With Bitcoin Daily Trading Volume at a Record Level, Around $ 20 Billion in Major Regions , the mempool of Bitcoin Blockchain has
Bitcoin mempool spike points, transaction costs increase
In Bitcoin, the mempool works as a waiting area for unconfirmed transactions. Payments made by users wait in the mempool until minors arrive to confirm the transactions. The bitcoin mempool size, which remains around 79 million bytes at the time of reporting, represents the overall size of transactions pending confirmation.
If the size of Bitcoin mempool is high, transaction fees recommended by portfolio platforms such as Blockchain, Coinbase and Trezor and not attach high fees could result in a delayed transaction of several days, if the bitcoin mempool does not erase.
On December 7, the size of the bitcoin mempool reached 120 million bytes, doping more than twice in 24 hours. As a result, Bitcoin transaction fees recommended by the portfolios have climbed up to $ 30, depending on the size of the transaction and the number of entries or exits.
<img alt=" Bitcoin Mempool Size "src =" http: //cointelegraph.com/storage/uploads/view/662f4f08fddfffb7de80de7c951d81e2.png "title =" Size of Bitcoin Mempool "/>
Bitcoin Fees, a Bitcoin Fee Forecasting Application on Earn.com, formerly 21 Inc, currently recommends a fee of 450 satoshis per byte for medium-sized transactions, resulting in a fee of 101,700 satoshis in US dollars, Bitcoin fees recommended for medium-sized transactions are $ 16
"Suspicious Behavior" in the bitcoin mempool
Nic Carter, an experienced Bitcoin analyst and researcher, said that the sudden rise in size Bitcoin mempool is suspect, since many satoshi byte transactions have clogged mempool and Bitcoin Blockchain Network
Carter suggested that a spam attack Cheap transactions prevented the Bitcoin Blockchain network from clearing transactions and processing payments.
Suspicious behavior in the Bitcoin mempool again. Be on your guard this weekend http://t.co/8MIPUW0Cxw pic.twitter.com/npMXjHP4Ma
– Nic Carter (@nic__carter) December 9, 2017
But, others have also claimed that it is possible the recent performance of the Bitcoin price has led to a real increase in the volume of daily transactions of the Bitcoin network, and that the size of the mempool has increased considerably due to the rapid growth rate of Bitcoin.
Are the fees too high?
For small to medium-sized transactions, current Bitcoin transaction fees may be too high, especially for merchants. Thus, Steam, one of the most popular gaming markets, has temporarily stopped accepting Bitcoin as a payment method due to the growing complaints of its users with the high transaction fees of Bitcoin.
For large-scale transactions worth at least one thousand dollars to millions of dollars, transaction fees of more than $ 10 are not relatively high compared to the global banking system. As Ari Paul, BlockTower's co-founder explained in an interview with Business Insider, if the current use case of Bitcoin is a robust store of value and that it is trying to compete with the gold and the offshore international banking sector, high transaction fees could be However, for Bitcoin merchants, especially the tens of thousands of merchants accepting Bitcoin in Japan, the current transaction fees of Bitcoin could be difficult to manage.