The truth behind the Bitcoin network transaction confirmation stagnation

In today's digital economy, Bitcoin, as an emerging form of currency, has gradually attracted the attention of more and more investors and users. However, with the increase in the number of users, the stagnation of Bitcoin network transaction confirmation has gradually emerged. This phenomenon not only affects the user's trading experience, but also triggers people's deep thinking about the Bitcoin network mechanism. So, what does it mean that the entire Bitcoin network has not confirmed transactions? What causes the stagnation of Bitcoin transactions? This article will explore this issue in depth from multiple angles.

The core of the Bitcoin network is its decentralized nature, which makes Bitcoin unique in the financial world. Every transaction needs to be confirmed by the miners in the network before it can be recorded in the blockchain. However, as the transaction volume surges, the transaction confirmation time in the network is getting longer and longer. When users send Bitcoin, they often have to wait for hours or even days for the transaction to be confirmed. This stagnation in transaction confirmation is not only a technical problem, but also a severe test for Bitcoin as a currency and means of payment.

In the Bitcoin network, the process of transaction confirmation is achieved by miners competing to solve complex mathematical problems. Miners compete for rewards for each block through computer computing power, and each block can only process a certain number of transactions at most. When the transaction volume exceeds the network's processing capacity, unconfirmed transactions will pile up in the network, resulting in longer confirmation times. This phenomenon is particularly evident when the price of Bitcoin rises sharply, as investors flock to the market, causing a surge in transaction volume.

In addition to the increase in transaction volume, changes in transaction fees are also an important factor leading to stagnation in confirmation. In the Bitcoin network, users can set their own transaction fees. The higher the fee, the higher the priority of the transaction confirmation. Therefore, when the network is congested, many users choose to increase transaction fees in order to speed up transaction confirmation. Although this behavior may solve the confirmation problem of some transactions in the short term, in the long run it will lead to a general increase in transaction fees and reduce the user experience of Bitcoin.

Another factor that affects the confirmation of Bitcoin transactions is the behavior of miners. Miners on the Bitcoin network usually prioritize transactions with higher transaction fees, which means that transactions with low fees may be shelved for a long time. In this case, some users may choose not to use Bitcoin for transactions due to high transaction fees. This situation will undoubtedly have a negative impact on the liquidity of Bitcoin.

When analyzing the reasons for the stagnation of Bitcoin transaction confirmation, we also need to pay attention to the technical limitations of the Bitcoin network. Bitcoin's block size is limited to 1MB, which means that each block can only process a limited number of transactions. In the case of a surge in transaction volume, the block size limit will lead to a lag in transaction confirmation. In addition, Bitcoin's average block generation time is 10 minutes, which is even more stretched when the network is busy. In contrast, some other cryptocurrencies such as Ethereum and Litecoin are superior in transaction processing speed and scalability, attracting some users to switch.

In the phenomenon of Bitcoin network transaction confirmation stagnation, the user's usage habits and psychology cannot be ignored. After a long wait, many users may doubt the use of Bitcoin and even waver in its nature as a currency. This psychological instability may lead to user loss, further exacerbating the transaction stagnation of the Bitcoin network.

In order to deal with the problem of stagnant Bitcoin transaction confirmation, the community and developers are constantly exploring solutions. For example, the Lightning Network was proposed to increase the transaction speed of Bitcoin and reduce transaction fees. The Lightning Network reduces the burden on the main chain by conducting small transactions off-chain, and theoretically can achieve instant transaction confirmation. The implementation of this technology will help improve the usability of Bitcoin and enhance its competitiveness as a means of payment.

However, the iteration of technology is not achieved overnight, and the popularization and application of the Lightning Network still faces many challenges. For example, the user's acceptance of new technologies, the security of technologies, and the stability of the network all need to be continuously tested and improved in practice. Therefore, although the Lightning Network provides a new solution to the delay in Bitcoin transaction confirmation, its real effect still needs time to be verified.

In addition to technical improvements, user education is also an important part of solving the problem of stagnant transaction confirmation. Many users lack understanding of the transaction fee setting when conducting Bitcoin transactions, and often choose too low a fee, resulting in transactions not being confirmed for a long time. By raising users' awareness of the transaction fee mechanism, the number of low-fee transactions can be effectively reduced, thereby alleviating network congestion.

When discussing the phenomenon of stagnant Bitcoin transaction confirmation, we should also pay attention to the broader economic and social background. With the digital transformation of the global economy, the demand for digital currencies continues to increase, and as the earliest digital currency, Bitcoin's status and influence cannot be underestimated. The transaction confirmation problem of the Bitcoin network is not only a technical challenge, but also a test of its trust and recognition as an emerging currency.

