Bitcoin Wallets Changing Fee Structures to Speed Transactions Through Network Delays
Due to the continued spam attack on the blockchain network that Bitcoin Magazine has previously reported on, multiple bitcoin wallets have implemented either increased fees or the ability for individuals to increase the fees paid for a given transaction. Based on the nature of the software, miners prioritize which transaction to process first based on....
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Over the past 24 hours, the blockchain has been inundated with small, spam-like transactions that are large in data size, but significantly small in bitcoin value transferred. At the peak, there were more than 50,000 unconfirmed transactions waiting to be mined into a block, resulting in delays for normal transactions to be confirmed. While the network has been working to decrease this backlog - transactions are down to 31,000 at time of this article's writing - the type of transactions that are being sent suggest this is a continuation of a stress test that has been put on the system.....
Spamming on Bitcoin network fills up mempool with almost 40,000 unconfirmed transactions. The Bitcoin network seems to be under attack again. The digital currency network was clogged yesterday by what is suspected as a spamming attempt, partially disrupting the transactions. The spamming attack has got close to 30,000 transactions queued up in the mempool, awaiting confirmation. Every time the Bitcoin network comes under attack, it renews the debate on block size and scalability. However, no solid action has been taken by any of the Bitcoin Core developers in this regard yet. The Bitcoin....
Coinbase users saw a frustrating Wednesday this week after outbound bitcoin transactions experienced delays while not registering on the blockchain. A Coinbase log revealed that the issue was identified early Wednesday, around 01:40 PDT. “We have identified an issue with slow BTC outbound transactions and are working towards resolution,” the log read. The San Francisco-based bitcoin exchange and wallet provider issued an update a little over three hours later at 04:52 PDT, stating: Outgoing transactions are not being pushed to the Bitcoin network. We are still working on resolving this....
Jonathan Levin is a co-founder of Coinometrics, a premium data analytics company for digital currencies. At Coinometrics, he leads work on measuring the activity and health of the bitcoin network. Here, he examines how delays in the propagation of information across the bitcoin network could impact transaction fees. Transaction fees on the bitcoin network are often forgotten about. Yet in bitcoin they are more important than on other payment networks. Fees currently serve as protection against the network being flooded with arbitrary transactions. Eventually, they will also be required to....
Eight hours of sleep is too long to be disconnected from the ever-changing crypto landscape. Currency urgency permeates business dealings, investor interests and journalistic pursuits. We are literally involved in a world that is changing at a truly phenomenal rate. Try to keep up, will you? The Speed of Business. If "The Social Network" taught us anything, it's of the importance of getting there first. Technology moves fast, and bitcoin is an excellent example of this. For business owners and entrepreneurs with ideas, getting to market first is everything. Take BitAccess, a locally-run....