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.