Why Your Bitcoin Transactions Are Taking So Long To Confirm
Why Your Bitcoin Transactions Are Taking So Long to Confirm If you have sent a bitcoin payment in the last couple of weeks, you may have noticed that your transactions are taking much longer than expected to confirm. Since, like the Bitcoin network, we are currently working through a backlog, we want to thank you for your patience. With the high volume of questions we're getting about delayed payments, we decided it would be best to write a short 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 controlled or confirmed by BitPay, but by the bitcoin miners which group transactions into "blocks" and add those blocks to the Bitcoin "blockchain" the shared historical record of all transactions. When a transaction has been added to a block six blocks ago, it's considered a done deal. Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool. For context on what's happening now, here is a look at the current bitcoin mempool size . The good news? A lot of people are interested in 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 small 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 confir Continue reading >>
Bitcoin: (high) Transaction Fees (long) Confirmation Times
Bitcoin: (High) Transaction Fees (Long) Confirmation Times Why is my transaction fee so high?! Why is my transaction not yet confirmed?! In my previous blog post , we touched on some basic concepts of Bitcoin. We will now use those concepts to discuss transaction fees and confirmation times. These are important concepts to understand because these affects how you will be using your Bitcoins later on. For new Bitcoin users, the concept of transaction fees are not immediately noticeable. However, if you look closely, whenever you do any transaction you are required to pay a transaction fee. So what are transaction fees and what are they used for? To answer that, we need to back track a bit and go back to our previous discussion about blocks and transactions. As we already know, blocks store all transactions made in the Bitcoin network permanently. We also learned that miners solves for hashes in blocks in order for a block to be added into the blockchain. So where does transactions fees come in? We must first understand the building blocks of transaction before proceeding. I mentioned in my previous post that a transaction contains an input and an output. A single transaction can contain multiple inputs and multiple outputs. To keep it simple, an input tells you where your Bitcoins came from. While on the other hand, an output tells you where your Bitcoins will be sent. Lets have an example to have a better idea of how inputs and outputs work in a transaction. Lets say you have 10 Bitcoins and you wanted to purchase a car worth 9 Bitcoins. For simplicitys sake, lets just say that your 10 Bitcoins came from a single transaction. Now you bought the car and sent your 10 Bitcoins to the car dealer. You will then get your 1 Bitcoin back and 9 Bitcoins will now be sent to the Continue reading >>
How Long Does It Take For A Bitcoin Transaction To Be Confirmed?
How long does it take for a Bitcoin transaction to be confirmed? Stanford researcher Dr. Joseph Bonneau explains the distinction between confirmed and unconfirmed Bitcoin transactions. [For the latest on policy and regulation relating to cryptocurrencies like Bitcoin, see what we're doing to protect your right to innovate with cryptocurrencies .) Frequently in popular descriptions of Bitcoin and in the user interfaces of wallet software, a distinction is made between confirmed and unconfirmed transactions. What is the difference? At a high level, a transaction is only confirmed when it is permanently included in the Bitcoin blockchain. The blockchain is a ledger of all transactions in the history of Bitcoin. It is append-only, meaning new data can be added to the end of the ledger, but data can never be removed once included. This ledger is necessary to prevent double-spending, which is a key technical challenge in designing any cryptocurrency. Recall that if Alice owns some quantity of bitcoins, this really means she knows one or more cryptographic keys which have been designated as the controller of those coins in a transaction on the ledger which transferred the coins to Alice. In order to transfer the coins to another entity, Alice will use these keys to produce a digital signature on the statement I would like to redeem (spend) this transaction and send the value to X, Y, Z where X, Y, and Z will be new cryptographic addresses representing keys known by other individuals (or perhaps Alice herself). Now, suppose Alice signs a statement on her own computer saying she wants to transfer some coins to Bob but never sends the statement to Bob. In this case, clearly the coins have not been transferred. This is roughly like a tree falling in the forest with nobody around Continue reading >>
Coinbase | Why Is My Transaction 'pending'...
