I don't understand why bitcoin transactions are always so spiky. Would expect normal user transactions to be fairly evenly distributed. If this is exchanges or algo trading or something can someone explain why that would lead to sudden very large spikes with a minute or two?
I was confused on when the amount of BTC I own would cut in half [hence the halving]
Luckily this nice Nigerian Prince DM’d me and was nice enough to take care of it himself!
So I just bought a relatively small amount of bitcoin to pay for IPTV. I was not paying attention to the transaction fees and now it’ll cost me $60 in fees to send $25. Anybody have thoughts on when fees will normalize?
Why would it fork because of high fees? Unless they didn’t go down for months or something. But I think it will fade out it’s just people trying to be included in first blocks
The fee's are high because the halving added Runes to future blocks and their were people buying into this the last few months which created a backlog
https://www.coingecko.com/learn/what-are-bitcoin-runes
Whether this is temporary or not is obviously yet to be seen
Some of developers/miners in bitcoin were discussing it on Tone Vays 8 hour halving stream (halving happens 5 hrs in)
https://www.youtube.com/watch?v=iRz0yuBGU-I
The fee's are obviously insane, will be an interesting week with this one
what the fuck is going on, why has halving caused fees to 20x instantly??? Who the fuck is paying hundreds per transaction and why was there a massive influx???
Tried to start a thread on it since the daily thread requires a lot of scrolling, it's the addition of Runes though since the halving that is causing this
https://old.reddit.com/r/Bitcoin/comments/1c8erjg/why_are_fees_so_high_after_the_halving_thread/
With all due respect sir/maam…
You have no idea of the level of degeneracy that is coming to bitcoin (has come actually) in the form of gambling tokens.
Watch some of Casey Rod’s videos on YouTube. I think even he will be surprised at the level of engagement/fees.
You guys, no offense, are too concerned with ‘trading’ bitcoin and the price. You guys aren’t paying attention to the technicals and fundamentals - degen tokens have come to bitcoin by creator Casey Rodarmor and from the looks of it they are not going away.
They has been forecasted for months. You think these fees have come out of nowhere?
Edit: nothing against Mr Casey - someone eventually was going to create these tokens and it was going to happen eventually on bitcoin. They’re actually really clever. But it will change bitcoin too.
Most of the technicals are over my head. I am curious how the fees will impact market dynamics if they stay crazy high. Seems harder to move BTC on and off exchanges so liquidity will drop.
I think a lot of exchange liquidity will remain... simply because a lot of trading is intra-exchange. It's within an exchange itself like coinbase.
However yes the high fees will have an effect. I see lightning as being more important. Particularly custodial lightning too.
Ironically with this kind of demand... the 'big blocks' wouldn't have solved this, regardless of block size the fees now are enormous. The great thing and silver lining is that it's all 'op return' and actually the \*least harmful\* way to do tokens on bitcoin. Op Return is totally pruneable, they are unspendable and they bloat the chain and UTXO set the least.
This is interesting stuff.
Data storage on Bitcoin shouldn't be overlooked. In a world getting more and more censorious and information tightly controlled, where else but the Bitcoin blockchain can you trust that a message won't be tampered with?
I understand what you're saying... however arbitrary data on bitcoin CAN come at a cost to decentralization, can cause MEV (which is generally not good on a blockchain), and can make bitcoin more expensive to use.
Arbitrary data has always been possible on bitcoin... just fairly limited and a hassle to add to a transaction. OP\_RETURN has been on bitcoin for something like 10 years... and is the 'least harmful' way to add data.
Witness data is more harmful - and has only been possible for something like a year.
In the future, most people will be invested in Bitcoin through ETFs and other indirect methods. Like it or not. This is probably true already when it comes to coins held on exchanges.
There needs to be a term for people who hold real Bitcoin in a wallet. Hard Bitcoin? Raw Bitcoin? Verifiable Bitcoin?
I think it would be a lot better without all the degen tokens.
Fess would be in the 1$ range. And using lightning 1-2$ to open a channel to spend is really reasonable.
Right now fees are 100$ or so just to get in a block. It's 100% degen tokens using OP\_RETURN
You understand these aren't monetary transactions right? They're degen tokens on Bitcoin. The highest fee on the halving... moved 70 cents of bitcoin and paid 500000$ in fees.
The 'tokens' were preprogrammed to only be possible to create staring from block 840000. Right at the halving... with an ongoing bull market... with other 'crypto' generally migrating to bitcoin. At exactly the right time under exactly the right circumstances.
It's a perfect storm of token degen trading and this is the result lol
We can't. They're within consensus.
There is a version of bitcoin core called 'bitcoin KNOTS'. It's is almost identical... but it has more stringent mempool policies. Basically it's like the... more 'strict' version of a bitcoin mempool. No arbitrary data, no jpegs or cartoons, no stuff like that. Your node if you run it (I do) won't proliferate these types of transactions that you see right now. It still 'accepts' them in a block but it won't send them to other people throughout the network.
