs.

[Charles-Tim]

Unfortunately it doesn't last long and the average fee increase to 6-9 sat/vbyte, it's strange the mempool emptied in weekday because it mostly happen in weekend.

It has started since last weekend. If you use https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),1w,weight to trace it, you will see that 2 sat/vbyte transactions has been confirming since Saturday on the 6th of October. Although, the fee rate is still getting high but consolidating and if able to wait for longer time, likely 2 sat/vbyte will be confirmed again and again.

[Yamane_Keto]

This thread has been tracking fees prices since 2018 Fees are lower, use this opportunity to Consolidate your small inputs Use it when you want to Consolidate your small inputs.
Low fees are not considered a victory if there is no update or upgrade, but rather there are fewer transactions. If we all knew how to calculate fees correctly and stopped using wallets that were poorly programmed or had inaccurate price estimates, then the reduction in fees would be greater.

if you see there are some prediction of the next blocks are going to have only a few dozens of transaction per block, this will slow down the remain transactions that are stuck on mempool.

What block are you talking about, it has been a long time since nodes no longer accept broadcast transactions with a fee of 1 sat/vByte.

[albert0bsd]

What block are you talking about

Isn't a mined block it is a expected block, those are still transaction on mempool waiting to be mined. you can see those on the mempool.space.
Can you see my images that i post?

it has been a long time since nodes no longer accept broadcast transactions with a fee of 1 sat/vByte.

That is not true... i can broadcast right now a Transaction with that fee and the nodes will accept it without problem... it is not going to be mined of course, becuase there are still transaction with higher fee on the mempool but the nodes MUST be accept it without problem.

[Yamane_Keto]

That is not true... i can broadcast right now a Transaction with that fee and the nodes will accept it without problem... it is not going to be mined of course, becuase there are still transaction with higher fee on the mempool but the nodes MUST be accept it without problem.

Hmmm
Even with the current low fees, some nodes reach the default memory limit, so transactions with less than < 1.56 sat/vB will be discarded. Therefore, I believe that most nodes will be able to broadcast transactions with 2 sat/vB, but will not be able to do it with 1 sat/vB. .

here you can find max limits https://github.com/bitcoin/bitcoin/blob/master/doc/reduce-memory.md

[m2017]

~snip

It's too early to celebrate victory. Bitcoin faces many obstacles and difficulties ahead. In particular, problems with high commission prices will be advertised in the media more than once. Let's see what will happen with transaction fees and queues for confirmation of transactions in the next bitcoin / crypto-hype. Considering the minimum expected price for btc is $100.000, I am sure that commissions will again surprise us all with their extortionate rate.

Now for another moment. Everyone is waiting for bitcoin mass adoption and widespread distribution of the bitcoin, when they will pay for it left and right, when there will be a very big user base. What will the commission be? Is bitcoin ready for this kind of scaling? Add to this that btc is rising in price and that by then this will also directly affect the level of commissions. All this together will “pleasantly” surprise with the amount of transaction fees.

One more thing. Bitcoin is priced at $1.000.000, as predicted by some very enthusiastic bitcoiners Can you imagine how high the commissions will be at that moment?

The past events with the jump in the price of the transaction commission on the bitcoin network were a kind of crash test, which confirm my fears that btc is not quite ready for the high “influx” of users, demand, and level of transactions.

[albert0bsd]

some nodes reach the default memory limit

aaah well, yes that is correct, i agree with you, some other nodes without that limit will accept those TXs