Bitcoin Gets As Busy As Ever, Speed Slows, Backlog of Transactions Grows
Just as Blockchain.info announced the week between Nov. 20 and 27 to be Bitcoin ’s busiest week ever, several tens of thousands of unconfirmed transactions have popped up on the network again prompting questions about the spike, including: is the journey to mass adoption about to finally take-off? Will this last? Is it a spam attack? Blockchain.info reported that within the week there were two million transactions, a backlog of tens of thousands of transactions to confirm and a record 333,466 transactions processed in a day, resulting in average confirmation times reaching an unusually....
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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....
Amid continued highs in trading and price, Bitcoin’s transaction backlog is giving out warning signs of a network already at capacity. Data from Blockchain.info uploaded to Twitter by Chain engineer Tony Arcieri showed constant spikes in the Bitcoin mempool, the vat of unprocessed transactions waiting for confirmation. “The Bitcoin mempool, a buffer of unprocessed transactions, has been flaring up a lot now that the system is at capacity, only 4tps average,” Arcieri commented. Notably, the size of such transactions peaked around Feb. 23 at just under 75 mln bytes, before coming down....
Following the re-adjustment of bitcoin’s network difficulty after a sudden increase, a massive transaction backlog began developing yesterday, leading to a torrent of complaints. An incredible sum of 278,872.21 bitcoins, worth around a quarter of a billion dollars, is currently in limbo, stuck in the ether, unable to move. In response, angry users have littered public spaces to vent their frustration at the situation. One of them is a representative from Vaultoro, a bitcoin and gold exchange, who publicly stated: “[W]e paid 0.0005 fee (45 cents) to get a client their withdrawal and it took....
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....
During the last week of November the blockchain-monitoring company Blockchain announced Bitcoin had its “busiest” week ever, with over 2 million transactions processed. Blockchain Reports Busiest Week and Network Congestion. November has been a busy month for the decentralized currency bitcoin, as adoption has been on the rise. Over the course of the....