My question is already in the subject line.
I saw today that there is about 180 k unconfirmed transactions (
https://blockchain.info/unconfirmed-transactions)
Besides the fact that it undermines btc's reputation and ability as a currency, is that what keeps the price steady at the moment?
Maybe you can help me out here, but the most likely scenario for me is that this prevents the btc price from dropping right now?
thanks in advance for your input!
It went as high as 270K if I'm not mistaken, which coincides with bitcoin price is peaking at $18K. But it looks like it cool down a bit because the price of bitcoin is going down as well. So we can conclude that there's a correlation between mempool clogging to bitcoin price increasing. I think if I understand you correctly, there will be no bitcoin price steady, its always unstable, like today the price is going down making a correction. But there are news that LN will be soon implement which will help at least unclogged network congestion.
https://www.coindesk.com/lightning-bitcoin-scaling-tech-really-know/Yes it has been up to 270 k and looking at it today its 120 k unconfirmed transactions. This might of course be coincidental and related to other factors, but the btc price is on its way down. My question or the point I wanted to make was more that the mempool being clogged is correlated to the price increasing or being steady, because people cannot cash out that fast or move btc in wallets.