Bitcoin Unconfirmed Transactions Over 110,000
View this post on Hive: Bitcoin Unconfirmed Transactions Over 110,000
6 years ago in #bitcoin by drakos (70)
$14.00
- Past Payouts $14.00, 0.00 TRX
- - Author $10.97, 0.00 TRX
- - Curators $3.03, 0.00 TRX
I had this happen a while back. I set the fee way too low (because I have learned to be as frugal as possible due to my former poverty) and the transaction didn't confirm. I just resubmitted the request at a larger and larger fee until it went through. The transaction was mighty suspect on the network mind you, but it eventually still went through and my earlier attempts with lower fees were erased from the blockchain, avoiding the double spend. If anything it was a lesson for me that both: 1. Truly free markets work better than I anticipated, even in my zealous fervor for them, and 2. Blockchain technology is immune to the disruptive bargain hunting instincts of someone like myself. I mean, I sort of broke the system with my cheapness, but it still resolved the conflict without so much as a hiccup.
These unconfirmed transactions probably just need the same treatment. Up the fees and they'll go through? Seems like Bitcoin is becoming an equivalent to Berkshire Hathaway in the stock world, attracting only large investors and equally large transactions (otherwise the fees aren't justified). This will certainly eliminate it as a day-to-day payment system if nothing changes, but it by no means nullifies Bitcoin as the dominant currency in the crypto space. Last I checked, Berkshire was still quite the popular investment vehicle. As long as the transactions are large enough to justify the fees, nobody is going to bat an eye at ten dollars per. I mean, market cap is now over a hundred billion.
BTC is overrated. Like sleeping and Hollywood movies.
Totally agree.
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The situation right now puts a freeze on all crypto-investment activities as BTC is the primary virtual currency to purchase before you can make an investment move anywhere else.