I was reading through bitcoin.com the other day and saw that there has been decreased in the global hashrate with it been around 300EH/s with also the the intervals for the next block to discovered has increased above the 10 minutes interval. So I think this could be part of it aside the fluctuations of bitcoin price.

The unintended consequences of the growing adoption of Bitcoin are definitely a bitter pill to swallow, especially for those idealistically-minded people who have repeatedly talked about Bitcoin being a store of value and its sole purpose being an alternative to the traditional financial system built on top of debt and continuous printing of money. As it turns out, the permissionless and decentralized nature of Bitcoin may involve utilizing it in unexpected ways that not everyone supports. Nevertheless, this additional source of demand (I am now talking about ordinals, inscriptions, and other NFT stuff) results in blocks full of large-sized transactions, which in turn leads to an increase in fee rate and mempool congestion. I'd say if you favor the absence of centralized control over Bitcoin protocol and permissionless access to all its capabilities and features, you should be happy about the fact that people find ways to use Bitcoin in a way they consider beneficial and useful for themselves. After all, not all people in the Bitcoin community support the use of Bitcoin as a means of payment, but nothing can't stop you from paying others in Bitcoin (assuming your counterparty voluntarily agrees to conduct the said exchange), so why give people a right to decide for other users which use case is acceptable?

Yesterday the numbers of unconfirmed transactions around 290K but now it's near 210K so it's a sign of the network is clearing but as you said anyone who wants to make Bitcoin transfer can avoid on chain transaction to save few dollars because on normal days it won't even cost half a dollar now it's over $6.

So basically, people realize that the Bitcoin chain is more secure compared to other networks to print their NFT, which is why they are fine with paying 30 sat/vbyte now?

Makes me wonder if they will continue doing this or will eventually move back to 'fast' confirming blockchain since it allows them to move their tokens asap. Looks like those blockchain project that aims to anchor other chains to BTC is not going to die soon if people keep flooding BTC with NFT and the demand for anchoring to reduce congestion increase. CMIIW.

I think not, because they're buy Bitcoin just for transactions fee which mean they're not really interested with Bitcoin in the first place.

But with the current Bitcoin fee is quite high, this make small holders are careful enough to buy or sell because they will need to spend more money. I think many people might choose to adopt lightning network because they have no other way to reduce fee in Bitcoin network even you've use segwit address.

Read about bitcoin ordinals, there have been several topics created already onnthis aspect and members have discussed on this same issue countless times, but i want to believe this is bot where the end is going to land, things will soon get better and back steady as before.


Maybe you noticed this late, it's quite few months now that you make any transaction in nothing less than 4 sat/vbyte, later it increases to about 9 to 11 sat/vbyte and to over 20 sat/vbyte the more the congestion the higher the fee rate.

I created a thread about that too, a little earlier but to be honest, I haven't received logical explanations, only overall ones. I've been watching mempool and I often see that despite the fact that there are a bunch of transactions on block with low transaction fees and overall fee becomes lower, someone comes out of nowhere and sends transaction with 10 times, 20 times, 50 times more fees than recommended. Then other people join them and overall our transaction fees get higher. One could say that it's because of old software but these transactions come from SegWit addresses.
Idk, there is no logical explanation.

I've spoken about this before too: https://bt.irlbtc.com/view/5346270.msg57336047#msg57336047

The explanation is that lots of people just blindly accept the fee that their chosen wallet or website tells them, and that the vast majority of wallets and websites are absolutely awful at suggesting an appropriate fee. As you say, all it takes is one exchange to kick start the process by dumping a bunch of overpaying transactions in the mempool, and then 90% of wallets and websites out there start matching those exorbitant fees, and we get in to a vicious cycle. If everyone (exchanges included) actually just paid attention to the fee they are paying, then everyone could save 90% on all their fees, all the time.

Some wallets do not support it. Which was kind of my point - if he is using wallet software which does not support RBF, then time to find better wallet software.

And also more expensive.

A couple of things I guess.

Exchanges messing with the peoplebwith their horrendous "approximate" fees and transaction times. More and more people investing in bitcoin because somehow they caught wind of the bull run happening soon, perhaps because of Ordinals, which consequently also deserves another spot on their own because as much as people hate to admit it, they are controbuting to the transaction volume and therefore are a good reason why the fees are high too, and because of other reasons I don't know.

I think this is good really. Save for the fact that it's mad annoying to deal with and a little unhelpful at times especially if you're running out of time, but for the most part high transaction fees and volumes come during times of great prosperity in bitcoin, so it may be a stretch, but these could be telling us something you know.