30 Apr '17, 1pm

82,000 Unconfirmed Bitcoin Transactions in a Day, Necessity of Proportional Fees Obvious

On April 29, the Bitcoin mempool, the holding area for unconfirmed and pending transactions, recorded more than 82,000 transactions. Most transactions were delayed for up to 48 hours. When a Bitcoin transaction is signed and sent to the network, it is first verified by the Bitcoin network’s nodes. Once the transaction successfully passes the first stage of verification, it then sits on the mempool awaiting for miner confirmation. After several confirmations from Bitcoin miners, the transaction is broadcasted to the public Blockchain of Bitcoin . During the second verification phase, miners prioritize transactions with high fees. In order to have transactions confirmed faster, transaction initiators attach higher fees to incentivize the miners. Even though a transaction with a higher fee is initiated long after a group of transactions with lower fees, miners tend to priorit...

Full article: https://cointelegraph.com/news/82000-unconfirmed-bitcoin-...

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