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Just checked /r/Bitcoin, no mention of high transaction fees or 95k unconfirmed transactions (few hours ago)

Whole first page of /Bitcoin is filled with price pump topics, some guy even dreaming about 330k$ Bitcoin inside one year. It's unimaginable how badly would the Bitcoin network congest on such prices if it cannot withstand current hype and transaction volume. The fact is that Bitcoin is no where near ready for mass adoption and whoever thinks this BTC run vs "shitcoins" is gonna last much longer is gonna get a reality check pretty soon. There are blockchains which can scale with instant speed and no fees, green and so on. Bitcoin is the first one and it showed us the light and we all love it. It's a good store of value since your funds are protected with a lot of hashing power but that's about it. P2p transaction market, m2m transaction market and smart contracts niche will need their own native platforms and they do exist and pretty much should not depend on Bitcoin at all.

Oh yeah, Bitcoin are all about Bitcoin being "the most decentralized" argument, but it seems to me like it's a fact that CZ from Binance is not supporting Segwit and cheaper transaction because of his close ties with Bitmain (most hash rate on Bitcoin), who is also not supporting it and rather has it congested with high fees as it is to milk more money from the users. Those are 2 people manipulating the whole Bitcoin blockchain because of their own personal gains, that's how decentralized Bitcoin is today.
submitted by ureindanger to CryptoCurrency [link] [comments]

Bitcoin’s Network Slows, Causing Spike in Unconfirmed Transactions and Fees

Bitcoin’s Network Slows, Causing Spike in Unconfirmed Transactions and Fees submitted by n4bb to CoinPath [link] [comments]

Unconfirmed transaction for over an hour, peep my transaction fee (x-post from /r/Bitcoin)

submitted by cccmod to CryptoCurrencyClassic [link] [comments]

Everyone knows that you can be upset over current fees and unconfirmed transactions and ALSO believe in bitcoin, right? These things are not mutually exclusive.

I have been in bitcoin for a long time and I judge the worth of my portfolio IN bitcoin. But these fees are insane. I paid over 200 sats/byte and my transactions are still not confirmed over two days later.
I'm super long HODL. But can we have an honest discussion if what these high fees mean for bitcoin without people from /bitcoin and /btc slap fighting each other?
submitted by richielaw to Bitcoin [link] [comments]

Debunked: "Fast transactions using 0-conf were never safe in Bitcoin. Satoshi added Replace-by-Fee himself and said we shouldn't use unconfirmed transactions."

In the Bitcoin design — today implemented in the form of Bitcoin Cash — the blockchain is used to "confirm" or "timestamp" whichever transaction sent by the same party came first. This prevents cheating, which can otherwise be done by replacing a transaction going to a merchant with one going to another or back to the payee themselves. A transaction waiting in line to be timestamped is called 0-conf and can be used to facilitate instant transactions at lower fraud rates than credit cards.
The incentives needed for the above mode of operation is derived from Proof-of-Work, which in combination with protocol and client settings creates the positive pull needed to ensure that it is always more likely that nodes will only accept the first transaction that they saw and record it in a block as soon as possible. Like everything in Bitcoin it can never be fully guaranteed, but it can be considered "reasonable certain", which is also what we see in practice.
Sources 1, 2, 3, 4
Replace-by-Fee being enabled by default in Bitcoin Core clients made 0-conf in particular much less secure on its chain, because the change of expectations that it brought in practice changed the "first seen" rule to a "highest-bid-until-it-gets-into-a-block" rule.
It did this by making it much more likely that a payee marks his transaction for potential later changes to the recipient field in the form of a replacement transaction with increased fee, in turn complicating the receiving process for merchants and making the nodes (solo-miners and pools) that run the timestamping service less strict with the first seen rule in general.
Some have claimed Satoshi invented this form of RBF and that it was present in Bitcoin from the start. These are actually complete lies. Satoshi never supported such a feature. He once had something vaguely similar in mind, but removed it to improve security. In a forum post he also explained that a replacement transaction must be the exact same as the original transaction except with a higher fee, which would of course not in any significant way allow tempering with the order in which transactions were accepted by the network.
Sources 1, 2
Bitcoin always had 0-conf. The first seen rule is essential to Bitcoin and the only way to have fast transaction speeds and immediately re-spendable coins; the security of which can then be improved on with a payment processor if one wants to or by waiting for the "confirmation" which will be "computationally hard" to reverse.
Source
Satoshi himeself was a big proponent of 0-conf payments and expected them to work fine for paying many if not most merchants. He just went out of his way to explain their drawbacks in a rather immature network and how they could be used more safely. He also did serious work to make them function as well as they could.
Sources 1, 2, 3, 4
0-conf transactions on Bitcoin Cash with 1 sat/byte or more in fees are safe enough for most use cases today, including commercial transactions. You can pay for digital goods online and have them delivered without having to wait for your transaction to confirm. With a high degree of certainty, it will eventually. Timestamping happens on average once every 10 minutes and the BCH chain being congestion free ensures it won't take days to make the transaction actually computationally hard to reverse.
In order to have close to zero risk, businesses can still wait for 1 confirmation if they so choose. Earlier in Bitcoins history it would have been more than one and over time the risk will tend to decrease as the strength of the network and the stakes of the nodes in the network itself increases. This is all Satoshi stuff.
It should be noted that Satoshi did temporarily limit the spending of such unconfirmed transactions received from a different wallet, in the reference client itself, since these — especially back then — were less secure by not yet being included in a block and passing them on too quickly actually risked breaking your wallet. This is however not a valid argument to reject the viability of 0-conf itself or to stop improving on the concept.
Source
submitted by fruitsofknowledge to btc [link] [comments]

