The number of unconfirmed transactions rises to a level where it hurts. The bitcoin economy is not pleased. BitPay’s Stephen Pair is unusually direct, while Barry Silbert from the Digital Currency Group is trying to find a broad alliance for a new compromise. At the same time, the calls for a UASF are getting louder. Is a solution of the Blockize-Streit finally found out of necessity?
The bitcoin scene is currently in agreement about one thing: we have an absolute all-time high of unconfirmed transactions. Currently 212,000 transactions are waiting for a place in the blocks. 160 megabytes of data are stuck in blockchain jams. Because the Bitcoin network can only confirm 144 blocks of 1 MB in 24 hours, it will take a day to process them when everyone stops sending bitcoins.
The fees meanwhile reach insane heights. Almost 7,000 transactions pay fees of more than 200 satoshi per byte, which is almost one euro for a standard transaction, which is expected to be confirmed over the next 10 blocks (just under 2 hours). If you want to have a chance to get into the next block, you should pay more than 300 Satoshi, which is about 1.50 Euro for standard transactions. If, on the other hand, he tries to pay less than 80 satoshi per byte (less than 50 cents), he can do 160,000 transactions.
Bitcoin is expensive, and unpredictable for those who do not make the right charge. It becomes hair-racking, if one has many small inputs, which lie under 60,000 Satoshi. For example, I received small amounts of a Cloud-Miner, which have accumulated daily. Many have something similar from Faucets. If the charges rise to more than 120 satoshi per byte, and a standard transaction is 250 byte, then inputs smaller than 30,000 satoshi (or 50 cent) are frozen. If the fees rise to 300 Satoshi, everything will depend on 75,000 Satoshi (1.20 Euro).
For the Bitcoin economy, things are slowly starting to get painful. Trezor, the hardware wallet, calculated astronomical fees of $ 500, because the provider Trezor used for the charge calculation does not clark with the full blocks; Multibit users complained that they could no longer spend their bitcoin credit while Electrum hit the “Sanity Fees” limit of 300 Satoshi per byte.
Bitcoin companies like BitPay or Shapeshift who accept and send thousands of transactions per day are overwhelmed by support requests because everyone wants to know when their payment is finally confirmed. AirBitz, the mobile wallet, even thinks that the employees will no longer pay in Bitcoin, but in Litecoin or Ether because the charges are too high.
The Bitcoin News