Bitcoin Unlimited blocks mined by clients have hit a record of 28.5% of the network total, thus passing SegWit adoption for the second time this month.
The recent overload and scalability problems faced by the Bitcoin network has brought up the discussion of increasing the block size limit beyond one megabyte.
Hopefully the unprecedented Bitcoin Unlimited performance will trigger a move towards raising the block size limit, thus relieving the ever growing demand on the network’s capacity.
Over the previous year, the average block size, median confirmation time and transaction fees have sky-rocketed. Currently, the average fee for a transaction to be processed within the following hour is approximately $0.37. That amount exceeds what most card operators charge for a similar service.
Bitcoin’s scalability issues have had a repercussion on customer volume as users are increasingly looking for alternative payment methods with quicker transaction times and lower costs. To this end, cryptocurrency exchange Nocks mainly used to promote the adoption of Dutch-based coin Gulden, has discontinued Bitcoin support.