Blockchain.info is the world’s most visited bitcoin related website and offers bitcoin wallet service. Peter Smith, CEO of Blockchain.info, said that they have received a lot of criticism from clients from the past months. The complaints started last December and climbed up this March. Smith was approached by the bitcoin community to help fix the problem.
There are defects in the Bitcoin network is possibly with the terminal, incapable to processing transactions instantly. The pressure of the blockchain technology that underpins Bitcoin is troublesome for the network to handle the level of transactions on the network leading to large amount of fees and longer waiting times. Smith said “Simply put, Bitcoin users paid more for less value”. Where there were higher fees, this did not result in faster transactions, rather just a lengthy backlog. Correlating the time range bitcoin transactions take versus fees paid to operate the transactions also affected the USD value of Bitcoin. Nonetheless, this is not the case. During this latest deterioration within network condition, there simply was no room for low-fee or dust transactions; nor has there been conclusive evidence of a widespread attack on the network.