We've noticed Bitcoin transactions are slow to confirm right now, maybe related to rise in Bitcoin Cash price
We've seen a lot of unconfirmed transactions on bitcoin sent to us today, and I've just had a report from one customer that the bitcoin we sent him hadn't confirmed yet. My best guess at the moment is that the rise in price of Bitcoin Cash may have caused miners to switch to it temporarily due to the extra profit they can make and this caused a sudden increase in the fees needed to get fast confirms on Bitcoin.
As you can see in link below, fees for fastest confirmations have gone up: https://bitcoinfees.earn.com/
Thanks for the report!
1 block in the last hour.. your might be onto something here.
Thanks for the heads up!
just got another 2 blocks in the last 5 minutes..
Hmm, makes me wonder if they might not be ping-ponging. It's all possibly coincidence, but I'm definitely seeing an abnormally large number of unconfirmed transactions. Plenty are getting through, of course, so I think it's mostly a fee issue.
I use this page to check on the amount of unconfirmed transactions, just in case you didn't know about it: https://blockchain.info/unconfirmed-transactions
Over 105k right now.. alarming.
I did, but it's a good addition to the post for other readers.
this post is so informative @blocktrades ..
thanks for sharing
The hash rate right now on BTC is like cut in half by the BCH pump... there is also a possible transaction spam flood going on also.... but that I have yet to validate... if these keeps up next difficulty adjustment the bitcoin blocks will mine like crazy I would think
Just wrote a quick post about this issue here if you wanna see a few notes or ask me questions.... https://steemit.com/steemit/@xiobus/bitcoin-network-slows-to-crawl-btc-fees-climb-as-bitcoin-cash-miner-price-war-goes-parabolic
Yes this is bad, hashrate is going to BCH, you can view it live here:https://fork.lol/pow/hashrate and the Bitcoin network is getting congested : https://jochen-hoenicke.de/queue/#24h, got rid of my Bitcoin for now ....
Thanks for this info. Updates such as this are important, and very much appreciated.
Help ----- I sent you $30 SBD (1 SBD=$1.02) and I only received $13 USD of Bitcoin ? Are your fees now 120 % ? Is this a mistake ? I send you $30 and you take $17 in fees ???
No, mostly that cost was the fixed fee we have to pay right now to send bitcoin (it doesn't end up in our pocket, it goes to the bitcoin network), and we just pass that expense to the customer.
There's a clear warning about it in the display when you get the deposit memo, where we recommend you only send in amounts at least 5 times the fixed fee to get a reasonable exchange rate. Also, I generally recommend buying something other than bitcoin right now, unless you're just planning to hold the bitcoin. See this post for more details (it's a bit old, so the fees for bitcoin have skyrocketed even further than when I wrote the post):
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
OK - Thanks ! Lesson Learned.
Also, note that bitcoin fees are abnormally high now, due in part, I believe, to games being played by bitcoin/bitcoin cash miners, as mentioned in this post.
OK - Thanks - I will hold off from transferring anything into Bitcoin.
I didn't mind losing the $ 17 so much since you had recently Upvoted one of my posts with $70 + so still a big fan of @blocktrades and will do more trades as soon as the transaction fees return to normal or hopefully with larger amounts of SBD.... would you recommend minimum of $ 200 SBD ?
Another option is to buy Ethereum or Litecoin. Most exchange support those as well.
Yes - I have traded my SBD for both Litecoin and Ethereum and the transaction cost is almost zero. I will buy these on the dips. Thanks. You provide a Great Service here.
At the current rates, $200 SBD might be the right amount to use, but less should be fine once bitcoin transaction fee gets back to normal. If you're ever unsure, it's best to just use the estimator, it will give you a pretty good estimate on the rate you will get.
OK - Thanks - I have not used that tool before- I will next time.
I see dash is no longer on blocktrades for transactions or transfers rather. What's up with this?
it's very true friend, chances are BTC price will rise.makanya all switch to BTC so they get to the growing profit. thanks for sharing @blocktrades.
Hello @blocktrades, I have a bit of a constraint about steem transfer as much as 50 to @blocktrades, I mistyped memo on steem transfer to @blocktrades, I typed a bitcoin memo not a memo that has been given by @blocktrades
They are normally good about fixing this! Sometimes they are backed up but they always have made things right for me. Just thought I'd mention it so you aren't worried. If u haven't heard from them within 24 hours leave another comment.
We actually refunded it about 7 hours ago (just after he posted I guess), but thanks for the endorsement!
Sir please promote me
Any plan to introduce Bitcoin Cash Exchange ?