I've noticed that recently folks seem to care more about transaction fees than the price of Bitcoin itself. So I thought, why not start a thread to keep track of the mempool? Instead of flooding every section of the forum with angry posts, we can have a single spot for discussions!
For anyone just interested in the upcoming block fee, you won’t need to sift through tons of posts!
Big shoutout to Bitmover for the inspiration:
Maybe some of the AI wizards here could create a tool to help keep track of fees!
In the meantime, let's get this started:
And for those thinking the holiday season will bring a drop in transaction volume, I've got some bad news. There's a difficulty adjustment happening in about 24 hours, and with the current mining pace at 5.4%, we’ve got 95 more blocks mined than usual. This could change next period, resulting in fewer blocks and, you guessed it, higher fees!
Yay more fees just what everyone wants around the holiday season!
With the block count being ahead small transactions users going to feel the pain the most.
Miners must be loving it right now!
Yeah, the miners are getting huge rewards in the form of those high fees and they definitely should be loving to see those high fees, but they deserve to have those fees for their contribution in running of the Bitcoin network.
I'm happy to see this thread as we can discuss about the high fee issue here rather than creating new threads about high fees every here and there. I think OP has thought a better solution to bring all those fee related issues in a single thread. Let's discuss about the fees here from now on.
More, more, more! I admit it hurts a little but at the end of the day I seldom send as a DCA guy, I usually receive and yes, that means I don't really need to worry much.
Just yesterday I needed to send, but I have an "exchange" hot wallet. Paid only 15k sats so still under a dollar. Bring high fees on!
miners dont see transactions
miners dont choose transactions
miners are just given whatever cut of reward the POOL decides.
dont point fingers at miners.
realise who is making transaction decisions
look at the devs that refuse to fix the exploits they create
asic owners were not in poverty when the bitcoin price was $17k so dont even pretend miners deserve fee's now..
also the spot market will take care of miners when the reward halves
so fees are not essential
realise its all about dev politics thats causing the issues we see.
it has absolutely nothing to do with asic economics
whomever is telling you to look at miners is the guy that doesnt want you to scrutinise the core devs indecision and sponsored deals
If you're concerned about Santa, I have some insider info you might be happy hearing:
I can vouch for Lucius, he knows what he's talking.
For you unfortunately I have some bad news:
And since this is getting traction and attention, a bit of TA:
One can easily see the fourth inversed bottom top forming clearly!
I'm not pointing any fingers toward miners, in fact I believe that they deserve to have some extra fees sometimes as a reward for their contribution to the Bitcoin network. The high fees aren't caused by miners, those are caused by the ordinals.
I'm not against the miners nor I'm against the developers as they're also trying to fix the issues. it's an issue in the network that we all are facing and we all should work as a community to solve the issue. I hope that the developers will soon find a solution for the issue.
You don't? But if you are a DCA investor with a large number of UTXOs, how do you plan to consolidate all those small inputs? High transaction fees will hit you really hard.
Great! So now we are back to custodial wallets to store our coins? I don't see it as a viable solution.
If you are receiving then you don't need to worry. That doesn't mean everyone here is only recieving and hodling. There is a significant number present here who does both, that is recieve & send, they are the ones who are getting affected because of high fees.
15k Satoshi is still a significant amount as transaction fee. I remember a time when 12 Satoshi or above was considered high fee. I did pay the same amount when I made a transaction using my Electrum wallet.
The fees would come down but the vulnerability has exposed how developers are slowly making Bitcoin in accessible to small investors. Which for me is not a good signal if we want Bitcoin adaptation to go to the grass root level.
It's a welcome idea, alot had been saif already concerning the mempool these recent days, i guess the transaction fee increase is one of the main reasons for such, but this thread could help deal with all related discussions concerning mempool or transaction fees.
This is more of getting us into suspence, but it's the actual truth, we should expect the recent adjustment to come in, why this will happen is because, if you look at the recent ones we had, it has not been stable, it's rather going up or coming very low downwards but something should be definitely anticipated upon.
If this doesnt bother you much, it will create an unpleasant feeling for others. In any case, this is another blow for the BTC-community. But as we know, difficulties only make us stronger. So, take heart, friends.
And people grumble that storing crypto in exchanger wallets is bad. As you can see, even these damn wallets have their advantages - while everyone pays high commissions, exchanger wallets have fixed commissions (which provides short-term benefits). I wonder how quickly this loophole will be closed.
Not much change in the transaction fees since you posted this topic and its good to dump these stats under one thread instead of scattered all around the forum. But this won't stop the people from complaining high transaction fees, end of the bitcoin, transaction pending,... kind of threads.
