Topic: BTC unconfirmed transactions exceed 500k on mempool - page 2. (Read 469 times)

Oh I already know that! But the amount is so low that I don't want to pay any more fees greater than what I have paid. 25sat/vb seems good amount of fee to me for a $13 Bitcoin transaction. It was sent from SafePal wallet which is currently on Android platform and I don't want to import its key into Windows based electrum. I have no issue waiting for the transaction to be complete.
It's just a random amount sitting on my wallet. If it's not confirmed then I will just keep on hodling the amount. It's not the issue but I was just giving an example of how congested the mempool is right now. Don't worry, if I am ever in need of that money for emergency situation I can always import and create a new transaction. But as it is not required right now, I am happy to wait.
And thank you for the advice. Many still do not know about this and I hope they can learn something from it.
And one more information I want to give. Android based Safepal wallet does not give you the RBF option. If you are in a hurry and really want the Bitcoin to quickly make the transaction, use something that has RBF.

How much did you pay in fees and what wallet did you use to make your transaction? If the transaction is RBF-enabled, you can speed it up to get a quicker confirmation. If you are the receiver of said transaction or you have change going back to one of your own non-custodial wallets, you can increase the fees with a CPFP transaction.

Keep an eye on the purging rate on Mempool.Space. If it's below what you paid, you might find an Electrum server that has dropped your transaction from their mempool, so you can cancel it and make a double-spend by paying a higher fee.   

I've seen longer, years ago. Nature of the network, and with RBF I've never needed to worry if I suddenly need it urgently confirmed. Keep your coins lean, and really it's not such a (long-term) worry.

I'm still happy to be paid in Bitcoin. So many more benefits -- certainty of settlement my top but value retention over years is a great motivator too.

All hype will pass.

The thing is if the payment is not that urgent to send out from the exchange external wallet then it's better to leave it there for the main time maybe when this network congestion of a thing might have calm down a bit then he may decide to move all at ones to pay one time fee.
I think other exchange do run internal transfer and there's no fee involved while doing it, except for external wallet as you said.

Indeed, it's really frustrating. I've unconfirmed transactions that have lingered for over 4 weeks now. It's the longest delay I've experienced since I came to this industry. What's happening now is a pointer for those who like projecting that Bitcoin should be used solely as payment option. I'm sure they've realized what's going on now?

I have made a transaction almost 16 days ago and it is still on the pending list. I have no idea how much time it will take to confirm all of these transactions and make the blockchain less congested. And the dev team is not showing any kind of concern about this by showing some improvement or something else to make it less congested.
If this continues, we may have to rely on alternative methods and which will for sure pump the altcoin market to a new height. Maybe that's what we are witnessing right now. I could be wrong and I admit it but it is very likely what is happening right now in the market.
If this continues, maybe finally we can see some new improvements from the team. It's a bad thing I know but it could bring good things on the table. But that depends on the people working on it. And for the concern of higher fees, just deal with it. We can't do anything about it.

I think I am one of those who have earlier been with the idea that a straight ban of this tokens on bitcoin network would be like a censorship which would actually defeat the decentralize principle of bitcoin but right now I don’t think it I still see it more like that again, because it is frustrating seeing this actually disrupting the main sim of bitcoin of been a payment method. If it is bug allowing them, then devs needs to fix this issue.


The problem is does the sender uses Binance/other exchange or wants to store his coins there? Most core bitcoin users prioritizes privacy a lot and they would not like the KYC protocol of these exchanges. Secondly you the sender still needs to send the bitcoin on your personal wallet to the exchange which the transaction fee is still same.

And the question is: How long can we continue to wait for the fees to go down?
They need to find a solution to this, I can see a lot of people wanting to buy BTC at same time as Bitcoin halving is very closer plus Spot  ETFS lining up for approval as a catalysts, and likely the situation isn't calming down anytime soon.



Saw this yesterday, and I was marveled by the number of transactions waiting to get confirmed, which is the most annoying part, if at all we are facing only the problem of high fees and while the transaction are swift, there will be no much reason to complain about, In a situation where the problem persists, people would have no option left than to start transacting using the LN, since it is now better using it.

Nice suggestion but this is limited to people that use exchanges like Binance and other exchanges that do internal transfers. Some people don't like exchanges like Binance, they prefer decentralized exchanges where no one will have access to their private keys and seed phrase but only them. I still think we need a permanent solution to curb these BRC 20 tokens but the network is a decentralized place for miners, they will mine them as long as huge fees are allocated to the transactions so they can give them higher priorities and live less fees until they are done before they process the rest. 

Another challenge is that if Person A is sending Bitcoin to Person B through internal transfer, Person A will not be making any fees to the transaction which is cool but the if the Person B want to withdraw the coin to an external wallet, he will be charge more fees than if it were to be from 1 input to 1 output. Binance withdrawal fee right now is 0.00062BTC to make a withdrawal which is around $26 but if you make use of an external wallet, you will spend less and Binance will not send out your transaction alone, they will combine it as a singe transaction with multiple destinations and will pay less fees because they will charge all the people involved that same amount, Binance is business right!

