• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Litecoin price

    Litecoin price prediction: LTC to fall to $150 support level

    Elon Musk

    Elon Musk under investigation for Dogecoin tweet

    Cardano price

    Cardano price prediction: ADA to challenge $1.20 resistance again

    Coinbase

    Coinbase pre-IPO shares appreciate following S-1 filing with the SEC

    Ethereum price

    Ethereum price recovers to $1,650, what next for ETH?

    US exchange, Coinbase files with SEC to go public through direct listing

    US exchange, Coinbase files with SEC to go public through direct listing

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately 1

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately

    Defi

    DeFi products get a boost as Chainlink launches OCR

    Coinbase

    Coinbase decentralization claims leave customers furious

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Litecoin price

    Litecoin price prediction: LTC to fall to $150 support level

    Elon Musk

    Elon Musk under investigation for Dogecoin tweet

    Cardano price

    Cardano price prediction: ADA to challenge $1.20 resistance again

    Coinbase

    Coinbase pre-IPO shares appreciate following S-1 filing with the SEC

    Ethereum price

    Ethereum price recovers to $1,650, what next for ETH?

    US exchange, Coinbase files with SEC to go public through direct listing

    US exchange, Coinbase files with SEC to go public through direct listing

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately 2

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately

    Defi

    DeFi products get a boost as Chainlink launches OCR

    Coinbase

    Coinbase decentralization claims leave customers furious

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Number of unconfirmed Bitcoin transaction spiked to 125,000

Ibiam Wayas by Ibiam Wayas
February 10, 2021
in Bitcoin News
2 min read
Number of unconfirmed Bitcoin transaction spiked to 125,000
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

TL;DR Breakdown:

  • The number of unconfirmed Bitcoin transactions spiked to over 125K on Tuesday.
  • Such a development backs the narrative that the cryptocurrency isn’t the best payment option for small transactions.

Bitcoin mempool clearance now happens on a rare occasion per se. The activities on the BTC network keeps growing, and more especially, the transaction count spiked after Tesla’s news of a $1.5 billion Bitcoin buy. Yesterday, the cryptocurrency was more expensive to use, as the number of unconfirmed Bitcoin transactions spiked incredibly. For this reason, many people demoted BTC as not being a better payment method, especially for smaller transactions.

The spike in unconfirmed Bitcoin transaction

As seen in Johoe’s Bitcoin Mempool Statistics, the number of unconfirmed Bitcoin transactions spiked to 125,000, which is the highest level ever seen since this year. The size of these transactions (about 149 megabytes worth of data) should be enough to make up not less than 107 new Bitcoin blocks. However, the mempool count yesterday is smaller when compared to the record on the 17th of December.  At the time, the number of unconfirmed Bitcoin transactions grew to over 143,000.

RelatedPosts

Bitcoin price prediction: Bulls rest before taking on $60,000 resistance

MicroStrategy adds more Bitcoin to their portfolio

Bitcoin price recovers above $50,000 as Square buys $170M worth of BTC

$5.6 billion crypto positions got liquidated over the 24 hours, amid market correction

Of course, the clog in Bitcoin mempool isn’t helpful, as it becomes expensive to use the network, needless to say, transaction processes slowly. Although at the moment, the number of confirmed Bitcoin transactions has decreased to below 60,000, according to Mempool Observer, users would need to pay about 93 sat/byte to ensure their transactions are prioritized for the next block. With the Bitcoin price at $46,146, the transaction fee is equal to $9.6, from a median size of 224 bytes per transaction.

The issue with Bitcoin

Bitcoin transaction fees increase with every clog on the network and can spend transactions longer than necessary. Many people think this is the reason the cryptocurrency won’t be ideally accepted by the public as a payment method. At this current rate, making small purchases with the cryptocurrency will be seen as being expensive, per claims.

Over past 3 months, the daily av­er­age Bitcoin transaction fee has var­ied be­tween $2.18 and $17.20; makes buying a coffee (or any other consumer purchase) with Bitcoin very expensive ~
Bit­In­fo­Charts https://t.co/8bT5yl1Ioo

— D.A. Nygaard (@Danofhope) February 9, 2021

Sorry @jonfortt @carlquintanilla but where is the followup question about "HOW can Bitcoin be used for Transactions when the current transaction confirmation cost is $16 each"

So unless you are purchasing something more than $800…..its cheaper to use a credit card at 2% fee pic.twitter.com/I927LIb8C8

— LiveMarketChat (@LiveMarketChat) February 9, 2021
Tags: Bitcoin Industrycryptocurrency trading
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related Posts

Bitcoin price prediction Bulls rest before taking on $60,000 resistance
Bitcoin News

Bitcoin price prediction: Bulls rest before taking on $60,000 resistance

February 24, 2021
MicroStrategy
Bitcoin News

MicroStrategy adds more Bitcoin to their portfolio

February 24, 2021
Bitcoin
Bitcoin News

Bitcoin price recovers above $50,000 as Square buys $170M worth of BTC

February 24, 2021

Follow Us

  • 40.9k Fans
  • 8.3k Followers

Latest News

Litecoin price

Litecoin price prediction: LTC to fall to $150 support level

February 26, 2021
Elon Musk

Elon Musk under investigation for Dogecoin tweet

February 25, 2021
Cardano price

Cardano price prediction: ADA to challenge $1.20 resistance again

February 25, 2021
Coinbase

Coinbase pre-IPO shares appreciate following S-1 filing with the SEC

February 25, 2021
Ethereum price

Ethereum price recovers to $1,650, what next for ETH?

February 25, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 3

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.