Ontop the matter of Bitcoin fee

[Forever101]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

[Charles-Tim]

The reason for the mempool congestion are Ordinals and its BRC20 tokens. Ordinals are just like NFTs which are inscribed to satoshis. BRC20 are experimental standard for fungible token protocol that allows the mining and transfer of the fungible tokens on bitcoin network through Ordinal inscription. You can read more about them from this link: https://hextrust.com/resources-collection/bitcoin-ordinals-the-brc-20-standard. Ordinals and BRC20 tokens are using bitcoin network for transactions and congesting the mempool often than it supposed to be.

[Antotena]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

They are metadata that are inscribe on bitcoin, some investors loves it because of the quick gains and not for the tech. Some days ago, it was reported that ordinals interest from investors have been half since June but I am not sure whether it was that news that trigger them to come back to bitcoin again. To me, it's best they allow these guys do their spamming on other smart contracts blockchain knowing fully how bitcoin network is becoming too unusable during halving, this will only double our challenge in transaction but I forgot that Miners are happy about it.

What are will advise you to do, if you have multiples of outputs in different wallet and you have plans to use them or send them in near future,  consolidate them together into one wallet. It might request for high fees but do that on weekends, you will enjoy that when you send bitcoin from a single wallet address than combine these outputs all together, you will be paying more fees than the outputs if halving should remain 2 months.

[Charles-Tim]

What are will advise you to do, if you have multiples of outputs in different wallet and you have plans to use them or send them in near future,  consolidate them together into one wallet. It might request for high fees but do that on weekends, you will enjoy that when you send bitcoin from a single wallet address than combine these outputs all together, you will be paying more fees than the outputs if halving should remain 2 months.

For consolidation, people can wait and let the mempool to become less congested. 2 to 4 sat/vbyte is still possible.

Another solution is the use of lightning network.

Side chains would have been better, but they are not bitcoin but altcoins.

[Ever-young]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

Usually the main thing wey dey cause this high tx fees na when plenty people don dey use the Bitcoin network dey send Bitcoin from place to another at the same time, e dey cause wetin oyibo call congestion, meaning say everywhere don tight. Take for instance say you go stadium go watch ball, when you been dey enter inside the stadium, people don already enter finis so the road just free, you no go drag road with anybody at all, then just imagine wetin go happen when e be say the stadium come catch fire or something come happen wey go force everybody to evacuate the stadium with immediate effect, imagin how everywhere go tight, you go hardly get chance to pass self as everywhere go just tight. Shey you dey catch my point.

Now the main things wey dey cause the congestion gon gon na this new coin them dey call ORDINAL, and some other small small tokens wey dey use the Bitcoin Blockchain network for their transactions, but make we discuss about ORDINAL first because na that one gon gon na e be the ogbonge reason why Bitcoin network don dey worry like this. People everywhere now dey trade the token like say tomorrow no dey and because of that, the Bitcoin network don busy like mad, so na e be the main reason why TX fees don shoot go up like mad wetin no nice

[Y3shot]

This na the second time wey I deh observe something like this since I know Bitcoin.  When it is like this it used to be frustrating expecially when person won sell off  his coin. But as the matter be like this is like e get accelerator wey dem fit use to to fasten the transaction even if with a low transaction fee. Wetin I get advice people now wey this thing dey like this make dem just dey very careful with the way how dem dey go about things ,some people may decide to try to transfer their bitcoin by all means and in complicated way wey fit no end up well for them.

[Charles-Tim]

Now the main things wey dey cause the congestion gon gon na this new coin them dey call ORDINAL

Ordi can no more be called a new token, although it was listed on Binance just a week ago and there have been more transactions, but listed on OKX in May which was 7 months ago. As Binance listed it, the mempool become more congested. But Ordinals (not only the Ordi token) and other BRC20 tokens like Ordi are part of what are responsible for the congestion. Also bitcoin network become more congested sometimes.

