Why the confirmation of your Bitcoin transaction may take longer

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Wondering why Bitcoin transaction confirmation takes longer? If so, here’s why these transaction confirmations may take longer.

Every time someone uses bitcoin, it goes to the memory pool, also known as “mempool”, where transactions await confirmation from miners before becoming an official part of the digital ledger known as the blockchain. One of the uses of bitcoin is through trading and bitcoin trader is one of the platforms you can use for safe transactions and trades.

Congestion in this area is caused by increased demand and supply from users, resulting in slow transaction speeds.

If you’ve traded Bitcoin or any other cryptocurrency, you’ve probably experienced a delay in transaction confirmation. Transactions can be completed in minutes on some occasions, while remaining unconfirmed for more than 24 hours on others. A delay in confirming a Bitcoin transaction can be worrisome, but it can happen on a blockchain network.

Why is your Bitcoin transaction waiting for confirmation?

There are various reasons why your transactions may be pending. They can be in two categories.

Transaction is processed

Processing transactions are incomplete Bitcoin network transactions that are still undergoing verification. Transactions are unconfirmed at this time for a number of reasons.

High transaction volume: A large number of transactions reduces the processing speed and increases the waiting time due to a backlog of pending transactions. A blockchain tracker, such as Blockchain.com, can display the number of transactions. Based on the latest confirmation times in May 2022, the average daily confirmation time for a BTC transaction is between 6 and 15 minutes.

Low transaction fees: Because mining nodes are programmed to rank transactions at a higher price, you will most likely pay a small fee. The transaction will remain in the queue for an extended period of time. You can compensate for the low price by paying additional fees or starting a new crypto transaction.

Transactions that fail or are incomplete

Transactions are incomplete in this case because something went wrong. To resolve these issues, you should be able to perform basic troubleshooting.

Error on the Internet: A faulty internet connection indicates that you did not connect to the bitcoin network or broadcast your transaction details. Check if a firewall is blocking the Bitcoin application if the internet is operational.

Incorrect transaction information: If you send the information to the wrong address or wallet, the network may not be able to verify it. Before starting a transaction, double check all the details. You may lose part of your BTC funds in some cases.

The miners rejected the transaction. Some miners will refuse your trade if the fee is too low (or not assigned). On a congested network, too many bounces result in a failed transaction.

Problems with the recipient’s wallet: You may see multiple nodes confirming your transactions, but the transaction remains unconfirmed. And this is usually caused by wallets out of sync with the blockchain network. A non-active recipient or a person with a limited wallet may not be able to view all network information at once.

Carrying out such transactions requires extra care to ensure that you have entered the correct details to avoid errors on your part. When a transaction delay exceeds 48 hours, there are ways you can use to cancel it.

Conclusion

Waiting for a bitcoin transaction can aggravate and cause you to panic. However, it is all part of the cryptocurrency exchange process.

Understanding how the Bitcoin network works and the options available when dealing with long wait times can help ease your frustration. Get information on how to cancel a transaction and understand how the systems work for a better experience.