Bitcoin’s Transaction Backlogs Are Now Becoming Common

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For the first time ever, bitcoin has been running above capacity for more than a week as transaction backlogs are now becoming a common experience with no indication of any solution in the near future.

Bitcoin is Currently Operating Under a Constant Backlog For the First Time – image from tradeblock

On the 4th of February 2017, almost $1billion worth of bitcoin was stuck. It gradually went down, but never cleared, with around 300,000 bitcoins waiting to move. Yesterday, that went up again to almost 900,000. The mempool is usually full and the network now runs at around 3-4 txs per second when it can only handle around 2.5.

This complete transformation has had an effect on everyone. In public forums, on social media, at bitcoin businesses, at mining farms, nothing is given more attention for a prolonged period than transaction capacity. Even occasional bitcoin users and traders who never cared about scalability now bring it up everywhere with different

Read more ... source: CryptoCoinsNews

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