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

[MainIbem]

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.

The complaints about the fees is getting too much and this years halving is the 1st for a lot of people. Infact this is the most talk about halving, there was a lot of awareness everywhere on the media and many people where very ready to participate in it but then with the hike I gas fee, i feel many people might begin to get discouraged and I hope it decrease to normal as it was before now. Well wait and see if the transaction fee would drop soon because it's really crazy and annoying especially for someone that wants to do multiple transactions of small fees to different people. However what surprises me is that despite the high fees more people are still taking their chances to acquire more Bitcoins in every little dip.

[alastantiger]

Ordinals messed up the network for a while and runes are messing it up too now. Miners would be really happy while the average crypto investor would be pissed and direct their anger at the halving event.

I was in a conference about a year ago when the speaker talking about ordinals mentioned that there are 3 "Bitcoins". They are the token, the Network, and the Meme (or the public perception). According to the speaker, he said that ordinals wouldn’t harm the first two, but would definitely harm the public perception of Bitcoin, and that this would become an attack vector we as Bitcoiners needed to prepare for. And what is happening is now is exactly what the speaker predicted. It is time we know who the real bitcoiners are and not those who have been latching on to take advantage of the network.

[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.

The complaints about the fees is getting too much and this years halving is the 1st for a lot of people. Infact this is the most talk about halving, there was a lot of awareness everywhere on the media and many people where very ready to participate in it but then with the hike I gas fee, i feel many people might begin to get discouraged and I hope it decrease to normal as it was before now. Well wait and see if the transaction fee would drop soon because it's really crazy and annoying especially for someone that wants to do multiple transactions of small fees to different people. However what surprises me is that despite the high fees more people are still taking their chances to acquire more Bitcoins in every little dip.

I would actually like to see some people who have experienced halving or people who are older give their experience when halving because for now if in the end the fee that becomes a problem is something new when halving occurs then indeed this is a problem that will sometimes always be repeated again and again.
The first day of halving if you look at the transaction fee it reached 2000 sat although it has now decreased back to 183 sat for high priority.



Although this has decreased but still for a transaction especially it is a fairly small transaction this is burdensome and now I still have to continue to wait for the delay of the transaction I want to do because I don't want to mess up with a large enough fee just for the current fee

[GbitG]

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.

Yep mate ! that's the biggest reason why Bitcoin is not yet ready to be used as a regular payment method we use cards and stuff when we go shopping or eat in a restaurant because as you said, you can't afford to pay 10% of what you have spent on the transaction you are going to make, no one would want to experience something like that which is why they would rather use another mean of making their payments than using Bitcoin for it.

If it continues to be this way, our dream of seeing Bitcoin becoming widely accepted worldwide as a payment method will stay a dream forever because it won't work, people would rather use altcoins with cheap transactions fees and faster transaction processing times to make the payments instead of using Bitcoin.

[GigaBit]

Before the halving we had this idea where block rewards would decrease and miners would get less rewards. After the halving, the exact same picture happened. Currently, the transaction fees have increased a lot. But we were exposed to such experiences in the past as well. Whereas without halving Bitcoin's transaction fees increased manifold. Halving has just happened and we have to wait patiently.

If the block reward is low, the transaction fee will increase, which is per-determined. This is a big advantage for miners. Even though Bitcoin mining is done, the miners are incentivized for their work which requires the miners to rely on transaction fees.

[electronicash]

sooner they will just create a celebration for the sake of creating images on the block. maybe on the pizza day, they will upload pizza images too, and then the fees will also bloat just this like.

we will get used to this if they do this every day just like the Google banner that changes every day, today is Earth Day 2024.  the miners of course will like this and i think this will force users to move to altcoins.

[stomachgrowls]

sooner they will just create a celebration for the sake of creating images on the block. maybe on the pizza day, they will upload pizza images too, and then the fees will also bloat just this like.

we will get used to this if they do this every day just like the Google banner that changes every day, today is Earth Day 2024.  the miners of course will like this and i think this will force users to move to altcoins.

Wont really be shocking if this one would happen. Im a Bitcoin supporter but if this one gets out of hand then i wont really be that shocked if there would really be some flipping.
One of the main issues on why people do really dont like is having that high fees, if this one keeps on happening then we do know on what would be next.
Although there would really be that strong community support if we do speak about on Bitcoin as the King or Father of all crypto on which its a title that something that cant be ignored
or something that would really be left behind. Despite of these issues but still if community support is intact then there would be no flipping that will happen.
For sure amjority of us specially old timers been that pop-eyed on that almost $200 gas fee which this is something that first time happen on Bitcoin history.

