220k unconfirmed transactions

[Samarkand]

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

You hate BTC? The very thing that - assuming that you own a few - has gifted you a 1400% return in the last 11 months?

Regarding the network congestion at the moment:
I increasingly view a full mempool as a brilliant feature of Bitcoin and not as a bug.
A competitive fee market requires occasional congestion of the network/mempool, which is particularly relevant for the time in the future
when the block reward is negligible and the incentives of the miners are largely determined by the transaction fees.

A recently released research paper of the Bank of Finland makes a similar argument. If anyone is interested
in further reading about this topic, you can read the paper at the following link:
https://helda.helsinki.fi/bof/bitstream/handle/123456789/14912/BoF_DP_1727.pdf;jsessionid=D762A63DC58856EF904C0C46421871BE?sequence=1

Small transactions will simply be priced out of the main BTC network. Lightning and other 2nd layer solutions will enable micropayments in
the near future. This is just a transition.

[RawDog]

It's crazy how many transactions are stuck at the moment

No stuck transactions at Bitcoin Cash.  Send as much as you like whenever you like - just a few cents.

[Bardman]

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.

Yeah, pay 7$ dollar fee to transfer 25$ worth of bitcoin. What's the point of bitcoin if you need to pay such high fees, isn't bitcoin supposed to be a currency? Well it doesn't look like it right now.

[Netnox]

The last time I checked, the minimum fees required was around $8 per transaction. Nothing is working right now. After SegWit2X was cancelled, this issue just exploded all of a sudden. Never before I had seen 200K+ unconfirmed transaction. 

[yaking]

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.

Bitcoin is popular because it's fast banks can't keep up with bitcoin but right now BTC is just getting slower and slower and it seems like banks are becoming faster. that's all i'm saying.

[fireblond]

Have you tried increasing the transaction fee, transactions which are higher than the capacity of a block get stuck in a queue for confirmation by btc miners and they favor the higher fee payers don't worry though.. eventually your transaction is gonna get confirmed.

[RawDog]

Bitcoin is popular because it's fast banks can't keep up with bitcoin but right now BTC is just getting slower and slower and it seems like banks are becoming faster. that's all i'm saying.

Also, Bitcoin is WAY more expensive than banks.  Bitcoin Cash is still much cheaper than either.

[TTITA]

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

From https://blockchain.info/unconfirmed-transactions ,
Total Size   3355.735 (KB)
Transactions Per Second  4.64

2 Days ago, i have checked they can lift 14 per second transactions, this means Mempool is currently having same experiencing problem to fast many confirmation at this time, busy networks are commonplace ahead of the fork or similar situation. Which a problem right now are high adjustment fees are not guaranteed to be getting fast confirmation as we still have to queue up the previous block.

We can checking such this infos statistic from https://jochen-hoenicke.de/queue/#24h

[eBet$coin]

You need to pay like 15-20$ fees to get your btc under 2hours. You should convert it to ether it's still cheap and you get them under 12 min.

[DannyHamilton]

Bitcoin is popular because it's fast

Bitcoin is popular because the exchange rate has been increasing a lot (much more than most other assets)
Bitcoin is popular because confirmed transactions are irreversible (unlike most bank transactions)
Bitcoin is popular because participation is permission-less (unlike participation with banking systems)
Bitcoin is popular because transactions do not require trust (unlike bank transactions)
Bitcoin is popular because it is decentralized (unlike banks and your local currency)
Bitcoin is popular because you don't need to give up your privacy (unlike bank accounts)

There are a lot of reasons that bitcoin is popular.  Transactions are also typically confirmed in an average of 10 minutes if you pay a high enough transaction fee.  You can choose any transaction fee you like, with the knowledge that lower transaction fees simply mean waiting much longer for confirmations.  Do you get to choose any fee you want when you pay bank fees?

[Gleb Gamow]

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.
Bitcoin is NOW known for the recent demand in replacement F5 buttons.

[blozo]

Hopefully lighting network will be completed soon since onchain scaling seems impossible. Also transaction fees are skyrocketing...

In some way Bitcoin price is not affected by this issues ( I guess people are seeing BTC more as a store of value than a way of payment)

[wisdomcn]

Currently there is a congestion in Bitcoin transaction processing speed is just not fast enough to cope with the massive transaction volume. This could be a result of have demand in bitcoin the best one can do now is to increase your fee or just wait. Before Bitcoin can solve its scaling issue, with no much time everything will become normal.

[MakersONE]

Problems not only with the network bitcoin. The ethereum is also very heavily loaded, and many transactions do not pass. I have already encountered this problem, I wait until the situation is adjusted. I cant transfer my tokens into another wallet.

[Netnox]

You need to pay like 15-20$ fees to get your btc under 2hours. You should convert it to ether it's still cheap and you get them under 12 min.

The problem is that the Ether prices are not very stable. It can go down by 5% or 10% in a matter of few hours. If your overall amount is small, then you can convert your BTC to ETH and then do the transaction. But if the amount is high, then it is better to pay the necessary tx fee.

[fulmetal08larz]

I have experienced the same scenario when transferring my btc from an exchange to my wallet. It has been more than 48 hours since the transaction and it is still unconfirmed. The network is so congested right now and I hope that it goes back to normal within the weekend.

[Slark]

Although I acknowledge that large fees+long confirmation times are kinda troublesome and discouraging,
at the same time, you need to realize that during bitcoin's price race it will be normal that we will see extensive congestion of the network.
Incredible price of BTC isn't it enough to make up for this issue with a slow transaction confirmation?
We can't have p2p transfers and on-chain transactions which will be instant, cheap and accessible for everyone.

[Akash55]

I also read that article.And it's true that there's now 220k+ unconfirmed transaction are pending.I read in a another article that it's happening because of #cryptokitties.
I think we should just wait to bring things back to normal

[criticoflife]

I also read that article.And it's true that there's now 220k+ unconfirmed transaction are pending.I read in a another article that it's happening because of #cryptokitties.
I think we should just wait to bring things back to normal

No that can't be correct, cryptokitties is only clogging up the ethereum network and has nothing to do with bitcoins slow transaction times. But back to the topic discussed, i think this is due to the massive influx of newbies buying bitcoin but most newbies don't mine just buy so we have a massive increase in new users and relatively the same amount of miners trying to process everything. Welcome to the wild west!

[Gleb Gamow]

GOOD NEWS! All unconfirmed bitcoin transactions have been moved to the PitchCoin network where it's believe they'll all be confirmed at a much faster pace:

Testimonials:

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