The post Bitcoin Network Struggles with Over 200,000 Backlogged appeared on BitcoinEthereumNews.com.

Despite a drop in transaction fees in the past week, Bitcoin still suffers from a high number of unconfirmed transactions, stretching back to October 2023 and limiting the network’s impact. The backlog showcases the need for the Bitcoin community to develop scaling solutions while also throwing into question whether BTC can keep up with growing demand. As Bitcoin adoption has increased in recent years, the top network has been unable to keep up with the demand, resulting in a growing number of unconfirmed transactions. Data from block explorers shows that BTC now has over 200,000 backlogged transactions. An unconfirmed transaction is any transaction submitted to any blockchain network that is yet to be included in any block to be validated. In Bitcoin, these transactions are held in the memory pool (mempool) until a time when a miner picks them and chooses to validate them. The transactions’ initiators can speed them up by paying higher fees to incentivize miners. Backlogged transactions affect other networks as well. For instance, Ethereum has over 156,000 pending transactions at press time, according to Etherscan. However, with Bitcoin, the challenge is much more significant. Bitcoin’s Backlogged Transactions Challenge Bitcoin’s unconfirmed transactions always spike when the transaction fees shoot up, which, in turn, mirrors a rise in the token’s price. A case in point is the most recent bull rally; starting in September last year, the BTC price embarked on a rally, and with it, the number of unconfirmed transactions. Naturally, as the transaction fees dip, so should the backlogged transactions. However, they haven’t. Since the second week of June, the transaction fees have stayed below $7, a drastic dip after hitting a five-year high above $100 in April. In the past week, they have ranged between $2 and $3. However, the backlogged transactions, which stretch back…

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Filed under: News - @ June 29, 2024 7:08 am