Exchanges overloaded. DDoS attacks. Huge price spikes, flash crashes, and order cancellations. Over 200k transactions queued, some for more than 24 hours, in the mempool – despite paying high fees. Just another crazy day in bitcoin, a land where every day seems to be wilder than the last, including higher highs, bigger swings, and record-breaking numbers across the board.
Are You Not Entertained?
Amidst all the frenzy over the price of bitcoin, it’s easy to overlook its use as a means of exchange that hundreds of thousands of people rely on. The digital currency’s dollar value has grabbed most of the headlines, but behind the scenes there’s been another story: one of a huge backlog that’s seen bitcoin become temporarily non-transactable.
Within the last 24 hours, total bitcoin trading volume has neared $29 billion, a five-fold increase on the same time last month. Bitcoin trading on exchanges doesn’t impact on the blockchain itself because all of the action takes place off-chain. Nevertheless, the record demand for the cryptocurrency and huge trading volume indirectly takes its toll, as users wait to send money in and out of exchanges. If bitcoin mania continues at its current rate, it won’t be long before the 24-hour trading volume exceeds the $50 billion daily average set by the New York Stock Exchange.
Bitcoin Up, Everything Else Down
In the last 12 hours, virtually every single altcoin Read More Here