Quote from: ZAINmalik75 on Today at 01:08:33 AM

Quote from: BlockCheney on November 17, 2023, 01:40:29 AM

Have there been made any calculations how high the transaction fees for bitcoin main network could get in the future?

I currently have my BTC stored on a MultiSig cold wallet, which can't be connected to a lightning node. Do you think it's a better idea to move them to a lightning wallet like on electrum for example before the transaction fees get too high? I want to avoid paying a big amount just for one transaction in the main network

That's a good idea. I did not give it a thought, but in my opinion, you should. It is not that the fees are going to touch the sky soon; they are just temporary spikes due to the ordinals and other manipulation by the bad actors of the market, which will be solved soon, but it is best for you and all of us to follow this idea.

Because to setup the lighting network, we do have to pay the current fee, so if we want to avoid that, we should setup one when the fee comes down. Actually, in my opinion, I don't think fees are going to come back at the normal rate anytime because the ordinal problems are increasing day by day. Today I just checked the volume of Ordinals transactions, and it was ATH since its inception.

I was stunned for a moment, but if it keeps increasing, then it will be best for all of us to move to LN nodes before the halving because, after the halving, the price might become double what it is now.

It is not going to be ‘solved’. How hard is this for people to understand.

If people want to use an oil tanker to ship a 1 quart can of oil this will continue to happen over and over and over and over again.

People need to using the right shipper to transport .

Every suggestion I have read does not stop this issue. Here are some ideas

truly banning any sends under 0.0001 btc
making smallest fee 0.00001 btc
make blocks 8mb
no pool can greenlight smaller fees