What to Do if Your Bitcoin Transaction Gets "Stuck"
The number of transactions on the Bitcoin network has steadily increased over the years. This means more blocks are filling up. And as not all transactions can be included in the blockchain straight away, backlogs form in miners’ “mempools” (a sort of “transaction queue.”) Miners typically pick the transactions that pay the most fees and include these in....
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An incredible sum of more than 900,000 bitcoins, worth almost a billion dollars, was stuck at one point last night, waiting to move, due to limited transaction capacity. At the time of writing, more than 300,000 bitcoins remain stuck. Luke-Jr, a developer of the Bitcoin Core client and a Blockstream contractor, publicly responded to the backlog by stating “[j]ust pay a $5 fee and it’ll go through every time.” Jameson Lopp, a BitGo engineer, publicly stated yesterday that if bitcoin’s price hits $10,000 without an increase in transaction capacity, fees will be $400 based on current data.....
Almost one million bitcoins, worth more than half a billion dollars, are currently stuck in no man’s land as the network struggles to meet rising demand from China. At one point, 70,000 transactions were stuck, unleashing a mountain of complaints from worried bitcoin users who took to bitcoin’s main communication channels of r/btc and r/bitcoin to ask why their transaction does not confirm. Among the complainants was a parent who wondered why their son’s payment to Microsoft is not going through. Another asked why his transaction has not confirmed in 24 hours while others wanted to know....
Almost 100,000 bitcoin transactions are currently stuck, waiting to move, with around $30,000 in fees queued for miners to pick up. The mempool backlog is above 56MB. The network is running above capacity, usually operating at more than 4 txs/s. Users are once more complaining. Price appears resilient and even going higher due to many other factors, primarily the much-anticipated ETF decision. As far as the protocol is concerned, the tape is stuck on repeat, the debate is on endless loop, the community is paralyzed, a solution is nowhere in sight. Miners appear to be preferring neither....
Is your transaction taking a long time to get through? The Bitcoin network is currently showing over 41,000 unconfirmed transactions, reigniting the call for larger block sizes. At press time, the “Unconfirmed Transactions” record on Blockchain.info reports 41,211 transactions still awaiting confirmation, with that number wavering in the 40-42,000 range.....
At the time of publication, there’s more than 69,000 transactions waiting in line to get confirmed by a bitcoin miner. Since bitcoin’s price rise, at certain times, transaction fees have climbed to $10 to $20 per transfer, and people who pay less than the median fee may have to wait a while. However, people might not realize that there’s a tool people can leverage called a transaction accelerator, a platform that increases the probability of getting a transaction confirmed. Bitcoin’s Transaction Backlog and Transfer Fees Ramp Up On Wednesday, February 17, 2021,....