Is the "network" slow today?

[Bitcoexplorer]

Sorry guys total newbie here!

Normally when I buy btc I get them in 10 min.
Today it's more than 3 hrs and still don't get them.
I use coins.co.th as exchange.

Thank you

[HCP]

In a word, Yes.

100,000+ unconfirmed transactions: https://blockchain.info/charts/mempool-count

[Bitcoexplorer]

How big is this number usually?
I mean the unconfirmed transactions...

Thanks

[HCP]

There isn't really a "usual" number as such... it ebbs and flows... Here is the chart for the last 60 days... https://blockchain.info/charts/mempool-count?timespan=60days

As you can see, occasionally it "spikes"... the trick is to check things like the number of unconfirmed transactions and recommended fees (https://bitcoinfees.earn.com/ and https://btc.com/stats/unconfirmed-tx) before transaction... to get an idea of what fees are currently the "average" and what the likely confirmation times are based on the fee chosen.

[Protected101]

Sorry guys total newbie here!

Normally when I buy btc I get them in 10 min.
Today it's more than 3 hrs and still don't get them.
I use coins.co.th as exchange.

Thank you

I think it depends on the average of daily transaction and for me i recommend to used higher fee for every transaction specially if you badly needed a fund to make quick reflect in your wallet add some fee for it.
Agree that you need to check the bulk of transaction in blockchain before you proceed your transaction to know if is need for higher fee or make its normal transaction.

[Bitcoexplorer]

ok thanks guys for your replies, next time I will check the number of unconfirmed tr. before giving an order for buying, I was not aware of this problem.
The exchange I am using (coins.co.th) does not allow me to chose a transaction fee when buying btc, but in the past the order where confirmed in 10-20 min, everything was very smooth and quick.
As a noob, am wondering how can the btc future be influenced by this and what are the solutions to it?
I mean, the network is very slow even now that a very small % of the population is using btc.
How can this be solved?
I think this is very important issue for our beloved currency!

Thanks

[Xavofat]

ok thanks guys for your replies, next time I will check the number of unconfirmed tr. before giving an order for buying

What you should be checking is the transaction fees that you need to pay.

The exchange I am using (coins.co.th) does not allow me to chose a transaction fee when buying btc

As soon as possible then, you should be moving your coins to a wallet which you control.  Otherwise any problem with their fee estimation system is a problem for you.  If you don't own the private keys, you don't own the coins.

As a noob, am wondering how can the btc future be influenced by this and what are the solutions to it?

-Various solutions to try and increase efficiency (e.g. using SegWit)
-Offchain/second layer solutions like the Lightning Network
-Block size increases.

[Bitcoexplorer]

Thank you Xavofat, actually am using coins.co.th only as an exchange to buy my btc, and I cannot select any fee when buying.
But yes, I already knew that higher fees means faster delivering, have read it somewhere on this forum.
As  a wallet I have exodus and I own the private keys.

Cheers

[Lauda]

The network might not be slow,sometimes it depends on the confirmation of the transaction on the blockchain, you need to exercise some patients.When I started dealing in cryptocurrency,  I also thought as much.Some transactions can take roughly 3 confirmation blocks.

Classic shitpost. You should give advice to anyone.

I think because tons of transactions have been made.

Yes and no. There are multiple reasons:
1) Increased demand (number of transactions).
2) Massive coordinated SPAM attack to shill BCH.
3) Hashpower temporarily switching to BCH in order to reap the increased profits due to the artificial pump.

[zvs]

2) Massive coordinated SPAM attack to shill BCH.
3) Hashpower temporarily switching to BCH in order to reap the increased profits due to the artificial pump.

yes, but these offset.

if one is concerned with making the most profit, you would stay on BTC for now, while there is 3-4 BTC fees per block.   4.64462859 BTC in the last one.   perhaps the algorithms they are using in China don't account for this

[Athena_1992]

Hi, I did a transaction from blockchain wallet to freewallet and it's not confirmed yet. it's been 3 hours now. glad to hear it's about the network and no fraud.

