WHY DO YOU NEED CONFIRMATION OF BITCOIN AND ALTCOIN TRANSACTIONS AND HOW LONG DOES IT TAKE?

Bitcoin/Altcoins transactions are carried out differently from other electronic money transfers. The creation of Bitcoin, as well as its transfer from one user to another, is possible only with the help of certain people called miners. Our cryptocurrency exchanger cannot in any way influence the activities of miners, and this is one of the reasons that a transaction sometimes lasts from several minutes to several hours. Once a transaction is added to a specific block of the blockchain network, the transaction is confirmed.

The following factors may also affect the speed of transaction confirmation:

• how busy the Bitcoin/Altcoins network is;
• commission percentage assigned for this transaction;
• the serviceability of the site on which the user’s wallet is open, and so on.

Do not forget that the transaction does not immediately go to miners for processing. That is, the speed of transactions depends not only on how fast the miners work. Before this, the transfer goes through a relay process in blocks and is stored in the nodes’ memory - mempool https://blockchain.info/ru/charts/mempool-count . Blockchain Explorer ( https://blockchain.info , https://blockexplorer.com/ ) does not show the transaction while it is stored in the mempool . Sometimes it can take up to 2 days.

If the Bitcoin/Altcoins network is heavily loaded, it may take several days for the transaction to be confirmed.

Without confirmation of the transaction, it is impossible to carry out a full transfer in order to avoid repeated transfers.

Our cryptocurrency exchanger sets the commission recommended by the Blockchain.info resource. The obligations of the exchange office are considered fulfilled after the transfer of Bitcoin/Altcoins coins to the address specified by the client, which is confirmed by an entry in the public register. 

What to do if there is no transaction confirmation for a long time

First of all, don’t panic. As already mentioned, the speed of the transfer depends on several factors, not the least of which are miners. Miners “mine” bitcoins and do it in a way that is profitable and convenient for them. Neither network administrators nor cryptocurrency exchangers can in any way speed up the miner’s work, so you have to wait for it to do its job of inserting a transaction into the found block.

You will have to wait for the transfer of cryptocurrencies from one Bitcoin address to another exactly as long as the miner spends searching for a block on the network. The Bitcoin/Altcoins network works only on this principle, and nothing can be done about it.

There is no need to express any complaints about the duration of transaction confirmation to the exchanger operator; he simply physically cannot help and speed up the process, because everything depends on the work of the miner, that is, a third party.

Lately, it takes more and more time to confirm a transaction due to some nuances:

• the growing popularity of cryptocurrencies among the population, which leads to a huge number of transactions;
• Bitcoin/Altcoins network congestion;
• attempts to hack the network by hackers.

All these points affect the speed of the transfer, and the transaction can last from several minutes to several days.

It is important to remember that if you decide to cancel a transaction because you are waiting too long, you will not be able to do so. Once a transfer is launched on the blockchain network, it cannot be cancelled. You can only wait for confirmation of the transaction and ask your opponent to return the funds to you.