[larry_vw_1955]

Yep mate ! that's the biggest reason why Bitcoin is not yet ready to be used as a regular payment method

you're really giving bitcoin a big benefit of the doubt by saying "not yet ready" as though for some unknown reason it hasn't had enough time to be ready yet.

we use cards and stuff when we go shopping or eat in a restaurant because as you said, you can't afford to pay 10% of what you have spent on the transaction you are going to make, no one would want to experience something like that which is why they would rather use another mean of making their payments than using Bitcoin for it.

if the fee was a percentage of the total amount that would be better. that way you couldn't have the fee being more than the transaction amount which i think i saw recently someone had a transaction of $1xx and the fee was $2xx. can't afford to pay, then find another game to play in. that's how it's going to be. time for penny pinchers to move on. miners don't want them, don't need them. just how it is. i didn't make the rules.  

If it continues to be this way, our dream of seeing Bitcoin becoming widely accepted worldwide as a payment method will stay a dream forever because it won't work, people would rather use altcoins with cheap transactions fees and faster transaction processing times to make the payments instead of using Bitcoin.

yeah satoshi's dream is not exactly how it is turning out. same thing happened to ethereum. fees went way high. i'm not sure if they ever got them back under control but they lost my interest...

[GreatArkansas]

Ordinals messed up the network for a while and runes are messing it up too now. Miners would be really happy while the average crypto investor would be pissed and direct their anger at the halving event.

I was in a conference about a year ago when the speaker talking about ordinals mentioned that there are 3 "Bitcoins". They are the token, the Network, and the Meme (or the public perception). According to the speaker, he said that ordinals wouldn’t harm the first two, but would definitely harm the public perception of Bitcoin, and that this would become an attack vector we as Bitcoiners needed to prepare for. And what is happening is now is exactly what the speaker predicted. It is time we know who the real bitcoiners are and not those who have been latching on to take advantage of the network.

We already experienced this, when these Ordinals started to make some noise, we experienced high traffic in the Bitcoin network and that caused very high transaction fees.
Especially right now, hype of Bitcoin block halving plus this new protocol built on top of Bitcoin called RUNES, this for sure will add some high traffic to the Bitcoin network but let's monitor it first.

[Out of mind]

During the halving, people may have made larger transactions that caused the free to be higher, although people with higher fees did not wait to complete their transactions. People were more aware when Bitcoin halved, and although they were more interested in trading in Bitcoin, many people were discouraged from trading because of the high gas fees. However, at the time of the halving, even though gas fees had increased significantly, many people did not trade and instead waited. Although Bitcoin transaction fees have come down a lot now, if we can wait a little longer it will definitely come down even more. Despite the high fees, many people traded in Bitcoin and continued their work, although many people could not trade because of the high fees, but if we wait a little longer, maybe the transaction fees will drop further this week.

[Faisal2202]

The fee has gone up too much. Is this how blocks mined immediately after halving would be?
-cut-Despite the reduction in block reward, block mined are more with transaction fee. The total reward for block 840000 is 40.75 BTC.

OMG that's shockingly awesome haha, well, I guess miners don't have to leave the network now as before writing here, I just said in another post that some miners might leave the network due to the high cost of electricity and low block reward and high computations power need, a single miner have to struggle to win the block reward as competition is so high. But I guess I was wrong. As fee only made that much money I mean that's mad.

How people are paying hundreds of dollars for just one tx, why they are not waiting for the price to cool down a bit, although I just remembered what if the price remained the same and I have to withdraw my funds from web3 wallet to exchange in order to sell, then I have to pay the fee as i left with no other option. Maybe that's why people are willing to pay 100$ fee because they might be making more money from the BTC they have that they don't care about $100. Well, I hope this will end soo and the fee will be back to its normal place.

[oktana]

There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.

The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.

You can see the differences in sat/vB between these blocks:

[img]

In this case, the "golden" block was mined by ViaBTC, congrats to them!.

A relieving explanation because it will be really saddening if this has a lot more to it. I have come to see that Indeed one of the biggest things than can stop Bitcoin adoption is its own transaction fee. Imagine if this was permanent, a whole bunch of enthusiasts will stop using Bitcoin because they had no choice.

