Since the end of April 2023 there have been many unconfirmed BTC transactions on the Bitcoin blockchain from 135 thousand transactions to 400 thousand transactions which caused the Bitcoin blockchain to crash and transaction fees also increased on April 27 to US$ 2 per transaction while on May 7 the fee increased to $ 8 .85 per transaction. Many observers argue that bottlenecks on the Bitcoin blockchain are caused by the BRC20 token implementing the Ordinal inscription protocol. The capabilities and speed of the Bitcoin Blockchain are slow due to having to host a large number of BRC20 tokens.
Bitcoin Blockchain Crashed
- Thread starter Suba
- Start date
This is such devastating news and a danger to have a vote of no confidence in cryptocurrency. I have not performed any transactions as of yet but most of my cryptocurrency withdrawals are done in BTC. This will not settle well for most of the people who are low-volume users to start covering such huge costs. It simply hijacks its main purpose which is to offer financial inclusion for the masses out there if the transaction fees will be hiked like that for ordinary people.
- Thread starter
- #3
That is the problem in the blockchain problem that causes traffic jams in Bitcoin transactions, even the Binance exchange has closed Bitcoin withdrawals twice, the first on May 7 and the second on May 8, due to exorbitant fees due to an increase in unconfirmed transactions.
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- #5
Transaction bottlenecks on Bitcoin don't just happen this time, and have often happened, around 2017, experts can't do much, even Binance as the largest exchange will also use lightning network for Bitcoin transactions.
all this is because of the ordinals and the BRC-20 tokens that do not contribute much to the network that are collapsing it, there are really already developers and influences within the network that are discussing this, and I think it is something momentary until FOMO for BRC-20 tokens are dissipated.
This has been bad then, how can we have such a situation on BTC? I will dig deep into this so that I get to understand what it means to have traffic jams in the blockchain network. The big question is whether we rate or consider cryptocurrency to be way more efficient and cheaper than fiat but this does not look like the case with the current situation.
This is why genuine people have recommended that it is better to have cryptocurrency run coherently with fiat as opposed to completely ditch fiat for cryptocurrency. At the end of the day, people need to know that cryptocurrency is still a project or experiment and we should not place our entire hope in it as our primary legal tender for now.
We have seen coins burn out and reduce to zero and we have seen big companies or hedge funds declare bankruptcy and yet they had billions of cryptocurrency in their investments. So we should critically consider.
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- #8
I don't know what happened to the Bitcoin blockchain so that there could be over transactions or traffic jams on the Bitcoin blockchain network, many people think the cause is Bitcoin Ordinal which raises pros and cons.
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- #10
To this day the Bitcoin blockchain is still stuck, the accumulation of unconfirmed transactions is increasing, although high transaction fees will benefit miners, but some Bitcoin blockchain developers are proposing to remove Ordinal and BRC-20 tokens.
I never knew of this before now as I have had some transactions that were unconfirmed from a site that I receive Bitcoin payment from and this is the same kind of thing they said to me and I did not understand what they mean by that but now I understand better what they were trying to say and the reason why I can not send BTC to another wallet from my trust wallet to Binance.
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- #14
The density of transactions on the Bitcoin blockchain makes transaction fees too high, I withdrew Bitcoin from a hot wallet to a personal wallet worth $ 400 but I only received $ 360, meaning there is a blockchain fee of $ 40 plus a charge fee from the wallet, I also tested withdrawing Bitcoin from Faucetpay to personal wallet of 0.00004 Btc but blockchain fees of 0.00007.
Does it the reason behind that Star Clicks is stopping the auto payout since June because I have reached the payout of 50 $ and expect to have an auto payout but they are saying maintenance in auto payouts.
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- #16
Maybe that's a reason with the very high Bitcoin transaction fees, Does starclick not offer other withdrawal options, like faucetpay, and you can swapcoins with other crypto and withdraw to your wallet
The auto payout is 10 $ or 20 $ worth of bitcoin.
This is report screenshot from account:
I may wait from today until 15 or 31 of the month as they said they have maintenance with auto payout.
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Sorry, they do not offer FaucetPay payout means you could set your faucet pay deposit address for my case I have established the one of uphold.
When you say you got $360 from a transaction that you were to receive $400, it really shows that Bitcoin block chain is having a lot of transactions on the Bitcoin block chain and this phenom is what I do not understand how it became so packed like this and so many transactions are hanging on the air.
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- #19
If they don't have a payment option via FaucetPay with a cheap transaction fee, it means there's no other way you have to wait until their maintenance is complete, and you can immediately withdraw to your Uphold wallet.
