Millions of Dollar stuck in Bitcoin Unconfirmed Transactions!
Millions of Dollar stuck in Bitcoin Unconfirmed Transactions!
Bitcoin newly saw a sudden increase in worth in last few months, but soon suffered a major rectification and saw a dip from $19,000 to $15,407.62 at press time. The bitcoin supremacy index fallen from over 62% to 50% next to the “death” of SegWit2x hard fork.
The cryptocurrencies had seen good days, as per Blockchain.info around 140,003 unconfirmed transactions are in system which anyone can also see on their website, which means the mempool once again exceeded 100 million byte mark, which happened after many months. As per tradeblock, the amount of unconfirmed transactions are more than 100 million, weighting about 40 MB.
After the termination of SegWit2x hard fork, many investors are converting their Bitcoin to other currencies, as “airdropped” tokens will not be available. Some also wonder, investors are also converting their bitcoin to other bitcoin childlike bitcoincash, which is justified though.
Each time bitcoin’s mempool is occupied with unconfirmed transactions, the mining software take transactions with the larger fees. So it is advisable if anyone wants to send the urgent transaction they should add up the higher transaction fee, so their transaction should be picked by miners.
As per some estimates the cheapest and faster fee for transaction is somewhere around 480 satoshis/byte. Pleasing into explanation a average transaction size of 226 bytes, which will result in 108,480 satoshi fee, which is equal to $7-$8. So formula is simple, pay higher transaction fee to avoid the hassle.
It is expected higher fee trend will be followed in future as well, even next the acceptance of SegWit. On Twitter, the developer of BTC Peter Todd said that it will not be a good idea to oversell SegWit.
Some people stated that it look like a planned attacked on Bitcoin, as per news bitcoin cash is gaining more attention and value gone upto $1,257.57 per token. BCH’s flow looks to be inorganic, as south korea market is down already. As per CoinMarketCap, Bitcoin Cash’s transaction worth only in exchanges in South Korea Bithumb exceeded $2 billion, which is36% of the total capacity. In total exchanges from south korea is having more than 50% of the volume
It appears reasonable Bitcoin Cash’s ecosystem is fascinating bitcoiners irritated with the cryptocurrencies recent situation, as per Blockchair Bitcoin’s bitcoin cash is still having lower fees compared to BTC.
Bitcoin newly saw a sudden increase in worth in last few months, but soon suffered a major rectification and saw a dip from $19,000 to $15,407.62 at press time. The bitcoin supremacy index fallen from over 62% to 50% next to the “death” of SegWit2x hard fork.
The cryptocurrencies had seen good days, as per Blockchain.info around 140,003 unconfirmed transactions are in system which anyone can also see on their website, which means the mempool once again exceeded 100 million byte mark, which happened after many months. As per tradeblock, the amount of unconfirmed transactions are more than 100 million, weighting about 40 MB.After the termination of SegWit2x hard fork, many investors are converting their Bitcoin to other currencies, as “airdropped” tokens will not be available. Some also wonder, investors are also converting their bitcoin to other bitcoin childlike bitcoincash, which is justified though.
Each time bitcoin’s mempool is occupied with unconfirmed transactions, the mining software take transactions with the larger fees. So it is advisable if anyone wants to send the urgent transaction they should add up the higher transaction fee, so their transaction should be picked by miners.
As per some estimates the cheapest and faster fee for transaction is somewhere around 480 satoshis/byte. Pleasing into explanation a average transaction size of 226 bytes, which will result in 108,480 satoshi fee, which is equal to $7-$8. So formula is simple, pay higher transaction fee to avoid the hassle.
It is expected higher fee trend will be followed in future as well, even next the acceptance of SegWit. On Twitter, the developer of BTC Peter Todd said that it will not be a good idea to oversell SegWit.
Is it a attack on Bitcoin ?
It appears reasonable Bitcoin Cash’s ecosystem is fascinating bitcoiners irritated with the cryptocurrencies recent situation, as per Blockchair Bitcoin’s bitcoin cash is still having lower fees compared to BTC.
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