What's happening with Bitcoin transaction fees?

[Bureau]

I was checking mempool and saw the transaction  fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?


I went ahead and check the price of $ORDI on Binance and found that it is trading at a price which is way beyond it should be. I am sharing the screenshot below.



Anyone here who can give a solution to this issue? I feel they would continue to make the transaction fee in those Satoshi figures . This situation would not help small investors and traders as they would avoid these kinds of transaction fees.


Edited on 10th of November 2023



As expected it is now beyond the control of anyone except those who were part of the development. They should come up with a solution otherwise the whole idea would crumbled.

Look at this after I posted before the current price.



This has to stop or everything that was beautiful would become a nightmare. Those who created it have to come out of a unique solution.

These fees are insane and out of the limit of anyone who is like me. Imagine someone wants to transfer $10! Do you think these atrocious fee would help them.

Today's date: 6th of December 2023.

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[Charles-Tim]

I want to ask the community whether the severe high transaction fee occured because of the listing?

It is one of the reasons. Ordinals are making use of bitcoin network. Although, the mempool has been congested some days ago. But if there is nothing like Ordinals and BRC20 tokens, the mempool will not be congested as this.

[Helena Yu]

Yeah it seems there many stupid people want to get tricked by Ordinal again, that because Binance is now start accepting this shitcoin.

This situation would not help small investors and traders as they would avoid these kinds of transaction fees.

It will not affect traders, they're leave their coins in centralized exchange and even they want to withdraw their coins, CEX is charge a fixed fee regardless the situation on mempool.

[seek3r]

Ordinals are taking over again right now.
Minting these BRC-20 token creates a ton of TXID. If you have a look at the mempool right now there are around 135k transactiones that are unconfirmed.

There is a good overview from @DdmrDdmr where a lot of ordinals data are shown.
The blocksize weight from Ordinals went from 20-30% to over 60% in the last two days for example. Click here if you want to see all of the remaining data

[Aanuoluwatofunmi]

I was checking mempool and saw the transaction  fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?


I went ahead and check the price of $ORDI on Binance and found that it is trading at a price which is way beyond it should be. I am sharing the screenshot below.



Anyone here who can give a solution to this issue? I feel they would continue to make the transaction fee in those Satoshi figures . This situation would not help small investors and traders as they would avoid these kinds of transaction fees.

Having experience in this regards is not something new anymore, this is to tell us how the network is busy or congested, but we can always manuever our own way through, try to use a bitcoin wallet like electrum which support RBF, adjust your transactions to the lowest priority, apply the option of static and set the limit to about 20 Satoshi per vbyte, make your payment and use the transaction id to pump your transaction, use via btc to make your transaction faster since it's a mining pool and it's free, another thing you can do is to target weekend transactions or study the mempool when it's less congested.

[boyptc]

Before it was all due to the demand of the actual transactions and that's still the same today but we've got some names to name and that's the ordinals.

I just hope that it won't take long until the clogged network will be free and smooth again.

[Jawhead999]

Let's see how long it will last, if it's caused only by one coin, it shouldn't be that long.

Anyone here who can give a solution to this issue?

Obviously migrate to other chain, just like few months ago where many centralized exchanges start to adopt lightning network.

try to use a bitcoin wallet like electrum which support RBF, adjust your transactions to the lowest priority

The fee estimation by Electrum isn't really accurate, since you have an option to adjust the fee by yourself, it's better to not use such "low, medium or high priority".

[AHOYBRAUSE]

Ordinals are taking over again right now.
Minting these BRC-20 token creates a ton of TXID. If you have a look at the mempool right now there are around 135k transactiones that are unconfirmed.

There is a good overview from @DdmrDdmr where a lot of ordinals data are shown.
The blocksize weight from Ordinals went from 20-30% to over 60% in the last two days for example. Click here if you want to see all of the remaining data

Well, you never learn out.
Until now I thought there are just a lot of normal btc transactions that fill up the mempool and let transactions fees go through the roof at times.

