Quote from: serveria.com on March 02, 2023, 07:20:20 PM

Something is brewing in the Bitcoin world?

It happened many times in the past and it will appear again in future.

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For the last 2-3 days I can I witness slow transactions and huge fees. I got used to 1sat/byte transactions and they always get through so I sent a couple of sats to myself

Cheap fee rate and cheap transaction fee won't last forever. You learned a lesson this time so let's be prepared better for next times. When transaction fee is cheap (means you can get a confirmation with lowest fee rates like 1 sat/vbyte or 2 sat/vbyte, you should move your bitcoin or consolidate your small inputs.

Take advantage of such time to consolidate small inputs that is helpful to reduce transaction size later when you need to send it to somewhere. It is very helpful and fee-saved when network and mempools are heavy and you have to use higher fee rate.

See your Tx in mempool with Bitcoindata.science and impacts on transaction sizes by inputs and outputs.

[Guide] Consolidate your small inputs

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you can't imagine how surprised I was when I saw my tx is ~75mb from tip! My wallet suggested a fee of 10sat/bytes!

Not surprised at all. Centralized exchanges and centralized platforms always proceed user withdrawals with very high fee rates but they charge very expensive withdrawal fee on users. As a user, you can not control it and another lesson is: if you want to control fee rate you use for your transaction, let's use self custody wallet and broadcast your transaction from it.

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So, what's going on? Is this connected with that ordinals mumbo-jumbo? Huh

Likely the cause is partially from Ordinals.

However, more general, Bitcoin network usually has more demands when BTC price moves sharply upwards or falls down rapidly. It results in greed and panic that will cause more demand to move Bitcoin on the network as fastest as possible.