Topic: Unconfirmed transactions (Read 287 times)
So , does this mean that those who are supposed to be next in line to be confirmed get overtaken by those who came in last but paid higher fees? 0.o doesn't sound right...
It will be required more time like a few days or even a week to clear the unconfirmed transactions. Every minutes there are 1000s of new transactions which are added to the bitcoin blockchain; due to these consistent new transactions and previous backlog, there has been tremendous load on the blockchain which is really difficult to clear. Now days it is really frustrating to wait for days or pay high transaction fees to get the transactions confirmed.
I'm far from a math or Bitcoin guru, but I have a quick question. At 185,000 unconfirmed transactions and 100 transactions a second, if we all took a chill pill for 30 minutes, wouldn't the BlockChain be clear? Thanks in advance!
I don't think that taking a break or stoping trnasactions for 30 minuutes will solve the problem, in fact it might make things even worse, according to your caculation 100 per second, if we stop them for 30 min, that is 180000 transaction waiting to be released after those 30 min ends, stoping the network is really not the solution, the network should be developed so that transactions could be confirmed much faster. I'm far from a math or Bitcoin guru, but I have a quick question. At 185,000 unconfirmed transactions and 100 transactions a second, if we all took a chill pill for 30 minutes, wouldn't the BlockChain be clear? Thanks in advance!
Its a hard thing to do, asking the world to take a chill pill and stop transacting Bitcoin for even 30 minutes. At the current rate, considering a block is mined every 10 minutes on an average, 2500 average transactions included in a block and the whole world taking a chill pill, it would still take 12~ hours approximately to completely clear out the mempool and not to mention the innumerable 1-50 satoshis/byte fee transactions which miners despise of.
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Read the OP properly before spamming with your transaction accelerator posts.
If u want to speed up confirmations u can use this tool www.confirmtx.com website will speed up bitcoin transactions if u provide hash code in the box provided
Yes! unconfirmed transactions will definitely take longer time because of the enormous transactions that is added to the blockchain. Because of Bitcoin unprecedented growth, the number of transactions on the Bitcoin blockchain has also increased, with up to 400,000 transactions per day being conducted. This rapid increase in transactions is posing to be a serious scalability problem for the blockchain, with over 90,000 transactions being backlogged as unconfirmed at the moment.
With over 90 thousand unconfirmed transactions in the mempool, how does a miner select which transactions to verify? Transaction fees! The sender of a transaction has the option of adding a custom transaction fee to its transaction intended for the miner, incentivizing a miner to select the transaction and have it verified faster. Miners will select the transactions that have the highest fee attached to them to maximize profits. Theoretically, you can send a transaction with no fee. But if there are transactions that have fees higher than yours in the pool, why would yours ever get picked? I think 30 minutes may not be enough,at least for now to confirm these transactions.
With over 90 thousand unconfirmed transactions in the mempool, how does a miner select which transactions to verify? Transaction fees! The sender of a transaction has the option of adding a custom transaction fee to its transaction intended for the miner, incentivizing a miner to select the transaction and have it verified faster. Miners will select the transactions that have the highest fee attached to them to maximize profits. Theoretically, you can send a transaction with no fee. But if there are transactions that have fees higher than yours in the pool, why would yours ever get picked? I think 30 minutes may not be enough,at least for now to confirm these transactions.
Sorry guys. I just divided unconfirmed transactions by average transactions/minute and came up with 30 minutes. It changed from the time I posted and y'all read. And yes, the whole world CAN take a chill pill for 30 minutes. So can Bitcoiners. Or they will continue to pay these prices. I do 0-5 Bitcoin transactions a month...
I really don't think that 30 minutes would be sufficient for the whole mem pool to be emptied. Even if it does which in most it won't as there are many organisations and industries using BTC on daily purposes, the chances that the mem pool will be filled on the same level very soon are quite high. It's just like a black Friday when the people who have been saving money for shopping would buy more things on that particular day at discounted prices. So if people stop making transactions for a particular time there will be more number of transactions happening after that time is over.
This is getting bad worst then the last bubble which had no where near this much congestion. The problem is the demand doesn't seem to be consistent so how can you know what amount you need to pay in fees? Also with the block size is so low and scarce that wouldn't it be possible for fees to go to infinity if you having to constantly outbid someone else just for your transaction to go through?
I'm far from a math or Bitcoin guru, but I have a quick question. At 185,000 unconfirmed transactions and 100 transactions a second, if we all took a chill pill for 30 minutes, wouldn't the BlockChain be clear? Thanks in advance!
sure, the mempool will be emptied if the conditions you said met: we all took a chill pill & 100 txs/secbut if you check btc.com bottom right corner, (at a time I write this)
Unconfirmed Txs Count: 48,316 and 24h Tx Rate: 3.42 txs/s <~ way off 100 txs/s your assumption
48,316 / 3.5 txs / 60 sec / 60 min =~ 3.83 hours, is it possible to ask the whole world to take a chill pill for 3.83 hrs
Well its now past 200,000 and still growing. Looks like the bitcoin network is becoming non functional.
I'm far from a math or Bitcoin guru, but I have a quick question. At 185,000 unconfirmed transactions and 100 transactions a second, if we all took a chill pill for 30 minutes, wouldn't the BlockChain be clear? Thanks in advance!
How did you calculate this?
If you calculate this task with the assumption that a block is propagated successfully every 10 minutes
you would only clear roughly 6-8k transactions (a block usually contains 1500-3000 transactions). Therefore
I have no idea why you think 30 minutes would be enough to clear 185000 transactions.
We even often have periods where no blocks at all are found for 30 minutes. Theoretically it is possible,
but I don´t think that there ever was a timeframe where more than 70 blocks were found within
30 minutes, which would roughly be the amount of blocks that you would need to clear 185000 transactions
if you assume that during this 30 minutes no additional transactions are broadcasted.
I'm far from a math or Bitcoin guru, but I have a quick question. At 185,000 unconfirmed transactions and 100 transactions a second, if we all took a chill pill for 30 minutes, wouldn't the BlockChain be clear? Thanks in advance!
It will be, but the number of new transactions that occurs every seconds might be far more than the 100 confirmed transactions and some of the new transactions will definitely be ones with higher Transaction fees and Miners will take the ones with higher fees and abadon old ones with lower fees....So it will continue to occur, we have to live with it in my own opinion.
I'm far from a math or Bitcoin guru, but I have a quick question. At 185,000 unconfirmed transactions and 100 transactions a second, if we all took a chill pill for 30 minutes, wouldn't the BlockChain be clear? Thanks in advance!
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