Transaction Fees Increase as Bitcoin Blocks Get Full

Something strange is going on within the Bitcoin ecosystem, as it has become all but impossible to send transactions to other people by paying a low or standard fee these days. Trouble started brewing when someone figured out how all mined blocks on February 29th were completely full ,leaving no room for additional transactions. Addressing the Bitcoin block size debate will have to happen very soon, before things – and transaction fees – get out of hand even more.

Bitcoin Transaction Gets Stuck For Hours

Whenever somebody sends a Bitcoin transaction with a lower than normal fee, it only makes sense to face a slight delay. The way Bitcoin mining works is by prioritizing transactions based on the transaction fees paid. Low to no transaction fees will usually lead to a delay when waiting for network confirmations, although things never got out of hand as much as they do now.

These days, it is not just the low fee transactions which are faced with network confirmation delays, but the regular fee is no longer sufficient either. This creates a very awkward situation in the Bitcoin world, as the 0.001 BTC fee – worth US$0.43 at the

Read more ... source: TheBitcoinNews

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