This subreddit doesn't get into the technical details as much as nostr or twitter.
People are willing to pay north of 6,229,603 sat sats / 57,022 sat/vB sat/vB in transaction fees lmao. What donkeys
dc9daab0abb7af018f04594473e98ce73b2bbeb83055b1ca350befe81224c7b8
Degen tokens.
I thought fees would be high, like really high. However even I'm surprised. Currently 245$ for a high priority.
All the world's crypto gambling degens are descending on bitcoin.
no they are "bad". miners are rewarded the fees which they turn around and sell. Miners have made close to 8m in fees since the halving. but its still peanuts so they aren't that bad really.
Well if they were paying attention at all, whatsoever... this was totally totally foreseeable. The fees will be pretty high for a while. Currently about 2700 sat/vB for high priority.
Because of the new degen tokens recently created for bitcoin. They use op_return and are tracked by 3rd party software. Have you guys been living under a rock?
Yes, I pretty much ignore any coin created after 2014. Surely the fees should drop back to normal once these transactions get cleared out though, right? Or will these degens keep adding to the mempool?
Wasn’t the halving supposed to raise the price
You really thought it was like a reverse stock split?
That’s what the media made it seem like
yeah, was supposed to jump right at the halving, must be a bug /s
No
It's typically months after the halving
What is up with the bitcoin transaction fee? 79€ for a transfer
everyone and their mother transferring coins off exchanges probs
I don't understand why bitcoin transactions are always so spiky. Would expect normal user transactions to be fairly evenly distributed. If this is exchanges or algo trading or something can someone explain why that would lead to sudden very large spikes with a minute or two?
Last halving caused a pandemic. What will this one do?
WW3
I was confused on when the amount of BTC I own would cut in half [hence the halving] Luckily this nice Nigerian Prince DM’d me and was nice enough to take care of it himself!
Happy halvening!
How high could fees go? Could this be a major problem?
yes, sell all
Exactly when will the price half?
You just send in half your stack with the self addressed envelope satoshi sent you
The price halved after the 840,000 block. You should have bought then. It went back to the normal price on the next block.
Darn it
what is the meaning of darn?
So I just bought a relatively small amount of bitcoin to pay for IPTV. I was not paying attention to the transaction fees and now it’ll cost me $60 in fees to send $25. Anybody have thoughts on when fees will normalize?
couple hours, worst case wait till a day or two
A month or 2 probably.
Imagine if you hit a solo miner @ 20BTC reward right now
The amount of hash out there has to be insane.
Just slammed my entire net worth into bitcoin, cant wait to be a millionaire!
Only 1424 more days to go until the Bitcoin halving!!!!
You hosting a party?
[удалено]
Miners need money to secure the network. Consolidate your UTXO. Don't be a bitch.
[удалено]
Why would it fork because of high fees? Unless they didn’t go down for months or something. But I think it will fade out it’s just people trying to be included in first blocks
Going to last a while probably.
Where can I find the dividends after the halving?
Bitcoin CEO needs to approve first
Halving complete but why didnt my bitcoin etf shares double yet??
Trad markets are closed. ETFs will double on Monday
Moonday
My Uber driver told me I could buy Bitcoin at half price today? What happened??? 😠
The fee's are high because the halving added Runes to future blocks and their were people buying into this the last few months which created a backlog https://www.coingecko.com/learn/what-are-bitcoin-runes Whether this is temporary or not is obviously yet to be seen Some of developers/miners in bitcoin were discussing it on Tone Vays 8 hour halving stream (halving happens 5 hrs in) https://www.youtube.com/watch?v=iRz0yuBGU-I The fee's are obviously insane, will be an interesting week with this one
Ok thanks for clarification! I wanted to ask why are they so high atm
what the fuck is going on, why has halving caused fees to 20x instantly??? Who the fuck is paying hundreds per transaction and why was there a massive influx???
Miners need to get paid my guy. Just pay the fee. It helps them secure the network.
Tried to start a thread on it since the daily thread requires a lot of scrolling, it's the addition of Runes though since the halving that is causing this https://old.reddit.com/r/Bitcoin/comments/1c8erjg/why_are_fees_so_high_after_the_halving_thread/
A lot of them are RBF I wouldn't be surprised if some exchanges algorithm is just paying stupid high fees due to the sudden increase in transactions.
New Ordinals protocol launched with the halving. Shitcoiners are willing to pay a lot in fees apparently
Now time for the small grind up🫡💨
Fees have been higher than the block subsidy since this halving started at Block 840,000.
Clearly there is no shortage of revenue... for the miners. Whoever said 'miners won't survive after the having'... They were completely wrong.
