Bitcoin Transactions Confirmation Delays
Were you one of those who experienced problems with getting confirmations on your Bitcoin transactions? Well, it was a general issue, at least recently when Blockchain had almost 50,000 unconfirmed transactions and the number is receding. The rush of complaints about transaction confirmations taking longer than usual comes at a time when the price of Bitcoin is edging closer to the $ 700 mark. As at the time of this publication, the price of the top digital currency stands at $ 687 and that’s about a 5 percent increase since the beginning of the week from $ 656 on Sunday Oct. 23. When....
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Additionally, Gemini improved their Instant ACH deposit system. One thing a lot of people are concerned over is the time it takes for Bitcoin transactions to confirm. This is especially true when moving funds to and from an exchange platform. Gemini, the bitcoin exchange operated by the Winklevoss twins, is introducing zero-confirmation deposits. This is quite a risky move, as zero-confirmation transactions are subject to double spending. Introducing zero-confirmation bitcoin deposits is a significant step for the Gemini exchange. Allowing customers to instantly trade their balance without....
Transactions are committed to the block chain about every 10 minutes. Zero confirmation transactions do not reside in a block yet. Instead, they reside in the memory pool of miners. Until a block is mined that includes the transaction, it is said to have 'zero confirmations.' Once included in a block and written to the block chain the transaction has one confirmation. Confirmation time is a measurement of a transaction's depth or age, in the block chain; the higher the number of confirmations, the older the transaction. When transactions are first broadcast to the network, they are zero....
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....
As Bitcoin sees a stratospheric rise over the last few days, increasing by $100 in just a day, users have noted a corresponding increase in transaction confirmation delays. More than 250,000 bitcoins were waiting to move at one point yesterday, according to tradeblock, currently valued at almost $200 million. Tradeblock’s mempool, which tracks confirmation delays, reached an all-time high (ignoring last summer’s capacity tests) of 45MB. Tens of thousands of transactions and hundreds of thousands of bitcoins continue to be stuck for hours or days. Bitcoin users took to reddit en-mass to....
Dynamic fees, announced by Blockchain.info, ensure faster Bitcoin transactions. Back in 2010, even Satoshi Nakamoto wrote that: “Free transactions would take longer to get into a block”. An idea born under pressure. Delays in transaction have been a matter of concern among the users of Bitcoin. These delays have been a result of congestion within the Bitcoin network. Blockchain.info has announced the introduction of ‘Dynamic Fees’ on transactions within its wallet. It claims this will deliver fast and reliable transaction confirmation times for the best value, regardless of how many people....