In the future, whether Bitcoin can effectively solve the problem of stagnant transaction confirmation will directly affect its status and application in the digital economy. Users' trust in Bitcoin depends not only on the reliability of its technology, but also on the economic value and social trust behind it. Therefore, improving the transaction confirmation efficiency of the Bitcoin network and enhancing the user experience will be the core tasks that the Bitcoin community and developers must face.

In summary, the phenomenon of no confirmed transactions in the entire Bitcoin network reflects the multiple challenges Bitcoin faces in the current digital economy. From the surge in transaction volume, changes in transaction fees, the impact of miner behavior, to technical limitations and user psychology, the stagnation of transaction confirmation is a complex systemic problem. Solving this problem requires a combination of technological innovation and user education, and more importantly, the joint efforts of the entire community.

In the future development of digital currency, Bitcoin, as an emerging form of currency, will inevitably lead to more thinking about its existence and development. In the face of stagnation in transaction confirmation, how to find a balance between technology and humanity, and how to seek breakthroughs between innovation and stability will be issues that every Bitcoin user and developer needs to think deeply about. Only by truly understanding and solving these problems can Bitcoin move forward steadily in the wave of digital economy and continue to write its glorious chapter.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Sometimes, when sending Bitcoin from your wallet address to another address, unconfirmed transactions can be unpleasant. We will tell you how to solve this problem
200,000 unconfirmed transactions
In December 2017, at the height of the cryptocurrency mania, Bitcoin’s unconfirmed transactions peaked. Due to overloaded exchanges and constant DDoS attacks, up to 200,000 Bitcoin transactions remained unconfirmed for more than a day. Despite this, as it turned out, it was an extremely cutting-edge success, the killer DAPP had not yet appeared, and the most recent rapid increase in network congestion was related to the Bithumb hack in June. The most likely reason is that these delays and increased fees are related to exchanges in South Korea cleaning out their wallets.
Reasons behind the ‘stagnant’ deal
Bitcoin is a cryptocurrency based on the Proof of Work (PoW) algorithm. All Bitcoin transactions are performed with the help of cryptocurrency mining.
Once you press the “Send” button in any wallet application, the transaction goes into a mempool (or simply put, a “memory pool”) before being recorded to the public ledger — something only miners can do.
However, to successfully process a given payment, it must be confirmed by a miner, and for each confirmation, the miner will receive a block reward. A block represents a set of related data picked by a miner (or "node"). Until it is confirmed, it remains in the memory pool.
This block contains only a limited number of transactions. The transaction throughput of the Bitcoin network remains one of the most controversial issues in the crypto space, and it is also the subject of much debate among Bitcoin “Christ” Roger Ebert.
One of the main reasons why Ver eventually became an avid supporter of Bitcoin Cash.
Ver claims that those who call for an increase in block size have no say in the Bitcoin community at all. Ethereum, on the other hand, solves this problem by adjusting the block size according to the network capacity. That’s why the Ethereum network was able to handle three times the number of transactions in February.
Until now, Bitcoin block size has been limited to 1 MB (this limit was proposed by Satoshi Nakamoto).
However, there is still a possibility that a 2 MB block could accidentally exist.
Block rewards and transaction fees are the bread and butter of Bitcoin miners. So if you don’t want to pay transaction fees (or your fees are very small), don’t expect any miner to process your transaction quickly.
Help you understand the memory pool
As mentioned above, the mempool is where all unconfirmed transactions remain in limbo. A mining pool combines all computers connected to the Bitcoin network with Bitcoin mining software. All payments that have not yet been confirmed are stored in the RAM of a given device. As the size of the mempool gradually approaches taking up the entire RAM capacity, nodes are able to automatically discard all pending requests for lower fees.
It’s worth pointing out that the mempool is not a queue – different nodes have their own set of transactions to confirm, and they are apparently incentivized to select the transactions with the highest mining reward fees.
The more popular Bitcoin becomes, the larger the size of the mempool becomes. This subsequently drives transaction fees up as it becomes increasingly difficult for miners to process everything.
Would a better hardware make a difference? No. The way the Bitcoin network operates assumes that each block is mined every 10 minutes (or almost every 10 minutes), and even if every miner had the opportunity to be equipped with super powerful hardware, the same time frame would remain the same.
