Quote from: CageMabok on July 13, 2024, 08:52:55 AM

Quote from: we-btc on July 11, 2024, 09:17:13 PM

Now that Bitcoin fees have come back down, what was the cause of the increase? Was it runes and ordinals?

Has the volume of these derivatives declined to the point that fees are now what they used to be?

Bitcoin transaction fees will always be adjusted to the price of Bitcoin itself because from the current price range it is of course very normal that the amount of fees for each transaction has decreased because the price of Bitcoin itself is not increasing at this time. However, there are also other influences such as the large number of transactions at one time causing excessive congestion, but for now this is normal for fees because it is quite in line with what is happening now in Bitcoin.

I think it is worth noting that the price of bitcoin is going up, the volume is up and yet the fees are down. In my opinion this is a clear indication of what caused the fees to go up and wasn't volume or price. The fees went up because of Runes and Inscriptions.

If you believe in Bitcoin as a game changing currency that can free people from the centralized control of fiat currencies then we should insist that the developers increase bitcoins efficiencies and remove the wasted and counter productive ordinals from the protocol!!!!!