BTC unconfirmed transactions exceed 500k on mempool

[new19980]

Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit

[pakhitheboss]

Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit

No, it won't as we have seen such amount of congestion in the past. The transaction fee is a concern, that is agreed in an age where congestion is normal. The reason being the devlopers wanted a challenge, ultimately they found a way to get the network spammed by Ordinals.

The option you have now is to start learning about BTCLN. If you want to know more then search Google by typing Bitcoin lightning network as it is the only solution to these high transaction fees.

[The Cryptovator]

The current network is congested because of BRC-20 tokens. This is the reason why Bitcoin is walking away from its real goal. I tried a few days ago to make a Bitcoin payment where transaction fees became $17 to make a $50 transaction. So how will we make Bitcoin payments and use it as a payment method? Most likely now, stable coins would be popular payment methods instead of Bitcoin due to the high fees. We always blame Ethereum for high transaction fees, but lately Bitcoin transaction fees surpass Ethereum transaction fees. I hope developers will find a solution for that. Still, LN isn't very popular worldwide.

[BIT-BENDER]

The number is going to definitly get above $500k very soon, with the high rate of transaction fees, personally speaking I have opted not to make a transaction recently because of the high transaction fee.

Many people with their own opinion and thoughts about what's the reason for the high transaction fee but with the way this situation has lasted I wonder if there would be any solution in view.

[Stalker22]

I think this post is a perfect fit for the "Mempool Observer Topic".

We have talked about congested transactions and high Bitcoin fees a lot lately, so no need for another thread and to rehash everything all over again.

[jrrsparkles]

The option you have now is to start learning about BTCLN. If you want to know more then search Google by typing Bitcoin lightning network as it is the only solution to these high transaction fees.

Lightning network is not really an alternative at the moment because opening and closing channels still need on-chain transactions, and its complicated for an average Joe.

We have enough threads in bitcointalk itself

1. Basics of the Lightning Network
2. The Lightning Network FAQ
3. Electrum Lightning Network walkthrough

[Poker Player]

I think this post is a perfect fit for the "Mempool Observer Topic".

We have talked about congested transactions and high Bitcoin fees a lot lately, so no need for another thread and to rehash everything all over again.

That thread is all well and good but there's no way we're going to concentrate all the discussion there. Every now and then topics like this will appear and nobody will be able to avoid it. Besides, as the thread gets longer, if you want to concentrate on what is happening at that moment, what you say on page 1 of a thread like this one has more visibility than on page 57 of that thread.

Getting to the point:

The current network is congested because of BRC-20 tokens. This is the reason why Bitcoin is walking away from its real goal. I tried a few days ago to make a Bitcoin payment where transaction fees became $17 to make a $50 transaction.

Probably with those percentages Bitcoin is the most expensive payment method in the world right now for those amounts. That's 34% of the fee you paid. I'm not going to make payments of those amounts as long as the fees continue to be that high.

[Zlantann]

Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit

It is already affecting the use of Bitcoin because most people prefer to use stablecoins and altcoins for transactions to avoid this high fees. Like you said if the price continues this way Bitcoin might become a currency for only the rich. It might be used for only Investment, while altcoins will become more attractive for daily transactions.

Many people with their own opinion and thoughts about what's the reason for the high transaction fee but with the way this situation has lasted I wonder if there would be any solution in view.

This problem has lasted longer than the past congestion I have ever experienced. OG Bitcoiners like Luke Dashjr have proposed some way to permanently block BRC-20 tokens from the network but it seems there might be no solution in sight because the clamor for Bitcoin Ordinals is still growing every day. It will be difficult to end since some groups of persons are benefiting from it. The fee is becoming unbearable and it is affecting Bitcoin transactions negatively.

[Solosanz]

This problem has lasted longer than the past congestion I have ever experienced. OG Bitcoiners like Luke Dashjr have proposed some way to permanently block BRC-20 tokens from the network but it seems there might be no solution in sight because the clamor for Bitcoin Ordinals is still growing every day. It will be difficult to end since some groups of persons are benefiting from it. The fee is becoming unbearable and it is affecting Bitcoin transactions negatively.

He might able to block BRC-20 tokens transactions, but there are many new tokens standard e.g. BRC 721, BRC 777 etc and it need to be improved from time to time. Luke Dashjr is also a miner, he can get benefit from that and if this censorship is agreed by other developers, we can expect more and more censorship because of majority votes benefit.

I think it's not that the on chain need to be fixed, but sooner or later we will migrate to L2.

