BTC Fees are SOARING right now due to Runes Protocol

BTC Fees are SOARING right now due to Runes Protocol - Printable Version

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BTC Fees are SOARING right now due to Runes Protocol - Blue Eye Samurai - Apr 20, 2024

https://www.coindesk.com/markets/2024/04/20/runes-protocol-launches-on-bitcoin-sending-fees-soaring-as-users-rush-to-mint-tokens/

Can anyone explain me what Runes Protocol is, I don't really get it based off the information.
One thing I know is that BTC fees are crazy right now
[Image: qQiQM5m.png]

RE: BTC Fees are SOARING right now due to Runes Protocol - Cooligan - Apr 20, 2024

BTC network fees are absolutely insane right now. I assumed it was mostly due to the halvening.

I checked earlier, and it was a $200 fee to send quite literally $1 💀

RE: BTC Fees are SOARING right now due to Runes Protocol - nelz - Apr 20, 2024

Good grief I've never seen btc fees so high! Surely somethings going to be done about this in the future? Kind of defeats the purpose if fees are too high for most people.

RE: BTC Fees are SOARING right now due to Runes Protocol - Yin Yang - Apr 20, 2024

Oh shit, now that’s high af

RE: BTC Fees are SOARING right now due to Runes Protocol - Omniscient - Apr 20, 2024

(Apr 20, 2024 06:06 AM)Focus Broken Wrote: Something has already been done about this in the past. You can use Bitcoin's Lightning network and pay no fees.

You mean pay lower fees. Glad I have something in my LN wallet right now but fees too high to top it up.

https://phoenix.acinq.co/faq#is-phoenix-affected-by-high-on-chain-fees

As for Runes Protocol...
https://www.coingecko.com/learn/what-are-bitcoin-runes

Once again I have to complain about Bitcoin attempting to add Smart Contract like functionality. We already have Ethereum for that.

[Image: z92Q5PF.png]

Oh no! What's this going to do to the expected Bull Market?

[mention=3209658] what's your take on Runes in BTC? Are you gonna applaud it and say it's core so it must be a good thing? I just rarely see you criticize anything they do.

RE: BTC Fees are SOARING right now due to Runes Protocol - Marvelous - Apr 20, 2024

Crazy how when you try to do more things on a network the fees go up, righttt? Lmao. I cant wait for there to be almost no block reward, and everyone using lightning newtork so BTC has 100 BTC miners that are running it and I can take it over with my 4080 gaming GPU.. or realistically Russia, China, USA can run a bunch of miners and 51% attack it. It is literally just a matter of time until BTC is fully tokenized in ETF's and on ETH.

RE: BTC Fees are SOARING right now due to Runes Protocol - LMPara - Apr 20, 2024

I went to send $6 yesterday to a buddy and the fee was $41! I was like yea I'll just cashapp him instead lol

RE: BTC Fees are SOARING right now due to Runes Protocol - Omniscient - Apr 21, 2024

(Apr 20, 2024 06:26 PM)Focus Broken Wrote: Who's "they"? Runes is a separate project created by Casey Rodarmor, it's not an update to Core. Ordinals/inscriptions/runes just a custom lens you can use to view the blockchain with to decode and interpret embedded data.

Ahh...I just thought with your recent thread about an update to Bitcoin Core that it included something which facilitated the Runes project. My "they" was the Bitcoin Core devs.

RE: BTC Fees are SOARING right now due to Runes Protocol - Omniscient - Apr 21, 2024

(Apr 20, 2024 06:59 PM)Marvelous Wrote: It is literally just a matter of time until BTC is fully tokenized in ETF's and on ETH.

You mean like Gold is?

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RE: BTC Fees are SOARING right now due to Runes Protocol - Eran - Apr 21, 2024

Bitcoin fees are insane right now. Exodus is always giving me different fees, but it looks lower today than it was yesterday.

RE: BTC Fees are SOARING right now due to Runes Protocol - Neal Caffrey - Apr 22, 2024

(Apr 21, 2024 10:54 AM)Omniscient Wrote: Ahh...I just thought with your recent thread about an update to Bitcoin Core that it included something which facilitated the Runes project. My "they" was the Bitcoin Core devs.

1. Insert additional transaction data that complies with a BRC standard
2. Transaction is pushed and broadcast to network
3. Some agreed third-party indexer will consider it 'valid' or not - this is Alexnet for BRC iirc
4. Database picks up the indexer dataset and displays it to UIs or whatever

High transaction fees are due to step 1/2 and the centralisation concerns should be at step 3

RE: BTC Fees are SOARING right now due to Runes Protocol - abdelx95 - Apr 22, 2024

Do you think guys they will find a solution? Are they working on it?

RE: BTC Fees are SOARING right now due to Runes Protocol - Blue Eye Samurai - Apr 23, 2024

(Apr 22, 2024 10:08 PM)abdelx95 Wrote: Do you think guys they will find a solution? Are they working on it?

It already went down 75% but is still relatively high