There are now more than 200k pending Bitcoin transactions

#1

Post by OyoKooN » Tue, Dec 19, 2017, 10:03 PM UTC

There are now more than 200k pending Bitcoin transactions
blockchain.info

Re: There are now more than 200k pending Bitcoin transactions

#2

Post by mtmail » Tue, Dec 19, 2017, 10:14 PM UTC

At 20 transactions per second it's a delay of 3 hours. (200000/20/60/60)

Re: There are now more than 200k pending Bitcoin transactions

#3

Post by beebmam » Tue, Dec 19, 2017, 10:21 PM UTC

mtmail wrote: post #2

At 20 transactions per second it's a delay of 3 hours. (200000/20/60/60)

That sounds like an absurdly flawed currency if that's the case.

Re: There are now more than 200k pending Bitcoin transactions

#4

Post by eknkc » Tue, Dec 19, 2017, 10:22 PM UTC

Also $4.3m worth of pending transaction fees.

Re: There are now more than 200k pending Bitcoin transactions

#5

Post by loopdoend » Tue, Dec 19, 2017, 10:23 PM UTC

mtmail wrote: post #2

At 20 transactions per second it's a delay of 3 hours. (200000/20/60/60)

"The bitcoin network's theoretical maximum capacity sits between 3.3 to 7 transactions per second."

https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

Re: There are now more than 200k pending Bitcoin transactions

#6

Post by vorotato » Tue, Dec 19, 2017, 10:23 PM UTC

beebmam wrote: post #3

mtmail wrote: post #2

At 20 transactions per second it's a delay of 3 hours. (200000/20/60/60)

That sounds like an absurdly flawed currency if that's the case.

I think something that consistently deflates is already an absurdly flawed currency. It's not exactly an exchange medium if it's better to hold on to it than do something meaningful with it.

Re: There are now more than 200k pending Bitcoin transactions

#7

Post by kindfellow92 » Tue, Dec 19, 2017, 10:27 PM UTC

vorotato wrote: post #6

beebmam wrote: post #3

Earlier quoted context omitted.

That sounds like an absurdly flawed currency if that's the case.

I think something that consistently deflates is already an absurdly flawed currency. It's not exactly an exchange medium if it's better to hold on to it than do something meaningful with it.

It’s not a currency. It’s digital gold. Gold isn’t easy to exchange and it’s deflationary but it’s a good place to store your money for the long term, especially if you live in an unstable country.

What makes bitcoin valuable is that it’s gold without any of the downsides of gold. Hop in an airplane with the equivalent of millions of dollars in your pocket without having to trust or ask permission from anyone.

Re: There are now more than 200k pending Bitcoin transactions

#8

Post by rankam » Tue, Dec 19, 2017, 10:28 PM UTC

How does this impact buy/sell orders? If I place a buy order at t = 0 where btc = 10, but the order isn't processed until t + 3hours where btc = 15, do I pay 10 or 15?

Re: There are now more than 200k pending Bitcoin transactions

#9

Post by westurner » Tue, Dec 19, 2017, 10:31 PM UTC

loopdoend wrote: post #5

mtmail wrote: post #2

At 20 transactions per second it's a delay of 3 hours. (200000/20/60/60)

"The bitcoin network's theoretical maximum capacity sits between 3.3 to 7 transactions per second." https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

The OT link does say "Transactions Per Second 22.54".

The solutions for this 3 hour backlog of unconfirmed transactions include: implementing SegWit, increasing the blocksize, and Lightning Network.

Re: There are now more than 200k pending Bitcoin transactions

#10

Post by viraptor » Tue, Dec 19, 2017, 10:34 PM UTC

rankam wrote: post #8

How does this impact buy/sell orders? If I place a buy order at t = 0 where btc = 10, but the order isn't processed until t + 3hours where btc = 15, do I pay 10 or 15?

If you're exchanging money for bitcoin, it happens within an exchange. No public transfer between wallets needs to happen. (Only when you actually deposit / withdraw the bitcoin)