Understanding Bitcoin Community Congestion: Excessive Charges, and What to Do | by Blockchain.com | @blockchain | Jun, 2023

The Bitcoin community is presently experiencing important congestion, resulting in excessive transaction charges and delays in affirmation instances.

Why is the Bitcoin Community Congested?

The rising recognition of Bitcoin has resulted in an elevated variety of transactions, straining the community’s capability.

Moreover, the restricted block measurement of 1MB implies that solely a hard and fast variety of transactions might be processed per block, making a bottleneck. Lastly, the surge in DApps, and NFTs/Ordinals has contributed to the heightened community exercise.

Greater Transactions Charges

The congestion has led to a surge in transaction charges, as customers compete to have their transactions processed shortly.

When the community is congested, miners prioritize transactions with increased charges, leaving lower-fee transactions in a backlog. In consequence, customers who need their transactions to be confirmed promptly are compelled to pay increased charges, and the price of transacting on the community has elevated considerably.

What do you have to do?

Use Blockchain.com’s custodial Pockets (Blockchain.com Account) to course of transactions.

By utilizing a custodial pockets, you’ll be able to bypass the congestion on the Bitcoin community.

Since our custodial wallets function off-chain, you’ll be able to leverage Blockchain.com’s inside methods to facilitate immediate buys and sells with out counting on the congested blockchain.

Time your transactions throughout a low interval of community exercise.

Look into different Layer 1 blockchains, like Ethereum or Solana.

This info is supplied for informational functions solely and isn’t supposed to substitute for acquiring accounting, tax or monetary recommendation from an expert advisor.