Bitcoin is down - 170,000 unconfirmed transactions - High Fees

in bitcoin •  7 years ago 

Snapshot_8.png

WHY BITCOIN IS DOWN!

As of 12th Jan 2018, (Australia Time) Bitcoin has 170,000 unconfirmed transactions on the network. This has been like this for some time now (2 - 3 weeks).
With only on average 2000 transactions confirmed in each block (10 min) it will take some time to bring this figure down.

The miners are able to ask a higher price to confirm a transaction, as there are so many waiting in the Q.

So the Bitcoin Network is Clogged up... this will be the downfall of Bitcoin as a Transaction coin. People will not wish to spend a $5 fee to buy a $5 coffee, not gonna happen.

I go over this and more in my video.

Cheers
GUNGA

bitcoin unconfirmed bitcoin-transactions bitcoin-fees
7 years ago by

Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

  • Disagreement on rewards
  • Fraud or plagiarism
  • Hate speech or trolling
  • Miscategorized content or spam

Submit
$0.02
  • Past Payouts $0.02
  • - Author $0.02
  • - Curators $0.00
2 votes
2
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  • Trending
    • [-]
      ·  7 years ago 

    This is the best post on Steemit. I gave you a vote now, ya heard?

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.02
    • Past Payouts $0.02
    • - Author $0.02
    • - Curators $0.00
    2 votes
    [-]
      ·  7 years ago 

    Thanks so much. Really appreciate it!!

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.00