[larry_vw_1955]

A relieving explanation because it will be really saddening if this has a lot more to it. I have come to see that Indeed one of the biggest things than can stop Bitcoin adoption is its own transaction fee. Imagine if this was permanent, a whole bunch of enthusiasts will stop using Bitcoin because they had no choice.

i don't think we expect transaction fees to just go back down to pre-halving levels. if that happened then miners would be getting paid 50% less. but bitcoin isn't about low fees. thats not why it exists. people seem to get that wrong thinking it exists to help them send money cheaply. unfortunately that's not how it was designed for necessarily. so you have to pay whatever to "support decentralization". that's why it really exists. how much it costs is kind of irrelevant theoretically. get used to that notion as it will be a recurring theme in the years to come most likely.

[justdimin]

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?

I don't think there is anyone who spends money knowingly or casually. There are many people for whom doing transactions is both a compulsion and a necessity.
People who have earned money through hard work think a hundred times before spending it anywhere. A need is something that can compel you to pay any price

If you don't have enough capital to pay the fees, you have no other option but to wait. That's why I always recommend that you invest whatever extra money you have on top of trading so that you're never forced to pay high fees or withdraw money for making transactions at such times.

[EarnOnVictor]

Lol...I was shocked like the majority of the people here when I saw this in the wake of the halving, it is one of the reasons I've always said that the Bitcoin system is not well-planned. Leaving the good system in the hands of all to dominate it and do it as they like is lame in my opinion as people can do and undo since the heart of an average person is wickedly wicked. Miners have found ways to bypass the planned fee arrangement with the block rewards since there is no one to check their excesses and this could be worse over time as they've already monopolised the system's fee for sole business, which is an offence in a sane economy.

All I regret now is that Satoshi is no longer in charge, I am sure he should have found a lasting solution to this instead for those who were not there when he was putting his/their brains together now reaping it big and ripping people off of their money in the name of Bitcoin.

[Yaunfitda]

During the halving, people may have made larger transactions that caused the free to be higher, although people with higher fees did not wait to complete their transactions. People were more aware when Bitcoin halved, and although they were more interested in trading in Bitcoin, many people were discouraged from trading because of the high gas fees. However, at the time of the halving, even though gas fees had increased significantly, many people did not trade and instead waited. Although Bitcoin transaction fees have come down a lot now, if we can wait a little longer it will definitely come down even more. Despite the high fees, many people traded in Bitcoin and continued their work, although many people could not trade because of the high fees, but if we wait a little longer, maybe the transaction fees will drop further this week.

Because they want to have their inscriptions on that particular block, even willing to pay as high as $36,000. But despite that, this is how bitcoin is design, to have halving every 4 years and I guess that's enough for everyone to celebrate and witnessed it as other might have not seen in run-time. There are a lot of countdowns as well, so we can say that it is again another successful halving. And despite the insane fees 2-3 days after, and because of this Runes, maybe the fees will continue to go up. Nevertheless, just like before when the tx fees goes up, just a matter of time before it came back down again to at least manageable, 10 sats/vB.

[callmyname]

There is a ton of excitement to try to be in the halvening block, so many people put their transactions with a lot of fees to try to be there.

The ones that lost the chance will be queued for the next one, which might explain the large fees for that block.

You can see the differences in sat/vB between these blocks:

https://www.talkimg.com/images/2024/04/20/j47QG.png

In this case, the "golden" block was mined by ViaBTC, congrats to them!.

No, if you do like this guy said https://bitcointalk.org/index.php?topic=5493613.msg63973918#msg63973918 .

After fiter by OP_RETURN , more than 80% transaction is OP_RETURN. Send and recive address are same. They are spam transactions.

[pooya87]

Before the halving we had this idea where block rewards would decrease and miners would get less rewards.

It is not an idea anybody had, it is just FUD. Every time there is a Halving, there are people who spread this FUD about "miners going away and bitcoin dying" but it never happens. The nature of mining is in a way that it keeps going and when it is accompanied by price rising, the miners' profit grows too but in the long run.
Don't forget that price wasn't always $65k-$70k. It's not so long ago when it was less than half this ($30k-$35k) and miners were making a lot of profit then. And with 3.125BTC reward at $65k we are at the same place as back then!

[kryptqnick]

It's truly painful to see how much the fees rise sometimes. I agree that it's a major issue, that it's a challenge. My only solace is that I don't think the problem is getting worse or that there won't be any low fees in the future. It's not over $100 any more, but it's still over $25 for any kind of priority, according to mempool.space. For now, we can just try to wait it out and/or use the bits we have on some centralized platforms. It's great if ultimately we see some sort of patch (soft fork) that can improve the situation.

[0t3p0t]

Still way too high for a small transaction. This is what it was when I checked on it and still not worth it. I even pay almost $20 for my $70 cashout and that really hurts a lot but yeah no choice. Do you guys think it will stay this way or it will soon go down?