To get an in-depth look at the current state of the mempool, just visit the website of German software engineer Jochen Hoenicke: It shows all current Bitcoin fees as well as the current size of the mempool
There is a website called bitcoinfees.earn.com that can help you calculate fees in satoshis.
The most obvious way to get to the top of the mempool and confirm your transfer is to pay a higher fee. During the Bitcoin craze in December last year, some users had to pay an eye-popping 40% in fees to make a Bitcoin payment. This sparked a huge debate in the Bitcoin community, and miners may have been celebrating with champagne (their revenues soared along with the fees), but others were very worried that the high fees might affect Bitcoin's acceptance in retail or online stores.
But how do you ensure that your fee is high enough for your transaction to be confirmed? It’s not always reasonable to accept any fee that your wallet software automatically suggests.
As mentioned above, transactions paying less fees will be processed first. The dark blue line shows the number of transfers through the mining pool -
It clearly shows how much people paid to complete their payments. All high priority transactions are shown in the green area. Those who want to save money can get the most appropriate transaction fees, and if they are lucky, they can have their transactions processed relatively quickly and the entire memory pool will be cleaned up quickly.
Is there a way out of this dilemma for those who are unwilling to pay high fees? Frankly speaking, you can’t circumvent the rules ingrained in the Bitcoin protocol. Nevertheless, there are some workarounds that can help you get your transactions confirmed faster and with lower fees:
1. Compress multiple payments into a single transaction (thus reducing its size)
2. Do not send payments during times when the Bitcoin network typically experiences the highest levels of congestion
3. Switch to any other altcoin. Litecoin, Bitcoin Cash and other top 10 stocks have faster payment speeds, but there is an obstacle, that is, the recognition is not high.
On the right, you can see the delay (in minutes), showing how long you have to wait for your transaction to be processed. Subsequently, if you don’t pay any fees, your payment will take an infinite amount of time to confirm (well, let’s be honest –
It will never be confirmed). If you can see the “Confirmed” label, it obviously means that the transaction has been successfully processed (and has become irreversible).
How many confirmations do you need? 
It really depends on the size of your payment. Here is a table that clearly explains it:
The specific number of confirmations also depends on the exchange you choose. For example, Coinbase, the exchange for the world’s most popular cryptocurrency, requires three confirmations before any payment is completed.
The bottom line is that there is a direct link between confirmations and the digital asset of your choice. Speaking of Coinbase, all transactions made in ETH, ETC, and the recently added ZRX and USDC require 50 confirmations.
Handling Unconfirmed Transactions: Our Ultimate Guide
Before taking further steps, you must check if your transaction is confirmed. Once your Bitcoins are successfully sent to the recipient's wallet, a transaction ID will be generated.
Choose any blockchain explorer (e.g., Blockchain.info) in order to view all relevant information related to your transaction.
If your trading is stuck in a long-term stagnation, there are three ways to help you get out of this dilemma:
Continue waiting for your confirmation (it may take up to a week for your transaction to be confirmed).
Alternatively, you can simply cause the mempool to abandon your transaction while you wait for it to be included.
Of course, you can also replace existing transactions by paying a fee.
Replace-By-Fee,
RBF) is when you create the same transaction with a higher fee if your previous transaction is not confirmed. It is worth noting that Satoshi Nakamoto was the one who came up with this idea, and later he decided to shelve the fee replacement feature. Later this idea made a comeback with the Bitcoin Core 0.12+ version.
Still, this practice is constantly under fire from the BTC community for undermining trust in transactions that remain in the mempool. The thing is, people can use this feature voluntarily: senders can easily disable it, so there is no need to worry about trust issues. If you are not in a hurry to receive and send your digital currency, this is a convenient way to control fees.
Canceling unconfirmed Bitcoin transactions
It should be remembered that all BTC transactions are irreversible (so all transaction information should be checked with special care). As such, it is impossible to cancel a Bitcoin transaction since there is no unified central authority that manages Bitcoin transactions.
Double spending is another possible option, but if you look closely, cryptocurrency wallets have a built-in mechanism to prevent this from happening. In fact, Bitcoin is considered to be the first digital currency to successfully solve the double spending problem. Counterfeiting money is a big problem worldwide, and about $600 million is fake! The Bitcoin network prevents this from happening with the help of cryptographic technology. However, when it comes to unconfirmed transfers, there is a loophole for those who want to double spend. Reddit user Peter
Todd confirmed that unconfirmed Bitcoin transactions are insecure due to some discrepancies in the mining software.
