What's happening with Bitcoin transaction fees?

[Peanutswar]

In fact, there's a lot of many reasons can be exchange into other coin wiht a pair of the bitcoin now the active traders make their move in every situation so they grab and scalp each profit, actualy its not the only day, because even this week the rise up of the bitcoin trades are often congested afaik I saw that it reaches for over 4$ just to have a medium transaction there's alot of block transaction stuck because of this number people make trades with their bitcoin. This means people now are keep engaging with the bitcoin network.

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[Z-tight]

I did a transaction recently and the average tx fee suggested by Electrum made me wait 10 hours to confirm.  This is not good if Bitcoin wants to compete with fiat payment processors.

You have to check https://mempool.space/ before making your tx, sometimes Electrum might not give you a good estimate when making your tx, if you check mempool.space, you can then customize your fee rate in Electrum to that for high priority, and you may not have to wait for so long for a confirmation. Though take note that you could broadcast your tx and the fee rate in the mempool goes high, meaning you have to either wait for the fee rate to drop, or you have to bump your tx with rbf.

BTC isn't competing with other payment systems, blocks are mined ~ 10 minutes on average, and tx fee rate can go high sometimes, meaning that you have to outbid other users by paying a higher fee to get a space in a miners block.

[livingfree]

BRC20 is on it again.

Binance is the culprit and I guess that they should make a solution on this one. They're affecting literally everyone with such fees because high priority costs $4 and a few cents.

That's so much for the fees when the transfer is just going to be around $4-$10 although we're allowed to adjust that but you can expect with these volatile times and fees have been dynamic, it might take a long time if you adjusts to medium and low priority.

[philipma1957]

I did not imagine that Ordinals and BRC20 tokens would receive such interaction, but last time, Bitcoin network needed about 5 days before fees returned to normal, so high fees are not a permanent problem.
I created this topic last time Delay your Bitcoin transaction for this week| Volunteer campaign if you are not in a hurry, postpone your payments for this week, and I am sure that within 5 days everything will change.

Future solutions:

Use Bech32 addresses.
Use wallet that support RBF.
When fees are low Fees not low! Wait for opportunity to Consolidate your small inputs, consolidate all of your previous transactions into one income.
Use the Lightning Network for everyday payments.

you are very optimistic if you think high fees are not a permanent problem.  high fees will occur over and over and over see the pattern below:




it will repeat over and over and over. there are many groups of people with a vested financial interest In having btc fees sky rocket.

[adaseb]

Most likely once the Ordinals trend starts to fade after the Binance listing, the transactions should go down. This has been happening all year. It has its spikes but eventually people get bored of Ordinals and just move on to something else.

Probably 2 more weeks of this and we should level out. If you need to do a transaction try and get it done on the weekend, most likely you will be able to get a 25sat/byte transaction there, so if you got a segwit address it shouldn't cost too much.

[philipma1957]

Most likely once the Ordinals trend starts to fade after the Binance listing, the transactions should go down. This has been happening all year. It has its spikes but eventually people get bored of Ordinals and just move on to something else.

Probably 2 more weeks of this and we should level out. If you need to do a transaction try and get it done on the weekend, most likely you will be able to get a 25sat/byte transaction there, so if you got a segwit address it shouldn't cost too much.

Yeah those looking to drive fees high can not afford to do it on a 365 day basis. So they cycle up when ever they can.

It is nice to earn the extra coin via fees I am earning around 103% a block vs 97% a block

[dunfida]

I did a transaction recently and the average tx fee suggested by Electrum made me wait 10 hours to confirm.  This is not good if Bitcoin wants to compete with fiat payment processors.

You have to check https://mempool.space/ before making your tx, sometimes Electrum might not give you a good estimate when making your tx, if you check mempool.space, you can then customize your fee rate in Electrum to that for high priority, and you may not have to wait for so long for a confirmation. Though take note that you could broadcast your tx and the fee rate in the mempool goes high, meaning you have to either wait for the fee rate to drop, or you have to bump your tx with rbf.

BTC isn't competing with other payment systems, blocks are mined ~ 10 minutes on average, and tx fee rate can go high sometimes, meaning that you have to outbid other users by paying a higher fee to get a space in a miners block.

This is what i like when using up Electrum on which you could really be able to modify fees according into the amount that you are really that willing to be spend in terms of fees amount.
In regarding on the situation and connecting out on BRC20 then its not really that new anymore, this kind of network congestion is never been the first time that do happen into the network.
Just like on what mentioned above, this would usually flat out on 1-2 weeks time basing up on the last congestion similar as this but if you are really that in a rush
on pushing up a transaction then you could always have that option on taking that high priority fee.

The ones who are mainly affected into this one are to those people who are really that making some micro transactions on which even if 4-5 bucks isnt that much on some people
but this is an amount that not all would really be liking to see on. No one really likes to pay up high fees but this is actually the main flaw of Bitcoin
is on about its scalability but well we arent experiencing this problem all of the time.Indeed there are really just times of  the year that we would really be
hitting up this scenario.