BitcoinCore has 1200x more unconfirmed transactions and 178x higher Fees than Bitcoin Cash!

Bitcoin Cash vs. Bitcoin Core:
MempoolTx: 50Tx (Cash) / 60'000Tx (Core) => Core: 1200x more unconfirmed transactions
Avg.fee/Kb: 0.07USD (Cash) / 12.5USD (Core) => Core: 178x higher TxFees .
.
.
Transactions since block 478559:
Bitcoin Core:
5312215 transactions, Block 478559-481604 (UTC 2017-08-22 10:55)
3045 Blocks
1744.5 Tx/Block
Bitcoin Cash:
427143 transactions, Block 478559-481456 (UTC 2017-08-22 11:06)
2897 Blocks
147.5 Tx/Block
EDIT: Bitcoin Cash has 8% of the transactions of core, just 0.5% of the fees and 0.08% of the unconfirmed transactions
submitted by german_bitcoiner to btc [link] [comments]

42K unconfirmed transactions in the Bitcoin legacy chain = SLOW confirmations and HIGH fees!

42K unconfirmed transactions in the Bitcoin legacy chain = SLOW confirmations and HIGH fees! submitted by increaseblocks to btc [link] [comments]

Bitcoin Core over 90,000 unconfirmed transactions - Total fees 567.21BTC

https://blockchain.info/unconfirmed-transactions
It should be over 100,000 soon.
submitted by twisted636 to btc [link] [comments]

Roger Ver tries to intentionally spend unconfirmed bitcoins from a zero fee transaction, which fails, and then blames failure on technology.

Roger Ver tries to intentionally spend unconfirmed bitcoins from a zero fee transaction, which fails, and then blames failure on technology. submitted by afilja to Bitcoin [link] [comments]

Bcore chain unconfirmed transactions piling up. Txn fees starting to rise again. Go to Bitcoin Cash (BCC) for faster confirm times!

Bcore chain unconfirmed transactions piling up. Txn fees starting to rise again. Go to Bitcoin Cash (BCC) for faster confirm times! submitted by increaseblocks to btc [link] [comments]

There are about 150k unconfirmed bitcoin transactions at the time of writing. High congestion means very high transfer costs. JAXX IS NOT RIPPING YOU OFF so stop moaning, they just use the standard recommended transfer fee. If you don't understand why, do some research on how the blockchain works

There are about 150k unconfirmed bitcoin transactions at the time of writing. High congestion means very high transfer costs. JAXX IS NOT RIPPING YOU OFF so stop moaning, they just use the standard recommended transfer fee. If you don't understand why, do some research on how the blockchain works submitted by wilk007 to jaxx [link] [comments]

Transactions unconfirmed 4 days with .0001 fees. Bitcoin is unusable to me but yet the price is at an all time high.

Bitcoin is broken. It is increasing in price because more people are entering the crypto space and Bitcoin is the gatekeeper. If it does not gain it's usefulness soon, most users will migrate to alternative tokens. For the time being an alternative token are just too hard to use, but for how much longer? Miners, please do something. ANYTHING. Make bitcoin useable again. PLEASE.
submitted by phanpp to btc [link] [comments]

82,000 Unconfirmed Bitcoin Transactions in a Day, Necessity of Proportional Fees Obvious

82,000 Unconfirmed Bitcoin Transactions in a Day, Necessity of Proportional Fees Obvious submitted by XtreReX to CryptoCurrency [link] [comments]

Bitcoin Fees Take Off #ToTheMoon, Unconfirmed Transactions Near 200,000

Bitcoin Fees Take Off #ToTheMoon, Unconfirmed Transactions Near 200,000 submitted by thedesertlynx to CryptoCurrency [link] [comments]

Bitcoin Fees Take Off #ToTheMoon, Unconfirmed Transactions Near 200,000

Bitcoin Fees Take Off #ToTheMoon, Unconfirmed Transactions Near 200,000 submitted by thedesertlynx to dashpay [link] [comments]

[META] bitcoin miner fees are currently very high and rising, ~$12+ btc, number of unconfirmed transactions are very high and rising too, ~200k+, keep in mind buying and selling btc

submitted by nter to BitMarket [link] [comments]

SMOOTH RUNNING: Almost no unconfirmed bitcoin transaction in the mempool! We’re happy to contribute to faster network operation and minimal confirmation fees by batching transactions and being an early segwit adopter.

