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Bitcoin is overloaded and 300,000 transactions are waiting

Important facts:
  • During the day, the bitcoin network fee has increased to $7.

  • There are currently 4 million ordinal numbers inscribed in Bitcoin.

Bitcoin users continue to experience difficulties transacting on the network. Currently, more than 300,000 transactions are waiting to be confirmed, which increases the level of commissions.

This problem has existed for several weeks after the emergence of the Ordinals Protocol late last year, an initiative that makes this possible store in the bitcoin blockchainInformation in image, video, audio format, among others.

This increases the transaction flow and thus the commissions to be paid for a transaction to be verified. In accordance with Data from, commissions You have reached 7 dollars on this day.

Currently, commissions paid for non-priority transactions are in the range of 26 sat/vB, which is $1.05. While the high priority or needs to be confirmed in the first few minutes, is in the range of 176 sat/vBwhich averages $7.15.

The commission is the amount of money that has to be paid to send bitcoin safely from one address to another. These work as a system to encourage good behavior among participants in a cryptocurrency network, as detailed by Criptopedia, the education section of CriptoNoticias.

Bitcoin NFTs have grown steadily. In April, this medium reported that 2,270,000 bitcoin transactions related to ordinal registrations were registered, while at the time of writing, 4,040,000 had already been registered.

Inscriptions with ordinal numbers in text format they already account for 82.6% of all registered persons.

Bitcoin transactions may take longer than expected to normalize. If the operational flow on the network does not decrease, we are expected to see relief within two weeks. Mining difficulty adjustment is expected during this period, a mechanism that could help confirm transactions faster.

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