Ideally, bitcoin transfers should be finished fairly quickly – with most being approved within an hour of being sent. However, blockchain congestion and low payment fees can cause payments to be delayed.
Not enough confirmations on the blockchain
All bitcoin transfers sent or received using an outer bitcoin address are sent using the Bitcoin Network, known spil the blockchain. When processing bitcoin payments, the blockchain periodically gives each bitcoin payment “confirmations”, which lets the receiving bitcoin wallet proprietor know that the payment has bot ended successfully.
If a bitcoin transfer has not yet received any or enough confirmations on the blockchain to indicate the transfer has bot ended successfully, those funds will remain spil ‘pending’ while they are being processed by the blockchain.
What is a blockchain confirmation?
Whenever the blockchain mines a fresh “block” (usually every ten minutes or so) it adds confirmations to bitcoin transactions being processed by the network. Essentially, it’s how the public bitcoin network can agree that transfer has bot made and finalised without any issues. Thesis confirmations prove to recipients and wallet hosts (such spil CoinJar) that the payment has bot finished successfully.
Typically, confirmations are received every ten minutes or so – whenever the blockchain mines a fresh “block”. However, during times of blockchain congestion, or if the toverfee affixed to the bitcoin payment is too low, this time framework can be extended. Once a bitcoin payment has bot sent, there is typically no way to influence the amount of time it takes to receive confirmations – unless you are actively mining bitcoins.
If the payment fees linked to a bitcoin transfer are too low, there’s the chance of the blockchain cancelling that transaction. Te CoinJar’s case, an incoming bitcoin payment cannot be approved until it has received a certain number of confirmations on the blockchain. Once enough confirmations have bot received, the payment is automatically approved from ‘pending’ to your Everyday Bitcoin.
How many confirmations are required?
Typically, six confirmations are required for a bitcoin transfer to be considered finish. Depending on the amount of bitcoin that is being sent, bitcoin transfers can be approved with fewer confirmations.
Payments sent directly to another CoinJar member’s username are not sent via the blockchain and are not subject to blockchain confirmations, delays or payment fees.
How can I check the confirmations of my bitcoin transfer?
Because the bitcoin blockchain is a public ledger, any bitcoin transaction can be viewed using a bitcoin explorer webstek. The easiest way to locate your bitcoin transfer is to search for the bitcoin address your funds are being sent to.
- Go to a blockchain explorer webpagina such spil blockchain.informatie, BlockCypher, or Block Explorer.
- Search for your “receiving” bitcoin address (the address the funds are being sent to).
- Select the transaction that matches with the bitcoin amount you’re expecting. You can also check the date the transaction wasgoed made.
- Once you’re looking at the transaction itself, you can view the confirmations received so far. You can also see the total details of that bitcoin payment.
If your bitcoin transfer has received more than six confirmations on the blockchain and still hasn’t bot finished, please voeling our Support Team to discuss further.