This article is for digital currency transactions sent to or from your Coinbase wallet. If you're wondering about a pending purchase or bank deposit, you can learn more here . Incoming transactions show up in your account almost instantly (within a few seconds) but will show as 'Pending' until there have been at least six network confirmations. Once a transaction is verified, it will show Complete in green. This lets you know that the transaction cannot be reversed and that the funds can be withdrawn. Coinbase runs its own digital currency nodesthat communicate with the rest of the network. When you initiate a transaction, we broadcast it to the rest of the network so it can be confirmed. Our nodes may lose sync with the rest of the network for short periods of time. This can cause transactions to remain in the "Pending" state for longer than normal. Usually the delay is under an hour, and the transaction will eventually go through normally. Occasionally, transactions are not accepted by the rest of the network and therefore are never considered to be 'confirmed'. Continue reading >>
Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution
Bitcoin transaction fees are proving to be profitable for so-called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions. They are paid in bitcoin in return for their services. On Monday, the total value of all transaction fees paid to miners hit an astronomical sum above $11 million on that one day, according to Blockchain.com data. A debate has been brewing among the bitcoin community surrounding transaction times and fees. Right now it takes an average time of 78 minutes to confirm a bitcoin transaction, according to Blockchain.com. But on Sunday the average time was as high as 1,188 minutes. Slow transaction speeds and fees has led to a number of splits in the original blockchain. In August, the blockchain was forced to split in two a phenomenon known as "hard fork." This led to the creation of a bitcoin spinoff called bitcoin cash. Another fork occurred in October , spawning yet another digital asset called bitcoin gold. These bitcoin offshoots have spawned because some within the bitcoin community believe that the size of blocks records of transactions on the network should be increased. A proposed update known as SegWit2x would have increased the block size from one to two megabytes, but this was dropped last month. Separating bitcoin from its altcoin rivals The boss of blockchain firm Ripple, whose digital currency XRP is the fourth-largest by market value, is skeptical about the use of bitcoin for payments and transfers. "I don't think bitcoin is well-positioned to solve the payments problem," Ripple's CEO Brad Garlinghouse told CNBC earlier this year. Garlinghouse said that his firm's cryptocurrency was "enabling transactions in seconds," adding that the cost Continue reading >>
Confirmation - Bitcoin Wiki
After a transaction is broadcast to the Bitcoin network, it may be included in a block that is published to the network.When that happens it is said that the transaction has been mined at a depth of 1 block.With each subsequent block that is found, the number of blocks deep is increased by one.To be secure against double spending , a transaction should not be considered as confirmed until it is a certain number of blocks deep. Note that unconfirmed transactions do not expire . The classic bitcoin client will show a transaction as "n/unconfirmed" until the transaction is 6 blocks deep.Merchants and exchanges who accept bitcoins as payment can and should set their own threshold as to how many blocks are required until funds are considered confirmed.When potential loss due to double spending as nominal, as with very inexpensive or non-fungible items, people may choose not to wait for a transaction to be confirmed, and complete the exchange as soon as it is seen on the network.Most exchanges and other merchants who bear the risk from double spending require 6 or more blocks. There is nothing special about the default, often-cited figure of 6 blocks. It was chosen based on the assumption that an attacker is unlikely to amass more than 10% of the hashrate, and that a negligible risk of less than 0.1% is acceptable.Both these figures are arbitrary, however;6 blocks are overkill for casual attackers, and at the same time powerless against more dedicated attackers with much more than 10% hashrate.  Freshly-mined coins cannot be spent for 100 blocks.It is advisable to wait some additional time for a better chance that the transaction will be propagated by all nodes.Some older bitcoin clients won't show generated coins as confirmed until they are 120 blocks deep. Transactions Continue reading >>
Why Is My Bitcoin Transaction Pending For So Long? Bitcoin Fees For Dummies
Last updated on December 8th, 2017 at 01:19 pm If youre reading this post I assume that like many others, you sent a bitcoin transaction and was kind of confused as to why its still listed as unconfirmed or pending after a few hours or so. I mean Bitcoin transactions are supposed to be instant right? In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network. Heres what happens when you send Bitcoins to someone Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. Once the transaction is verified it then waits inside the Mempool (i.e. in some sort of a limbo state). Its basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. Until it is picked up its considered an unconfirmed transaction or a pending transaction. Anew block of transactions in added to the Blockchain every 10 minutes on average. However since there are so many transactions lately due to the price increase, and a block can only hold a finite amount of transactions, not all transactions are picked instantly. So you need to wait for a certain amount of time until a miner decided to pick your transaction out of all of those sitting around in the mempool. Once your transaction is included in the block it receives its first confirmation and its no longer pending. After another block of transactions is added it will get another confirmation and so on.heres a short video explaining this: How can you make sure your transaction will get included in the next block? Simple. By Continue reading >>
3 Things To Know About Bitcoin Confirmations
Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network. For example, if Sean sends one bitcoin to John, this transaction will remain unconfirmed until the next block is created. Once that block is created and the new transaction is verified and included in that block, the transaction will have one confirmation. Approximately every ten minutes thereafter, a new block is created and the transaction is reconfirmed by the Bitcoin network. While some services are instant or only require one confirmation, many Bitcoin companies will require more as each confirmation greatly decreases the likelihood of a payment being reversed. It is common for six confirmations to be required which takes about an hour. How many Bitcoin Confirmations are Enough? Payments with 0 confirmations can still be reversed! Wait for at least one. One confirmation is enough for small Bitcoin payments less than $1,000. Enough for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits. Enough for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure. Suggested for large payments greater than $1,000,000. Less is likely fine, but this is to be safe! Once you make a transaction, your wallet should give you an option to view the transaction on a block explorer or give you the transaction ID. A transaction ID looks like this: 7a43510802e113b7059851ef0a8a5c3625db37541861dd982f56253b2d5c4ff9 To check the number of confirmations for a transaction, paste the ID into a block explorer like blockchain.info: Press enter and then youll see more details about your t Continue reading >>
How Long Does It Take For A Bitcoin Transaction To Be Confirmed?
