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Massive Drama on the Bitcoin Network as miners flock to BCH – 150k unconfirmed transactions.

Massive Drama on the Bitcoin Network as miners flock to BCH – 150k unconfirmed transactions.

The bitcoin network was thrown into fresh turmoil on November 13th, with the fallout still affecting the currency today. There has been a backlog of transactions as large numbers of miners switched from mining bitcoin to get in on the BCH train as BCH pumped to record highs. This left Bitcoin with the small block size struggling to process transactions as the bitcoin difficulty will not adjust fast enough.

This caused a nearly 20% fall in the value of Bitcoin, which has since recovered. As of today, the average fee needed to get a transaction to confirm is 10 – 15 USD worth of coins, and even this is not guaranteed. This many speculate is an attack, but many were also trying to move coins out to get in on the BCH pump, which the network could not handle.

This shows the limit of Bitcoin, and that it is not usable as digital cash, only  digital gold as a store of value, until this issue is fixed. Some of the miners have since returned, but this shows the danger of centralised mining operations.

There is currently nothing that end users can do, other than wait for their transactions to be confirmed, or wait for fees to drop for small amounts.