Bitcoin Forum

If i'm not wrong,there were almost 300k unconfirmed transactions during christmas making it very difficult to even sell bitcoins to enjoy the high price.Such a situation even made steem to get back from accepting bitcoin payments.

But now,today there were only 10,000 unconfirmed transactions.

         https://blockchain.info/unconfirmed-transactions

   

You're right, the mempool was really high during Christmas. This development is great for micro-payments, because it means lower fees. This graph shows that the fees are decreasing with the mempool: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html.

So, that means that if bitcoin get up there are a lot of unconfirmed transactions than today. I think because if bitcoin getting higher there area lot of holders will sel and when in down there are a lot of investor who holds.

Bitcoin right now, since it is almost known worldwide would undergo natural growth. Well, i'm hoping that those people investing in stocks would convert to investing in crypto. That would  surely boost the value rapidly.  >:(

In the end of December everything was overloaded, it was boom of buying and selling, no it is going its normal way.

It's understandable since at times like this when we HOLD until we can.  I think buying is also affected by the price since it has been into dip for sometime now.  Bitcoin investors are having second thoughts on buying.

It shows that now people are started to hold bitcoins so it is good news and the price will increase if they continue to hold.Yeah at the time of Christmas there were nearly 300K unconfirmed transactions and the fee for a single transaction is get into $100 for a simple transaction too.But the bitcoin community needs to implement the lightning network as soon as possible because there will be traffic again if the price bumps so lightning network is the permanent solution to clear the number of unconfirmed transactions.Thee fee is very very cheap now only fraction in a dollar that is a good thing.

Bitcoin is in as stronger place as its been for a while. Some great developments in the background weak hands have sold.

For me the only risk is the value of the Crypto Market Cap. Whales could buy up and control the market for the foreseeable future

Yeah the mempool has been cleared since a week now, even 2-3 sat/byte are enough for confirmation in the next block or 2 blocks. Right now only the 1 sat and such older transactions are left in the pool.

Is this due to the beginning of the functioning of the lightning network in the bitcoin network? Transactions have become very fast, this should be reflected in the price of bitcoins.

I didn't think it'd get this low actually, last two weeks it was already quite a good time to do low fee txs like the wallet consolidation I'd been putting off for months.

Was just saying at the time that it's possible that if Segwit and LN get the adoption long overdue, we may never again see mempool reach 100k. Just hit me actually, rising mempool has usually correlated with demand and price. Are we about to lose one more pointer to where the market is heading? ;)

Lightning network is not yet here officially. It works on the test network, and the number of the LN nodes and connections on the mainnet are growing day by day but it's still a testing period, so this won't affect the transaction fees directly. Segwit is the thing that has an effect on the transaction fees, as if more and more wallets are using segwit, the transactions would get smaller then before, so one block would contain more transactions like before, so the price of getting into a block (tx fee) will become lower a bit. Also, as already mentioned here, Christmas was a really busy period of the year, so now there are less people who want to send a transaction, this also makes the tx fee lower.

It's just stagnant at present.  Waiting for new people to come in and boost the price.  And other people to hold. 

maybe the volume of transsactions goes down since the price of btc dropped so deep, not many people is sending btc right now

History repeats itself. Prices normally crash during the holiday season due to the massive sell and cashing out (Did someone gave you a luxurious gift for Christmas? Lol! ). But the season has long passed and the market will soon recover. More greens than reds pretty soon (Oooo, green and red, Christmas colors right?). Time to buy and hold...or HODL as most members are using in this forum (Shout out to that guy who was drinking Whisky at the time!). Cheers! 🥂

Now, it's around 6000 unconfirmed transactions, It's too good for us. The fastest and cheapest transaction fee is currently 120 satoshis/byte it's around 27,120 satoshis. according to https://bitcoinfees.earn.com/. Too low, I hope it will be like that even if the bitcoin price will increase.

Finally the backlog is being cleared.

^ not yet there is still 5,000 pending transactions. If it reaches to 100 or even 10 a lot of investor would be happy because their transaction is now cleared out.

During Christmas Bitcoin was sailing in ATH territory and many people were moving Bitcoins, either to buy or to sell them. Now that the market is depressed most of the people hodl and don't move coins - this explains the empty mempool.

I think the transaction now is crash because of season or events like during Christmas the value can erupt $10,000 very huge before but now a days so very dump because of transaction.

It's now down to 7k transactions. I conclude that during important seasons, holidays there are too many who are transacting with bitcoin and when it increases in number fees are also included. I did a transaction yesterday in the highest priority and I only paid almost $2 = 0.0002 BTC unlike during that season 0.002 BTC isn't even enough.

Those will never clear.
Some of them are huge spam tx that would fill a block.

But  browsing around this one is pretty interesting:
https://blockchain.info/address/1EEqRvnS7XqMoXDcaGL7bLS3hzZi1qUZm1
And it seems it's owned by hitbtc , and look at the queue


That is not an answer for it as the mempool was full 3 months before Thanksgiving not Christmas.

I tend to think that the reason it dropped is small exchangers switching to segwit and increasing the batch payments size and Coinbase also not doing 2 output transactions anymore.

Hopefully this isn't a temporary resolution, segwit adoption has been increasing as of late, and I've noticed a major push around bitcointalk to start boycotting non-segwit enabled businesses. However, most of this is likely due to the market being depressed right now, the weak hands are no longer clogging the mempool with their panic sells, and lower fee transactions are able to slip onto the next block.

Totally agree and it is a well know fact that around the festive season people do need liquid funds to put a smile on their loved ones through gift sharing and it looks like the last holiday which we are just getting over had a lot of transactions and its just starting to come down as crypto users have started to get hold of more coins for the purpose of hodling, fingers crossed unconfirmed transactions to further go down.

Here is why: -
The fees has reduced excessively. One reason why the fees might have gone down is that people started using other payment options to tackle the huge fees and now the number of transactions have tentatively reduced. Segwit is also playing a key role here.

some people in my community when asked if prefer to use bitcoin or ETH or other coins what they want to use to send transaction, a lot of people say for ETH in big transaction and doge for small transaction, i think they still afraid if must wait longer time when use bitcoin like in past

Yes, those are really good news. The number of unconfirmed transactions decreased substantially during the last days. Some people say that it's because of investors losing their interest on bitcoin but I don't believe that. The bitcoin 24h volume on coinmarketcap didn't have a substantial decrease so people are still engaged with bitcoin. I think that exchanges, that are still accountable for the majority of BTC txs, are finally taking a more responsible approach (probably batching transactions for example), and that helps the network a lot. Things will even get better as soon as coinbase implements segwit on their platform.

A rapid boost of price is not always a good thing - we could observe it quite recently. From $20k we slided down a drainpipe to sub $10k level.

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I am really glad that we no longer have a ridiculously high number of the backlog of transactions around.
I remember times when we have constantly over 100k transactions and tx sent with the standard fee would be confirmed after a day or two.

The good news for me is that in a few days I will have to pay for a recursive service which I'm always paying in Bitcoins and which costs only 6$, so with an additional 20$ fees as it has been for a while on to it would be a bit surreal...

Yeah it means Bitcoin is not traded much because people are spending fiats to do something instead of Bitcoins ( maybe shopping for new year? ) . But Bitcoin is now back to the "real" valuation and there is no more bubble here.