• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Bitcoin Grinds to a Halt, 100,000 Transaction Wait to Move, Fees Skyrocket

06/05/2017 11:58
No comments

More than 118,000 transactions were stuck yesterday, unable to move, as bitcoin’s capacity reaches breaking point, sending fees to an all-time high of $1.50 per transaction, up $0.50 cent for an average transaction.

The matter quickly became a topic of debate as users started complaining in public with one bitcoiner stating he had to pay a fee of $2.10 for a $20 transaction. The reason is because bitcoin’s capacity has hit a limit. As such, it isn’t currently able to process more than 250,000 transactions with the only current solution being to pay a higher fee than anyone else.

There have been many proposals to increase bitcoin’s capacity, but the matter has divided the community, which instead of coming together, has plunged into in-fighting and general incivility.

More than 118,000 bitcoin transactions stuck. – image from tradeblock.

After two years of vicious “debate,” nothing has changed, with the two camps having almost the same level of miners’ support. 35% of the hashrate is currently favoring segregated witnesses (segwit), a proposal by Blockstream employees which nearly doubles capacity while allowing for layer two protocols such as the lightning network (LN).

Critics say LN would centralize bitcoin, thus they support Bitcoin Unlimited (BU), with 40% of miners favoring this proposal which gradually increases capacity as required to maintain it above demand.

Segwit supporters say BU would be centralizing, thus leading to the current stalemate which doesn’t offer much resolution in sight. The problem of ever increasing fees and delays, therefore, continues, pushing many out.

Bitcoin’s market share stood at around 95% last year, but bitcoiners began to look for alternatives after it seemed somewhat clear a stalemate had formed. Primarily, they looked to ethereum, which provides as good as instant transactions for almost no fee due to their roadmap of reaching unlimited scalability.

Other digital currencies have benefited too, sending bitcoin’s market share to 56%, an all-time low and close to below majority share. That has given rise to talks of a flippening, a point when ethereum’s market cap takes over bitcoin’s.

Will it happen? Who knows, only time can say, but the current trend seems to suggest it may do so and it may do so fairly soon.

Related Posts

Bitcoin on a TV tower, fan art

Bitcoin Resilient at $23,000

The PBoC printer as of Jan 2023

Did China Print Half a Trillion?

World Holds Breath For Russian Surge

MicroStrategy Increased Bitcoin Holdings

Load More
  • Trending
  • Comments
  • Latest
UK starts training Ukrainian troops on Challenger tanks.

World Holds Breath For Russian Surge

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

A Nationwide bank branch

Nationwide Restricts Payments to Binance

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

The PBoC printer as of Jan 2023

Did China Print Half a Trillion?

UK starts training Ukrainian troops on Challenger tanks.

World Holds Breath For Russian Surge

Crypto art

Can Ethereum’s Variable Tokenomics Address Inflation?

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Comments

Latest News

  • Bitcoin Resilient at $23,000
  • Did China Print Half a Trillion?
  • World Holds Breath For Russian Surge

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?