220k unconfirmed transactions

[yaking]

Hey everyone,

It's crazy how many transactions are stuck at the moment I just saw some transactions worth $250 with a fee of almost $40!!
My transactions from 2 days ago with a fee of $5 still haven't confirmed it's pretty messed up, isn't bitcoin known for the almost instant transactions? right now the network is as slow as a snail. 

https://blockchain.info/unconfirmed-transactions

I hope the bitcoin hype will settle down soon so our normal bitcoin users can continue their business, right now it's very expensive to send transactions.

Have any of you guys have stuck transactions aswell or paid insane amounts fee? let me know i'm interested.

~yaking

[pugman]

Hey everyone,

It's crazy how many transactions are stuck at the moment
My transactions from 2 days ago with a fee of $5 still haven't confirmed it's pretty messed up, isn't bitcoin known for the almost instant transactions? right now the network is as slow as a snail. 

https://blockchain.info/unconfirmed-transactions

I hope the bitcoin hype will settle down soon so our normal bitcoin users can continue their business, right now it's very expensive to send transactions.

Have any of you guys have stuck transactions aswell or paid insane amounts fee? let me know i'm interested.

~yaking

The heck.. Yesterday or day before it was like what, 40000 transactions. Whoa this is getting screwed up by the day.

I just saw some transactions worth $250 with a fee of almost $40!!

Should I consider myself lucky that I paid less for a transaction worth like 500-600$, or should I regret that I paid a huge tx fee.  But yeah mine is stuck too..

[mahibul49]

no need to worry at all.transaction pending is not new issue.it will proceed as usual
but it will take time

[LeGaulois]

Yesterday I sent some bitcoins with over 200,000 unconfirmed transactions and it took only about 1 hour to have it credited, and this with a pretty low fee. So don't really look at the number of unconfirmed transactions

And no bitcoin isn't supposed to be an instant transaction method

[DannyHamilton]

Hey everyone,

It's crazy how many transactions are stuck at the moment I just saw some transactions worth $250 with a fee of almost $40!!

I guess they wanted a fast confirmation.

My transactions from 2 days ago with a fee of $5 still haven't confirmed it's pretty messed up,

If you wanted faster confirmation, perhaps you should have paid a higher transaction fee?

isn't bitcoin known for the almost instant transactions? right now the network is as slow as a snail. 

No.

Confirmations have NEVER been "almost instant".  On average, transactions with a high enough transaction fee take 10 minutes.  Confirmations that don't have a high enough transaction fee to get into the next block need to wait until a later block.  This is how bitcoin has ALWAYS worked.

Bitcoin is known for irreversible transactions.
Bitcoin is known for permission-less access.
Bitcoin is known for trustless peer-to-peer transactions.
Bitcoin is known for being decentralized.
Bitcoin is known for being secure.
Bitcoin is known for "almost instant" UNCONFIRMED transactions.

I hope the bitcoin hype will settle down soon so our normal bitcoin users can continue their business, right now it's very expensive to send transactions.

It is quite possible that the "normal" user of bitcoin in the future will be those that are sending VERY large values, and which are therefore happy to pay large transaction fees.  If you are a multinational business and you want to quickly transfer value worth millions of USD dollars between countries, then you may be perfectly happy to pay a $100 transaction fee to accomplish it.  With enough transactions like that on a regular basis, it may forever be VERY expensive to send low value transaction on the bitcoin blockchain.

[jrrigs]

Lots of transactions since yesterday morning havent confirmed. I know a couple major bitxoin atms that cant transact because their hot wallets are not getting reloaded with bitcoin.

[buwaytress]

Guess we can count on seeing these posts every few months. I'm not by far the most experienced or elite Bitcoin user, but I must have done hundreds of transactions by now (and received more), all since 2016. While I try to shy away from transacting during these periods of heavy demand, I've still managed to spend reasonably well, in terms of percentage.

I think the normal Bitcoin user, as DH points out - and hopefully I am like them - will be using Bitcoin for larger transactions, and not longer dollars worth. Percentage-wise, I still find Bitcoin to be the cheapest mode of transfer, at least when I'm the one responsible for paying my own fees. This percentage is not really affected by every ATH.

