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Author Topic: Is only high demand causing the long transaction time?  (Read 202 times)
Xinarae*
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February 26, 2021, 11:31:34 AM
 #21

If the blocks can be excavated properly then the users will be able to understand the difference in price based on the blockchain. When the volume of transactions is high the amount of fee decreases but due to low the fee is higher and it is not possible to dig the blocks when the bull run in the market, the charts have to be analyzed correctly. Prices will rise and fall based on the demand for transactions currently the number of transactions is very low and the networks are failing for this.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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February 26, 2021, 01:06:35 PM
 #22

More often to see a bottleneck in the Mempool when the market started to drop. Maybe we could think about the higher demand of selling but as we have observed in the past days, we are currently experiencing a long time confirmation. I've been waiting for 8 days before I got mine and this will also matter on the fees we set on, I put it on the minimum and that will be the reason it takes so long.

Because everyone has a huge concern about the high fees, we will have to lower it down but as expected, it also has less priority than those who pay a big amount. That is why we don't wonder why it takes days before it confirmed.

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