Stock Markets Group - As we mentioned earlier, over the past few days, the number of transactions postponed by Bitcoin has risen sharply. This is due to the fact that investors are rushing to get rid of the cryptocurrency as soon as possible against the backdrop of the continuing collapse of the market.
To date, Bitcoin's network handles about 300,000 transactions per day on average, and the unprocessed request pool size exceeds 120 megabytes. Experts note that the network has a paradoxical situation. The idea of creating Bitcoin and blocking technology was to reduce the cost of payments and reduce the processing time. However, no one expected that as a result of the fall of the market and the active withdrawal of assets from the cryptocurrency network will be so congested that it will have to revise the size of the commission. Technically, the block in 1 mb., As it turned out to be not enough to ensure timely processing of data under heavy load.
So the largest payment processing network in the cryptocurrency, BitPay, hurried to report that it will not be able to process amounts less than $ 100, since the commission will be about 30% of the transaction amount. The problem can be solved using the Segregated Witness protocol, which unfortunately is not so much used by networks today.
Recall that for the first time about SegWit said the developer from Belgium Peter Welle during the workshop Scaling Bitcoin in Hong Kong. The essence of it is that it will allow increasing the Biktoin block to 2 mb. and make the system more flexible and decentralized. The bandwidth of the blocks for today is the problem by which the number of transactions per second is limited, now there are only 7 of them, for comparison, Visa known for all processes several thousand for the same time.
The management of BitPay reported that the developers have already started work on the implementation of Segregated Witness since its use can significantly reduce the processing speed of transactions and costs by almost 40%. However, this will take time and today many network members are forced to wait for their turn of operations, and unfortunately pay a high commission from $ 25 to $ 30 per transaction.
