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Number of Unconfirmed Bitcoin Transactions Suddenly Explodes. Here's What Happened

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  • Alex Dovbnya
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    The Bitcoin mempool looks like it's January 2018 all over again, but the rapid increase of its size is solely attributed to plenty of spam transactions

Bitcoin Transactions
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The Bitcoin mempool, which collects unconfirmed transactions, has been clogged with a slew of one-satoshi transactions. The number of unconfirmed transactions has risen by a staggering 87,000 percent.

As a result, the mempool size reached 88 megabytes, its highest level since January 2018 when Bitcoin was in the middle of its biggest speculative bubble to date.


It is worth noting that this unusual mempool activity didn't affect the network's given that all spam transactions were minuscule. Larger transactions were able to pass without any hassle. 

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Bitcoin Fees Greatly Depend on Your Time Zone, New Study Shows

Back in December 2017, average Bitcoin network fees reached $55 after hordes of people rushed to buy Bitcoin during the previous bull run peak. Miners are incentivized to confirm transactions with higher fees much faster.

The BTC price skyrocketed from $6,000 to $20,000 in a matter of one month. On Jan. 11, 2018, the size of the mempool reached its highest level ever, surpassing 300 megabytes.   

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Bitcoin (BTC) Transaction Fees Continue Declining Despite Trading Volumes Being on the Rise

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This time around, there is no apparent reason for this mempool activity (apart from the spam transactions). The king of crypto is sitting at the $8,600 level at the time of writing. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Stablecoins Growing in Popularity, Showing Potential to Replace Fiat Later On

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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