As of May 12, bitcoin price in the South Korean exchange market is $2,076, approximately 12.7 percent higher than that of the global average price.
To be exact, bitcoin is being traded on South Korean exchanges and trading platforms at a price that is $269 higher than the global average price of $1,807.
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Bitcoin is currently operating at over capacity following a significant price increase by around $600 in just one week. 100,000 transactions are now stuck, unable to move, weighing around 68MB.
That means 68 blocks would be needed to clear the backlog, taking around 11 hours, but that’s only if there are no further transactions being made in the meantime. As new transactions do come in, older ones either drop off, or keep waiting in a now longer queue.
To jump the queue, you can pay a higher fee. Vinny Lingham, co-founder of Gyft which accepts bitcoin, stated average bitcoin fees are now more than $1 and rising.
Why is Japan’s largest bank making this move?
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