Bitcoin Forum

Completely to out of bitcoin right now.....
This problem just about to blow....since last few week, lot user experiencing long confirmation delay which its not very good at all.
Solution will come in few month where unconfirmed transaction will react 500K trx....and it mean more than 3Billion USD in value stuck in network....i completely lost faith in bitcoin

See you on another life


data: https://blockchain.info/unconfirmed-transactions

As of right now, the number has decreased to 240k. It was nearly 300k about 24 hours ago. Things are actually slowly starting to normalize.

I'm sorry that you lost faith on Bitcoin, but you should've known this could happen. The scaling problem is well documented. The roadmap probably didn't expect it to get this bad this soon. The growth has been astronomical the past few days, with futures trading opening and stuff. This is still somewhat a good problem to have. What I do know is that fixes are on the way, and I'd rather wait until then. Good luck to you.

but this already happened since last few week, and number unconfirmed transaction still more than 200K. Its mean lot people transactions got stuck on network for few days even weeks. And fee to get confirmed is about 100+ USD/trx. This about to blow up, wait until more people pissed off with unconfirmed transactions....
And there no solution in next few month, there some new about lightning network, but it will take at least 6 month to implement on real network....its too loong.

i don't think it will take a long time, it will be only a short time before the mempool is emptier again. because most people like you will either stop using bitcoin, sell and get out, move to cold storage and don't touch their bitcoin or move them to exchanges like coinbase and keep it there. and that means less transactions on chain and smaller mempool and lower fees again.

but it really sucks these days to use bitcoin. we need a solution and we need it ASAP.

It is a mess, i still have an unconfirmed transaction from Deceber 19th. It is never going to get confirmed, i know that, but i still have hope on it.

I will only use bitcoin for holding purposes, nothing more than that. It would never be used as a payment system with the current fees.

Agree, December is very close to Christmas and new year I expect people to do many transactions to cash out their profit. So the highly unconfirmed transaction will normalize back in a few days. But That thing shows the fact Bitcoin is unsustainable, you know its really ridiculous with the current transaction fees and confirmation time.

I would never said goodbyes to btc already yet why this has to be happened now when I'm about to start up my life again it is meaningless if the pool members and others would not have a solutions for 200k+ unconfirmed transactions.

Even with this all problems bitcoin will be the main coin for cryptocurrency as 99% of the coins are valued in bitcoins that is the main problem, just like almost all country business are doing in USD , that is why USD value is high even when America are in trouble their fiat currency value is not going down.

it is not just December and Christmas, the current situation with the mempool is mainly because of the fact that price went up too fast so there has been a lot of FOMO buyers who have been making lots of withdrawals from exchanges which increased the count to 100k+ and then after a while price started falling and it continued to fall hard, which meant the same newbies started to panic and sell their coins which is practically lots of transactions being injected in the mempool which increase the count to 250k+
there is also always spam attacks in the mix which is at least 70,000 of them.

with all this drama ending and price finding its place, number of transactions will also decrease.

I think it's too quick to make a choice by releasing trust in bitcoin. does not this happen at the end of each year?
until now I still believe in bitcoin, unless it comes to know 2018 and bitcoin prices are still stable under even a drastic decline. then I do not believe in bitcoin anymore.

Yeah there is a problem with bitcoin, but the reason for 250k+ uncorfirmed transaction is because bitcoin cash is attacking bitcoin.
Bitcoin Cash is pumping, so all miners left bitcoin and went to bitcoin cash for more profit. There is a rumor too, that bitmain is spamming bitcoin network with a lot of tiny transaction.

Well, just wait, everything will come back to normal with next difficulty ajustment, maybe within 11 days: https://bitcoinwisdom.com/bitcoin/difficulty

with increasing transaction fees  from 25USD to 50 USD Confirmations,Bit coin will become a legendary status .

Users can use altcoin to transact.

Developer team need to do something asap to make this fat elephant to start walking.

But all of us know BTC is now not a payment system but became a Asset Class where Investors are betting on it.

I don't really understand how this gets so bad? Whenever I have transacted it happens in a matter of minutes, could this be due to the possibility of low fees that people pay or small amount of transaction that's why this network gets jammed? I don't really understand how and why this issue is not solved as of now? I hope things get sorted out very soon, not good news for the crypto king.

Bitcoin only able handle 3-4 trx/second. And number of transaction more higher than that at moment.
And transactions confirmation queue base on how much fee you willing to pay...its mean there will be always unconfirmed transactions...always.

 

I don't think this time, this miner switching shenanigan was the reason for the huge backlog. it definitely made things a lot worse though.
but the difficulty has changed for bitcoin cash and it has a higher difficulty now which makes it harder to profit for miners and I also believe they removed the Emergency Adjustment from it which changed things quite a bit on that front.

this big backlog is a combination of price drop, spam attack, fewer blocks being found and increased adoption.

There was a bunch of people trying to sell their coins and the amount of transactions stuck would've been way more than it is right now if the miners wasn't doing their job.

I won't blame the miners at all for this scenario. A large number of people wants to get out of this mess and apparently all of their transactions have been stuck on the chain. Also, most of these transactions are low balling and are fine with getting stuck after all, so why bother? But sarcasm aside, this needs to be sorted out. The scaling solution offered by SegWit doesn't even help, and we need more aggressive yet effective approach on the matter to successfully solve all these problems about confirmations.

The fact is that on Tuesday, the day before the fall of the exchange rate, the Singapore Monetary Authority issued a warning about the risks associated with investing in ICO and crypto-currencies, which are not legal tender, are not emitted by any government and are not backed by any assets. The department advised "to act with extreme caution and realize the significant risks" that investors take on themselves by investing in crypto-currencies.
Also, a 15% fall in the rate could partially provoke the statement of the co-founder of Bitcoin.com, Emil Oldenburg. In an interview with Business Insider, he said that he "got rid of his bitcoins", as this crypto currency "has no prospects of becoming a trading currency". The speaker also pointed to a number of shortcomings of bitcoin: high commissions, falling speed of transfers, as well as network bandwidth limited by the size of the block.

I think the unconfirmed transaction the last few week was bigger and is now it is starting to get lower. Hoping that they will find solution to this real quick. Transaction fees are also high that it cost around $80-100 for you to able to send a $10 worth of bitcoin.

please tell me you know people are flooding the network with tiny transactions that have no use.  I heard this is being fixed in a future update.