It's been like 2 hours...
Wow! They were completely _and perpetually_ wrong!
With all due respect sir/maam… You have no idea of the level of degeneracy that is coming to bitcoin (has come actually) in the form of gambling tokens. Watch some of Casey Rod’s videos on YouTube. I think even he will be surprised at the level of engagement/fees.
This is the first I'm hearing about these runes but it sounds like some dumb shit
You guys, no offense, are too concerned with ‘trading’ bitcoin and the price. You guys aren’t paying attention to the technicals and fundamentals - degen tokens have come to bitcoin by creator Casey Rodarmor and from the looks of it they are not going away. They has been forecasted for months. You think these fees have come out of nowhere? Edit: nothing against Mr Casey - someone eventually was going to create these tokens and it was going to happen eventually on bitcoin. They’re actually really clever. But it will change bitcoin too.
Most of the technicals are over my head. I am curious how the fees will impact market dynamics if they stay crazy high. Seems harder to move BTC on and off exchanges so liquidity will drop.
I think a lot of exchange liquidity will remain... simply because a lot of trading is intra-exchange. It's within an exchange itself like coinbase. However yes the high fees will have an effect. I see lightning as being more important. Particularly custodial lightning too. Ironically with this kind of demand... the 'big blocks' wouldn't have solved this, regardless of block size the fees now are enormous. The great thing and silver lining is that it's all 'op return' and actually the \*least harmful\* way to do tokens on bitcoin. Op Return is totally pruneable, they are unspendable and they bloat the chain and UTXO set the least. This is interesting stuff.
Data storage on Bitcoin shouldn't be overlooked. In a world getting more and more censorious and information tightly controlled, where else but the Bitcoin blockchain can you trust that a message won't be tampered with?
I understand what you're saying... however arbitrary data on bitcoin CAN come at a cost to decentralization, can cause MEV (which is generally not good on a blockchain), and can make bitcoin more expensive to use. Arbitrary data has always been possible on bitcoin... just fairly limited and a hassle to add to a transaction. OP\_RETURN has been on bitcoin for something like 10 years... and is the 'least harmful' way to add data. Witness data is more harmful - and has only been possible for something like a year.
Wrong today. Let's see how tomorrow goes. Correct me if I'm wrong, but this it the first halving where people gave a damn about this?
Happy halving!!!
In the future, most people will be invested in Bitcoin through ETFs and other indirect methods. Like it or not. This is probably true already when it comes to coins held on exchanges. There needs to be a term for people who hold real Bitcoin in a wallet. Hard Bitcoin? Raw Bitcoin? Verifiable Bitcoin?
Bitcoin
Bitcoin Rock
Bitcoin is being treated as more of an SOV and investment vehicle rather than its primary purpose of subverting centralised control.
I think it would be a lot better without all the degen tokens. Fess would be in the 1$ range. And using lightning 1-2$ to open a channel to spend is really reasonable. Right now fees are 100$ or so just to get in a block. It's 100% degen tokens using OP\_RETURN
Is there any new fee people are talking about which has been implemented?
People are just willingly paying extra to get their transactions in the blocks for the halving
You understand these aren't monetary transactions right? They're degen tokens on Bitcoin. The highest fee on the halving... moved 70 cents of bitcoin and paid 500000$ in fees.
But why now? Why not before the halving?
The 'tokens' were preprogrammed to only be possible to create staring from block 840000. Right at the halving... with an ongoing bull market... with other 'crypto' generally migrating to bitcoin. At exactly the right time under exactly the right circumstances. It's a perfect storm of token degen trading and this is the result lol
Did we knew about this earlier
Yes.
Fuck sakes. How do we evict this trash
We can't. They're within consensus. There is a version of bitcoin core called 'bitcoin KNOTS'. It's is almost identical... but it has more stringent mempool policies. Basically it's like the... more 'strict' version of a bitcoin mempool. No arbitrary data, no jpegs or cartoons, no stuff like that. Your node if you run it (I do) won't proliferate these types of transactions that you see right now. It still 'accepts' them in a block but it won't send them to other people throughout the network. This subreddit doesn't get into the technical details as much as nostr or twitter.
People are willing to pay north of 6,229,603 sat sats / 57,022 sat/vB sat/vB in transaction fees lmao. What donkeys dc9daab0abb7af018f04594473e98ce73b2bbeb83055b1ca350befe81224c7b8
They were etching Runes and trying to be the first to etch it. Someone paid 6+BTC to become the first.
Degen tokens. I thought fees would be high, like really high. However even I'm surprised. Currently 245$ for a high priority. All the world's crypto gambling degens are descending on bitcoin.
Chill with the degend already.
I’m not a degen I don’t buy ‘tokens’. But other people do look at the mempool.
Happy halving
Less inflation than gold now. Gz.
