Everyone is celebrating about the fourth halving but what is this?

[Davidvictorson]

What.... this is going to be disappointing if the bitcoin are not able to afford making transactions all because of this, this is now going out of hands and i just want to believe that its because of the halving with new block block reward that is causing it, maybe we should expect such to only last a day or two, then we go back to how we have been used to, provided that this is not the first experience in the likes of it, we can rather choose to hold than sending at this high cost.

The first thought that comes to mind when looking at the high transactions fees is disappointment. The feeling that this wasn't what was expected. I have seen some friends already conclude that it is going to discourage mass adoption. I tell them that it is too early to conclude. This is just less than 24 hours after the halving. In my estimation, we can begin to "panic" and make theories and draw conclusions "30 days after" halving if the transaction fees remains this high.

[Mpamaegbu]

The increase in mempool looks Disappointing but I think it won't last long and may return to normal soon.
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But of course, it won't get higher than that once the last minute rush of projects and individuals getting in their transactions into the Blockchain so they can list on the same day as halving ceases, everything will get back to normal. Two days ago,  I carried out a transaction when fee was 122Sats but I chose 12sats for it. It's still pending but I'm not worried about that. This noon, fee has gone up to 1209sats.

I know it's the several memes lining up on the Bitcoin chain that's causing this much traffic which has forced fees to skyrocket. While I don't like the sporadic hike in transaction fees occasioned by this recent development, I like the dynamism of devs in creating and minting tokens (shit tokens, may be) on the Bitcoin chain. It gives the whole crypto space a fresh feeling. Let's see where this takes the industry to. I'm excited not just because of the halving that happened a few hours ago but because of this new development of tokens getting deployed on Bitcoin chain.

[Husires]

Runes plans to continue with us until the next 4 years. It is true that interest in it will decrease after 4 months, but until then, the fees will be higher than 50 satoshi, and many spam transactions will turn into OP_RETURN, and we will need more than 4 days to see levels below 50 satoshi. Total fees are still +2 Bitcoin.

[Hypnosis00]

My question is what makes people excited about the halving where they even can afford to pay a huge amount of fee for just sending less than 1BTC? If this is just what's seen in the market, I think it is better not to have halving anymore. In fact, we were surprised when the fee reached $10, $50, but the current fee is more than surprising, it is disappointing.

I'm not sure what people are doing especially those who send their BTC at the current fee because they are not doing right IMO.
I'm not going to expect this be going to calm down fast but I hope it will.

[Airfin Same]

It is either what @nullama said (people trying to get into the halving block) or this is "fee market manipulation" considering the timing and how the attack took place. There was an "artificial" injection of a rather large number of transactions (the first suspect is the Ordinals Attackers) into the mempool which has only manipulated the fee market and significantly increased the fee rate by creating this fake competition.

Luckily the attack is becoming very expensive so it can not continue for long but the attack itself will not stop as long as the exploit in the protocol exists and the fake market where they sell fake tokens under the codename Ordinals exists. That is creating an incentive to spam attack bitcoin.

https://bitinfocharts.com/bitcoin/address/bc1pwjna8h2epv73aa4atmqfztm9mj25f957vdemprn7ezukygwcrz3sm5xk49

https://bitaps.com/bc1pwjna8h2epv73aa4atmqfztm9mj25f957vdemprn7ezukygwcrz3sm5xk49

[headingnorth]

A lot of stupid people will get wrecked buying worthless NFTs and memecoins with the latest crypto scam known as Runes.

There should be some kind of Darwin award for these idiots.

[Ryu_Ar1]

Haha I even had to postpone my transaction due to the poor fees at the moment.
This is my first Halving and I don't know if previous Halvings were like this or if this is the first time but the transaction fee today is really crazy and even though it's starting to decrease, it's still very much bigger than before.

Hopefully this doesn't last long because if something like this continues to happen then it's definitely a little annoying because indeed large transaction fees like this make the transactions that I want to do a little hampered because even if forced it will not be possible to be profitable for myself so the only way is to wait for it to return to normal.

