Bitcoin Network Suffering Major Transactions Backlog
Due to the sudden rise in bitcoin transactions over the past few days, the bitcoin network is currently undergoing a major backlog. This increase has mostly be due to the ongoing Greek debt crisis, which prompted the implementation of capital controls in the country and funds being moved to other currencies. Banks are closed and the stock market has halted trading in Greece while the European Central Bank has declined to increase its emergency funding to the country. Greeks are facing a potential exit from the euro zone and a return to a worthless drachma, which explains why there has been....
Related News
The only viable way to bypass this backlog is for users to spend a higher transaction fee. However, that is not the "pushy" direction in which Bitcoin should evolve by any means. The past 24 hours have been somewhat turbulent for the Bitcoin ecosystem. With the number of unconfirmed transactions surpassing the 43,500 mark just over a day ago, things weren’t looking great. But it looks like the mempool is showing signs of a desperately needed decline in unconfirmed transfers. Another stark warning that the scalability of Bitcoin needs to be addressed today rather than tomorrow. It....
Spamming the network with transactions makes no sense whatsoever, though. The bitcoin network has suffered from multiple attacks over the past few months. These are not attacks against the technology, but rather individuals flooding the network with transactions. It occurs one such spam campaign is underway once again, although it is unclear who is behind this unusually high amount of bitcoin transfers. Some people speculate this is someone who favors Bitcoin Unlimited, albeit that is not confirmed. Spam attacks against the bitcoin network have become a major problem. Due to the nature of....
The Bitcoin network hashrate has dropped significantly over the last four days sliding from a high of 161 exahash per second (EH/s) to 90 EH/s on October 27. Today, the Bitcoin hashrate has improved a hair as the network’s security is currently hovering around 100 EH/s. However, the mempool log of unconfirmed transactions has spiked […] The....
The Bitcoin XT project, championed by Gavin Andresen and Mike Hearn, has been the talk of the Bitcoin community all summer long. Some love it, some hate it, but the issue will not be resolved quietly, it seems. Those who have chosen to adopt the new software have reported suffering targeted cyber attacks after migrating to XT. For those unaware of the scuttlebutt, Bitcoin XT was proposed by the prominent Bitcoin core developers to alleviate future scalability issues Bitcoin is expected to face. Currently, transactions per minute are limited to 7 per second with estimates showing that....
The Bitcoin network took a hit yesterday as CoinWallet ran its "stress pre-test" for about thirty minutes resulting in a "2-day delay and a 50 MB backlog" according to CoinWallet CCO James Wilson. Reports are still coming in but it seems like most bitcoin exchanges and wallet companies were able to take the test in its stride. Wilson also told Bitcoin Magazine today that the company will be running a major stress test on the Bitcoin network on Thursday, September 10 starting at 10 a.m. GMT. The purpose of these stress tests is to see if the Bitcoin network can handle a barrage of very....