Why bitcoin transactions fees gone high and will be be increasing day by day?

[~speedx~]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

[Charles-Tim]

If you want to know the cause, you can read about Runes.

They are tokens similar to BRC20 or so. Their transactions are making the network congested. Also Ordinals are part of the reason that we should not neglect.

[Upgrade00]

You've listed the top reasons for the increase in fees, fungible tokens like runes are also contributing to the high fees. A lot of people paid Hugh fees to try and squeeze into the halving block but the effect of that has worn off now.

A whale can spam the network but cannot do that sustainably to keep the tx fee high for extended periods of time.

[Mia Chloe]

Op the cause  is congestion in the recent halving block. A lot of persons tried as much as possible just to make sure that their transaction is added and confirmed In block #840,000 which is the most recent halving block. Therefore there was a great deal of competition for block space on the network causing fees to rise. However unfortunately a couple of users still paid those fees.
Currently the fees are still very high but according to most speculations it would probably return to normal within a couple of weeks or even less. If you observe closely you will even notice that fees are actually gradually going back to normal.

[BitMaxz]

There are lots of runes currently still in the minting process that cause these transaction fees to still be at a high level.

Check all runes that are still in the minting process here https://ordiscan.com/runes
Once the minting process of most of the runes there is done expect transaction fees to drop.

[Crypto Library]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

I would like to your title maybe it can be possible the fees may gone more high in the next days of future because it's the simple thought like the user are increasing as well the project whos are based on Bitcoin work and if we think from one side, these projects will be one of the biggest reasons for the spam tx on bitcoin network and it is becoming congested and as a result of which we are currently seeing the transaction fee of bitcoin so high. So yes it's possible to increase the fees day by day but I also think it will also not sustain all the time in network.
And I will also say the that yes it is possible to whale make some impact on network intentionally but he will also can't take it for long-last may be for the short period.

[The Cryptovator]

Ordinals messed up the transaction fees. On the other hand, since block rewards have decreased, transaction fees would go a bit higher as well. Miners could manipulate transaction fees also by creating dust transactions, because eventually transaction fees will go to them so they won't lose anything for a dust transaction. If you notice a lot of dust transactions, then imagine miners manipulating. 

[promise444c5]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

Read this

About nine blocks after the halving, Runes minters had already paid 78.6 BTC in fees (~$4.95 million) in order to buy the rarest of the rare. This suggests that, like Ordinals, the Runes protocol could be a boon to Bitcoin’s burgeoning fee economy.

Unedited  directly  from https://www.coindesk.com/markets/2024/04/20/runes-protocol-launches-on-bitcoin-sending-fees-soaring-as-users-rush-to-mint-tokens/

Probably  you're wondering why the spike there is your answer although the the halving is over and I don't think there's  anyone trying  to squeeze it's transactions  into the block anylonger

Then spammers  on the other hand try to make things spike .

On the other hand, since block rewards have decreased, transaction fees would go a bit higher as well. Miners could manipulate transaction fees also by creating dust transactions

And this is part too

If you notice a lot of dust transactions, then imagine miners manipulating.

Yeah this could be some couple of dust transactions which will set a very high priority of fee and this could be more advantage to miners... so miners could be at this too

[letteredhub]

Op the cause  is congestion in the recent halving block. A lot of persons tried as much as possible just to make sure that their transaction is added and confirmed In block #840,000 which is the most recent halving block. Therefore there was a great deal of competition for block space on the network causing fees to rise. However unfortunately a couple of users still paid those fees.
Currently the fees are still very high but according to most speculations it would probably return to normal within a couple of weeks or even less. If you observe closely you will even notice that fees are actually gradually going back to normal.

Yesterday I tried executing a transaction  worth $25 for a an urgent request, couldn't believe it when I saw the tx fees for it was $21 as charged. I had to abandon it and go for another alternative to satisfy that request. I checked again today and discovered the fees  has dropped, so yea, it's possible it won't even get up to a week or more before the fees drops to normal. Peradventure the fees doesn't normalize within the shortest time then it should be understood that there may be miners manipulation involved to rake profits to their side using the halving as a wash-up excuse.

[heslylamba]

Looks like Runes and Ordinals are now the reason for the high fees. We must be prepared for the fact that fees will only increase in the future.

[SamReomo]

Yes, something similar to BRC-20/ordinals has become possible for the creators to include in blocks and that's the cause of those higher fees.

That thing is named as runes by the developers, and the rune creators are spending huge amounts to get their runes minted so they can make more profits as early adopters of it.

Runes are just like meme coins on Bitcoin network and if they continue popping like that then they may create more network congestion in coming days.

If the hype of runes get reduced then we may see low transaction fees once again and till then we will have to cope with those fees as part of Bitcoin community.

[Luzin]

If the hype of runes get reduced then we may see low transaction fees once again and till then we will have to cope with those fees as part of Bitcoin community.

I just read indeed Bitcoin transactions after halving to 2,750 satoshis per virtual byte (sat/vB) or more than $240 per transfer on Friday, April 19, 2024. Of course, the Meme, Ordinal, Rune networks located on the Blockchain provide high benefits. You need to remember that Ordi is widely traded, the fees increase tremendously. Many even propose to remove tokenized tokens that ride on the Blockchain network. Although it has now gone down, this position is still quite expensive. Even after Ordinal was quiet I could still enjoy an 11sat/vB fee to send 0.1BTC.  I think there will be a time when fees will return to normal, you just need to seize the moment when transactions are not so congested.

