Bitcoin network fees reached $ 20; Over 220K Transactions Awaiting Confirmation Sending a transaction on the bitcoin network this morning has become an expensive pleasure, with fees reaching $ 20 amid skyrocketing demand.

Bitcoin network fees reached $ 20; over 220 thousand transactions awaiting confirmation

Sending a transaction on the bitcoin network this morning has become an expensive pleasure, with fees reaching $ 20 amid skyrocketing demand.

Now, at its peak, users send 49 transactions per second, while the network can hardly cope with 10 of this volume, processing 3 transactions per second.. Over 220,000 transactions are awaiting processing and may not wait as they will be rejected before miners reach them.

This explosive growth in demand for bitcoin transfers has pushed transaction fees to unprecedented levels and outpaced the fees charged by traditional payment systems such as Western Union..

According to Portal 21, the recommended commission is 0.00103960 BTC, or about $ 20 at the current rate. But the payment of this commission, in fact, does not guarantee anything to you, since other users can pay more.

Such fees do not allow you to effectively use Bitcoin for commercial transactions. Not surprisingly, content distribution platform Steam recently decided to ditch cryptocurrency payments.

At the same time, traders transferring bitcoins between exchanges and wallets may not pay attention to this. This primarily applies to those of them who are engaged in inter-exchange arbitration. During the sharp jumps in the bitcoin rate, the price gap on Western exchanges reached $ 2,000, but in recent hours it narrowed to $ 500.

Of course, if they can make money on this, the commission of $ 20, $ 100 and even $ 1000 will not seem high to them, but whether ordinary users will be ready to work with cryptocurrency in such conditions is a big question.

Photo: testing

Similar articles

• Brian Kelly: 2019 will be a watershed year for bitcoin in the global financial space CNBC expert and founder of digital asset management company BKCM Brian Kelly believes that 2019 could be a turning point for the perception of bitcoin in the global financial space.

  Brian Kelly: 2019 will be a watershed year for Bitcoin in the global financial space CNBC expert and founder of digital governance company...

• JPMorgan Says Bitcoin Significant Long-Term Growth PotentialBitcoin may continue to rise as it outperforms gold as an "alternative" currency, Business Insider writes, citing Friday's JPMorgan report.

  JPMorgan Says Bitcoin Significant Potential For Long-Term Growth Bitcoin May Continue Growth As Gold Outperforms...

• Tom Lee lowered the forecast for the bitcoin rate by the end of the year to $ 15,000 Co-founder of Fundstrat Global Advisors Tom Lee revised his forecast for the bitcoin rate by the end of the year, reducing it from 25 to 15 thousand dollars, but even this forecast, given the current state of affairs, is all equally very optimistic.

  Tom Lee lowered his forecast for the bitcoin rate by the end of the year to $ 15,000 Co-founder of Fundstrat Global Advisors Tom Lee revised his forecast for the rate...

• The court found the Quoine exchange guilty of canceling the transactions of the B2C2 broker for 3,092 bitcoins The International Commercial Court of Singapore found the Quoine cryptocurrency exchange guilty of canceling the transactions for 3,092 bitcoins made by the B2C2 market maker two years ago.

  The court found the Quoine exchange guilty of canceling the transactions of the B2C2 broker for 3 092 bitcoins The International Commercial Court of Singapore found the exchange...