Coinbase Exchange Accepts CPFP Protocol
The CPFP protocol, which means “paying for adults” in English (it brings to mind welfare programs), is actually an example of a solution to Bitcoin’s scalability problem.
Even the giant Coinbase recently announced that it will use the CPFP protocol to "save" transactions that cannot be confirmed in the memory pool due to fluctuations in transaction fees.
CPFP allows the receiver to broadcast the same transaction but charge different fees, thereby pushing low-fee transactions to the top of the mining pool. At Coinbase, all stalled payments are processed with the help of the CPFP protocol, effectively solving one of the most controversial issues on the Bitcoin network.
The difference between RBF and CPFP assumes that in the latter case, as the name of the protocol implies, the confirmation of the transaction. A rational-thinking miner must confirm a cheaper transaction in order to include a huge transaction in his block.
The bottom line is that RBF is a viable option for those who want to confirm transactions faster by increasing fees, and CPFP is more suitable for senders who cannot convince miners to pay transaction fees instead.
Things are looking up for BTC trading.
By December 2017, the number of unconfirmed Bitcoin transactions was inflated, and crypto enthusiasts no longer had to endure long delays. While the actual number of Bitcoins continued to increase, the Bitcoin network itself was less congested due to the relatively small number of unconfirmed transactions. In 2018, the peak of the Bitcoin network occurred on December 8, with a total of 133,000 transactions pending payment.
It is worth noting that the drop in network pressure coincided with the release of Bitcoin Core 0.17.0. Although the actual announcement mentioned certain changes related to transaction processing, the update had nothing to do with unconfirmed Bitcoin transactions.
Although the number of unconfirmed transactions has increased over the past few months, the peak for Bitcoin was in June 2019, when the number reached 55,000. Now the situation has changed significantly, with the average transaction volume not exceeding 5,000.
One of the solutions to improve Bitcoin’s scalability is considered to be the Lightning Network (LN). The Lightning Network was launched on December 26, 2017 and has been widely adopted. The Lightning Network operates by transferring Bitcoin off the main chain, which is intended to solve the problem of the slow operation of the Bitcoin network - transactions are carried out on a separate channel created by two traders.
The launch of the Lightning Network coincided with a significant drop in transaction fees (close to 50%), but there is not enough data to determine the exact effect of the Lightning Network. It is very likely that the above-mentioned drop in fees was caused by the cryptocurrency crash that began in January. As of July 19, the Lightning Network had a capacity of over 902
BTC currently has 9,149 nodes running on the Lightning Network.
SegWit (Segregated Witness) proposed a solution to unclog the Bitcoin network. It was a software fork that met the needs of Bitcoin enthusiasts who wanted a larger block size. The block size coupled with SegWit allowed for a significant increase in network bandwidth. The technology has already been adopted by major players such as Coinbase and Bitfinex. Despite this, SegWit still only accounts for 0.1% of all Bitcoin transactions
Growing support for zero confirmation
Bitcoin is the most popular digital currency in the world, and there has been endless discussion about zero confirmations since Bitcoin evangelists have been working hard to make Bitcoin a mainstream currency. Suppose Bob wants to buy a PS4 in a store with Bitcoin, but at the same time, he doesn't want to wait 40 minutes for his transaction to be confirmed. Therefore, it is logical for retailers to adopt zero-confirmation transactions and off-chain Lightning Network transactions to speed up the purchase process, despite the risk of double-spending transactions. As mentioned above, the main purpose of confirmation is to avoid the worrying risk of double spending.
At the same time, the Bitcoin Cash community is already considering accepting zero-confirmation BCH transactions to give the Bitcoin network a competitive advantage. All payments can be completed instantly, and the block size of BCH is 8MB.
(Compared to Bitcoin's 1MB), making it perfect for making instant transfers. In May of this year, Bitcoin's offspring successfully completed an upgrade that increased the size of a Bitcoin block to 32MB.
Speaking of further innovations, a recent article in Forbes states that Bitcoin needs a better consensus algorithm than the current proof-of-work (PoW). For example, IOTA, the 12th largest cryptocurrency by market cap, uses MCMC technology - every two transactions that must be verified are confirmed in a random manner. This system requires only a very small amount of proof-of-work.
KEY POINTS
Bitcoin’s scalability issues continue to plague it. While the number of unconfirmed transactions is still quite low compared to Bitcoin’s peak, the great debate over block size continues. Whether it’s the Lightning Network, Segregated Witness, or the CPFP protocol, it’s clear that this issue must be resolved to ensure that the king of cryptocurrencies doesn’t cede ground to altcoins that can offer faster transactions.