All Abra transactions are verified by the blockchain -- that's how we ensure that the money you're sending is yours to send. It's one of the ways we prevent fraud in the system. It can take from 10 minutes to 4-6 hours for transactions to be confirmed on the blockchain, depending on the Bitcoin blockchain congestion at the time you initiate your transaction. Until Abra gets verification that the transaction is a valid and unique one, you won't be able to send or withdraw the funds in your Abra account. Continue reading >>
Why Bitcoin Withdrawals And Payments Are Taking So Long To Confirm
Why Bitcoin Withdrawals and Payments Are Taking so Long to Confirm If you have sent a bitcoin payment or requested a withdrawal of Bitcoin, you may have noticed that your transactions are taking much longer than usual to process. We are currently working through a backlog of ~18 thousand support emails, and we want to thank you for your patience. Since we have been receiving a large number of tickets about transaction confirmation delays, we are making this short announcement to explain, what is going on with the transaction confirmation time at the moment. Please understand, that HashFlare does not control or affect the transaction confirmation time directly in any way. Transactions on the Bitcoin network are grouped into blocks and added to the historical records of the blockchain by miners. High traffic on the blockchain and competition among users to have their transactions included in the next block will inevitably cause some transactions to get stuck in a queue for transaction confirmation. This queue is known as the Mempool. You can monitor the current size of the Mempool, as well as some other stats here . If your bitcoin transaction to or from HashFlare has not confirmed yet, you will need to wait for it to be confirmed by the miners. Hashflare does not control the confirmation time and hence, cannot affect the speed of these transactions. However, don't worry, if you see the Transaction hash or TxID, your transaction has been broadcast to the network and will eventually collect the required number of confirmations to complete the transfer. At the moment, the withdrawal commission is consistent with the network average. We calculate the optimal average commission for the period. In addition to the fee for confirming each unique transaction, the commission also Continue reading >>
How Long Do Cryptocurrency Deposits Take?
How long do cryptocurrency deposits take? We have a requirement for a cryptocurrency deposit to receive a number of confirmations on its blockchain before the funds can be credited to your account. After a transaction is broadcasted to a Blockchain, it is presented to be included in a block by the miners. Once a transaction has been included in a block, the transaction has had 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction. To avoid the risks of double spending, funds arent credited until a number of confirmations have taken place depending on the cryptocurrency. Each block is found at a different rate depending on the blockchain. For example, a block is found on average every 10 Minutes on the Bitcoin blockchain, and Kraken only credits XBT/BTC deposits to a clients account after 6 confirmations, which takes approximately one hour. Continue reading >>
How Zebpay Managed To Lower Bitcoin Transaction Fees And Speed Up Confirmation Times
How Zebpay Managed to Lower Bitcoin Transaction Fees and Speed Up Confirmation Times Jinia Shawdagor December 8, 2017 1:45 am Zebpay , the leading bitcoin exchange in India, has had a rough time keeping up with customer transfers, with many complaining that their transactions are taking too long to confirm as well as attracting high fees. But the company has announced some good news, saying that it has implemented some solution-based measures to keep its users happy. Zebpay was previously charging 100 bits for transactions, but to offer a long-lasting solution and guarantee faster confirmations it has increased the fees to 200 bits. Due to congestion of the mempool, the company has continually been forced to pay additional fees from its own pockets, even when it charges its clients fees as high as 500 bits, to ensure that confirmation of transactions is faster and more reliable. Zebpay uses multi-sig wallets , which means that their inputs require more signatures. Although more secure, the additional inputs increase the size of the transactions, which, in turn, increases the transaction fees. In order to lower Bitcoin transaction fees and help deliver faster confirmations, the engineering team at Zebpay began analyzing past data and mempool confirmations in an effort to come up with applicable solutions. First on the table was optimizing input availability. Since the company cannot accurately predict the transaction amounts initiated by its users, they insteadattempted to create an input greater than the total amount being withdrawn. After analyzing the data, however, Zebpay realized that while it wasnt difficult to find single UTXOs (unspent transaction outputs) to satisfy smaller transfers, larger transfers required combining multiple UTXOs sometimes a large number o Continue reading >>
About Bitcoin Confirmation Time
