26
Apr

Bitcoin Update – an average of 35000 unconfirmed transactions per day

bitcoin unconfirmed transactions

What you see is the actual situation of the unconfirmed transactions on the Bitcoin Blockchain (you can check yourself on Blockchain.info).

While we write there is an average of 1.71 transactions per second.

Below you can see the situation 12 hrs ago:bitcoin Unconfirmed Transactions

 

Like you can see, the “Transaction per Second” value was 5x bigger than now (over 5 transactions per second), and there were over 60.000 transactions unconfirmed. Why are these values so dramatic? These pics show how “fragile” and unstable is the Bitcoin Payment System at the moment. Every one of us wants to see Bitcoin Network always bigger and stronger, and the main factor of this growing (if not the only one) is the transactions processed per second. This value indicates the ability to meet all the payment request. Because who would ever want a payment system that can or cannot process your payment?

Try to think: at the moment we know that a Bitcoin transaction is an alternative way to use our money. And we know that it’s a smarter way to pay/accept payments because every bitcoin user has (or potentially can have) the full control of his funds. But how can we pretend to persuade other “mere mortals” that bitcoin is better than their Visa if we can’t assure that their payment will be done in a reasonable amount of time?

At the moment Paypal processes an average of 193 transactions per second.  Visa over 1650. I don’t pretend that bitcoin could reach these goals in few days, neither in few months. But the final goal should be OVER these amounts. Until a few years ago the problem was that there weren’t enough Bitcoin users to make these amount of transactions. Now we know that, even if so many users would ever use bitcoin,  WE CANNOT PROCESS THIER PAYMENTS. We can say that luckily there weren’t enough user because if there were a similar user base, the number of unconfirmed bitcoin transactions would be dramatically bigger (for sure over 100.000).

Every Bitcoin user dreams a world where you can easily pay bills, get your salary, go to the cinema, eat something in a random restaurant using Bitcoins. But the only way to try to reach a fraction of this goal is to ensure that every payment could be confirmed ASAP. I honestly feel disgusted for the Dev Core team. They could have fixed this problem months ago. Anyway, since they think to be the GODS of Bitcoin, and (I’m sure of this) for economic reasons, they turned it into a power struggle.

Dear Core Devs Team, I honestly don’t give a shit about HOW this problem will be fixed. I don’t care if it will be SegWit or Bitcoin Unlimited. The important is to fix it NOW.

 

P.S. Glad to see that, this morning, Bitcoin Unlimited was 431/1000

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One Comment

  • Aubrey Evans says:

    On April 29, the Bitcoin mempool, the holding area for unconfirmed and pending transactions, recorded more than 82,000 transactions. On average , the Bitcoin transaction size is 226 bytes.

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