as the network experienced a sudden surge in transaction fees and unconfirmed transactions over the weekend.
This led to concerns about a potential Denial of Service (DoS) attack, but industry analysts were quick to allay these fears.
According to BitInfoCharts, the average Bitcoin transaction fee is currently around $19.20 or 0.00068 BTC. Meanwhile, the backlog of transactions stands at a staggering 459,341, causing total fees per block to temporarily exceed the block subsidy reward of 6.25 BTC on May 7.
While some speculated that this congestion was the result of a DoS attack, Bitcoin analysts were quick to point out that it was due to demand rather than any malicious intent. In fact, a record high of 75% of Bitcoin on-chain transactions used Taproot on May 7, indicating a rise in Ordinals inscriptions.
Despite the recent congestion, many remain optimistic about the cryptocurrency's future, with some viewing the surge in demand as a sign of Bitcoin's growing popularity and mainstream adoption. However, it is clear that the network needs to improve its scalability and reduce transaction fees to accommodate the increasing number of users.
Binance, the world's largest crypto exchange, has also suspended Bitcoin transactions twice in the past twelve hours, citing "the large volume of pending transactions." While the exchange did not provide any further details, it is clear that the surge in demand has put a strain on the Bitcoin network.
Overall, while the recent congestion may cause some concern, it is important to note that this is not the result of a DoS attack. Rather, it is a sign of Bitcoin's growing popularity and the need for the network to adapt and improve to accommodate its increasing user base.
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