Miners have been loving it since BRC20 were created and the mempool has been getting congested than before, but it is a pain for people that bought bitcoin with cheap transaction fee but unable to send with cheap fee now.
But I can see the mempool becoming less congested for now. I think soon it will be below 100 sat/vbyte which is still high though.
Well, I didn't think it will stop them and I don't even wish that completely to be honest!
What really irks me lately on this forum is some sheeple acceptance of everything, hundreds clapping for the rules, obey the rules, we must wait for the others to take a decision, a lot of fake unicorn farts drug induce stance where we should all act like sheep and wait peacefully while grassing out faith, not daring to come out and say: THIS IS F*** UP! Something needs to be done! Do you want for Bitcoin to have Nokia's fate?
Almost everyone is saying, you know, the best solution is to wait! Just postpone your transaction! Use litecoin! Use Binance pay. Use paypal!!
But whatever you do, don't spread this, it's FUD, it hurts our dreams of becoming millionaires without doing anything!
Still I see this topic as an advantage as we could centralize data here and have it as a refence, no need to search in 100 topics what the fees were or how much that guy paid one month ago.
As for the fees themselves, yeah I expect bit of dive, it's Friday and the western world turns its attention to Christmas, it will be probably the longest weekend (23-26) with very low incoming tx. But that won't make them extra cheap or go to 10sat/b there are currently 208vMB, that's already one and a half day of blocks waiting above that level, not considering that hitting 10sat/vb a ton of exchanges will start consolidating dust.
Yes they do and I don't think they're going to be stopping anytime soon regards to this ordinals bonanza. Hopefully they'll get tired of all this and decide that it's time that they stop making money out of these ordinals and the people that's paying top dollar for transactions. I guess that's the way things are for this, I would probably be converting my bitcoins if this continues until New Year. For those that's trying their best by setting the fees at the lowest even if it takes a long time to be transferred, I salute you.
Yep, something needs to be done, and as I said in another thread the fix may be released with v27.0 will eliminate the spam token transactions from the network but its still not 100% true, so if we don't eliminate them in someway then we will see these token attacks all over and over with different project names and people may actually choose other coins just because it doesn't make sense to pay 10-40 dollar in fee of a transaction which is less than 200bytes.
What we need to do mempool is still quite high! I also did DCA and now my BTC is stuck on the exchange because I don't want to withdraw with high fees so I left it there first even though there is a little concern.
About 100 sat/vB but the little guy is still too high and of course the expectation is lower but when it will be ready for the bullrun the mempool will be stuck again.
100 sat/vB now, see tomorrow back to 300 sat/vB.
Let me ask you something, let's suppose we kill ordinals. Good!
Going by the bitcoin press and blogs:
I'll spare you the math and say that just two should account for close to 100 million users, now assuming by user you mean a guy who makes a tx at least a month, right, then we need 3 million tx a day for these guys alone!!!!!
When we will truly reach those levels of acceptance, whom do we fix and eliminate?
For half of the Europeans to withdraw their bitcoins to their own cold wallet and do nothing with them after, we need at perfect batching solutions, so 1 input 1000 outputs, segwit only nothing else, 90 days of blockspace. For the whole of India to do this we need, you guess it, one year!!
Who do we eliminate or tell to fuck off and not do a on chain tx then?
First is ordinals, then it's consolidating inputs cause you can just use coin control, then mixers, then it's casinos, next a restriction for coins to be spent under 72 hours, then...what? We start culling people who own less than 0.0001 as it's considered dust?
To lighten the mood a bit:
Additional transaction fees are by no means coming down. Mempool minimum is now showing 150 and if you try to do your own foreign transfer to 100 Mempool then the transaction fee will go up to $25 and there is no guarantee when the transfer will be confirmed. A few days ago the transaction fee was high but in the middle but Mempool changed and came down a lot but now we don't see the same. Mempool is limited to 150 to 300 which is too much. Transferring BTC is now almost impossible for those who are small investors. Every Bitcoin user now wants Mempool to return to normal.
I created almost same topic(https://bitcointalk.org/index.php?topic=5466022.msg62810292#msg62810292) like this on our local board during the first wave of high transaction fee during the first Ordinals hype.
The discussion of Bitcoin fee is really popular because its vital when someone needs to transfer their coins. We use the thread to notify if theres a golden opportunity to send transaction during low fee. The price is not that popular anymore to small holder if they cant transfer their coin without spending huge chunk of it on fee just to spend their profit.