Layer 2 solutions like Lightning Network aim to alleviate congestion. While fees fluctuate based on network conditions, advancements and protocol upgrades may address scalability issues in the long term, potentially reducing fees and enhancing Bitcoin's efficiency.

The Lightning network has not been effective enough to facilitate large transactions. So I think it can't be the best solution yet.

Source:
1. https://news.bitcoin.com/after-halving-event-bitcoin-transaction-fees-soar-to-over-240/
2. https://www.coindesk.com/markets/2024/04/22/bitcoin-transaction-fees-come-crashing-down-post-halving/
3. https://news.bitcoin.com/bitcoin-halving-runes-proliferation-results-in-historic-fee-increases-crypto-community-reacts/

[jossiel]

The Lightning network has not been effective enough to facilitate large transactions. So I think it can't be the best solution yet.

Right, it's only good for smaller transactions.

@OP, you're right and it's about the same thing as brc20 and those nfts that are built on the Bitcoin blockchain. They're the ones causing these high fees.

But compared to a few days ago, the fees were higher that time than of today. It's a common issue when the network has been clogged or spammed but eventually, we'll see the fees to drop soon.

[yudi09]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

I would like to add to what has been said here that the high Bitcoin transaction fees can be caused by congestion and the large number of tokens with their respective names being minted which can be seen here -> https://ordiscan.com/runes
If I consider the high Bitcoin transaction fees to be Bitcoin's weak point, I will not agree directly because transaction fees do not occur all the time except in situations like the current one.
You have to be sure that transaction fees will return to normal and won't be like this forever which can disrupt many services and businesses.

[DanWalker]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?
And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

I would like to add to what has been said here that the high Bitcoin transaction fees can be caused by congestion and the large number of tokens with their respective names being minted which can be seen here -> https://ordiscan.com/runes
If I consider the high Bitcoin transaction fees to be Bitcoin's weak point, I will not agree directly because transaction fees do not occur all the time except in situations like the current one.
You have to be sure that transaction fees will return to normal and won't be like this forever which can disrupt many services and businesses.

But have you ever thought of a scenario where the price of bitcoin increases, the popularity of bitcoin grows larger, and the demand for bitcoin also increases over time? That will certainly also lead to higher transaction fees. Slow transaction confirmation times and non-scalable blocks are bitcoin's weaknesses, and it's not something new. Bitcoin is not perfect and we need to accept that fact, do not stubbornly think that bitcoin is so perfect that it has no disadvantages.

If the developers don't come up with any solution to fix this, you'll see bitcoin transaction fees go even higher than they are now in the coming years as trading volume increases.

[Odusko]

Quite hard to state the obvious reasons for the current bitcoin fee situation and the network congestion, but know that, this could be as a result of combination of factors before this current network congestion, and if you have being current with crisis in the bitcoin network, you will know that this is not the first time we are seeing such situations, but one thing is for sure, which is that on the long run, the network is going to settle down since the spammers won't continue to spam the network with junk transactions all in the aim to conggest the bitcoin network.

[moneystery]

There are lots of runes currently still in the minting process that cause these transaction fees to still be at a high level.

Check all runes that are still in the minting process here https://ordiscan.com/runes
Once the minting process of most of the runes there is done expect transaction fees to drop.

i didn't know that ordinals were still causing serious problems on the bitcoin network. it's really sickening to see how this ordinal makes the network congested and interferes with people transacting. like last night i made a transaction with bitcoin, i was charged around 10 usd just for a transaction worth 60 usd, it's really quite unreasonable. don't know how the bitcoin network is polluted by this ordinal and until now it seems that the bitcoin developers have not taken any serious steps towards this problem.

[btc78]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?

Not really, no. I mean there might be a chance that they are contributing to the congestion of the network but I don’t think they are the main cause because they have existed way before and they really did not have huge impact on the transaction fees.

And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

Well I saw some people trying to make transactions just because of the halving. Even saw someone pay huge amount of money just to be part of the block.

[Smack That Ace]

Quite hard to state the obvious reasons for the current bitcoin fee situation and the network congestion, but know that, this could be as a result of combination of factors before this current network congestion, and if you have being current with crisis in the bitcoin network, you will know that this is not the first time we are seeing such situations, but one thing is for sure, which is that on the long run, the network is going to settle down since the spammers won't continue to spam the network with junk transactions all in the aim to conggest the bitcoin network.

If a solution is not found soon, do not expect the network to be stable again soon. I heard this last year when ORDI was first introduced and things just calmed down for a short while and now we are facing network congestion and increased transaction fees just because of RUNE. Is there any guarantee that after these RUNE spammers are the last and when they are gone, we will have no more spammers created? Don't console yourself by not daring to face the truth, we need bitcoin developers to quickly find a solution.

[Aanuoluwatofunmi]

I have already asked my question on the title but I also want to mention here do you thing that BRC20, and NFT on bitcoin blockchain are one of the cause of it ?

Right before the inculcation of bitcoin ordinals inscribed on the blocks, there have been increasing cost of transaction fee as long as the mempool keeps getting clogged, this is not more about the NFTs or BRC20 tokens, if there were all there and the network isn't congested, there might be no increasing transaction fee.

And is it possible for any whale to make some make some intentionally spam on bitcoin network ? Or do you think it a weak point of bitcoin ?

Nothing like this exist, whales cannot manipulate to the extent that it always favour them, they also loose while others are moving bitcoin from one asset to another, this is never a weak point, instead, you need to understand what is being meant by a volatile cryptocurrency and how its demands and supply determines the rate for the market price or value.