I didn't even know, er let's say never heard of, these originals things, guess I have to read more. 

Thanks for the link by the way!

[tranthidung]

Last two weeks, Bitcoin was so hot and it created demands on people to move their bitcoin to take profit. People here means traders or small investors who can not stay calm and don't trade, who can not hold their bitcoins longer till halving and a few months after halving.

Above is organic change in Bitcoin mempools as reactions to Bitcoin price movements but this time, it is different with engagement of BRC20 tokens, Ordinals like months ago.
https://geniidata.com/ordinals/home

See Ordinals Heatmap, they are heating up again.

[moneystery]

that's right, that's the reason why bitcoin fees have increased in recent days. i just can't understand why there are still people supporting this shitcoin? it doesn't have any basis or potential for the future, it's only based on market speculation.

and the funny thing is that bitcoin developers are not too serious about this and miners seem to enjoy this because the high fees are profitable for them. though this ordinal should be on a different network, so that it does not interfere with individuals, traders or bitcoin investors who want to use the network for regular transactions.

[taufik123]

LOL, it turns out that what was holding up my delivery last night was Ordinal.
I even got stuck on a fairly long transaction yesterday and spent about 24 hours more.
The incident this time may still be tolerable, but when Ordinal appeared the first time the Bitcoin network was completely stuck and transactions became very expensive.

Will this continue and if the ordinal continues to provide disruptive transaction spikes, then this will not be good.

What about the Lightning Network which is not affected by Ordinal and is even faster?
But many don't like Lightning and don't even consider the lightning network part of Bitcoin.

[Mpamaegbu]

See Ordinals Heatmap, they are heating up again.

This is really some crazy shit, frankly. It's becoming obvious this is going to be the major bane of Bitcoin, and not even the government we keep poking fingers at for its refusal to fall in line with the mass adoption thing. This congestion gets worse whenever there's price rally a few days in a roll. It frustrates every effort to have smooth transactions. People need seamless (or almost seamless transactions) to want to use a service. In this regard, Bitcoin isn't providing it.

[Wapfika]

I was checking mempool and saw the transaction  fee sky rocketing. I am not sure what happened suddenly as these fees are way beyond anyone's imagination. Later on, I did found out that Binance has listed Ordinals (ORDI). I want to ask the community whether the severe high transaction fee occured because of the listing?

Definitely not related since Bitcoin high transaction is already there few days ago when the pump to 35k started. Probably the hype on that token is due Bitcoin Ordinals popularity now that the mempool is already being flooded by Ordinals transactions.

Withdrawal on that token is already suspended by exchange due to high fee. While the pending transaction volume is not growing either.

[coupable]

What is happening these days with Bitcoin transaction fees is what we are accustomed to seeing whenever its price improves in the market, and it is also what was expected by many observers if the price exceeded the 30,000 barrier. The rise in price reflects increased demand and therefore more transactions are conducted, which motivates miners to select transactions with higher fees, and this will automatically raise fees. It is true that it has become a little exaggerated, but it is not possible to draw conclusions based on a short time.
I hope the situation would improves quickly and goes back to how it was.

[franky1]

Yes, the high transaction fees on the Bitcoin network are likely due to the listing of Ordinals (ORDI) on Binance.
 Ordinals is a new protocol that allows NFTs to be inscribed on the Bitcoin blockchain.

not a new protocol. and not allowing NFT
its junk data with no true protocol level proof of transfer. just a lame "suggestion" that transfers happen to a particular output but nothing in data or protocol protects it immutably..

not only is their sat count/position done in error.. but also they can, without changing the blockchain data change the ordering/count methodology in a software update and thus change suggested ownership taint path of previous suggested ownerships.. thus a complete scam

images(junk data meme) and json (junk text) oversold to the creator by the creator to set a fictitious high price for himself(no cost to him if he both buyer and seller) on the market..  hoping a naive idiot will then buy a few sats output suggested as owning meme/text (but not the junk data meme/text itself) thinking they own the junk data several taints back

dont believe the BS of ordinals. its idiots scamming idiots. something putting bitcoins name to shame

[Yamane_Keto]

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.

