Unconfirmed Bitcoin Transactions Reduced by almost Half
For about a week and a half, the Bitcoin network’s transaction congestion and rising fee market has subsided. People are now reporting on how they are sending transactions for smaller fees, and some of them are having difficulty with wallets that are recommending fees that are much higher than needed.
The amount of unconfirmed transactions has been significantly lower than usual with the mempool (transaction queue) averaging roughly 7,000 to 15,000 unconfirmed transactions per day. This is a stark contrast to the 200,000+ transactions held up in the mempool just a few weeks prior. The transaction stress started diminishing around the first week of June and has continued to decline to the levels we are at today.
Since the number of unconfirmed transactions has dropped and there has been more room for bitcoin transactions — fees have also dropped. Less than two years ago anyone could send some bitcoin for a fee of roughly $0.02 worth of BTC, but this past May fees reached an average median of $5 per transaction. However, fees now have abated to levels under a dollar and some as low as $0.25 according to a few bitcoin proponents.
So all in all I think it's good to see that the transaction fees are lower than usual, it helps people's like us.
For more information please follow me@arunava.
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I know the pain of it because I experienced.
I once lost about 9USD in hashflare because the transaction did not go through
I once lost about 9USD in hashflare because the transaction did not go through
meep
as the market of cyrpto currencies is growing, such things will happen
@arunava
Nice write-up
Great job
Keep it up.
Thanks a lot
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