Hey Bitcoin, where did all the transaction go?
Remember just a few days ago when Bitcoin’s Blocks were full, transaction fees were high and everybody was talking about a scaling solution?
Well, for some magical reason transactions have disappeared after miners agreed to upgrade to Segwit and increase the block size limit.
Was the Spam politically driven?
I can’t help but think that the small Bitcoin Transactions that were spamming the network were used to manipulate the block size debate.
Today, transactions can be handled by the network with a small transaction fee. Moreover, the implementation of Segwit would increase network capacity by at least 70%, so there wouldn’t really be any need to increase block size in the near future.
What are your thoughts on this issue, what do you think happened to all the low-fee Bitcoin transactions?
While mining fees are low, now would be a good time to consolidate wallets and spend out any dust that you have just in case we see another spike in fees/traffic. Last weekend, I was able to get some transactions to confirm with only 1 penny paid as a fee using Airbitz's custom fees.
Just remember to check https://bitcoinfees.21.co/ to see what fees are being paid to see what you should set it to and how much time to expect to wait for it to get confirmed.
I hear airbitz has the Safest wallet too (compared to
Jaxx and mycelium). It also fully encrypts your cell phone from end to end.
Is there any possibility segwit2x won't happen?
You can make the argument that the mempool was clogged because bitcoin was rallying really hard during that time period.
It's possible that there was some spam in there to exacerbate the glut to make a point, but those excessive transaction volumes could also be due to darknet users attempting to use tumblers, which generate lots of transactions in short periods.
Imho, a lot more evidence needs to be gathered!
Sick of Bitcoin fees and waiting times. We need urgent solution for this. Just owning bitcoins makes you a trader and gambler, not an investor. So many people bumping on board with powerful mining equipment and dumping everyday. I see Bitcoin downtrend in the future. ETH is under breakout, which is a positive thing and it will eventually reach the Bitcoin in a sense of using. I mean it's already all over the market and platforms. Bitcoin might become elitistic coin after all this.
I think they are all going up in the longterm...Just have to keep buying during the dips.
The mining fee's are a lot less when we are in a crypto correction. Kinda like we are now.
Interesting. I still think bitcoin will rule over eth.
Yesss...even I think the same.
Rootstock is coming to uphold Bitcoin.
Thanks. I'll be checking more into this.
I agree with you.
Increase in block size will require more resources for nodes and hence push control to the miners with large infrastructures. It will force consolidation and wont be good for the bitcoin ecosystem. My personal view is decreasing the block size could actually help in improving scalability as transactions can get confirmed faster.
That's interesting but even if we can rise TPS with this system, POW will still consume to much energy and it's exponential. Over long term I hope Bitcoin will switch to a "greener" consensus protocol.
A great paper on this http://bitfury.com/content/5-white-papers-research/block-size-1.1.1.pdf
thanks for this, I'll read it !
I don't understand this argument. Increasing resource requirements for nodes isn't really a big deal. Nodes don't require much, they require data speed and data storage, that's it. Why would miners have an advantage? Anyone can buy a 10TB HDD and be perfectly capable of acting as a node for years.
Chinese miners are spamming the network to push their agenda - it's obvious.
why the Chinese?
That is where most miners are, do to cheap electricity costs.
Hey, good luck on your journey in our fine community! I'll follow your account to see how you doing :). Please follow me @nakedchef89.
Ive been noticing that also but I took it as the "cost to be the boss" per say. I think because of the increase in people using BTC they are seeing a way to get more from more people.