65214 Unconfirmed Transactions

[instacalm]

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?

[1714976716]

1714976716

[1714976716]

1714976716

[1714976716]

1714976716

[LFC_Bitcoin]

64270 when I just looked but you're right, it isn't good. Far from it, it isn't good at all. I've never had to wait over 24 hours before but had to wait around 6 hours fairly recently sending 1.5 bitcoin's with a 0.003 bitcoin fee.

[instacalm]

64270 when I just looked but you're right, it isn't good. Far from it, it isn't good at all. I've never had to wait over 24 hours before but had to wait around 6 hours fairly recently sending 1.5 bitcoin's with a 0.003 bitcoin fee.

I'm under the impression that this happens too often recently. In the past it wasn't that for this kind of fee having to wait for hours was the norm. It were more like 30 minutes or so to wait for 1-2 confirmations, or am I wrong? I hope this will be addressed soon.

[Cereberus]

64270 when I just looked but you're right, it isn't good. Far from it, it isn't good at all. I've never had to wait over 24 hours before but had to wait around 6 hours fairly recently sending 1.5 bitcoin's with a 0.003 bitcoin fee.

I'm under the impression that this happens too often recently. In the past it wasn't that for this kind of fee having to wait for hours was the norm. It were more like 30 minutes or so to wait for 1-2 confirmations, or am I wrong? I hope this will be addressed soon.

This is happening too often recently because there is an increase in transactions and people are not careful to send with the recommended fees. The recommended fees change day to day. To know what the recommended fee is there is this website here https://bitcoinfees.21.co/

As you can see the current fastest and cheapest fee is 140 satoshi per byte. Check with your wallets, the ones which allow dynamic fee, enable them and make sure you are using maximum fee if you want fast confirmations.

[JL421]

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 fee of $0.13. What has to change?

I have done numerous transactions around this range of a send if not $20 or more each one with the same fee of 0.0001339btc.
It took them all over 7 hours to clear the chain and confirm but they all did eventually.

[RawDog]

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

If we go to 2MB this backlog will be cleared in a very short time.  Then, block sizes will relax back down to 1.1ish for a very long time.  This will give SegWit more time to cleanly and carefully join the protocol in a non controversial manner.  

[LFC_Bitcoin]

Don't think I've ever seen this many unconfirmed transactions before (I do have an awful memory though, long story).
This must be another spam attack to have over 60,000 unconfirmed transactions though, no?

[RawDog]

Don't think I've ever seen this many unconfirmed transactions before (I do have an awful memory though, long story).
This must be another spam attack to have over 60,000 unconfirmed transactions though, no?

No.  In case you've been living under a rock, it is not due to spam but rather due to Blockstream intentionally crippling the system so there will be a need for their 'solution'.  It is nothing less than a hostile takeover of the protocol.

It is a very bad approach to sit back and do nothing.  So get off your ass and do something.  At least go start a BU node.  It is not that hard.  Can anyone give a link to simplified instructions how to set up a BU node for the morons?

[ImHash]

Yep m*rons get up your a*ses and run a BU node so they can take over with less hostile approach!!! there are now only 50k unconfirmed transactions, I had one my self and it only took less than an hour and got first confirmation soon after I used viabtc accelerator.

[nelson4lov]

~Snipped~
..... make sure you are using maximum fee if you want fast confirmations.

Bitcoin is heading towards Centralization that way. Kinda looks like miners now control the network. We now have to "bribe" Miners with high attractive Transactions fees to get our transactions confirmed? full bullshit. The idea of increasing fees to get confirmed is a crab.


If it continues this way, Miners will crumble the Bitcoin network by not confirming Transactions over people's unwillingness to use higher fees.

[-ck]

Bitcoin is heading towards Centralization that way. Kinda looks like miners now control the network. We now have to "bribe" Miners with high attractive Transactions fees to get our transactions confirmed? full bullshit. The idea of increasing fees to get confirmed is a crab.


If it continues this way, Miners will crumble the Bitcoin network by not confirming Transactions over people's unwillingness to use higher fees.

I hate to break it to you, but miners have always controlled the network... That's bitcoin by design.