[Z-tight]

Having experience in this regards is not something new anymore, this is to tell us how the network is busy or congested, but we can always manuever our own way through, try to use a bitcoin wallet like electrum which support RBF, adjust your transactions to the lowest priority, apply the option of static and set the limit to about 20 Satoshi per vbyte, make your payment and use the transaction id to pump your transaction, use via btc to make your transaction faster since it's a mining pool and it's free, another thing you can do is to target weekend transactions or study the mempool when it's less congested.

Take note that ViaBTC is a mining pool and if you use their free accelerator and meet all the requirements, you still have to wait until ViaBTC successfully mines a block, and it can take sometime. ViaBTC also accelerates only 100 tx's per hour, so it is likely that you will fall under a queue.

It is also worth mentioning that your fee rate must be 10 sat/byte and above in order to accelerate your tx, also the volume of your tx cannot be more than 500 bytes. ViaBTC works anyway, but i would just check mempool.space and choose a fee rate that is best for my tx at that point in time.

[BABY SHOES]

LOL, it turns out that what was holding up my delivery last night was Ordinal.
I even got stuck on a fairly long transaction yesterday and spent about 24 hours more.
The incident this time may still be tolerable, but when Ordinal appeared the first time the Bitcoin network was completely stuck and transactions became very expensive.

Will this continue and if the ordinal continues to provide disruptive transaction spikes, then this will not be good.

What about the Lightning Network which is not affected by Ordinal and is even faster?
But many don't like Lightning and don't even consider the lightning network part of Bitcoin.

I also thought twice when I was going to send a few satoshis in a small amount because I saw the expensive fees, I decided not to do it now until normal time, the current fees for small transactions are very burdensome.

Maybe I thought that since the $ORDI token entered the Binance exchange, many people made transactions via bitcoin, we know how Binance is influenced when there is a token listing, users will do many things to benefit there because it is clear that the token will rise, but I am not interested in the $ORDI token at all.

Haven't used the lightning network yet, so I don't know if there is any congestion or not.
Yes that's right, I consider that I have never liked the lightning network, it is still for me the onchain network that is more interested in.

[milewilda]

Anyone here who can give a solution to this issue? I feel they would continue to make the transaction fee in those Satoshi figures . This situation would not help small investors and traders as they would avoid these kinds of transaction fees.

If this is your first time then you should really get used to it, the only issue that we do encounter on Bitcoin is into that scalability issue on which on the time that the network gets clogged then
fees would go high but this isnt really as near with that ETH shit fees when theres a bloat of network transactions that flood out on the market. We could have several bucks in terms of fees
which we arent really that get used to and on the time that you do able to see those big changes or fees then you would really be starting to have doubts on why is this.
If you've been here on this market for a while then these kind of moments are really that normal.

Any ways on trying out to lessen the fees? The only way is to make out some conversion with some btc pairs and from there you could
really make that transaction but well its something hassle for me but if you are really that minding on saving up the fees then this would really be your choice.
As for Ordinals then i dont really see the connection. Network do really get flooded for sometime and its a natural thing to happen.

[btcswimmer]

Yes. The high transaction fee occurred because of the listing. Ordinals are currently a major part of Bitcoin's block size, and Binance listing made the situation worse.

A solution could be to limit the amount of arbitrary data that can be included in a transaction (similar to https://github.com/monero-project/monero/pull/8733, which was implemented by the monero community to stop transaction spam on the network).

However, given the status quo of Bitcoin development, I don't think it's ever going to be implemented, just like many other needed improvements (such as increasing the block size) that aren't being added.