SMOOTH RUNNING: Almost no unconfirmed bitcoin transaction in the mempool! We’re happy to contribute to faster network operation and minimal confirmation fees by batching transactions and being an early segwit adopter. submitted by Bitstamp-Domen to Bitstamp [link] [comments]

Bitcoin hits 100k unconfirmed transactions with pending fees nearly 1000 BTC

Bitcoin hits 100k unconfirmed transactions with pending fees nearly 1000 BTC submitted by TommyEconomics to btc [link] [comments]

Bitcoin Fees Take Off #ToTheMoon, Unconfirmed Transactions Near 200,000

Bitcoin Fees Take Off #ToTheMoon, Unconfirmed Transactions Near 200,000 submitted by thedesertlynx to btc [link] [comments]

Meanwhile in Milan. Pizza was good but it cost me 1 Euro transaction fee. My bitcoins went into 160,000 unconfirmed transaction queue on Monday. Bigger Block Please.

Meanwhile in Milan. Pizza was good but it cost me 1 Euro transaction fee. My bitcoins went into 160,000 unconfirmed transaction queue on Monday. Bigger Block Please. submitted by tokyosilver to btc [link] [comments]

Steam canceled my order because my transaction is still unconfirmed even with an 11c (CAD) fee... what do I do now?... • /r/Bitcoin

Steam canceled my order because my transaction is still unconfirmed even with an 11c (CAD) fee... what do I do now?... • /Bitcoin submitted by Egon_1 to btc [link] [comments]

My bitcoin transaction with a really low fee has been unconfirmed for almost one week now. What are my options?

Hi all, I posted 6 days ago regarding a bitcoin transaction I sent with a really low fee (accidental). It still has not been confirmed yet. What are my options to get it confirmed? Here are some details from bitcoin core:
Status: 0/unconfirmed, in memory pool Date: 11/19/2017 16:33 To: 1G1Y6QRYRUU2SBnRirYnEfeqJvQZ1VqKyS Debit: -0.02302474 BTC Transaction fee: -0.00000192 BTC Net amount: -0.02302666 BTC Transaction ID: 050b5ba38506f8b5fb9054ff2f338999a082236a95f388449e1b8049c72e4f10 Transaction total size: 192 bytes Output index: 0
Is it possible to cancel this transaction some how?
Thanks!
submitted by y0um3b3dn0w to Bitcoin [link] [comments]

How To Get Your Bitcoin Transaction Confirmed with CPFP ... Withdraw Any Bitcoin Blockchain Unconfirmed Transaction ... Bitcoin Hack Unconfirmed Transaction. - YouTube Unconfirmed Bitcoin Transaction Hack FREE 2020 - YouTube Bitcoin Fees and Unconfirmed Transactions - Complete ...

If a transaction does not have enough mining fees, it will be rejected by the miners. Mempool has a lot of transaction. Let’s say a lot of people started buying bitcoin, and the mempool gets loaded with a tremendous amount of transaction data. To make the transaction faster, many would bet high transaction fees. An unconfirmed transaction will eventually be accepted into a block by whichever mining pool mines the block, or the transaction will eventually be rejected by the bitcoin network after an estimated one to seven days. If it eventually is rejected, then the funds would remain at the bitcoin address they were sent from. The only thing you can do at this point is to wait and see if the ... An unconfirmed transaction is one that hasn’t yet been picked up by a miner and processed into a block. There are a number of reasons your transaction may be unconfirmed. The network is congested and all transactions are taking longer than normal to be processed. Each transaction takes the same amount of hash power to confirm, regardless of size. This can create a bottleneck at times of high ... That’s why miners always keep unconfirmed transactions in descending order of the transaction fees attached to the transactions, and this pool of unconfirmed transactions is called Bitcoin mempool. This way of free-market operation naturally forces Bitcoin users who have a high time preference to transact bitcoins with higher transaction fees attached to it thereby pushing the average fees ... Predicting bitcoin fees for transactions. Fees are displayed in Satoshis/byte of data. Miners usually include transactions with the highest fees first.

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How To Get Your Bitcoin Transaction Confirmed with CPFP ...

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