Bitcoin Network Slows to Crawl, BTC Fees Climb. As Bitcoin Cash Miner/Price War Goes Parabolic
Bitcoin Network Slows to Crawl, BTC Fees Climb. As Bitcoin Cash Miner/Price War Goes Parabolic
As the game theory for how to handle crypto support of many parties continues. BTC (Bitcoin) Network is penalized slowing it to a crawl. Currently many exchanges are having error messages and high fees. This is due to both a price pump on bitcoin cash, the miners swarming to BCH (Bitcoin Cash), and a rumored spam attack on the BTC network.
As we can see in the three pictures below the fees for bitcoin transaction have been climbing up and our now crazy high. Worse then the BCH fork rates!
And you can see in the picture below the time between the red arrows is one hour or more between blocks just to confirm the next priority transactions!
And in this picture these are all the on chain transactions waiting for their first confirmation to get on the chain. Priority or not. At the time of the picture 175052 transactions!
This is because of mostly a big between the mining power. So called hash rate between Bitcoin (BTC) and Bitcoin Cash (BCH.) There are other coins that support the miner power but these are the main shift. The hashing power is now nearly equal Bitcoin last sampling was still ahead a few exahashes. An exahash is the amount of million trillion hashes per second that the mining computers can generate. These are used to basically sign transactions as authentic and add them to BTC's and BCH's records of transactions. This record is called a blockchain. See the two pictures below the far right is the recent amount of hashing computer power on both networks.
References
https://blockchain.info/unconfirmed-transactions
https://bitcoinfees.earn.com/
https://bitcoinfees.info
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3m
https://bitinfocharts.com/comparison/bitcoin%20cash-hashrate.html
Personally, I'm a fan of the swap towards Peer to Peer systems. There should be a way to counter act this transaction lag if we'll move forward to mass adoption.. This is a real turning point.
Yeah that's part of the whole lightning network debate. Full decentralized exchanges and atomic swaps is very interesting. Making the wallets more flexible for different coins would be good too. Getting people used to it all. I'm all for different cryptos specializing in certain things. But in order to get there we need to be way more decentralized. The crypto community also needs to fund the development of crypto for the 3rd world. Lets attack issues like lack of finance, liquidity, food, water...... I love how crypto can make social causes and real capitalism more compatible then before.
Wow - looks like an issue. Hopefully this will push the developers to fix the problem. Delays and high fees suck.
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