[BuyWithBitcoin.info]

People Forgot That The Idea Of Bitcoin Is P2P Transferring, we need to run nodes in our home to support the bitcoin network, there’s how we can do it:
http://www.buywithbitcoin.info/why-so-many-unconfirmed-transactions

[sir.humus]

Is it possible it's the miners themselves doing this to put pressure on the core team to make the necessary improvements?
After all, the miners will reclaim a portion of their own transaction fees – with enough collusion between large miners they could do this almost for free

[iGotSpots]

Spammers gonna spam

[ImHash]

People Forgot That The Idea Of Bitcoin Is P2P Transferring, we need to run nodes in our home to support the bitcoin network, there’s how we can do it:
~snip~ lol

Isn't confirming transactions the same as mining? sorry but I was running a full node for a few months on my desktop and all I got was an useless overheated junk left for me to throw away.
If you know a way to run a full node and get the fees without the need of your resources being used then I'm all ears.

[eternalgloom]

People Forgot That The Idea Of Bitcoin Is P2P Transferring, we need to run nodes in our home to support the bitcoin network, there’s how we can do it:
~snip~ lol

Isn't confirming transactions the same as mining? sorry but I was running a full node for a few months on my desktop and all I got was an useless overheated junk left for me to throw away.
If you know a way to run a full node and get the fees without the need of your resources being used then I'm all ears.

If you're running a full node, you're basically just giving away your resources right now.
I think there should indeed be some sort of incentive for full nodes, but that just isn't the case.

Back in 2015, Bitnodes was giving out some incentive to people running a full node though:
https://bitcoinmagazine.com/articles/bitnodes-project-issues-first-incentives-node-operators-1426544155/

[-ck]

Is it possible it's the miners themselves doing this to put pressure on the core team to make the necessary improvements?
After all, the miners will reclaim a portion of their own transaction fees – with enough collusion between large miners they could do this almost for free

Unless it's the miners that are injecting the transactions in the first place, no, the miners aren't doing anything to perpetuate this issue. All blocks are about as full as they possibly can be and all signs are that they are filled according to transaction fee/size ratio which is the default bitcoind selection process.

[BuyWithBitcoin.info]

People Forgot That The Idea Of Bitcoin Is P2P Transferring, we need to run nodes in our home to support the bitcoin network, there’s how we can do it:
~snip~ lol

Isn't confirming transactions the same as mining? sorry but I was running a full node for a few months on my desktop and all I got was an useless overheated junk left for me to throw away.
If you know a way to run a full node and get the fees without the need of your resources being used then I'm all ears.

About what fees you are talking about?
There's hundred of more powerful mining rigs than computers working 24/7.
Forget about the idea of getting fees from computer node.
If you would run node at least when you using your computer it would help to the network.

[ImHash]

People Forgot That The Idea Of Bitcoin Is P2P Transferring, we need to run nodes in our home to support the bitcoin network, there’s how we can do it:
~snip~ lol

Isn't confirming transactions the same as mining? sorry but I was running a full node for a few months on my desktop and all I got was an useless overheated junk left for me to throw away.
If you know a way to run a full node and get the fees without the need of your resources being used then I'm all ears.

About what fees you are talking about?
There's hundred of more powerful mining rigs than computers working 24/7.
Forget about the idea of getting fees from computer node.
If you would run node at least when you using your computer it would help to the network.

Just enlighten me please, isn't confirming the transactions called mining? also if you find a block you'll get the fees and if you run a node with desktop computer you are technically mining but will never find a block and never receive any thing whatsoever.
It's the pools that should run as many full nodes as they can but are they?

One thing we should let people know, you can mine with 5m rigs and link them just to 1 node or you can have 5m rigs and link each one to a node to have 5m nodes, but if you want to find a block faster than others it's better if you do everything with that one node.

But the network problem is way over that, and it's about the limitations in the source code itself, so if you run 10m full nodes you'll be limited to find a block every 10 minutes and in each block only a limited number of transactions can fit.

[SmartIphone]

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 fee of $0.13. What has to change?

Even though the bitcoin price is really high comparing with the past months and years (except $1,150) but still the miners want higher fees.
It's quite surprising but the truth is that they control the flow of the number of all confirmed/unconfirmed transactions.