Cryptocurrency

crypto-tools

There are several reasons why the Bitcoin network can become congested and experience delays in transaction processing:

High demand for transactions: When more people are trying to use the Bitcoin network than it can handle, transactions may take longer to process. This often happens during periods of high demand, such as when the price of Bitcoin is rapidly rising or falling.

Limited block size: The maximum block size for Bitcoin is currently 1 MB, which means that each block can only contain a limited number of transactions. This can create a backlog of transactions waiting to be processed during times of high demand.

Low transaction fees: Miners prioritize transactions with higher fees because they earn more in transaction fees. When fees are low, transactions may take longer to process as they are given lower priority by miners.

Network congestion: If there is a sudden surge in traffic on the Bitcoin network, it can become congested and slow down transaction processing times.

Technical issues: Technical issues such as software bugs or network disruptions can also cause congestion and delays in transaction processing on the Bitcoin network.

Is someone is attacking the Bitcoin network?

It is not uncommon for the Bitcoin network to experience attempts at attacks or disruptions from various sources. However, it is also important to note that the Bitcoin network has a strong and robust infrastructure, and attacks on the network are generally unsuccessful due to the network’s decentralized nature and security features.

There have been reports of occasional attacks on the Bitcoin network, such as Distributed Denial of Service (DDoS) attacks or attempts to manipulate the blockchain, but these attacks have been typically mitigated by the network’s security measures and the efforts of the Bitcoin community.

It is worth noting that the Bitcoin network is constantly evolving and improving, with ongoing efforts to strengthen its security and address potential vulnerabilities. The open-source nature of the network allows for collaboration and feedback from the community, which can help to identify and address any potential security threats or weaknesses.

Overall, while there have been attempts to disrupt or attack the Bitcoin network, the network has so far proven to be resilient and robust, and the likelihood of a successful attack on the network remains low.

Do you want money YOU can send instantaneously to anyone, anywhere in the world? Here’s how you can do so.

Tim Copeland at Decrypt.co has a great article describing how an amateur like me can build and operate a Bitcoin Lightning node for not much money. I had been running a regular Bitcoin node on one of my home computers but was looking to operating a Lightning node version. I looked at the Casa Node but it was like $300 a year so that was a non-starter. This article came out in late December and I followed instructions to build one in January. I bought the parts on Amazon and carefully followed instructions and got this up and running in no time with hardly any problem at all. Probably the hardest thing is figuring out how to open the correct port on my router. So it sits on my desktop running day and night processing BTC transactions like a boss.

Read Tim’s article here for complete instructions on putting together your Bitcoin Lightning node and helping keep it decentralized.