Bitcoin backlog

bitcoin backlog

a backlog of almost unconfirmed transactions and over BTC in fees alone with almost MB backlog ( blocks behind with 1MB block size). The mempool is where all valid transactions wait to be confirmed by the Bitcoin network. A high number of transactions in the mempool indicates a congested. Seoul-based Terraform Labs has so far built up nearly bitcoin worth $ billion in a series of purchases via a non-profit affiliate. WHAT IS ETHEREUM PRIVATE NODE

The bigger question is when the situation will be resolved. Then again, the congestion has never been this big either. An interesting development, to say the least. For now, using higher transaction fees will help transfers confirm faster. However, that is not the optimal course of action to take Bitcoin mainstream in the future. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Tweet Share Share Send. Related Posts. Premium Partners. Top Brokers. Top Casinos. Technical Analysis. Cryptocurrency news. This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Things are not looking good, unless a consensus for a solution even temporary to the small block size is found as with the increase of the price of Bitcoin.

Services such as online Bitcoin wallets and such have started to increase the transaction fees already so, that there will be no extra delay for their customers, the problem is that these extra costs are usually covered by the users. For example the online Bitcoin wallet and a Bitcoin-powered debit card issuer Xapo has recently informed its customers about their plans to actually have the transaction fees for withdraws paid by the users.

According to a post on Aksjebloggen. With low transaction fees covering the extra cost is not a problem for some services, but with the constantly growing transaction fees you can even end up paying more for the actual transaction to be included in the blockchain than the amount you are transferring if it is just a couple of dollars. Do you remember those promo images comparing Bitcoin to Western Union, PayPal and other popular payment services and talking about how BTC is better with the very low transaction fees cited as one of the key advantages.

Well, if this trend continues and a solution is not found soon, then things might end up with Bitcoin transaction fees actually making transfers more expensive than to use a more established alternative payment method like the ones mentioned….

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