220k unconfirmed transactions - page 4.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: yaking on December 08, 2017, 01:14:12 PM

Bitcoin is popular because it's fast

Bitcoin is popular because the exchange rate has been increasing a lot (much more than most other assets)
Bitcoin is popular because confirmed transactions are irreversible (unlike most bank transactions)
Bitcoin is popular because participation is permission-less (unlike participation with banking systems)
Bitcoin is popular because transactions do not require trust (unlike bank transactions)
Bitcoin is popular because it is decentralized (unlike banks and your local currency)
Bitcoin is popular because you don't need to give up your privacy (unlike bank accounts)

There are a lot of reasons that bitcoin is popular. Transactions are also typically confirmed in an average of 10 minutes if you pay a high enough transaction fee. You can choose any transaction fee you like, with the knowledge that lower transaction fees simply mean waiting much longer for confirmations. Do you get to choose any fee you want when you pay bank fees?

eBet$coin

newbie

Activity: 10

Merit: 0

You need to pay like 15-20$ fees to get your btc under 2hours. You should convert it to ether it's still cheap and you get them under 12 min.

TTITA

full member

Activity: 378

Merit: 100

Quote from: yaking on December 08, 2017, 10:49:18 AM

Hey everyone,

It's crazy how many transactions are stuck at the moment I just saw some transactions worth $250 with a fee of almost $40!!
My transactions from 2 days ago with a fee of $5 still haven't confirmed it's pretty messed up, isn't bitcoin known for the almost instant transactions? right now the network is as slow as a snail. Undecided

https://blockchain.info/unconfirmed-transactions

I hope the bitcoin hype will settle down soon so our normal bitcoin users can continue their business, right now it's very expensive to send transactions.

Have any of you guys have stuck transactions aswell or paid insane amounts fee? let me know i'm interested.

~yaking

From https://blockchain.info/unconfirmed-transactions ,
Total Size 3355.735 (KB)
Transactions Per Second 4.64

2 Days ago, i have checked they can lift 14 per second transactions, this means Mempool is currently having same experiencing problem to fast many confirmation at this time, busy networks are commonplace ahead of the fork or similar situation. Which a problem right now are high adjustment fees are not guaranteed to be getting fast confirmation as we still have to queue up the previous block.

We can checking such this infos statistic from https://jochen-hoenicke.de/queue/#24h

RawDog

legendary

Activity: 1596

Merit: 1026

Quote from: yaking on December 08, 2017, 01:14:12 PM

Bitcoin is popular because it's fast banks can't keep up with bitcoin but right now BTC is just getting slower and slower and it seems like banks are becoming faster. that's all i'm saying.

Also, Bitcoin is WAY more expensive than banks. Bitcoin Cash is still much cheaper than either.

fireblond

full member

Activity: 200

Merit: 100

Thrive

Have you tried increasing the transaction fee, transactions which are higher than the capacity of a block get stuck in a queue for confirmation by btc miners and they favor the higher fee payers don't worry though.. eventually your transaction is gonna get confirmed.

yaking

newbie

Activity: 44

Merit: 0

Quote from: DannyHamilton on December 08, 2017, 12:14:52 PM

No.

Confirmations have NEVER been "almost instant". On average, transactions with a high enough transaction fee take 10 minutes. Confirmations that don't have a high enough transaction fee to get into the next block need to wait until a later block. This is how bitcoin has ALWAYS worked.

Bitcoin is known for irreversible transactions.
Bitcoin is known for permission-less access.
Bitcoin is known for trustless peer-to-peer transactions.
Bitcoin is known for being decentralized.
Bitcoin is known for being secure.
Bitcoin is known for "almost instant" UNCONFIRMED transactions.

Bitcoin is popular because it's fast banks can't keep up with bitcoin but right now BTC is just getting slower and slower and it seems like banks are becoming faster. that's all i'm saying.

Netnox

legendary

Activity: 2044

Merit: 1008

The last time I checked, the minimum fees required was around $8 per transaction. Nothing is working right now. After SegWit2X was cancelled, this issue just exploded all of a sudden. Never before I had seen 200K+ unconfirmed transaction.

Bardman

hero member

Activity: 952

Merit: 516

Quote from: DannyHamilton on December 08, 2017, 12:59:25 PM

Quote from: ninche on December 08, 2017, 12:57:39 PM

this is why i hate btc
so frustrating and coins could take ages to reach your wallet

Pay an appropriate fee, and it will be as fast as it ever has been.

If you are receiving bitcoins, then refuse to engage in bitcoin transactions with senders that don't pay an appropriate fee.

Yeah, pay 7$ dollar fee to transfer 25$ worth of bitcoin. What's the point of bitcoin if you need to pay such high fees, isn't bitcoin supposed to be a currency? Well it doesn't look like it right now.

RawDog

legendary

Activity: 1596

Merit: 1026

Quote from: yaking on December 08, 2017, 10:49:18 AM

It's crazy how many transactions are stuck at the moment

No stuck transactions at Bitcoin Cash. Send as much as you like whenever you like - just a few cents.

