65214 Unconfirmed Transactions

[mmo_online_1981]

I think normally, do not directly create transaction but I found it was not as slow as you say
( I test today)

[vnvizow]

There are currently 65214 Unconfirmed Transactions on the Bitcoin network at time of posting.

What does that imply? Is this good? I have a transaction of 0.01 BTC that has been stuck for almost 24 hours despite a high fee. Do we have too many unconfirmed transactions on the network?

After a while the block's content will just be sent back no? Just pray to God it's not "those" people testing their "luck" solo mining with CPUs or some shite

[BrewMaster]

I think normally, do not directly create transaction but I found it was not as slow as you say
( I test today)

it is never slow if you pay higher fee than other people. it is like a competition. i pay 100 satoshi per byte and you pay 110 for example and obviously miners will pick you over me. and if a third guy comes and pays 120 he will be chosen and so on. now imagine there are 10,000 transactions with higher fees than yours that you have to compete with.

[nara1892]

What does that imply?

fee will be higher or probably people would not send bitcoin in a period of time untill the unconfied transactions are confirmed.

Is this good?

It is not good in my view because we need to pay higher fee. no one likes higher fee unless miners (cmiiw)

I have a transaction of 0.01 BTC that has been stuck for almost 24 hours despite a high fee. Do we have too many unconfirmed transactions on the network?

yes, we do.

[deisik]

I think normally, do not directly create transaction but I found it was not as slow as you say
( I test today)

it is never slow if you pay higher fee than other people. it is like a competition. i pay 100 satoshi per byte and you pay 110 for example and obviously miners will pick you over me. and if a third guy comes and pays 120 he will be chosen and so on. now imagine there are 10,000 transactions with higher fees than yours that you have to compete with

This undermines the whole idea of Bitcoin as money

Ultimately, the competition of fees is meaningless since money should facilitate the trade and not hinder it. Ideally, it should be in the opposite direction, i.e. miners competing between themselves for the inclusion of transactions in the blocks, and that should cause the fees to decline and not rise over time. It is basically the same as the matters stand with banks. Some of them are offering payments free of charge altogether if they want to attract more clients, and that's how things should work in general

[kiklo]

I think normally, do not directly create transaction but I found it was not as slow as you say
( I test today)

it is never slow if you pay higher fee than other people. it is like a competition. i pay 100 satoshi per byte and you pay 110 for example and obviously miners will pick you over me. and if a third guy comes and pays 120 he will be chosen and so on. now imagine there are 10,000 transactions with higher fees than yours that you have to compete with.

And when the BTC unconfirmed transactions are over 10 thousand,
I just use an alt like LTC or Eth, cheaper & Faster and no competing for BTC fee increases. 


 

[SyGambler]

it's definitely a pain in the butt and they should find a solution soon , it's really a big negative thing about bitcoin
two days ago I sent 50 mbtc to one of btc bookies that requires confirmation and I inserted the normal fee cause I didn't notice how many unconfirmed transactions there were at that time , I ended waiting more than 24 hours for the confirmation 

[calkob]

This has happened loads of times why do people have to keep posting about it every time this backup happens
 

[-ck]

This has happened loads of times why do people have to keep posting about it every time this backup happens
 

Because it gives sigspammers something to post about. Oh wait...

[instacalm]

I think normally, do not directly create transaction but I found it was not as slow as you say
( I test today)

it is never slow if you pay higher fee than other people. it is like a competition. i pay 100 satoshi per byte and you pay 110 for example and obviously miners will pick you over me. and if a third guy comes and pays 120 he will be chosen and so on. now imagine there are 10,000 transactions with higher fees than yours that you have to compete with.

And when the BTC unconfirmed transactions are over 10 thousand,
I just use an alt like LTC or Eth, cheaper & Faster and no competing for BTC fee increases.  


 

That solution doesn't help when certain services do not support mentioned altcoins. A lot of the sites I deal with support Bitcoin. Often times payments expire because the transaction don't confirm within the required 30 minutes. This happened to me quite a lot recently. I'd love to use something like NEM to pay but Bitcoin is what is used primarily.

[bL4nkcode]

This has happened loads of times why do people have to keep posting about it every time this backup happens
 

Because it gives sigspammers something to post about. Oh wait...

I guess, this will be the third thread I saw in this board with the title of "X of Unconfirmed Transaction". Now its lowers and more than 20k, And it will discuss again the same title when it reaches +60k unconfirmed TX.

[panju1]

I think normally, do not directly create transaction but I found it was not as slow as you say
( I test today)

it is never slow if you pay higher fee than other people. it is like a competition. i pay 100 satoshi per byte and you pay 110 for example and obviously miners will pick you over me. and if a third guy comes and pays 120 he will be chosen and so on. now imagine there are 10,000 transactions with higher fees than yours that you have to compete with

This undermines the whole idea of Bitcoin as money

Ultimately, the competition of fees is meaningless since money should facilitate the trade and not hinder it. Ideally, it should be in the opposite direction, i.e. miners competing between themselves for the inclusion of transactions in the blocks, and that should cause the fees to decline and not rise over time. It is basically the same as the matters stand with banks. Some of them are offering payments free of charge altogether if they want to attract more clients, and that's how things should work in general

Miners don't have to compete amongst themselves in terms of fees. They just have to compete with respect to finding the new blocks.
That is a slight difference between banks and miners because if one miner keeps finding blocks, the transactions will have to go through him.