4 ms·
The large backlog these days is mostly spam transactions with almost no fees. Bitcoin has increased capacity dramatically in the past decade.
by cyphertruck 6y ago
The large backlog these days is mostly spam transactions with almost no fees. Bitcoin has increased capacity dramatically in the past decade.
- tromp 6y agoWrong; there is a large backlog of transactions paying over 50 sat per byte [1], which is over $10 in fees for most transactions. [1] https://jochen-hoenicke.de/queue/#BTC,24h https://jochen-hoenicke.de/queue/#BTC,24h
- iso8859-1 6y agoWhy is it $10? According to https://www.buybitcoinworldwide.com/fee-calculator/ https://www.buybitcoinworldwide.com/fee-calculator/ Fee rate: 51 satoshis/vbyte SegWit transaction with 1 input, 2 outputs: ~172 vbytes In total: ~8772 satoshis == ~4.48 USD
- tromp 6y agoBecause the average transaction is over 400 bytes in size [1]. [1] https://bitcoinvisuals.com/chain-tx-siz https://bitcoinvisuals.com/chain-tx-siz
- uncletammy 6y agohttps://bitinfocharts.com/comparison/size-btc.html https://bitinfocharts.com/comparison/size-btc.html Make note of the inflection point around 2016. Yeah, it's right around the time your capacity chart starts looking like a wet noodle. Yeah, that's when a few your scumbag BTC devs removed Gavin Andresen's commit access and killed BTC's last chance of becomming a real currency.