What Are The Reason For Delayed Bitcoin Confirmations?
A few terms to take into account.
BTC Miner: Miners are people who validate new transactions and record them on the blockchain.
Mempool: Mempool/Memorypool is the network queue for all bitcoin transactions.
Transaction fee: Charges incurred to validate, process or confirm BTC transactions.
Mining: The process of creating new blocks and validating transactions.
There are mainly two factors that influence the transaction time.
- Network load.
- Transaction fees
- Network load
Bitcoin transactions that are sent/created are lumped into a large queue called mempool/memory pool until the miners confirm it.
When a blockchain network experiences peak traffic, it causes delays, a backlog of transactions and also pushes up transaction fees as demand outweighs supply and miners can pick and choose what they process. Even if you put in a healthy transaction fee, you might be in for a wait.
For a bitcoin transaction to be successful, it has to be approved by the network, these transactions are considered to be unconfirmed or pending until a miner confirms the transaction.
- Transaction Fee
The Bitcoin mining process requires a lot of effort and high technology, therefore the bitcoin transactions are subject to transaction fees in form of charges. Miners prioritize the transactions based on the price/incentive received for confirmation.
Bitcoin transactions may not be recorded on the blockchain and they can still be rejected by the Mempool if the fees selected to process such transactions are too low.
Since we all love fast transactions, as a rule of thumb, a higher fee can process your transaction in minimal time.
However, do note that bitcoin transaction fees are not compulsory, although they stimulate Bitcoin miners to process transactions faster.
In conclusion, good things take time, so, if your transaction is delayed, be patient, sit back and relax. If it’s been hours to a day, feel free to reach out to our Customer Support team, we will always take a look and revert to you.
To monitor the progress of your transaction, simply copy your wallet address and head to a blockchain explorer.
Paste your wallet address in the search bar and hit enter.
You can easily view your wallet transaction history, Bitcoin value, time of creation, and fee used to process your transaction.
For further assistance, please contact us on;
Submit a ticket: http://support.mypatricia.co/support/tickets/new