In recent days, the commission for transactions in the Bitcoin network has increased dramatically. A week ago users paid an average sum about $6, then at the end of last week it soared to $26, and earlier this week was about $20.
Until recently, each block in the Bitcoin network had a hard limit of 1 MB. With a typical transaction size of about 500 bytes, the middle block included less than 2,000 transactions. So it took about 10 minutes to complete each block, and the network processed up to 3.3 transactions per second.
The September 2017 update, called segregated witness, allowed to store the cryptographic signatures associated with each transaction separately from the rest of the data. Such a scheme has led to the fact that signatures are no longer taken into account in the total block size. Potentially this was to double the network bandwidth. However, in fact, the average network bandwidth remained below 2,500 transactions per block - about 4 transactions per second.
This, of course, doesn’t mean that all transactions in recent days were sent with a commission of about $20. Some users had to pay significantly more than others. The fact is that with a large number of transactions, the miners can first choose those that are offered with the highest commission. Therefore, the probability of prompt confirmation of a transaction depends on the size of the commission.
The debate on how to cope with the growing demand divided the community into two parts. On the one hand, there were supporters of increasing the volume of each block, who argue to increase the block limit above 1 MB. After more than two years of disputes some of them created a separate network through hard fork - Bitcoin Cash. Its software provides blocks up to 8 MB.
But Bitcoin problems remained unresolved.
This post received a 5% upvote from @morwhale team thanks to @russianbitcoin! For more information, click here! , TeamMorocco! .
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Unfortunately this will be Bitcoins downfall if the only thing planned for the future is the lightning network :\
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I hope, it'll be successful...
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The @OriginalWorks bot has determined this post by @russianbitcoin to be original material and upvoted(1.5%) it!
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This post has received a 0.52 % upvote from @drotto thanks to: @russianbitcoin.
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