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Author Topic: Questionable features of Bitcoin  (Read 189 times)
Bureau
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December 31, 2023, 08:19:25 AM
 #21

Ordinals are congesting the Bitcoin blockchain which is causing the transaction fee to go up. Bitcoin transaction confirmation depends on the amount of fee you pay to get fast confirmation. Bitcoin is still the same and nothing has changed to counter this issue you have the option to use the Bitcoin Lightning Network. It is a layer 2 solution on the Bitcoin blockchain, you can do a Google search or forum search to know how to use it and what are its benefits. Blaming the Bitcoin network without knowing the actual reason won't help you.

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December 31, 2023, 08:32:45 AM
 #22

If it is expensive for you, you are free to use something else. Nobody is forcing you to use bitcoin. If you are wondering, I too use alts when I am moving my funds because they are way cheaper. This is a self correcting problem. If bitcoin don't want to be used by more users, the devs won't fix this issue and people will start using other projects. That will increase the popularity of the successful alts and the gap between these alts and btc will get narrowed. It only makes sense to use btc if you are moving thousands of dollars. Being included in the next block costs 266 sats/b right now whch is ~$16. I would pay that fee if I were moving more than a few thousands dollars but it is still expensive for a transaction like that. Obviously it is ridiculous to pay this fee if you are moving just a few hundred bucks.

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sunsilk
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December 31, 2023, 08:37:13 AM
 #23

Fees depend on the network and what's being asked or suggested based on the speed that it will get confirmations varies on the amount you pay for the fee.

But I understand the frustration that you have because it's just typically 10 minutes and you'll get your transaction confirmed because that's the estimation of per block being mined.

As long as the network is congested and there are a lot of pending transactions, the fee will vary and the miners will include the transactions that have paid the highest or closest to that.

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