[CryptoHeadlineNews]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

I just checked the transaction fee right now and it's still on a very high side as compared to 2 days ago, because I literally just tried to send $36 worth of BTC from my Trust to Binance, and been told the fee for that transaction is a whooping  $13.  As shown below, but I noticed that the result of congestion on the Bitcoin block should be the result of this high fees

[Lambaz]

Bitcoin transaction is not for the weak, so if you aren't a rich cryptocurrency trader, nothing should take you to bitcoin transaction. You will want to mint NFT of $50 and you can pay $35 gas fee. No be ment?

[Abu-Naim]

For consolidation, people can wait and let the mempool to become less congested. 2 to 4 sat/vbyte is still possible.

Another solution is the use of lightning network.

Side chains would have been better, but they are not bitcoin but altcoins.

Is it possible for the network congestion to come back to 2 -4 sat/vbyte soon?

This days I have been monitoring mempool.space, but the transaction fee keep mounting up, I don't even know when it will come this low because if you have small BTC to send out from your external wallet, the network fee do require 5-9$ which is very very high for small people like us that will transact less than $100 BTC.

[Prosofina_G]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

In my little understanding about Bitcoin una no say no be
Government they regulate Bitcoin because no be natural resources.
So in this case me I come see am say na the fellowing factors they put pressure or they influence the price
1. The supply of Bitcoin and the market way demand am.
2. The price of producing a Bitcoin through the mining
     process.
3. The number of competition way they for the
     cryptocurrency
4.  Regulations governing it's sale and use
5.  Media and news.
Please 🙏 me I like correction make una correct me ooo hear na leaning we deyooo

[Lida93]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

Usually the main thing wey dey cause this high tx fees na when plenty people don dey use the Bitcoin network dey send Bitcoin from place to another at the same time, e dey cause wetin oyibo call congestion, meaning say everywhere don tight. Take for instance say you go stadium go watch ball, when you been dey enter inside the stadium, people don already enter finis so the road just free, you no go drag road with anybody at all, then just imagine wetin go happen when e be say the stadium come catch fire or something come happen wey go force everybody to evacuate the stadium with immediate effect, imagin how everywhere go tight, you go hardly get chance to pass self as everywhere go just tight. Shey you dey catch my point.

The high transaction fees we are experiencing is because of what I chose to refer to as a stampede in the bitcoin network  plenty transaction trying to find their way at once from different locations through a single loophole.

The solution to this which wouldn't be possible is if bitcoiners can relax reducing the number of persons that sends bitcoin per day. Example, if it were a 1million persons doing bitcoin transaction a day and 500 hundred decides to hold back, it will be that the congestion will no longer be there and this will affect tx fee to drop.

But how possible for this to happen is what anyone don't know.

[sokani]

When the Bitcoin network been become less congested, we been think say ordinals don go for good, only for it to resurrect again and this past weeks e don push the transaction fee to the high side and don become a challenge to many people. This spam on the network supposed be the major concern for everyone wey truly like Bitcoin, and with the way things dey go the transaction fee fit increase more than this. As we dey wait for the bull season, we expect activity to increase for the network. E no get anything wey Bitcoin developers go fit do to put an end to this ordinals craze for good?

[Doan9269]

Maybe we should always expect seing something like this in the future, because even without the influence of what's called ordinals, bitcoin network can also at a certain point get congested and we can do nothing about it, what we should focus now is on the ways out, how the people can always have a solution to when the network get congested and we won't experience a higher fee like before, ordinals only make the effect on the congestion more pronounced.

[Forever101]

Maybe we should always expect seing something like this in the future, because even without the influence of what's called ordinals, bitcoin network can also at a certain point get congested and we can do nothing about it, what we should focus now is on the ways out, how the people can always have a solution to when the network get congested and we won't experience a higher fee like before, ordinals only make the effect on the congestion more pronounced.

If we go dey expect things like this, you think say this one no go pushu people wey wan get interest for bitcoins. As this Ordinal don come now, soon other nft go like use bitcoins, by that time, bitcoins go nearly dey frustrat ihm users. Abi d no think am say this thing fit cause more wahala for bitcoins. 

[DaNNy001]

What are will advise you to do, if you have multiples of outputs in different wallet and you have plans to use them or send them in near future,  consolidate them together into one wallet. It might request for high fees but do that on weekends, you will enjoy that when you send bitcoin from a single wallet address than combine these outputs all together, you will be paying more fees than the outputs if halving should remain 2 months.