[LoyceV]

if one is concerned with making the most profit, you would stay on BTC for now, while there is 3-4 BTC fees per block.   4.64462859 BTC in the last one.   perhaps the algorithms they are using in China don't account for this

Say 17 Bitcoin per block: miners earn $109k
Say 12.5 Bitcoin Cash (fees are almost zero) per block: miners earn $16k

1. Result: Bitcoin blocks earn 6.8 times more than Bitcoin Cash blocks.

Bitcoin had 10 blocks in the past 3 hours.
Bitcoin Cash had 99 blocks in the past 3 hours.

2. Result: Bitcoin Cash has 9.9 times more blocks than Bitcoin.

This means Bitcoin Cash is currently more profitable for miners, even including the fees.
(bad conclusion, see below)

[zvs]

if one is concerned with making the most profit, you would stay on BTC for now, while there is 3-4 BTC fees per block.   4.64462859 BTC in the last one.   perhaps the algorithms they are using in China don't account for this

Say 17 Bitcoin per block: miners earn $109k
Say 12.5 Bitcoin Cash (fees are almost zero) per block: miners earn $16k

1. Result: Bitcoin blocks earn 6.8 times more than Bitcoin Cash blocks.

Bitcoin had 10 blocks in the past 3 hours.
Bitcoin Cash had 99 blocks in the past 3 hours.

2. Result: Bitcoin Cash has 9.9 times more blocks than Bitcoin.

This means Bitcoin Cash is currently more profitable for miners, even including the fees.

This is funny math.  Maybe it is similar to the algorithms being used in China.

If hashpower was diverted from Bitcoin Cash to Bitcoin, then Bitcoin Cash would have fewer blocks, and Bitcoin would have more blocks.

How about being smart about it, and running these #'s again with earnings expected per, say, 1*TH of hashing power.  

[kaizerblitz]

Yeah it seems traffic today it takes 1hr and 30 minutes i wait later in receiving my bitcoin to my wallet there's so many panic selling toda then the price of bitcoin goes down so many people sell there bitcoin.

[LoyceV]

This is funny math.  Maybe it is similar to the algorithms being used in China.

~

How about being smart about it, and running these #'s again with earnings expected per, say, 1*TH of hashing power.  

You're right, I slightly messed up there. Instead of just the number of blocks per hour, I should of course also relate it to the total difficulty.
Instead of doing that by myself, I'll quote Coin Dance | Bitcoin Cash Block Details:

The Bitcoin Cash blockchain is currently operating at 10% of the original chain's difficulty.
~
It is currently 51.6% more profitable to mine on the Bitcoin Cash blockchain.

[somewhan]

bitcoin is not the right blockchain to actually use at this moment.

[cedel]

For me, it has been already nearly 6 hours and 6h30 that I sent from GDAX 0.04 and 0.01 BTC to HitBtc , Bittrex and Jaxx...still nothing !!
I wrote already to GDax support after 2h30 and 3 hours but still no answer...
What else can I do? Just wait I guess ...? How many more hours can it last ?
GDAX send the currency for free, I guess they pay the network fees by themselves?

Christian

[cedel]

As soon as possible then, you should be moving your coins to a wallet which you control.  Otherwise any problem with their fee estimation system is a problem for you.  If you don't own the private keys, you don't own the coins.

Is there a risk to leave my coins and Alt-Coinson the trading platforms like Gdax, HJitBtc and Bittrex?

What is the risk ?

Isn't it better in case of hard fork from one of the currencies anyway?

Chris

[Lauda]

bitcoin is not the right blockchain to actually use at this moment.

Wrong. Bitcoin is the most secure ledger, and the one that you should be using.

I wrote already to GDax support after 2h30 and 3 hours but still no answer...

Stop spamming the support with bullshit.

What else can I do? Just wait I guess ...? How many more hours can it last ?

Wait until the network starts operating normally.

GDAX send the currency for free, I guess they pay the network fees by themselves?

Yes.

What is the risk ?

The risk is losing all of your money.

[cedel]

What is the risk ?

The risk is losing all of your money.
[/quote]

Hello,

How can I lose all my money on a reputable and well renown platform? Are they not responsible for the coins that they keep for their customers ?

How can I best keep my coins even Golem (not supported by hardware wallet I think) ?

Also I think every time I withdraw my alt-coins from those platforms, they charge some fees or not?