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   793

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.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   98

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.