[Kemarit]

Yes, as per mempool the fees are:



And it looks like this is a coordinate attack in the last couple of weeks to really increased the fees and make the bitcoin network not usable for ordinary investors. We have this kind of situation before if I'm not mistaken, around May and we didn't do anything about it but just to wait for this whole BRC-20 ordinals to die down. But now they are at it again. Specially the timing though, when we are about to make a good run, some entities will have to ruined it.

[adaseb]

Yes today was bad, I was expecting a dip in the transaction fees but if you wanted any transaction to go thru you would need to pay up 100 sats byte.

The fact that Bitcoin broke to new yearly highs many probably want to sell some and this is causing the backlog to get bigger and bigger.

Maybe this weekend we will get a nice dip in transaction fees but who knows.

[AHOYBRAUSE]

Yes today was bad, I was expecting a dip in the transaction fees but if you wanted any transaction to go thru you would need to pay up 100 sats byte.

The fact that Bitcoin broke to new yearly highs many probably want to sell some and this is causing the backlog to get bigger and bigger.

Maybe this weekend we will get a nice dip in transaction fees but who knows.

Yeah at this point it is hard to know what's happening next.
I just wanted to do a little transaction and the last number I had in mind from yesterdat was like 50-60 sat/b for a transaction. When I checked right now what the actual fee would be I was a bit shocked about the graph at the mempool site.

It's insane to be forced to pay over 140 sat/b again, I really want to throw up.

We need a fix and a solution for that asap.

[Woodie]

Yes, as per mempool the fees are:



And it looks like this is a coordinate attack in the last couple of weeks to really increased the fees and make the bitcoin network not usable for ordinary investors. We have this kind of situation before if I'm not mistaken, around May and we didn't do anything about it but just to wait for this whole BRC-20 ordinals to die down. But now they are at it again. Specially the timing though, when we are about to make a good run, some entities will have to ruined it.

You can say that again!

At the moment bitcoin isn't looking attractive not only to ordinary investors but also to users who use it regularly for micro payments and actually with these high transaction fees I see this negatively affecting the gig industry which uses crypto payment a lot...

And with this coordinated attack, we must give the ordinals a hand for not getting bored doing this , spamming the network and all but with time they sure will need to focus their energy elsewhere, let's hang in there & wait for this wave to pass 

[Dave1]

Yes, as per mempool the fees are:



And it looks like this is a coordinate attack in the last couple of weeks to really increased the fees and make the bitcoin network not usable for ordinary investors. We have this kind of situation before if I'm not mistaken, around May and we didn't do anything about it but just to wait for this whole BRC-20 ordinals to die down. But now they are at it again. Specially the timing though, when we are about to make a good run, some entities will have to ruined it.

You can say that again!

At the moment bitcoin isn't looking attractive not only to ordinary investors but also to users who use it regularly for micro payments and actually with these high transaction fees I see this negatively affecting the gig industry which uses crypto payment a lot...

And with this coordinated attack, we must give the ordinals a hand for not getting bored doing this , spamming the network and all but with time they sure will need to focus their energy elsewhere, let's hang in there & wait for this wave to pass 

Well they can do it, to spam the network again with high fees, perhaps they are doing it intentionally and make bitcoin developers realized another sidechain and scaling solution. But I'm not an expert on it so I will leave if to someone who has more technical skills.

However, I don't also think that they can intentionally do this forever, sooner or later it will have to settle down again.

So for now that is the best thing to do, wait and if we really don't know to spend then just continue to hold.

[hd49728]

Well they can do it, to spam the network again with high fees, perhaps they are doing it intentionally and make bitcoin developers realized another sidechain and scaling solution. But I'm not an expert on it so I will leave if to someone who has more technical skills.

However, I don't also think that they can intentionally do this forever, sooner or later it will have to settle down again.

So for now that is the best thing to do, wait and if we really don't know to spend then just continue to hold.

Miners will stay neutral in this war because they are middle men who get most benefit from higher, more expensive transaction fees on Bitcoin blockchain. They do their works and if they get more money from mining, they are happy. The responsibility is from Bitcoin nodes which come from Bitcoin mining pools, miners too but not all Bitcoin full nodes are from mining entities.

I see this spam type will only end if Bitcoin protocol will be updated to prevent it to be accepted by miners. This will be very challenging task for developers if they don't get support from Bitcoin miners to vote for a new consensus.

Those Ordinals guys can create new projects, new tokens to milk from Bitcoin blockchain and make harmful effects on non BRC-20 token fans.

[Bureau]

And it looks like this is a coordinate attack in the last couple of weeks to really increased the fees and make the bitcoin network not usable for ordinary investors. We have this kind of situation before if I'm not mistaken, around May and we didn't do anything about it but just to wait for this whole BRC-20 ordinals to die down. But now they are at it again. Specially the timing though, when we are about to make a good run, some entities will have to ruined it.

If these attack continue then I won't be suprised to see 150 sat/vB to the range of 200sat/vB. The USD value will go up if Bitcoin price continues to pumps for the next 8 days. That will hurt the sentiments more as people tend to look into the USD value more often for transaction fees.