[Pocketchange]

I really hope bitcoin doesn't become something only the rich can afford (fees).  Also I just don't see most people having the time to learn bitcoin.  

[Ruttoshi]

I think the ordinals dev, purposely created BRC20 tokens to attack bitcoin in other to kill some of it potentials, because the reason why bitcoin was created was to be used as an alternative payment method and we cannot enjoy that benefit right now because of those garbage using bitcoin blockchain.

LN is somehow technical and newbies might find it difficult to understand it but I believe it is the only option currently for people that wants to send small amount of coins. If the fee continues to be as high as this, it means that bitcoin will become more of an asset than a payment method.

[retreat]

And in the 500k unconfirmed transactions, there are my transactions which have not been confirmed until now even though it has been going on for almost 2 days. It was quite annoying to see how the fees increased quite quickly and I had already made a transaction and was lazy enough to bump the transaction.
This should be a concern for Bitcoin dev developers, because as the network becomes increasingly congested and there is no follow-up from developers to ban Ordinal, this will have an effect on users who want to make transactions but cannot because of unreasonable fees, and if it continues maybe it will hinder the adoption of bitcoin in the future.

[Pmalek]

The situation looks bad and it has been bad for a long time because of the Ordinals spam. Some say that Ordinals spammers are abusing a bug in Bitcoin that needs to be patched. Others believe it's part of the freedom that Bitcoin gives us. I wish they would go away on their own. If not, I am leaning more and more towards banning that crap and turning Bitcoin back into a payments system and meme playground.

[hyudien]

do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens

This has become a hot topic of conversation, not only on forums but at my place several friends have complained about high fees.

Imo it is quite reasonable that high fees make people reluctant to spend more than they would have to pay for a small transaction. Then for hodlers this further strengthens them not to sell their bitcoins. It's better to just use another payment method, because no matter what, up to now there is no solution to overcome the transaction congestion that has occurred. There needs to be some new ideas that need to be offered to miners but we haven't seen them yet. Another large-scale impact may be its adoption to become a global payment method making bitcoin currently increasingly avoided.

[btc78]

personally speaking I have opted not to make a transaction recently because of the high transaction fee.

There is a lot of people who also feel that it is not “worth it” to make a transaction of a small amount to pay really high transaction fees i have also seen some beginners who decided not to buy bitcoin yet because the money that they should put into investment would still need to be paid into the transaction fees

Even though there really is no limit to the amount of bitcoin you can invest some people are driven away by the transaction fees it is hard to promote bitcoin for everyday use when it is like this since a lot are anticipating bitcoin’s price to still increase for sure it will become more congested which will result to even higher transaction fees

[libert19]

Of course, it does affect people making small transactions, I would say it even affects people having big pockets, why would any wanna pay unnecessary fee? Regarding, banning brc20 tokens, I feel like it's running away from the problem (which is scalling issue) than solving it. I have said that before as well.

We have seen congestion problems on Ethereum too due to use of certain dapps, did it ban those dapps? No. Solutions appeared in form of L2s. If Bitcoin devs bans the ordinals, I'd say it'll be pathetic, and it'll deserve to get dethroned from it's position as top cryptocurrency.

On this forum, LN often gets preached as a solution, but no one is willing to use it.

[Husires]

right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity

Many of these transactions come from BRC20 spam, which if not stopped will either reduce the number of actual transactions on the network and the price will drop, forcing them to stop, or fees will continue to rise to the point where only urgent and necessary transactions are broadcast.

In both cases, the fees will decrease, but it will take more time. Look for the appropriate fees and do not pay more than necessary.

[DooMAD]

I feel like the number of topics about this are exceeding 500k too.   

Do people not consider simply contributing to one of the existing threads, rather than keep making new ones?  It's not like they're hard to find. 

Yes, the network is busy.  Yes, there's some controversy on what to do about it.  No, "banning" stuff is not going to be the way forward, unless you want to branch off to your own network, in which case, have fun with that.

[satscraper]

On this forum, LN often gets preached as a solution, but no one is willing to use it.

I would state more precisely. Majority of the merchants are not about to use LN to accept payments rather than forum members are reluctant to use it.

I would replenish my Wirex debit card with a great relish via relevant LN channels but unfortunately there are no such channels at all.

BTW, right now discussed number is   ~ 365K.

[criptoevangelista]

I saw this too, it really is quite complicated if you want to make a low value transaction using the main network.

I just want to see what this will be like when we are in the euphoric phase of the market, with Bitcoin at a new ATH, it will all be very insane, developers need to quickly resolve this issue of these useless tokens on the network otherwise it will be impossible to use.