Bitcoin’s Transaction Backlogs Are Now Becoming Common
For the first time ever, bitcoin has been running above capacity for more than a week as transaction backlogs are now becoming a common experience with no indication of any solution in the near future. Bitcoin is Currently Operating Under a Constant Backlog For the First Time. On the 4th of February 2017, almost $1billion worth of bitcoin was stuck. It gradually went down, but never cleared, with around 300,000 bitcoins waiting to move. Yesterday, that went up again to almost 900,000. The mempool is usually full and the network now runs at around 3-4 txs per second when it can only handle....
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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 their blocks first. Transactions that include lower fees are “outbid” on the so called “fee market,” and remain in miners’ mempools until a new block is found. If the transaction is outbid again, it has to wait until the next block. This....
After almost two years of debate and seemingly nothing left to be said on the topic of bitcoin scalability, miners continue to not make a concrete decision with transaction backlogs now becoming common. BW.com, a mining pool with around 7% of the network’s hashrate, signals for 8MB blocks, but has never mined with any client which increases maxblocksize. Bitmain’s co-founder, Micree Zhan, stated in a recent interview that he prefers Bitcoin Unlimited. Jihan Wu, the other co-founder of Bitmain, has vocally asked for a maxblocksize increase. Yet, despite the pool controlling around 18% of....
Creditbit's rate of adoption makes it a likely contender for the top 10 altcoins spot. The acceptance of cryptocurrencies as an alternative payment option is increasing across the world. The movement has gained momentum following increased adoption of Bitcoin among the masses. As digital currencies become prevalent, Bitcoin is not going to be the only one benefitting from it. The circulation of other cryptocurrencies will also witness a proportional increase in transaction volumes. Bitcoin leads the cryptocurrency market at this time, but it may not be the case for long. The scalability....
Amid a spike in transactions and price hike, the Bitcoin Core team has released its version 0.13.1 update. Notably, this release is the first to implement Segregated Witness transactions in the Bitcoin protocol. While controversial, SegWit is one step towards freeing up a degree of block space. Bitcoin has suffered full blocks and backlogs intermittently....
As the Bitcoin’s halving approaches, many are wondering whether it will double Bitcoin’s price to compensate for the halved supply, or will lead to a downward spiral and a depressed price due to the growth of confirmation delays. On July 11th, only two months away, supply halves. Prices should increase, assuming demand remains constant, with many Bitcoiners hoping that the halving will trigger a fourth moon bubble comparable to the stratospheric rise in 2011, Spring 2013 and November 2013. Some argue, however, that this time it may be different because for the first time in its history....