[Dr.Bitcoin_Strange]

Disappointedly, my friend was complaining to me this afternoon about how he couldn't move out $10 worth of Bitcoin from his old wallet today; instead, hewas seeing an error message saying, "please consider decreasing sending amount or topping up balance". This is probably was caused by these high transaction fee issue.

There was some news that pop out on my notification yesterday. Although I didn't give much attention to that article, I only remember it was talking about the many non-fungible tokens that are based on the Bitcoin protocol, which some investors have been trying to withdraw. Most of the time, the fee hike is being manipulated or caused by the ordinals; either way, this might happen most of the time and will still become normal after some days or months. I remember one reputable member here once said that we should expect this to happen more often in the future.

[suzanne5223]

Most of the high fee in Bitcoin is caused by the Ordinals NFT on the BTC network and the sad thing is that the project continues to get support from naive people.
 Having said that, the block halving has nothing to do with the hike in the network transaction which is determined by the level of the network congestion.

[Stalker22]

But how funny that tx with 100 sat/vb made it to block 840 000 while guys are paying even now 400sat/vb for block 840065, you won't be making history there!

Well, looks like the "golden block" was mined by ViaBTC.  Wouldn't surprise me if some folks used their free transaction accelerator service to get to the front of the line and  guess thats why a cheap 100 sat/byte tx got in quick while others with higher fees still waiting.  Makes sense ViaBTC give special treatment to transactions from their own transaction accelerator.  If only the other pools offered something similar for low byte transactions.

[AmoreJaz]

But how funny that tx with 100 sat/vb made it to block 840 000 while guys are paying even now 400sat/vb for block 840065, you won't be making history there!

Well, looks like the "golden block" was mined by ViaBTC.  Wouldn't surprise me if some folks used their free transaction accelerator service to get to the front of the line and  guess thats why a cheap 100 sat/byte tx got in quick while others with higher fees still waiting.  Makes sense ViaBTC give special treatment to transactions from their own transaction accelerator.  If only the other pools offered something similar for low byte transactions.

As a regular crypto user, what we can do is just monitor the mempool and see when the fees will go down. Just like in the past, it will surely go down in the coming days as we are already seeing the significant change even today. For users who are transacting small amount, either wait for the fees to go down or trade your btc with other alts having cheaper tx fees. Otherwise, you will incur a hefty fee just to go thru your transaction.

[mirakal]

Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

Well it seems temporary to me and I hope it is

Bitcoin has changed drastically over the past few years and we are expecting bitcoin to only go up from here I don’t think we should be overthinking some things and instead let it play out for a bit

This is what will cost us if we do not have the patience to trust bitcoin

Of course, obviously it's all temporary. You see fees are even changing from every single second, until it will eventually get back to its regular price. Now talking about when will bitcoin price starts surging high, I'm actually not sure about it but if you have experienced the past halvings, bitcoin price will not immediately rise up high. It may still take months or even a year before we will witness bitcoin price finally in skyrocket again. So being patient should be more encouraged from now on.

[Artemis3]

Its just another spam flood. As is typical with altcoins, pump & dump. Sadly done in the Bitcoin blockchain because they can...
Plus, people who blindly trust the fee estimation, those people are losing money and will either fix their mistake or go bankrupt. That is, automated system racing each other to get a transaction in the next few blocks. Never trust a wallet tx fee estimation or you could end spending 1400 sats when 60 would do if you could wait a few hours instead...

Or wait for the storm to pass, because this new trash won't hold for long. A shame Bitcoin is prone to those DDoS attacks due to flaws introduced relatively recently. Ordinals, nft, memes, brc20 runes all that trash that is not Bitcoin should go away... Otherwise from time to time we will keep getting those disruptions to the delight of altcoin promoters.

[Gladitorcomeback]

The fee will remains high for some days as Rune protocol NFT trend has been started with BTC halving where NFT minter paying high fee than normal to mint nft quickly. This is not good for people who just use btc for normal transaction. Now we have to pay 80$ per transaction which will produce some question about btc advantages. I hope everything will be normal in week as yesterday the Gas fee was above 600 but now come down to 200 but if any big support comes out for Runes than the situation will become difficult and we might see high fee for long time

[Don Pedro Dinero]

Now we have to pay 80$ per transaction which will produce some question about btc advantages.

