Why do you the mempool is getting clogged up right now? increase in transactions

Febo

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Quote from: sunsilk on July 23, 2020, 09:35:07 PM

Quote from: Febo on July 23, 2020, 05:44:40 AM

I sugest you to make transaction on Sunday. Usually mempool is emptiest then and transaction fees are lowest.

I didn't know about this specific day but I might give this a try if I'll have something to spend on.

Mempool starts filling on Monday and peaks on Friday, then slowly start emptying until Monday morning. Of course this is an long term average. If there is sharp price increase on Sunday it will not empty.

exstasie

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

BTCUSD is up 6% in 3 days, with a notable bullish range expansion a couple days ago. I was going to say the congestion was probably due to this bullish development, since bull trends are usually strongly correlated with increased BTC transaction volume and fees.

However, a day later, we can see the mempool spike was relatively small and things have now returned to normal:

Nothing to see here......

Kemarit

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

No, that's not DCA works if you are a investor. When there is no movement in the market, we hear people complains that it is boring, but then suddenly traders wake up decided to do their thing again and upped their trading activity, then the same people make noises.

This is how the economics of bitcoin transactions and mempool activity, just check how clogged the network is before making any transactions so that you can adjust everything on your send.

sunsilk

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Quote from: Febo on July 23, 2020, 05:44:40 AM

I sugest you to make transaction on Sunday. Usually mempool is emptiest then and transaction fees are lowest.

I didn't know about this specific day but I might give this a try if I'll have something to spend on.

Quote from: semobo on July 23, 2020, 01:25:19 PM

More trading activities increased due to the price increases so more people move their funds from wallet to exchange and exchanges to wallet which causes more traffic in the memepool so increasing the fee is the only way for faster transaction or wait for few days for the clogged network to get clear.

Once there's a clog to the pool, the fees are actually increasing and if you don't want to have that much delay adjust the fee to a higher one is the solution. I've tried that many times and if it looks too high, I'm thinking that I have to do it for quicker transaction.

Fundamentals Of

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Quote from: Febo on July 23, 2020, 05:44:40 AM

Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

I sugest you to make transaction on Sunday. Usually mempool is emptiest then and transaction fees are lowest.

Are you sure about this? Haven't heard of this sort of strategy. Isn't it that the world does not share the same Sunday? I mean today may be Sunday in certain parts of the globe but Saturday or Monday in some.

This is probably just about the price and not on specific days. There has been a pattern about Bitcoin transactions rising when the price is also rising. That is true regardless of days.

ReiMomo

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

A very cute reason but I dont think that is the reason, probably there are few miners left operated after halvings happened. So, this delays happen I guess miners are not enough and people tend to use low fees instead of high fees that is why there's a lot of pending transactions on mempool.

Another reason is I guess the trading activity as of now has been increased and have a lot of trader because of people always make money at home amid covid pandemic.

In addition, read this article. https://www.buybitcoinworldwide.com/mempool/

Oasisman

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More of like everytime Bitcoin makes a bold movements, people seems moving their Bitcoin in different addresses such as from custodial wallets to exchange and vice versa. Some are actually taking advantage of the current movement. As we all noticed Bitcoin just reached the $9,500 level after it was stationed in $9,000 - $92,200 for almost a month, this event might have triggered the investors.
Nevertheless, this is usually the case when the mempool are flooded with a lot of pending transactions.

semobo

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

More trading activities increased due to the price increases so more people move their funds from wallet to exchange and exchanges to wallet which causes more traffic in the memepool so increasing the fee is the only way for faster transaction or wait for few days for the clogged network to get clear.

BrewMaster

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish.

funny but no. there are people who are definitely buying small amounts of bitcoin on short intervals but those people usually do it through a service like Coinbase and use it also as a place to store their coins so there is no on-chain transactions from them until the day they accumulate enough and also realize how bad it is to store your bitcoin with a custodial wallet and withdraw it one time to their safer desktop or similar wallets where they control the keys.

the rise in number of transactions (which is a small one by the way) as others mentioned is due to the small price rise.

Lucius

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StonksStonksStonks, an increased number of transactions is almost always due to an increase in price, and it is always a trigger to sell and buy. There are people who keep their BTC in non-custodial wallets (desktop/hardware wallets), and when they want to sell them they send them to the crypto exchange - and there are also those who see a new possible bull run in every price increase and hope to make a profit in short-term. There are also those who use BTC to pay for goods and services, and when the price of BTC goes up we need a smaller amount of the same for an identical amount in fiat.

Quote from: el kaka22 on July 23, 2020, 09:51:21 AM

Let me put it this way, 2017 peak times had as much as 30 dollars fee if you wanted to rush it, today that's just 1 dollars.

If we look at that period then we can see that at one point that fee was as high as $55, but it should not be forgotten that the spam attack on BTC by those who tried to destroy BTC also played a big role in all this.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Yaunfitda

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

Well there could be some noob investors doing that strategy for all we know. You can check it out here to see the big picture, https://jochen-hoenicke.de/queue/#0,24h. So before doing any transactions, check that website and see how the mempool is and the fees itself.

el kaka22

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Number of transactions hasn't changed all that much, the weird part is we are still averaging close to 2017 peak times, that is the real interesting thing, when you look at how much transactions there were during the $20k period and how much there is in the past 30 days, you can see that it is resembling each other, we are now at a point where the highest points of our history is just a regular point in our today.

This doesn't change the price obviously but it shows that if one day we get to $20k again or even higher, the transactions are going to break some records that would be difficult to break ever again and it would still be fine in price as well thanks to lightning network and segwit users. Let me put it this way, 2017 peak times had as much as 30 dollars fee if you wanted to rush it, today that's just 1 dollars.

Febo

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Quote from: StonksStonksStonks on July 23, 2020, 12:57:47 AM

why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

Number of Bitcoins transactions always increase when price goes up. But even beside that number of Bitcoin transactions increased by 10% in July compared to June. Lately trend is positive. I sugest you to make transaction on Sunday. Usually mempool is emptiest then and transaction fees are lowest.

StonksStonksStonks

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why so many transactions lately. everybodies moving bitcoins. I personally think there are some people buying $10 worth of Bitcoin per day and withdrawaling that .0001 it every day'ish. dollar cost averaging.

your thoughts?

Topic: Why do you the mempool is getting clogged up right now? increase in transactions (Read 175 times)