Last few days, price drop to low and until today there still about 90K unconfirmed transactions.
Many believe someone commit a "crime", spamming bitcoin network with low transactions which it not absolutely true. I'll give you current calculation of bitcoin capacity:
Bitcoin transactions capacity:FYI, bitcoin transaction capacity doesn't have correlation with hash rate.
> Block = 1 block/10 minutes, 6 block/hour & 144 block/day.
> Block Size: 1mb/block
> Transactions/block: 2150
Total transaction capacity/day: 309.6000
This mean bitcoin only able handle 3-4 trx/second.
questions is how big current transactions right now?
Go to this page:
https://blockchain.info/unconfirmed-transactionsYou can see average transaction up to 55 trx/second on peak hours. But we need look 24 hours average for this
With current real transaction volumes, bitcoin hard to handle all transactions. It why lot transaction stuck on mempool right now. This give miner ability to force you to pay higher fee if you want to get confirmed. This like bribery in other words.
And when transactions volumes higher than max transaction volumes, doesn't matter how much fee you willing to pay, there always some transaction will stuck on mempool.
It why there was segwit2 proposal..but miner doesn't support it.
Because if block size bigger, there will be 0 transaction fee and they doesn't like it. We are on status quo right now....
At same time, bitcoin already get peoples attentions...which mean more people come in to trade bitcoin?
What do you think will happen with bitcoin when more people join?
I'm really worried about this