BTC unconfirmed transactions exceed 500k on mempool

[0t3p0t]

And unfortunately, my transaction was one of those that has been stuck. 😅 Though it was my mistake to try to transfer my funds to another wallet but due to high fees it was stuck for like 2 weeks now. I tried bumping the fees for like 30-40 sats/vB but the custom fee does not work either due to high fees. But since I was not in a hurry, I just have to leave it there because I know it will just sit there until it is being hit on it's level.

[Z-tight]

And unfortunately, my transaction was one of those that has been stuck. 😅 Though it was my mistake to try to transfer my funds to another wallet but due to high fees it was stuck for like 2 weeks now. I tried bumping the fees for like 30-40 sats/vB but the custom fee does not work either due to high fees. But since I was not in a hurry, I just have to leave it there because I know it will just sit there until it is being hit on it's level.

Since it has been stuck for over two weeks now, then nodes operating with the default mempool time of two weeks would probably have dropped it out of their mempool. If the node that you are connected to drops the tx, it'll turn local and you can remove the tx and make a new one paying a higher fee. It is worth mentioning that the fee rate in the mempool is not as high as it was some weeks ago, fee rate for high priority is ~ 90 sat/vByte right now, i know it is still very high, but less worse than when it is > 200 sat/vByte, and the unconfirmed tx's in the network has dropped to ~ 298k transactions.

[jrrsparkles]

So to answer the question seoincorporation posed about the number of transactions in "the mempool", the answer is you don't know how many of those are replacements unless you know the settings of the node whose mempool you are looking at. The default position would be that all replaced transactions have already been evicted, though.

That's right and even in mempool.space website we can see a tag in the top left corner below the blocks which poses the replaced transaction so the previous one will become invalid.


After a while now we see some drop in the fees, averaging around 60-70sat/vbyte despite the unexpected surge in the price but we are certainly not away from the problem that is causing this issue.

[new19980]

LN is trash and not a solution i dont know why peoples keep talking about LN lets say you want to transafer 50$ in btc
you need to open a channel and to do so you need to spend no less then 50$ to receive 50$
if ordinals are causing this congestion why devs dont block those shit tokens from the network

[new19980]

since we've decided that 1mb is the block size limit we literally shot ourselves in the foot cause we're all for security and anonymity when mixers are there to do it anyway

You think devs can increase the block size or its impossible ?

[Greg Tonoski]

since we've decided that 1mb is the block size limit we literally shot ourselves in the foot cause we're all for security and anonymity when mixers are there to do it anyway

You think devs can increase the block size or its impossible ?

Devs already increased a block size in Bitcoin, BCH, BSV and so on. They may do it again. Who knows.

[Jawhead999]

LN is trash and not a solution i dont know why peoples keep talking about LN lets say you want to transafer 50$ in btc
you need to open a channel and to do so you need to spend no less then 50$ to receive 50$
if ordinals are causing this congestion why devs dont block those shit tokens from the network

LN is a solution for long term usage, so you're pay big at the beginning and you can enjoy the less fees after that.

The developers don't want to block ordinals because some argue it's a part of censorship, as we know Bitcoin is truly decentralized.

Devs already increased a block size in Bitcoin, BCH, BSV and so on. They may do it again. Who knows.

Most of blocks didn't even reach 4 MB, so I don't think it's need to be increased. As for the other hard forks increase the block size, that's one of reason they fork Bitcoin.

[pakhitheboss]

I just now checked the transaction fee and it has come down significantly. As of now, it is trending around 30-40 sat/vB which is a good sign considering the past two to three weeks. I do not think it will go much lower as gone are the days when it used to be around 10-12 sat/vB. I have not heard that the devs are considering the option of increasing the block size, but if it happens it will be a temporary solution. I am not sure where you came up with this idea @new19980, I am certain that you are an alt and it looks like you are trying to create a narrative of your own.

[Upgrade00]

LN is trash and not a solution i dont know why peoples keep talking about LN lets say you want to transafer 50$ in btc
you need to open a channel and to do so you need to spend no less then 50$ to receive 50$

If you want to transfer $50 in Bitcoin when fees were as low as 1sat/vbyte then you have a really good deal, cause you can spend on coffee or any other really low expense you make regularly for little to no cost, over several weeks.

LN may not work for everyone and is dependent on the current network congestions and the user's needs.

[Kelward]

Hi everyone
right now we have 520k unconfirmed transactions on mempool with 1.9 GB capacity
do you think this may affect BTC usability especially for small transactions right now
you need to pay 15% fees for 100$ transaction if the devs didnt ban those BRC tokens
we may even see fees exceed 100$ and we may reach millions of unconfirmed
transactions in the future and only whales and miners will benifit

This is not a good development for the adoption of Bitcoin, especially when it comes to using it as a payment method to pay for goods and services, with the high fees and unconfirmed transactions, no business person will want to lose their customers by adding exorbitant fees to their prices or charges, even when the mempool dicongests, fiat methods of payments is still more convenient. If not for trading and investment purposes the usage of Bitcoin will not have gained massive usage as it is today, almost everybody that holds Bitcoin is for investment and trading purposes, which is not the best for a currency. I hope that the developers finds a solution to this congestion that happens seasonally, because it is not good for Bitcoin adoption.

[kryptqnick]

The transaction fees aren't fantastic, but they aren't terrible anymore either. You can pay a little less than $3 and be sure you'll get your transaction confirmed within an hour. The number of unconfirmed transactions is almost twice as low as it was a week ago when the op wrote that post.
Still, a lot of people are overpaying for their transactions because, instead of mempool, they're following websites that state average transaction fees, or they go by highest priority recommendations of their wallets, which can be off by a lot.