For consolidation, people can wait and let the mempool to become less congested. 2 to 4 sat/vbyte is still possible.

Another solution is the use of lightning network.

Side chains would have been better, but they are not bitcoin but altcoins.

The lightning network is always there but the adoption is just something else because so many are aware of it but using it is a different case, if not this issue of the mempool being congested won't be much because most Bitcoin owner will just transact with the Bitcoin second layer network which was actually created to reduce the effect of such cases in transacting Bitcoin. But I believe this issue will soon flow past as this case is just temporary and very the network fee would be back to normal and transaction fee will be okay again.

[Makus]

Normally na mempool congestion dey cause the issue of high transaction fee just as other people don talk, the mempool congestion they happen when too many unconfirmed transaction dey wait for confirmation for the blockchain and because of that e go come dey use the bigger the fee the faster the confirmation for the block chain. Plenty people go see am like big disadvantage oo but, I still dey see small merit for inside, because plenty transaction mean say people wey dey use the network many or dem fit don add join the current number so to some extent na very good news to the bitcoin network adoption. But I think this one na old version bitcoin don reach to use lighting network for all em transaction because no be small network wey em be again.

[Spaceman1000$]

Omo the transaction fee don high watin no nice oh, I recently do transaction, the few way appear for me to pay, big pass the amount way I wan send, if no be for the emergency of watin i wan do, I for just cancel the transaction because of high fee. Watin dey trigger the network congestion, na something way I never still get.

[Pi-network314159]

I see am say this matter na ogbonge one wey we need to talk am make we know how future go be, as the Bitcoin fee dey go up so, wetin una think say e dey cause am, I be hear some people say na the NFT wey dey for the network dey cause am , others say na another thing else , abeg make we chuck mouth share experience and wetin fit happen with tranxaction fee matter in future. This thing done happen before , tell us wetin dey cause am

Usually the main thing wey dey cause this high tx fees na when plenty people don dey use the Bitcoin network dey send Bitcoin from place to another at the same time, e dey cause wetin oyibo call congestion, meaning say everywhere don tight. Take for instance say you go stadium go watch ball, when you been dey enter inside the stadium, people don already enter finis so the road just free, you no go drag road with anybody at all, then just imagine wetin go happen when e be say the stadium come catch fire or something come happen wey go force everybody to evacuate the stadium with immediate effect, imagin how everywhere go tight, you go hardly get chance to pass self as everywhere go just tight. Shey you dey catch my point.

Now the main things wey dey cause the congestion gon gon na this new coin them dey call ORDINAL, and some other small small tokens wey dey use the Bitcoin Blockchain network for their transactions, but make we discuss about ORDINAL first because na that one gon gon na e be the ogbonge reason why Bitcoin network don dey worry like this. People everywhere now dey trade the token like say tomorrow no dey and because of that, the Bitcoin network don busy like mad, so na e be the main reason why TX fees don shoot go up like mad wetin no nice

I like the way you take explain this thing @Ever young. Me self I been dey ask myself this question say wetting they make transaction fee high because when I want transfer my bitcoin from my wallet I noticed as the price come high and I no no the reason. So as I come here I come see the matter here and the way oga @Charles- Tim dey carry explain am here person go still confuse the more. Because e dey speak am like grammar for we 9ja local board. Sometimes we need to break things down to a lame nan language for people to understand am because newbie plenty here wey wan learn. But e get matter wey you go yan Dem no go ft chuk mouth put, because them no no where them fit come in for the matter. the way you carry explain am I understand am very well🙏

[Samlucky O]

Wetting they cause that thing na network conjestion error. The  BRC 20 coin like ordinal wey they shear thesame blockchain with bitcoin naim they cause am. Just like for example when plenty people dey go thesame direction and na only one mottor dey to carry everybody how you think say e go dey possible? Except say you go pay higher amount before you go fit enter the Motor. Anybody wey no get money go stay behind until plenty motor don dey ground before you go pay less fee.