Outrageous Bitcoin Fees

[nycfed]

The bitcoin fees right now are absolutely outrageous, anybody have any idea on when it will go down? Exodus user here, and to send bitcoin the fees range anywhere from $15-30! Been like this for a minute, reminds me back in 2020 when the fees were about the same as now for a month. Hopefully it doesn’t stay like this for much longer, but anybody got predictions on how much BTC will hit by the end of 2024?

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[Ever-young]

I’m not sure any one knows when the fee will come down to as low as it was earlier before the ordinal madness started, but it will be important for you to start getting use to it for the main time and start making use of means where you can transact with cheaper rate i means making use of wallets that can allow you customize your fee to as low as 30 Sats which if you are not in a hurry to get the BTC across to the next wallet that will help maybe it will take couple of hours or days but it will go through and if you are able to accelerate it then you can see it within few hours in your next wallet.

[nycfed]

I used to use the blockchain crypto wallet, and back in 2020, I set my fee to the lowest option, which was around like $1, and the transaction did not confirm for 2 weeks. Thought my bitcoin was gone, that’s why I haven’t thought about using a low fee since then. Didn’t think that this would happen again though, but bitcoin has skyrocketed. It’s almost crazy to think that about 2 months ago, bitcoin was low 20k, but now it’s reached 40k! It’d be pretty sweet if it could get past 50k, near it’s all time high by the end of 2023, but I’d wish the transaction fees would reduce by a good amount.

[Cricktor]

Use https://whatthefee.io/ or https://mempool.space/ to estimate currently required transaction fees in sat/vB if your wallet doesn't do that properly for you. (I don't use closed-source wallets like Exodus or stupid web wallets of questionable quality.)

Demand for transaction volume, for whatever reasons, fuels transaction fees. Of course, when Bitcoin price rizes it's not uncommon that transaction volume rizes, too. But same when price drops it's not uncommon that we see high transaction volume and high fees.

[LoyceV]

As long as spammers are willing to pay $40+ to create dust transactions, this madness won't stop.
Who's funding this?

[BabyBandit]

As long as spammers are willing to pay $40+ to create dust transactions, this madness won't stop.
Who's funding this?

It's crazy now. Do you think this will stick around for a long time? Thanks in advance.

[LoyceV]

Do you think this will stick around for a long time?

Who knows? It stopped last October, but started again a month later. Could it be money laundering through miners?

[Ever-young]

Who knows? It stopped last October, but started again a month later. Could it be money laundering through miners?

Obviously YES…
Who are the parties who are to benefit more in such case ??

[ABCbits]

Do you think this will stick around for a long time?

Who knows? It stopped last October, but started again a month later. Could it be money laundering through miners?

AFAIK nobody say "tainted" coins used to BRC-20, so i doubt that's the case. In addition, since almost all Ordinals TX broadcasted to whole Bitcoin network, they only able to collect fraction of money spend for TX fee which depends on their overall hashrate.

[Zaguru12]

Obviously YES…
Who are the parties who are to benefit more in such case ??

Once you pay a higher fee it is always the miners or let me say specifically the pool that mines the block in which your transaction is included benefits from that fee.

My understanding is that the fee hike is still cause by those shitokens on the bitcoin network, it was ORDI that’s was at the hallmark of it throughout last month but when it’s own hype started reducing we started seeing the transaction fee reducing from hundreds of sats to tens of sats as fees. Then the listing of STATs was done on top exchanges and the congestion started again. I still see this shittokens as the reason for this and not majorly money laundering.

[pooya87]

Similar to 2017, Bitcoin is under attack. This time the codename of this attack is Ordinals and the problem with this type of attack is that it creates an incentive for regular newbies to participate in this attack.
Fees won't go down as long as this attack continues and this attack will continue until bitcoin core developers fix the exploit Ordinals scammers are abusing to perform their attack and unfortunately the dev team doesn't seem to be interested in fixing this exploit! so we need to find another way...

[NotATether]

Do you think this will stick around for a long time?

Who knows? It stopped last October, but started again a month later. Could it be money laundering through miners?

That got me thinking, Ordinals could be used for making money laundering transactions, because if a bunch of exchanges let you access the same collection(s) that you bought, you can just buy them on one exchange, and then sell them on another exchange and it will basically be treated as clean money for forensic purposes.

[BabyBandit]

Do you think this will stick around for a long time?

Who knows? It stopped last October, but started again a month later. Could it be money laundering through miners?

I am to bad at the theqnical stuff. But I was checking mempool last hour and "High Priority" did go from like 100 something to 300 in just matter of minutes. Then down to 150 again still in just minutes and now up to 265.
(I can have wrong with some numbers so I apologize) But the thing was that it happen so fast, but that maybe normal? Maybe hackers want to destroy for us BTC enthusiasts.

May I ask since I am pretty sure you have good knowledge about this, what do you think is the reason for this?


EDIT: And now when I posted this post it was down to 185 again!! WTF? That's almost 50% change in less then 15 minutes.

[LoyceV]

That got me thinking, Ordinals could be used for making money laundering transactions, because if a bunch of exchanges let you access the same collection(s) that you bought, you can just buy them on one exchange, and then sell them on another exchange and it will basically be treated as clean money for forensic purposes.

In my mind it works the same as art: part money laundering, part hoping that someone else is going to pay more for it.

