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Topic: UNCONFIRMED TRANSACTIONS IN BLOCKCHAIN. Do we need more miners? (Read 327 times)

hero member
Activity: 1792
Merit: 534
Leading Crypto Sports Betting & Casino Platform
TX with higher fees get confirmed faster, this is one thing for certain.
Transactions with higher fees relative to other transactions get confirmed faster.

When demand exceeds capacity or there is a spam attack, not everyone can get their transactions confirmed.  If everyone raised their fees at once, it would just be an endless spiral of raising the fees higher and higher forever, and there would still be people at the bottom.

The OP is talking about unconfirmed transactions in general, not just their own transaction.
And why would you care about the unconfirmed transactions?
Maybe because the OP is a normal person that wants to actually use Bitcoin.
How much did you pay for your tx? 0.001 satoshi per KB that you're hoping for the transaction to take less than two weeks.
You haven't been keeping up to date.  You're talking about 100 satoshi/byte.  This page suggests that even fees of 20-40 satoshi/byte can get confirmed in a few hours.  Currently fees are not too bad.

Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?
None of the above.  The capacity is the same (a maximum of 1 megabyte in each block, with a block happening approximately every ten minutes), regardless of the number of miner or the amount of computing power they dedicate to the network - the Bitcoin network automatically adjusts how difficult it is to mine a block to ensure that it stays this way.

This will most likely change with SegWit being activated soon.
Ever since May, everyone has been paying higher transaction fees to speed up their transactions and it seems it has become a norm now, We just need to pay higher fees just to speed up transactions, thats the only way to go now.
It's not.  You need to actually look at the fees you need to pay, not the fees your wallet tells you you need to pay.
sr. member
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Unconfirmed transactions are filing up in blockchain. How to resolve this issue for transferring bitcoin is taking time now. Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?
Ever since May, everyone has been paying higher transaction fees to speed up their transactions and it seems it has become a norm now, We just need to pay higher fees just to speed up transactions, thats the only way to go now.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Unconfirmed transactions are filing up in blockchain. How to resolve this issue for transferring bitcoin is taking time now. Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?

You can have 1 miner or 100000 miners.

The time between blocks will still be 10 minutes and the size of the blocks will still be 1 mb.
What you need is to pay a larger fee or wait till Aug 1st.


If that is the case then paying more does not guarantee faster transactions for the 10 minutes between blocks will still be the same and size of 1 mb. Unconfirmed transactions will still accumulate depending on the traffic. Like right now every one is moving their bitcoin to a wallet where they control their private keys. So transactions will file up.

Lets hope it will be confirmed before August 1 for we might lose our bitcoin. What will happen if it remains unconfirmed by August 1?

Oh but it does.
TX with higher fees get confirmed faster, this is one thing for certain.
And why would you care about the unconfirmed transactions?

Quote
Lets hope it will be confirmed before August 1 for we might lose our bitcoin.

How much did you pay for your tx? 0.001 satoshi per KB that you're hoping for the transaction to take less than two weeks.
full member
Activity: 350
Merit: 170
I do crypto TRADING
Unconfirmed transactions are filing up in blockchain. How to resolve this issue for transferring bitcoin is taking time now. Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?

You can have 1 miner or 100000 miners.

The time between blocks will still be 10 minutes and the size of the blocks will still be 1 mb.
What you need is to pay a larger fee or wait till Aug 1st.


If that is the case then paying more does not guarantee faster transactions for the 10 minutes between blocks will still be the same and size of 1 mb. Unconfirmed transactions will still accumulate depending on the traffic. Like right now every one is moving their bitcoin to a wallet where they control their private keys. So transactions will file up.

Lets hope it will be confirmed before August 1 for we might lose our bitcoin. What will happen if it remains unconfirmed by August 1?
legendary
Activity: 1218
Merit: 1007
Unconfirmed transactions are filing up in blockchain. How to resolve this issue for transferring bitcoin is taking time now. Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?
You need bigger blocks, less transactions, too high fees, or faster blocks to clear out a backlog of transactions within the blockchain. Having more miners will do nothing but increase the difficulty of the network and it makes a majority of companies invest more so they have a higher chance of earning more Bitcoin. Having more miners is not a solution to the problem, but the things I listed in my first sentence are the only realistic choices that can have an impact on the queue.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Unconfirmed transactions are filing up in blockchain. How to resolve this issue for transferring bitcoin is taking time now. Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?

You can have 1 miner or 100000 miners.

The time between blocks will still be 10 minutes and the size of the blocks will still be 1 mb.
What you need is to pay a larger fee or wait till Aug 1st.
full member
Activity: 350
Merit: 170
I do crypto TRADING
Unconfirmed transactions are filing up in blockchain. How to resolve this issue for transferring bitcoin is taking time now. Do we need more miners to do this? Or more miners means the more unconfirmed transactions we will have?
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