If I remember correctly we faced a similar issue a couple of months back. At that time the memepool was completely conjusted and the transaction fee was too high to complete a small transaction. There should be a solution to this issue otherwise it might become a constant affair.

[Minecache]

Yes today was bad, I was expecting a dip in the transaction fees but if you wanted any transaction to go thru you would need to pay up 100 sats byte.

The fact that Bitcoin broke to new yearly highs many probably want to sell some and this is causing the backlog to get bigger and bigger.

Maybe this weekend we will get a nice dip in transaction fees but who knows.

Yeah at this point it is hard to know what's happening next.
I just wanted to do a little transaction and the last number I had in mind from yesterdat was like 50-60 sat/b for a transaction. When I checked right now what the actual fee would be I was a bit shocked about the graph at the mempool site.

It's insane to be forced to pay over 140 sat/b again, I really want to throw up.

We need a fix and a solution for that asap.

We don't need a fix or a sidechain like some people are suggesting, we just need to find a way or wait for BRC20 to disappear then I believe everything will return to normal. The main reason for the recent high transaction fees similar to what happened in May this year is due to most BRC20 transactions. BRC20 is nothing but a meme even worse than some other altcoins, I thought they were dead and gone but to my surprise, Binance listed them and made them revive.

[stompix]

We don't need a fix or a sidechain like some people are suggesting, we just need to find a way or wait for BRC20 to disappear then I believe everything will return to normal.

Can't fix it, ban it!
Also, what's normal for you?
Transactions of 1 sat/b getting confirmed the next block, empty blocks like two years ago because...well nobody was using it?
What happens if people do strat using it? What if those hundred million around the globe will do at least one tx a month?
What are you going to ban that time?

[EFS]

This is getting out of control. There are some transactions that haven't been approved for a week. Moreover, while you used to get fast confirmation with around $1 fee before, now you can't get even for $3-4. If high fees will have to be paid for each transaction like in the ETH network, this won't be good for Bitcoin. Whether it's because of Ordinals or something else, this kind of traffic is something that needs to be solved for the future of Bitcoin.

[franky1]

We don't need a fix or a sidechain like some people are suggesting, we just need to find a way or wait for BRC20 to disappear then I believe everything will return to normal.

Can't fix it, ban it!
Also, what's normal for you?
Transactions of 1 sat/b getting confirmed the next block, empty blocks like two years ago because...well nobody was using it?
What happens if people do strat using it? What if those hundred million around the globe will do at least one tx a month?
What are you going to ban that time?

bitcoin devs need to get back to the idea of transacting bitcoin for bitcoin purpose. this means making lean transactions of every byte count. where each byte serves a purpose and has a reason for being in a transaction. (to prove the authenticity of bitcoin transfer) the other junk should be rejected if it does not serve a purpose for bitcoins functionality. bitcoins purpose is not memes and json junk

things like "isvalid" that has no checks/validation code attached but just keeps the transaction without understanding the purpose of the bytes of the transaction need to be dealt with.

they can be dealt with in a way that does not break bitcoin. its called code. code creates rules. rules create efficiencies.

there are many many ways to create code that create efficient use of transaction data, to allow more utility where fee's dont have to go outrageously high

the only reason this junk is being allowed to persist is because the devs that allowed it in the first place have sponsorship deals to make bitcoin a headache, just to promote other networks as the solution people need to migrate over to(abandoning bitcoin) so that the sponsors can make middleman profits(ROI on sponsorship) via the other network adoption

again bitcoin devs need to get back to caring about bitcoin and bitcoins purpose. not some sponsorship deal of promoting utility of another network by bastardising bitcoin

when you realise the main core devs (blockstream, chaincodelabs,brinks) have been sponsors hundreds of millions of dollars, that investment require alot of users of other subnetworks to pay alot of "pennies" per payment on the "cheap" subnetworks for the sponsors to ROI break even
so their game is to really push the bitcoin headaches to the max and make bitcoin unaffordable to transact to persuade everyone to abandon bitcoin and play on their preferred subnetwork

(if 200m people transacted for $0.001 on a "cheap subnetwork") 1 tx a day each user is $200k for the network
it would tke them 1000 days to break even (3 years)

after 6 years of these "promising" subnetworks they only have ~5k of btc locked up and only 15k nodes. not the 200m userbase and Xmilion btc locked up they hope to have. so they are really trying to get people over to their subnetworks via making bitcoin scams, spams, memes and congestions to make bitcoin a headache (and yes ordinals:ratimov is a chaincode lab and LN associate)

[apogio]

Can all this be an attack to the bitcoin network, whose the purpose is to make everyday users suffer due to high fees?

Bitcoin will not suffer because of that, but we will, unless we use LN.

[Mate2237]

This ordinals made me to waste coins last time and here it come again. The simple way t solve this problem is to remove these Ordinals from the bitcoin network. Then the the congestion rate will reduce and the transaction fee will also reduce. And like this now many can not withdraw or make a transaction because of the high fee. Early this when I did a transaction I fell the impact of the high fee compared to other times.

This is the second time the transaction fee is going high in this year. And I said this will affect many people. We just pray that it will not stay longer than a week.