While Bitcoin Price Hits Record Highs, Nearly 100,000 Transactions Are Stuck in a Backlog

Almost 100,000 bitcoin transactions are waiting to move – image from tradeblock

Bitcoin is currently operating at over capacity following a significant price increase by around $600 in just one week. 100,000 transactions are now stuck, unable to move, weighing around 68MB.

That means 68 blocks would be needed to clear the backlog, taking around 11 hours, but that’s only if there are no further transactions being made in the meantime. As new transactions do come in, older ones either drop off, or keep waiting in a now longer queue.

To jump the queue, you can pay a higher fee. Vinny Lingham, co-founder of Gyft which accepts bitcoin, stated average bitcoin fees are now more than $1 and rising.

Bruce Fenton, host of the Satoshi Roundtable, publicly stated:

“I had two Bitcoin transactions today with fees over $9 ea. another 2 which are still unconfirmed after 1 hr 50 min.”

Others, however, think this is fine. Tuur Demeester, who claims to

Read more ... source: CryptoCoinsNews

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