Concerns Over Bitcoin Fees and Unconfirmed Transactions Growing

Concerns Over Bitcoin Fees and Unconfirmed Transactions Growing. There have been concerns in recent time over how bitcoin transactions are moving along. This particularly comes as the value of the bitcoin has become increasingly volatile with the value dropping by thousands of dollars in brief periods of time recently.

The development comes as one of the perceived benefits of the bitcoin has not been as prominent as people could have hoped it would be. The bitcoin has long been considered to be an affordable option for handling transactions but recent fees are changing how the bitcoin works.

Many of the complaints coming along have entailed bitcoin fees being extremely high. While bitcoin transactions are typically offered with extremely minimal fees, there have been reports of some individuals charging very high totals. Part of this comes from how the bitcoin has become valuable enough to where the barrier to entry has become higher.

Blockchain details from Blockchain.info are reporting that the transaction fees have been rising with many being from $30 to $50 on average. These fees are going for transactions of around 200 bytes. These are the smallest possible transactions that people can issue but even the fees for those transactions have been high in value.

One good example of fees came from the recent work from the Pineapple Fund, an anonymous group that has been donating money raised off of bitcoin investments to various charitable groups. The group made a transaction of 215 bytes in size recently and had to pay around $1,100 as a fee just to get the transaction handled. The group has donated around 5,000 bitcoins in money to various organizations in recent time.

Blockchain.info also reports that there have been from 180,000 to 220,000 unconfirmed transactions at varying times. This entails around 12 transactions per second, thus making it harder for the bitcoin to be regulated well enough. The number is presumed to be lower due to both the weekend and the Christmas holiday.

Delays and concerns over fees and unconfirmed transactions have caused various bitcoin-oriented businesses to start warning their customers about some of the risks and issues involved with the bitcoin. Bitpay recently asked its customers to get at least $100 worth of bitcoin loaded onto their wallets to make it easier for transactions to go through. This was due to ongoing worries about the fees going up. The totals had been at $5 at the least in the past.

Shapeshift is also asking for sizeable increases in how money is to be managed. People are being asked to get at least $250 in their wallets if they wish to swap the bitcoin out for another cryptocurrency.

All of these high bitcoin fees have been coming along as the bitcoin continues to decrease in value. The value of the bitcoin was at $20,000 for a brief moment on December 17. That total fell to $13,500 on December 24. There had been a slight rebound a day earlier but the total has been extremely volatile. This has led to worries about whether or not the currency is viable or if it could continue to be stable and worthwhile as an investment.

Advertisement

Click To Join Our Community Telegram Group