{"id":317,"date":"2023-06-01T15:05:10","date_gmt":"2023-06-01T15:05:10","guid":{"rendered":"http:\/\/mtffoxnews.com\/?p=317"},"modified":"2023-10-25T19:59:51","modified_gmt":"2023-10-25T19:59:51","slug":"understanding-bitcoin-network-congestion-high-fees-and-what-to-do","status":"publish","type":"post","link":"http:\/\/mtffoxnews.com\/index.php\/2023\/06\/01\/understanding-bitcoin-network-congestion-high-fees-and-what-to-do\/","title":{"rendered":"Understanding Bitcoin Network Congestion: High Fees, and What to Do"},"content":{"rendered":"
\"\"<\/figure>\n

The Bitcoin network is currently experiencing significant congestion, leading to high transaction fees and delays in confirmation times.<\/p>\n

Why is the Bitcoin Network Congested?<\/strong><\/h4>\n

The growing popularity of Bitcoin has resulted in an increased number of transactions, straining the network\u2019s capacity.<\/p>\n

Additionally, the limited block size of 1MB means that only a fixed number of transactions can be processed per block, creating a bottleneck. Finally, the surge in DApps, and NFTs\/Ordinals has contributed to the heightened network activity.<\/p>\n

Higher Transactions Fees<\/strong><\/h4>\n

The congestion has led to a surge in transaction fees, as users compete to have their transactions processed quickly.<\/p>\n

When the network is congested, miners prioritize transactions with higher fees, leaving lower-fee transactions in a backlog. As a result, users who want their transactions to be confirmed promptly are forced to pay higher fees, and the cost of transacting on the network has increased significantly.<\/p>\n

What should you\u00a0do?<\/strong><\/h4>\n

Use Blockchain.com\u2019s custodial Wallet<\/a> (Blockchain.com Account) to process transactions.<\/p>\n

By using a custodial wallet, you can bypass the congestion on the Bitcoin\u00a0network.<\/p>\n

Since our custodial wallets<\/a> operate off-chain, you can leverage Blockchain.com\u2019s internal systems to facilitate instant buys and sells without relying on the congested blockchain.<\/p>\n

Time your transactions during a low period of network activity.<\/p>\n

Look into other Layer 1 blockchains, like Ethereum<\/a> or\u00a0Solana<\/a>.<\/p>\n

This information is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax or financial advice from a professional advisor.<\/em><\/p>\n

\"\"<\/p>\n

\n

Understanding Bitcoin Network Congestion: High Fees, and What to Do<\/a> was originally published in @blockchain<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin network is currently experiencing significant congestion, leading to high transaction fees and delays in confirmation times. Why is the Bitcoin<\/p>\n

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