Bitcoin markets have been on a tear lately, and the price has spiked quite a bit last month and into November. However, as bitcoin’s value surpassed $7K per BTC, transaction bottleneck and miner fees have risen again, causing users to complain about unconfirmed transactions and paying $5-10 per transaction.
Bitcoin Fees and Transaction Bottleneck On the Rise
About two months ago the bitcoin network’s transaction congestion and rising fee market subsided for a couple of weeks. But lately, over the past three weeks transaction bottleneck and rising fees have started to plague the ecosystem once again. During this time, the network has seen the unconfirmed transaction count reach around 25-70K over the past few weeks. Presently there are 26,000 unconfirmed transactions (tx) in the mempool with about $42K in fees sitting in limbo.
At the moment the fastest and cheapest transaction fee is 65,540 satoshis or 4.50 per tx according to Earn’s fee calculator. Because the fee rate per BTC transaction is so high, those who own less than $4 worth of bitcoin can’t spend the funds without the chance of the tx being rejected from the network. Additionally, bitcoin has eight decimal places, and people are concerned that if the fee market continues to rise; small units of bitcoin will Read More Here