In the past, it was temporary I guess although I had no idea about the fee market before 2019. I heard that there was a spike in the fee back in 2017. But this time, you know what's causing it & we are likely to see the spike every now & then. That's not something good I guess. That's going to create more problems in the coming days.

True indeed but that's not an on-chain solution. Something must be done on-chain to solve the issue.

Think is not the right term, what you should be worried about is how severe this will affect the network right now and in the foreseeable future. When the very reason you're using bitcoin fails to do its thing, you begin doubting whether it's even good in the first place. A lot of people including myself have been in the same boat for a while now no thanks to this fucking network congestion we've been in for a while now. you're using bitcoin so you can transfer money fast and cheap and then you get hit with an unconfirmed transaction or a fee costing you upwards of 50 bucks, that's just insane. People are already switching over to different networks to save time and money and I think they're doing the right thing, it's not like everyone's willing to pay 100 bucks for a transfer that would take 3 days to confirm anyway.

This brings into our attention the real problem about bitcoin. It's so futuristic and advanced yet at the same time does not have the features that would allow it to thrive in a future where it is the prime currency. It has virtually no scalability and since we've decided that 1mb is the block size limit we literally shot ourselves in the foot cause we're all for security and anonymity when mixers are there to do it anyway. It's sad and stupid and I can see this industry undergoing this continuous cycle of congestion every year and every bull run, with each one being worst than the prior. We really need to do something at this point or bitcoin's going to be left in the dust by some coin that's far more superior at what bitcoin could do.

I saw this too, it really is quite complicated if you want to make a low value transaction using the main network.

I just want to see what this will be like when we are in the euphoric phase of the market, with Bitcoin at a new ATH, it will all be very insane, developers need to quickly resolve this issue of these useless tokens on the network otherwise it will be impossible to use.

I would state more precisely. Majority of the merchants are not about to use LN to accept payments rather than forum members are reluctant to use it.

I would replenish my Wirex debit card with a great relish via relevant LN channels but unfortunately there are no such channels at all.

BTW, right now discussed number is   ~ 365K.

I feel like the number of topics about this are exceeding 500k too.   

Do people not consider simply contributing to one of the existing threads, rather than keep making new ones?  It's not like they're hard to find. 

Yes, the network is busy.  Yes, there's some controversy on what to do about it.  No, "banning" stuff is not going to be the way forward, unless you want to branch off to your own network, in which case, have fun with that.

Many of these transactions come from BRC20 spam, which if not stopped will either reduce the number of actual transactions on the network and the price will drop, forcing them to stop, or fees will continue to rise to the point where only urgent and necessary transactions are broadcast.

In both cases, the fees will decrease, but it will take more time. Look for the appropriate fees and do not pay more than necessary.

Of course, it does affect people making small transactions, I would say it even affects people having big pockets, why would any wanna pay unnecessary fee? Regarding, banning brc20 tokens, I feel like it's running away from the problem (which is scalling issue) than solving it. I have said that before as well.

We have seen congestion problems on Ethereum too due to use of certain dapps, did it ban those dapps? No. Solutions appeared in form of L2s. If Bitcoin devs bans the ordinals, I'd say it'll be pathetic, and it'll deserve to get dethroned from it's position as top cryptocurrency.

On this forum, LN often gets preached as a solution, but no one is willing to use it.

There is a lot of people who also feel that it is not “worth it” to make a transaction of a small amount to pay really high transaction fees i have also seen some beginners who decided not to buy bitcoin yet because the money that they should put into investment would still need to be paid into the transaction fees

Even though there really is no limit to the amount of bitcoin you can invest some people are driven away by the transaction fees it is hard to promote bitcoin for everyday use when it is like this since a lot are anticipating bitcoin’s price to still increase for sure it will become more congested which will result to even higher transaction fees

This has become a hot topic of conversation, not only on forums but at my place several friends have complained about high fees.

Imo it is quite reasonable that high fees make people reluctant to spend more than they would have to pay for a small transaction. Then for hodlers this further strengthens them not to sell their bitcoins. It's better to just use another payment method, because no matter what, up to now there is no solution to overcome the transaction congestion that has occurred. There needs to be some new ideas that need to be offered to miners but we haven't seen them yet. Another large-scale impact may be its adoption to become a global payment method making bitcoin currently increasingly avoided.

The situation looks bad and it has been bad for a long time because of the Ordinals spam. Some say that Ordinals spammers are abusing a bug in Bitcoin that needs to be patched. Others believe it's part of the freedom that Bitcoin gives us. I wish they would go away on their own. If not, I am leaning more and more towards banning that crap and turning Bitcoin back into a payments system and meme playground.

And in the 500k unconfirmed transactions, there are my transactions which have not been confirmed until now even though it has been going on for almost 2 days. It was quite annoying to see how the fees increased quite quickly and I had already made a transaction and was lazy enough to bump the transaction.
This should be a concern for Bitcoin dev developers, because as the network becomes increasingly congested and there is no follow-up from developers to ban Ordinal, this will have an effect on users who want to make transactions but cannot because of unreasonable fees, and if it continues maybe it will hinder the adoption of bitcoin in the future.