{"id":462,"date":"2023-06-01T15:05:10","date_gmt":"2023-06-01T15:05:10","guid":{"rendered":"http:\/\/squallmotion.com\/?p=462"},"modified":"2023-11-22T16:32:03","modified_gmt":"2023-11-22T16:32:03","slug":"understanding-bitcoin-network-congestion-high-fees-and-what-to-do","status":"publish","type":"post","link":"http:\/\/squallmotion.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><img decoding=\"async\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/cdn-images-1.medium.com\/max\/1024\/1*O-p1f7zIvOVK5cekJd5JxA.png\"><\/figure>\n<p>The Bitcoin network is currently experiencing significant congestion, leading to high transaction fees and delays in confirmation times.<\/p>\n<h4><strong>Why is the Bitcoin Network Congested?<\/strong><\/h4>\n<p>The growing popularity of Bitcoin has resulted in an increased number of transactions, straining the network\u2019s capacity.<\/p>\n<p>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<h4><strong>Higher Transactions Fees<\/strong><\/h4>\n<p>The congestion has led to a surge in transaction fees, as users compete to have their transactions processed quickly.<\/p>\n<p>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<h4><strong>What should you\u00a0do?<\/strong><\/h4>\n<p>Use <a href=\"http:\/\/blockchain.com\">Blockchain.com\u2019s custodial Wallet<\/a> (Blockchain.com Account) to process transactions.<\/p>\n<p>By using a custodial wallet, you can bypass the congestion on the Bitcoin\u00a0network.<\/p>\n<p>Since our <a href=\"http:\/\/blockchain.com\">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<p>Time your transactions during a low period of network activity.<\/p>\n<p>Look into other Layer 1 blockchains, like <a href=\"http:\/\/blockchain.com\">Ethereum<\/a> or\u00a0<a href=\"http:\/\/blockchain.com\">Solana<\/a>.<\/p>\n<p><em>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><img decoding=\"async\" loading=\"lazy\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" width=\"1\" height=\"1\" alt=\"\" class=\"lazyload\" data-src=\"https:\/\/medium.com\/_\/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=856385727202\"><\/p>\n<hr \/>\n<p><a href=\"https:\/\/medium.com\/blockchain\/understanding-bitcoin-network-congestion-high-fees-and-what-to-do-856385727202\">Understanding Bitcoin Network Congestion: High Fees, and What to Do<\/a> was originally published in <a href=\"https:\/\/medium.com\/blockchain\">@blockchain<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin network is currently experiencing significant congestion, leading to high transaction fees and delays [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"_links":{"self":[{"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/posts\/462"}],"collection":[{"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/comments?post=462"}],"version-history":[{"count":1,"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/posts\/462\/revisions"}],"predecessor-version":[{"id":463,"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/posts\/462\/revisions\/463"}],"wp:attachment":[{"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/media?parent=462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/categories?post=462"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/squallmotion.com\/index.php\/wp-json\/wp\/v2\/tags?post=462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}