It is now down to $25, thank goodness, so it should continue to fall. I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin. If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

[larry_vw_1955]

It is now down to $25, thank goodness, so it should continue to fall.

So miners took a 50% pay cut and we're expecting them to not want to raise transaction fees? I think transaction fees have to go up to offset their pay cut.

I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin.

that's the whole plan. miners are taking a 50% pay cut. where do you think they are supposed to make up the missing revenue from? fees of course. from your transactions.

If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

that's not really how bitcoin works. the fee is not a percentage of the amount sent. it has more to do with how many utxos you're using. and of course, what miners are willing to accept to include your transaction into a block. but i don't think they want to do it unless you're paying them alot. paying $100 to send $1000 who would do that? not me.

[Iranus]

It is now down to $25, thank goodness, so it should continue to fall.

So miners took a 50% pay cut and we're expecting them to not want to raise transaction fees? I think transaction fees have to go up to offset their pay cut.

I hope we don't get our asses handed to us by the runes during this cycle and that what has happened now is exceptional, otherwise it's not that we won't be able to pay for coffees, it's that we basically won't be able to pay for anything with bitcoin.

that's the whole plan. miners are taking a 50% pay cut. where do you think they are supposed to make up the missing revenue from? fees of course. from your transactions.

If to pay $1,000 in bitcoin you have to pay 10% in fees you will pay in fiat or with some altcoin.

that's not really how bitcoin works. the fee is not a percentage of the amount sent. it has more to do with how many utxos you're using. and of course, what miners are willing to accept to include your transaction into a block. but i don't think they want to do it unless you're paying them alot. paying $100 to send $1000 who would do that? not me.

I finally found someone with the same opinion as me, if transaction fees increase, who will benefit? Many people are waiting for fees to drop, but I wouldn't be surprised if bitcoin fees continue to move higher in the near future and even peak as we enter bull season. Retail investors will complain about high fees but miners will be happy if fees increase further and I think ORDI or RUNE is just the start and more will be created on bitcoin.

This is a financial market and interest groups will always exist in the market, they will have to come up with more games to make more money.

[Findingnemo]

The fee will remains high for some days as Rune protocol NFT trend has been started with BTC halving where NFT minter paying high fee than normal to mint nft quickly. This is not good for people who just use btc for normal transaction. Now we have to pay 80$ per transaction which will produce some question about btc advantages. I hope everything will be normal in week as yesterday the Gas fee was above 600 but now come down to 200 but if any big support comes out for Runes than the situation will become difficult and we might see high fee for long time

The fees are quite volatile and it's swinging in the range of 300sat - 600 sat/vb since yesterday. I think the payments via BTC has to be stopped until things become normal or pay whatever fee, I will choose the former anyday.

I wonder who are these people because they are ready to get the piece of useless things at whatever cost, they have some kind of money growing plants to waste money on these things?

[yazher]

This is expected as soon as bitcoin halving comes because the huge numbers of investors will buy bitcoins at once and more of them are still buying it even though the amount of transaction fees are overwhelming. That's why when a bull run comes, the network becomes congested and you need to understand it as well, therefore, people are not only buying in dip they are also taking advantage of small transaction fees while the storm is yet to come because if this gonna happen, then small traders are hurt with this and also those who also want to cash out their small amount of bitcoins cannot do the process while the fees are higher than they expected.

[DanWalker]

I wonder who are these people because they are ready to get the piece of useless things at whatever cost, they have some kind of money growing plants to waste money on these things?

Some of the memes on RUNE became trash but some became valuable and as far as I know one of them was quite successful, it was the Satoshi token and it was listed on Gate. Similar to the BRC-20 wave, many tokens will become worthless but there are also tokens with a market capitalization of over billions of dollars such as ORDI or Sats and they are being traded on leading exchanges Binance. In terms of practical application, they are really as useless as other altcoins but they can be used as a money game, and those who take advantage of it will make decent profits.