I'm not sure how money laundering through miners would work, but if they get several Bitcoins in fees per block, that adds up to 10 million dollars per day or more.

"High Priority" did go from like 100 something to 300 in just matter of minutes. Then down to 150 again still in just minutes and now up to 265.
~what do you think is the reason for this?

Look at Johoe's graph: if a block gets found, fees drop. If a new block takes long, fees go up. It's the same as it was in 2017: too many automated system automatically increase fees. They're all competing for the scarce block space.

[FatFork]

And now when I posted this post it was down to 185 again!! WTF? That's almost 50% change in less then 15 minutes.

The fees people pay when they use Bitcoin are set by the network's software, for the most part.  The algorithms try to guess the best fee to get your transaction into the next batch of transactions added to the chain.  But nobody can fully predict the future rate of incoming transactions or exactly when a new block will go out.  So the suggested fees bounce around a lot based on guesses and estimates.

[BabyBandit]

And now when I posted this post it was down to 185 again!! WTF? That's almost 50% change in less then 15 minutes.

The fees people pay when they use Bitcoin are set by the network's software, for the most part.  The algorithms try to guess the best fee to get your transaction into the next batch of transactions added to the chain.  But nobody can fully predict the future rate of incoming transactions or exactly when a new block will go out.  So the suggested fees bounce around a lot based on guesses and estimates.

Oh okay I understand. Could I ask you one question? If I example receive 0.0005 BTC to my wallet twenty times or recieve 0.01 one time. and I want to send away everything. Why is it so much expensive to send the "0.0005 BTC to my wallet twenty times " then the "recieve 0.01 one time"? I am totally useless in this technical stuff I am more about trading.


Instead of creating a new thread that I think it's unnecessary I post it here.
I want to take a chance here to apologize to some users you can laugh if you want but I meaning what I am saying. Instead of creating a new thread that I think it's unnecessary I post it here.

I want to take time to apologize to GazetaBitcoin for doubting that it was you that created the imposter account. I was stupid new and silly. now after some months  I see more clearly and it's obvious that what you did was for the forums best and nothing else. The reason I attacked you was because saw many guys against one single guy and i don't like that, but now i understand and see clearly you did the right thing!! So sorry and I hope we can start over, and so you now I stand behind you about Ratimov now when I got more information. So sorry

I also want to apologize to suchmoon for my bad attitude against you, you been here much longer then me so I don't have right to tell you how things work. Sorry mate!

[apogio]

Similar to 2017, Bitcoin is under attack. This time the codename of this attack is Ordinals and the problem with this type of attack is that it creates an incentive for regular newbies to participate in this attack.
Fees won't go down as long as this attack continues and this attack will continue until bitcoin core developers fix the exploit Ordinals scammers are abusing to perform their attack and unfortunately the dev team doesn't seem to be interested in fixing this exploit! so we need to find another way...

Would it be a huge speculation to say that "someone" attacks bitcoin to prove it is not good enough? Perhaps they plan to create a fork and introduce it to the world?

Take mempool block 0 for example, the one waiting to be mined. It is full of dust...

[LoyceV]

If I example receive 0.0005 BTC to my wallet twenty times or recieve 0.01 one time. and I want to send away everything. Why is it so much expensive to send the "0.0005 BTC to my wallet twenty times " then the "recieve 0.01 one time"?

That's because each input and output make the transaction larger (in (v)bytes), which means it takes up a larger share of the available block space. You should read my topic on consolidating small inputs.

[BabyBandit]

Similar to 2017, Bitcoin is under attack. This time the codename of this attack is Ordinals and the problem with this type of attack is that it creates an incentive for regular newbies to participate in this attack.
Fees won't go down as long as this attack continues and this attack will continue until bitcoin core developers fix the exploit Ordinals scammers are abusing to perform their attack and unfortunately the dev team doesn't seem to be interested in fixing this exploit! so we need to find another way...

Would it be a huge speculation to say that "someone" attacks bitcoin to prove it is not good enough? Perhaps they plan to create a fork and introduce it to the world?

Take mempool block 0 for example, the one waiting to be mined. It is full of dust...

If I example receive 0.0005 BTC to my wallet twenty times or recieve 0.01 one time. and I want to send away everything. Why is it so much expensive to send the "0.0005 BTC to my wallet twenty times " then the "recieve 0.01 one time"?

That's because each input and output make the transaction larger (in (v)bytes), which means it takes up a larger share of the available block space. You should read my topic on consolidating small inputs.

Thank you both for the answers! Can I bother you one last time.
To avoid high fee's can you go around the system or something or you can just wait or use another currency?

(Sorry if my questions sound stupid but I just trying to learn)
And LoyceV. I would like to ask you one thing about something else. Is it okay if I send you a PM so I don''t spam here more?

[apogio]

Thank you both for the answers! Can I bother you one last time.
To avoid high fee's can you go around the system or something or you can just wait or use another currency?

You can:

1. wait until the mempool is not too congested
2. use the lightning network. But opening a channel now is expensive too because it requires an on-chain transaction. But you can use something like Wallet of Satoshi or MUUN wallet. You will still need to top-up your wallet though, so I don't know how cheap this will be.
3. use altcoins, but be carefull which ones you trust. I use only monero and bitcoin personally. Do your own research on altcoins, I have no suggestions to provide.
4. use FIAT