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In the recent weeks and days there have been quite a number of reports painting the picture that delay in confirmation of transactions is not only on the rise, but it is also fast becoming an endemic problem in the Bitcoin ecosystem.
Some users have indicated that they have experienced delays that extend to days. In one particular case, which by all standards is describable as extreme, a Reddit user has been giving updates about a transaction that he initiated on Tuesday 1st March, which, as at the time of publishing this article, is yet to be included in a block in order for it to go through.
And this particular transaction has not only failed to complete but has also left the user utterly without control of the funds. As a matter of fact, he has resorted to hunting for an expert of a sort who can revert the transaction at a fee. It is probably even more telling that this particular user has never had a similar experience before.
In another case, Bitbet, an online casino, has had its operations curtailed for hours after some of its transactions were not picked up by nodes in the Bitcoin network, which in turn resulted in payouts to players not being made within acceptable time. This was later linked to the casino attaching little or no fee at all on the transactions.
For the most part, these reports have been confined to the Bitcoin community forums and chat rooms like the Bitcoin sub-Reddit. That, finally, the Bitcoin network is breaking down owing to a filled capacity of the Block, which the community has failed to agree on how to scale. Indeed, it is hard to determine whether most of the delays that are currently being experienced are attributable to the current block size proving to be too small for all the transactions sent for verification and confirmation.
There are indications that some of it could be caused by miners ignoring transactions that do not have fees attached to them. While this is not what majority of Bitcoin users would describe as an ideal situation, it partially takes away the blame from a system breakdown. With that said, there are those who hold the view that the transaction confirmation delay trend has not reached a critical point to warrant panic.
And therefore even if it is a problem that requires a solution to come fast, it is not as bad as some would want to make it look. At least, some who belong to this school of thought to push the argument that some of the users reporting these cases either are disingenuous, attempting to spam the system or they just do not include the correct amount of transaction fee when sending bitcoins.
Otherwise, legitimate users only have to pay a few cents per transaction. At the extreme are those who claim that there is ulterior motive in the reports being made. The debate and allegations aside; if it goes that the levels Bitcoin network are not confirming transactions is widespread and an unprecedented, then what are the short and long term effects on the Bitcoin price?
To answer that question, first we need to understand that Bitcoin is used primarily at two levels; medium of exchange paying for goods and services from merchants and store of value as an asset class.
These two uses are bound to be affected differently by slow confirmation of transactions. On one hand, it should be given that it is tough to make payments for goods and services, especially in the form of instant micropayments, if there is a significantly huge delay in confirmation by the network. That is absolutely not acceptable. However, that type of bitcoin transactions has always been taken care of by Bitcoin payment processors like Bitpay, who settle the merchant and thus releases the shopper as the confirmations by the network are awaited.
In both cases, therefore, as things stand, users have no reason to exit in droves and thus drive down the Bitcoin price. As a matter of fact, and with everything taken into consideration, it is fair to state that confirmation delays might not affect the price of Bitcoin in any meaningful way.
At least not in the near future, and not at all if the scaling roadmap that has just been adopted by the Bitcoin community is adhered to and seen through. Image Courtesy of YouTube and Wikimedia. Next Post Previous Post. Is there really a reason to exit and make the Bitcoin price slump?
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