Why Your Bitcoin Transactions Are Taking So Long to Confirm
If you have sent a bitcoin payment ter the last twee of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.
Wij have received your emails.
Since, like the Bitcoin network, wij are presently working through a backlog, wij want to thank you for your patience. With the high volume of questions wij’re getting about delayed payments, wij determined it would be best to write a schrijven explanation about what’s happening with many bitcoin transactions right now.
How Bitcoin Transactions Get Confirmed (or Delayed)
Transactions on the Bitcoin network itself aren’t managed or confirmed by BitPay, but by the bitcoin miners which group transactions into “blocks” and add those blocks to the Bitcoin “blockchain” the collective historical record of all transactions. When a transaction has bot added to a block six blocks ago, it’s considered a done overeenkomst.
Presently, bitcoin network traffic is unusually high due to enhancing request for transactions vanaf block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck te a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool.
For setting on what’s happening now, here is a look at the current bitcoin mempool size.
The good news? A loterijlot of people are interested ter using bitcoin for transactions. The bad news is that this network traffic may produce delays of a few hours to a few days for some users and a wait time of weeks for a puny number of users.
What To Do If You Have an Unconfirmed Transaction
If your bitcoin transaction to a BitPay merchant has not confirmed yet, you will need to wait for it to be confirmed by bitcoin miners. Since BitPay does not control confirmation times, there is unluckily nothing wij can do to speed up the process merienda your transaction has already bot broadcast to the network.
You can check your transaction’s confirmation status and other payment details on any blockchain explorer (like BitPay’s block explorer Insight). Look up your transaction using your transaction ID or the sending or receiving bitcoin addresses, which can all be found te your bitcoin wallet that sent the payment. For your transaction to be considered fully confirmed by most BitPay merchants, your transaction will need to have six confirmations.
Note that until your payment has six confirmations on the bitcoin blockchain, the recipient will not have access to the funds and will not be able to refund your transaction.
While some BitPay merchants may choose to fulfill orders on payments with fewer block confirmations, you will need at least one block confirmation before your order can be considered accomplish. If your transaction confirms and the merchant does not fulfill your order, you don’t need to reach out to BitPay. Just reach out to the seller and provide your order ID and BitPay invoice URL spil proof of payment.
How To Avoid Delayed Transactions
Because block sizes are limited, it’s significant for bitcoin miners to know which transactions they should include te blocks very very first. Miners use prices to figure this out. When you broadcast a transaction, your total amount sent usually includes a “miner toverfee” which goes to pay miners.
If you want your transaction to leave the bitcoin mempool and be added to a block quickly, it’s significant that you include a sufficient miner toverfee. This is why wij strongly suggest using the BitPay wallet or another true bitcoin wallet that can dynamically calculate the miner toverfee needed for timely block confirmations. For reference, the webstek bitcoinfees.21.co gives the ondergrens miner toverfee spil 360 satoshis/byte, however this amount has bot fluctuating across this week.
Transactions are being added to the bitcoin mempool’s utter queue permanently. Some may have bot sent with higher miner fees than the one sent with your payment. This means that with current network traffic, miners may deprioritize your unconfirmed transaction even if it wasgoed sent with an adequate toverfee at the time.
Your transaction will likely confirm, but if the Bitcoin network does not confirm it, it be spendable again te your wallet. Funds are spendable again te the BitPay wallet after transactions fail to confirm for up to 72 hours, but other wallets may behave differently.
If you are not using the BitPay wallet, you should voeling your wallet provider for help if your unconfirmed funds do not vertoning up spil spendable again after a few days.
What Is BitPay Doing About This?
While BitPay does not control confirmation times on the Bitcoin network, wij care about the payment frustrations BitPay merchants and purchasers are experiencing right now.
For purchasers, our BitPay wallet team has bot working on updates to the BitPay wallet for our next release which will help to mitigate the effects of thesis delays on the bitcoin network when they occur.
For bitcoin users and businesses alike, wij’re also continuing to explore options for quicker, simpler, and more affordable bitcoin payments. Wij’ll proceed to postbode here on the BitPay blog spil wij make progress.
If this article didn’t reaction your question, check out our payment guide or our fresh movie walkthrough for more kennisoverdracht on how to make a successful bitcoin payment.