[Lampaster]

Now the price of bitcoin fell slightly and therefore it seems to me that the number of transactions to decrease. Perhaps due to rising prices many bitcoin users want to transfer their coins to the exchange and sell. This could trigger a rise in the number of transactions with which the miners were unable to cope. This is another argument in favor of increasing the block size.

[Valuyet]

The only thing that comes in my mind when Business establishment is accepting another mode of payment for their products and services through Cryptocurrencies like Bitcoin then how would they handle the confirmations of the transactions that in every transaction will wait for number of days before the confirmation.
This way is not really reliable because recently Mc Donalds is announcing that their food chain establishment will accept Bitcoin as payments in the future but how exactly they are going to handle this one that when a person orders a burger using Bitcoin but i will take a week for the confirmation.
This is really ridiculous, online markets can only do this but in food chain? I think it's impossible.

[RockBar0]

The bitcoin block chains work pretty slowly. That makes most transactions unconfirmed. That's why bitcoin needs to be upgraded. may have to replace

[Valuyet]

Lots of transactions since yesterday morning havent confirmed. I know a couple major bitxoin atms that cant transact because their hot wallets are not getting reloaded with bitcoin.

I have a Bitcoin BTC wallet account in coins.ph and I'm holding it since July and it's not actually a huge Bitcoin amount but I saw an unconfirmed transaction that my Bitcoin is transferring to another wallet without my knowledge. It was hacked actually because I never did send my account into another's wallet.
It's been 4 days now that the unconfirmed transfer still unconfirmed so even though my Bitcoin is still on my wallet, I'll know that one of this days when it is confirmed then that's the end of my Bitcoin.
I'm really upset this event that someone will take away my Bitcoin that I've been keeping for half a year now.

[Valuyet]

The bitcoin block chains work pretty slowly. That makes most transactions unconfirmed. That's why bitcoin needs to be upgraded. may have to replace

I think it's normal for Bitcoin to slow down the transactions as what Ethereum also experience earlier this month. Not only for Bitcoin but also Ethereum and other Cryptocurrency network that will process a lot of transactions to confirm. This due is some of the reasons why some organizations are making hard forks is to speed up the transaction confirmation time. increasing the block size will reduce the confirmation time therefore almost all hard forks are increasing their Block Size from 1mb to 2mb or more.

[jekjekman]

The law of supply and demand is indeed happening with the bitcoin network right now as the number of transactions goes high the fees are also getting high and we can't do anything about it but to increase our tx's fees in able to send faster. I already sent some of my 0.005 Bitcoins to a specific website with a fees of 102 sats/byte and the estimated time in minutes is 25-1140 so my max waiting time for that to confirm is 19 hrs.

The massive increase in the price of Bitcoin is historical and many people now are getting confident in investing into it so the Bitcoin network right now is congested of transactions and let's hope that it will soon stabilize and same goes with the price and fees.

[Draude93]

 bitcoin is just getting old and slow only the price is up lol

[Hexcolyte]

Current Bitcoin processing speed is just not fast enough to cope with the massive transaction volume, either increase your fee or just wait. Before Bitcoin can solve its scaling issue, consider using Litecoin, much less congested and thus faster transaction speed, not to mention it has much better/advanced technology than Bitcoin.

[mobnepal]

bitcoin is just getting old and slow only the price is up lol

Ethereum is also slow right now because of just one game and talking about bitcoin it is getting lots of transactions because of increased demand for bitcoin.

Some are cashing out their bitcoin so they are moving their coins to trading platform to trade while many others are buying bitcoin and moving their coins out of the exchange to keep safe. All this is normal during huge price movement both pump/dump.

When we will have lightening network on bitcoin we might not have such issues because of off-chain transactions.

[sambuki]

After the price move up drastically, people try to convert it to something else. High uncorfirmed transactions will be very common thing to happen from now on!

[ninche]

this is why i hate btc
so frustrating and coins could take ages to reach your wallet

[DannyHamilton]

this is why i hate btc
so frustrating and coins could take ages to reach your wallet

Pay an appropriate fee, and it will be as fast as it ever has been.

If you are receiving bitcoins, then refuse to engage in bitcoin transactions with senders that don't pay an appropriate fee.

[iamvinny]

Yes, I'm facing a problem with that.. blockchain.info wants me to pay $1.3k fee to transfer all my balance to my ledger. :/

I posted yesterday, I'll wait a week to see if things get better.
https://bitcointalk.org/index.php?topic=2543412