New Bitcoin Mempool Backlog Crisis Has Been Averted, For Now
The only viable way to bypass this backlog is for users to spend a higher transaction fee. However, that is not the “pushy” direction in which Bitcoin should evolve by any means.
The past 24 hours have been somewhat turbulent for the Bitcoin ecosystem. With the number of unconfirmed transactions surpassing the 43,500 mark just over a day ago, things weren’t looking great. But it looks like the mempool is showing signs of a desperately needed decline in unconfirmed transfers. Another stark warning that the scalability of Bitcoin needs to be addressed today rather than tomorrow.
It is not the first time the number of unconfirmed Bitcoin transactions reaches a worrisome threshold. Over the past few months, multiple mempool backlog incidents have been reported. In most cases, this seems due to the network blocks being unable to include more transactions.
This post was published at NewsBTC on October 27th, 2016.