Over 220 000 transactions pile up in mempool after a crazy day of BTC exchange rate growth

Total daily trade volume nears $29 billion, the network is clogged with unconfirmed transactions
08 December 2017   1276

Yesterday Bitcoin once again set the all-time records. And not only the price climb, which was truly astonishing, was a concern for traders and casual buyers. The all-time high daily trade volume of $29 billion also was noted on this day. The mainstream media scampered around, trying to keep up to date with the events. Everybody was elated, Bitcoin to the moon, they were saying. Opportunities of huge arbitrage deals were available. But there is a downside to everything. All this rage in the end led to Bitcoin, while pricey to say the least, becoming practically non-transactable.

The current backlog, as of 9:00 UTC 12-08-2017, in the mempool is more than 220000. This caused many users to complain about their transactions sitting unconfirmed for several hours despite fast fees of $7 and more. Transaction fees as high as $32 were logged, but it didn't help much, because the viral success of the largest cryptocurrency swept up not only private users, be they miners or buyers, but also all of the BTC exchanges. It didn't directly impact the blockchain, as all the trading is done on the outside resources, but the demand for fund transfer in and out of exchange platforms was still high enough to clog up the blockchain.

Casual users beware, right now may not be the best time to pay with Bitcoin, because analytics say that the mempool will clear up to manageable level in several hours, at best. Consider your assets to be a very profitable savings account, because in the nearest future it's practically impossible to cash in BTC in any reasonable amount of time.

Lightning Desktop App to be Launched in BTC Mainnet

The application, which is based on the lightweight Neutrino client, is available for the macOS, Windows and Linux, however, it's oriented fro test environment
24 April 2019   148

Lightning Labs, a leading developer of solutions for the Lightning Network, announced the launch of its desktop wallet in the main Bitcoin network. An application that was previously tested in a test network is available in the alpha version.

The application, which is based on the lightweight Neutrino client, is available for the operating systems macOS, Windows and Linux, however, as the developers emphasize, is still oriented primarily to the test environment. At the same time, more advanced users can also experiment with the wallet interface and get access to their funds.

Lightning App Desktop Version Screenshot
Lightning App Desktop Version Screenshot

The Neutrino client allows non-custodial Lightning wallets to verify Bitcoin transactions without the need to synchronize with the full version of the blockchain.

The new release includes such a function as displaying a single balance, which will allow users to see the cumulative number of coins both in the network base and in the payment channels by percentage.