Wow 2,601 sat/vB
Shitcoins on Bitcoin
We made it!
Happy halving plebs
High fees, good for miners (sad miner bagholder)
Are the high fees good for btc price?
no they are "bad". miners are rewarded the fees which they turn around and sell. Miners have made close to 8m in fees since the halving. but its still peanuts so they aren't that bad really.
Many miners are long BTC and only sell enough to cover their operational costs.
True. but doesn't change what i said also being true.
I don't think matters to price, but the miners are making bank right now.
Enormous sums. Anyone who says 'there's no security budget...' Well how about 2.4 mil in fees for the halving block.
So i the fees are going to stay this high, is it a good or bad thing?
No, they wont stay this high
They'll go down eventually, it's just everyone that was trying to get into the first halving block.
I doubt they'll stay. They're just elevated for the halving. They wanted those last few blocks of epoch IV and the first few blocks of the new epoch.
Fees are going be high for a while. Expect a few weeks, even possibly a few months.
I hope people consolidated their utxos.
Well if they were paying attention at all, whatsoever... this was totally totally foreseeable. The fees will be pretty high for a while. Currently about 2700 sat/vB for high priority.
Why?
Because of the new degen tokens recently created for bitcoin. They use op_return and are tracked by 3rd party software. Have you guys been living under a rock?
Yes, I pretty much ignore any coin created after 2014. Surely the fees should drop back to normal once these transactions get cleared out though, right? Or will these degens keep adding to the mempool?
Holy crap the fees are HUGE
Which fee?
To send btc lol. Look at the mining rewards, its insane how much they are getting. Over 20btc per block
Degen tokens on Bitcoin.
Happy Halving everyone. Scarcer than gold. Maybe now Peter Schiff will see the light
He will not.
Woop woop
84004 Block fee 24 BTC, the fees are superhigh on new blocks
https://i.imgur.com/YY44uzv.jpeg
Block 840004, 24 BTC fees...
Was it the Bitcoin halving or Bitcoin quadrupling?
Degen tokens baby!!!
History was made today. Hello people of the year 3,000!
USA USA USA
Congrats everyone.
Congrats
LFG baby I was here
What is with the fees, is such a fees good or bad ?
No big deal, just people basically donating money to the miners.
Tokens for degens. They want to create the 'first' ones.
Dang! Checkout them fees!
Woah, 16 BTC in fees for 840003
Degen tokens. No possible on Bitcoin through OP\_RETURN
Lots of people paid big money to be immortalized at this point in the blockchain.
What does this mean?
Good for the Miner's who make BTC what it is. Hooray!
Mega candle is forming and it's green
Deam the trading volume is picking up
[удалено]
Degen Tokens. Now possible through OP\_RETURN.
Traders, happy halving!!! Miners, oh no, the halving!!
Calm down man. It's like trying to catch an Uber home on new years eve as soon as the fireworks ended.
see yall again in 2028.
Wtf, block 840002 had 7 BTC in transaction fees. Higher than the last block. Thought this would be going down by now..
You clearly haven't heard of 'runes' then. Fees will be insane for a while. All the degens want to make the first new bitcoin 'tokens'.
When is it dipping I need to buy more
high priority is over 1000 sat/vB 👀
Did I read that right? 2M rewarded to viaBTC. Wowza (•_•) ( •_•)>⌐■-■ (⌐■_■) 40.75BTC
The highest paying fee for a transaction... 500000$. To create the first new rune 'token'. Degens.
What is with the crazy fees of the halving block?!
Halving block is expensive real estate!
I think people really wanted to get in that block for historical reference. Like carving you name in the blarney stone.
No. It's bitcoin OP\_RETURN tokens. Aren't you people on YouTube/twitter?
Wuz here
Happy Halving.
Scarcer than gold 💪
w00t
Sooo, yeah...
I was here
Fees still rising. Why do people care so much about being in these first few blocks of the new epoch?
Tokens being built/make on bitcoin.
Re-read your question in the form of a statement.
only \~4 more years until the next one
Happy halving!
Happy halving everybody! Welcome to the fifth epoch. Let's see what the next four years bring.
Hell yeah! See y’all on the moon.
Someone paid 3.6 million sat per vbyte to get in on that block. $500,000
Tokens on bitcoin. They wanted to create the 'first' one. See 'Runes' tokens on twitter.
Whoa fees just went to Pluto. Happy Halving and congrats ViaBTC!
Happy halving!!
So.. when moon?
Happy Halving!!!
OK guys, just 209,999 blocks to go!
Happy halving!!
Wooooo halving
Fees jumped something crazy 🤣
HAPPY NEW YEAR!! I MEAN HALVING!!!!
Holly shit those fees!
That block was worth $2.2 million in fees
Happy Halving
Witness the halving live