Bitcoin BTC/USD maximalists on Twitter were left worried on Sunday as BTC transactions piled up, with over 469,000 transactions waiting to be processed, according to mempool.space.
What Happened: The wait-time for a Bitcoin transaction to be confirmed is often used as a key indicator of network health.
See More: Is Bitcoin a Good Investment?
Transactions are sent to a mempool before being added to the blockchain and await selection by a miner. With high transaction volumes, the mempool has become congested and there are concerns that some may not be able to handle the increased transaction fees.
Bitcoin enthusiast Dylan LeClair has expressed concerns that high transaction fees could potentially act as an “attack vector.”
Twitter user “Bitcoin Meme Hub” reminded followers of a past event in which the Bitcoin blockchain was targeted with a spam attack by influential “big block economic interest groups” such as Jihan and Roger’s gang.
Why It Matters: Bitcoin Maxi Toma B said that it appears that there’s an “attack” on Bitcoin.
"The Ordinal gang/ Big blockers? Are pushing random inscriptions and pay high fees. They clog the mempool and increase overall fees to include a transaction in the block."
This comes as Binance on Sunday once again paused Bitcoin withdrawals as the Bitcoin network suffers from unprecedented congestion.
At the time of writing, BTC withdrawals, had, however, resumed on Binance.
Price Action: BTC was trading at $28,212, down 2.16% in the last 24 hours, according to Benzinga Pro.
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