Samarkand

sr. member

Activity: 658

Merit: 282

Quote from: ninche on December 08, 2017, 12:57:39 PM

this is why i hate btc
so frustrating and coins could take ages to reach your wallet

You hate BTC? The very thing that - assuming that you own a few - has gifted you a 1400% return in the last 11 months?

Regarding the network congestion at the moment:
I increasingly view a full mempool as a brilliant feature of Bitcoin and not as a bug.
A competitive fee market requires occasional congestion of the network/mempool, which is particularly relevant for the time in the future
when the block reward is negligible and the incentives of the miners are largely determined by the transaction fees.

A recently released research paper of the Bank of Finland makes a similar argument. If anyone is interested
in further reading about this topic, you can read the paper at the following link:
https://helda.helsinki.fi/bof/bitstream/handle/123456789/14912/BoF_DP_1727.pdf;jsessionid=D762A63DC58856EF904C0C46421871BE?sequence=1

Small transactions will simply be priced out of the main BTC network. Lightning and other 2nd layer solutions will enable micropayments in
the near future. This is just a transition.

iamvinny

newbie

Activity: 10

Merit: 0

Yes, I'm facing a problem with that.. blockchain.info wants me to pay $1.3k fee to transfer all my balance to my ledger. :/

I posted yesterday, I'll wait a week to see if things get better.
https://bitcointalksearch.org/topic/high-fee-to-transfer-from-blockchaininfo-13k-fee-2543412

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: ninche on December 08, 2017, 12:57:39 PM

this is why i hate btc
so frustrating and coins could take ages to reach your wallet

Pay an appropriate fee, and it will be as fast as it ever has been.

If you are receiving bitcoins, then refuse to engage in bitcoin transactions with senders that don't pay an appropriate fee.

ninche

sr. member

Activity: 610

Merit: 261

this is why i hate btc
so frustrating and coins could take ages to reach your wallet

sambuki

newbie

Activity: 238

Merit: 0

After the price move up drastically, people try to convert it to something else. High uncorfirmed transactions will be very common thing to happen from now on!

mobnepal

legendary

Activity: 1218

Merit: 1006

Quote from: Draude93 on December 08, 2017, 12:47:58 PM

bitcoin is just getting old and slow only the price is up lol

Ethereum is also slow right now because of just one game and talking about bitcoin it is getting lots of transactions because of increased demand for bitcoin.

Some are cashing out their bitcoin so they are moving their coins to trading platform to trade while many others are buying bitcoin and moving their coins out of the exchange to keep safe. All this is normal during huge price movement both pump/dump.

When we will have lightening network on bitcoin we might not have such issues because of off-chain transactions.

Hexcolyte

full member

Activity: 490

Merit: 102

Current Bitcoin processing speed is just not fast enough to cope with the massive transaction volume, either increase your fee or just wait. Before Bitcoin can solve its scaling issue, consider using Litecoin, much less congested and thus faster transaction speed, not to mention it has much better/advanced technology than Bitcoin.

Draude93

newbie

Activity: 3

Merit: 0

bitcoin is just getting old and slow only the price is up lol

jekjekman

sr. member

Activity: 378

Merit: 250

The law of supply and demand is indeed happening with the bitcoin network right now as the number of transactions goes high the fees are also getting high and we can't do anything about it but to increase our tx's fees in able to send faster. I already sent some of my 0.005 Bitcoins to a specific website with a fees of 102 sats/byte and the estimated time in minutes is 25-1140 so my max waiting time for that to confirm is 19 hrs.

The massive increase in the price of Bitcoin is historical and many people now are getting confident in investing into it so the Bitcoin network right now is congested of transactions and let's hope that it will soon stabilize and same goes with the price and fees.

Valuyet

member

Activity: 168

Merit: 29

Digital Wealth Management Platform

Quote from: RockBar0 on December 08, 2017, 12:36:49 PM

The bitcoin block chains work pretty slowly. That makes most transactions unconfirmed. That's why bitcoin needs to be upgraded. may have to replace

I think it's normal for Bitcoin to slow down the transactions as what Ethereum also experience earlier this month. Not only for Bitcoin but also Ethereum and other Cryptocurrency network that will process a lot of transactions to confirm. This due is some of the reasons why some organizations are making hard forks is to speed up the transaction confirmation time. increasing the block size will reduce the confirmation time therefore almost all hard forks are increasing their Block Size from 1mb to 2mb or more.

Valuyet

member

Activity: 168

Merit: 29

Digital Wealth Management Platform

Quote from: jrrigs on December 08, 2017, 12:18:00 PM

Lots of transactions since yesterday morning havent confirmed. I know a couple major bitxoin atms that cant transact because their hot wallets are not getting reloaded with bitcoin.

I have a Bitcoin BTC wallet account in coins.ph and I'm holding it since July and it's not actually a huge Bitcoin amount but I saw an unconfirmed transaction that my Bitcoin is transferring to another wallet without my knowledge. It was hacked actually because I never did send my account into another's wallet.
It's been 4 days now that the unconfirmed transfer still unconfirmed so even though my Bitcoin is still on my wallet, I'll know that one of this days when it is confirmed then that's the end of my Bitcoin.
I'm really upset this event that someone will take away my Bitcoin that I've been keeping for half a year now.

Topic: 220k unconfirmed transactions - page 4. (Read 1713 times)