Commercial Real Estate Investor, Author and Hammock Income. You know how it is, you send a bitcoin transaction, it gets accepted into a block, but you have to wait for at least 5 or more blocks to be added to the blockchain to have a high level of certainty your transaction is included. The reason being that it is sometime possible for 2 miners to find the next block nearly at the same time, in which case we have a temporary fork as these 2 blocks are different. Since it is possible that one of the block might include your transaction while the other did not, you would have to wait long enough until one of the chain forks wins by adding an additional blocks before the other. The problem is that although waiting for 6 blocks gives a high probability, it is not a complete certainty. This whole issue has been raised against Litecoins 2.5 minutes block time, saying it doesnt really make confirmations faster since forks happens more often, and require even more blocks (more than 6) to get the same confirmation probability. Obviously, this is not much of an issue when there are very few transactions happening and hence no competition for your transactions to be picked by miners. Something that is not the case today though. But what if we could improve this with a slight change that could possibly be done without requiring a hard fork? What if miners were to agree on the same set of transactions to be included in the next block? While they are currently mining the existing block, if they were to coordinate among themselves via a defined algorithm and protocol on which transactions they would include in the next block, or perhaps the next 2 blocks. Instead of having a hodge podge of transactions piled up in their respective mempool, they would be ordered and identified in whic Continue reading >>
Transactions - How Long Does It Take On Average To Receive One Confirmation? Is It Still Reversible? - Bitcoin Stack Exchange
How long does it take on average to receive one confirmation? Is it still reversible? Hi! Based on your experience, how long does it take to receive one confirmation for any given transaction which has payed the standard miner's fee? Is it still reversible? If a merchant or trader will be accepting payment on 0 confirmations (or even one or two confirmations), then there is a recommended configuration to lessen the risk of being defrauded due to a race attack. Stephen Gornick Jan 31 '13 at 2:51 A Bitcoin transaction, by design, will get one confirmation after an average of 10 minutes . Even before a confirmation has been received, a transaction is generally irreversible . If you were to send a second (double-spend) transaction, using the same inputs as a transaction you've previously sent, I suppose there might be some custom-developed nodes that would give it priority if the transaction fee was higher than the first transaction. However, I believe most nodes would reject the second transaction. If one of these (corrupt?) custom-developed nodes was to solve a block including the second transaction, my understanding is that the network would accept the block and thus accept the second transaction. This question has been asked separately, here: Does any pool accept higher-fee transactions of a double spend, instead of the earlier one? However you could deliver at the same time two different transactions to two different standard nodes. o0'. Jan 28 '13 at 16:02 This is incorrect. The average target time of 10 minutes means that the average waiting time for a single confirmation is 5 minutes. runeks Sep 5 '14 at 17:02 @runeks, you're wrong. There's an explanation here from one of the core Bitcoin developers: bitcointalk.org/index.php?topic=5521.0 Highly Irregular Sep 6 '14 Continue reading >>
How Long Do Bitcoin Transactions Take?
The short answer: How long it takes to transfer Bitcoin between wallets varies from transaction to transaction. When you make a Bitcoin transaction, it needs to be approved by the network before it can be completed. The Bitcoin community has set a standard of 6 confirmations that a transfer needs before you can consider it complete. What determines the Bitcoin transaction times? The two main factors influencing the transaction time are: The more transactions that the network needs to process, the longer each transaction takes. This is because there are only a finite number of miners to process each block and there are a finite number of transactions that can be included in a block. Miners on the Bitcoin network prioritize transactions by the fee that they receive for confirming them. Therefore, if you pay a higher fee , a miner is more likely to process your transfer which decreases the transaction time. How long does it take to confirm a Bitcoin transaction? As mentioned earlier, a Bitcoin transaction generally needs 6 confirmations from miners before its processed. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average. However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases. Theres been a divide in the Bitcoin community on how to best address these scaling issues. Some members (specifically those in favor of Bitcoin Cash ) believe that the solution is a larger block size thats capable of holding more transactions per block. Other community members debate that improvements such as Segregated Witness (SegWit) and the Lightning Network will speed up the net Continue reading >>