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

in #bitcoin • 7 years ago

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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

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

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

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     7 years ago 

    Thanks so much. Really appreciate it!!

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