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Bitcoin transactions slow to confirm for past month



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Bitcoin transactions slow to confirm for past month

I've noticed recently, for the past month or two, that Bitcoin transactions have been incredibly slow to confirm. Often taking hours, sometimes taking days to confirm. It isn't for one particular site, but for every site online. I've paid using BTC on multiple sites.

Does anyone know what is going on? Why are confirmations so slow now? Did a large mining operating stop mining which resulted in slow transactions?

EDIT: For anyone interested, I found more information about it in this article. It is due to a backlog in the mempool (memory pool).

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sanfora

there something error in your wallet or something




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robertman11

No, it isn't just my wallet. Take a look at the average confirmation time on the blockchain. It peaked at over 450 minutes recently and is currently at an average of 69 minutes globally. What is causing this?




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robertman11

For anyone interested, I found more information about it in this article. It is due to a backlog in the mempool (memory pool).




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Barida

I told someone that very soon, there is going to be a decrease in bitcoin trading as a result of slow transactions and this just confirms that.




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Corzhens

That’s also what I’m thinking about Bitcoins that there will be a slowdown due to the decreasing number of users. Remember that Bitcoin is called crypto currency but it is actually just an invisible commodity that is being sold. I am really wondering why people buy when the value of the Bitcoin is just according to the law of supply and demand but it has nothing in itself unlike something that is tangible.




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