How to confirm bitcoin transaction blockchain

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For the past few weeks, there have been increased transaction delays on the Bitcoin network, something which affects all Bitcoin providers and users all around the world. When you how to confirm bitcoin transaction blockchain Bitcoin, the transaction may be instantly broadcast to the Bitcoin network, but will not immediately be confirmed. Most wallets, like Luno, require three blockchain confirmations before it will show up as completed, some may require up to six.

Approximately every ten minutes, a new block is created and added to the blockchain through a process called mining. Each block verifies and records any new transactions such as the Bitcoin you may be sending. These transactions are then confirmed how to confirm bitcoin transaction blockchain the Bitcoin network. Once the next 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. As mentioned above, blocks are usually confirmed at approximately one block every ten minutes.

However, the Bitcoin network can currently only handle a finite amount of transactions per block. Each transaction has a certain size in bytes and each block can only contain how to confirm bitcoin transaction blockchain certain number of bytes. When a lot of transactions are being broadcasted --faster than what the network can currently process it-- it creates a backlog of unconfirmed transactions. Backlogs happen occasionally, but the network eventually resolves all of the transactions within a day or so.

You can see the current amount of unconfirmed transactions here: You can track the average amount of time it takes for transactions to be confirmed here: This means that in time how to confirm bitcoin transaction blockchain with consensusBitcoin transaction speeds could very well improve in future.

In the meanwhile, we have a great option for customers who are sending to another Luno wallet. The other advantage is that no Bitcoin network fees will apply: Werner is our former Head of Communications. His passions include payments, e-commerce, technology, marketing and design: Buy, store and learn about Bitcoin and Ethereum now. We are using cookies to provide statistics that help us give you the best experience of our site. You can find out more by visiting our privacy policy. By continuing to use the site, you are agreeing to our use of cookies.

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How can I see the status of my Bitcoin transaction? Receiving coins requires a certain amount of confirmations on the blockchain prior to being credited to your account.

When depositing Bitcoin into CoinSpot you need a minimum of 6 confirmations on the blockchain to be able to use your coins in CoinSpot. Once it is highlighted, copy the text. How long will it take? The speed of these transactions is not dictated by CoinSpot, it is dependent on the current congestion of the blockchain and the price of the mining fee Transaction Fee you paid.

For example, if you paid a small mining fee then your transaction could take longer then someone who paid a larger mining fee. Every now and then the Bitcoin blockchain will become very congested which will slow down confirmations and you will notice your transactions are taking longer to reach the necessary 6 confirmations and in some cases still remaining as an 'Unconfirmed Transaction' on the blockchain explorer.

A good indicator of how congested the blockchain is, can be by looking at the amount of 'Unconfirmed Transactions' in total remain on the bitcoin network. You can see that here: Can I speed up my transaction? If you find your transaction is taking an extremely long time to be confirmed on the blockchain, such as more then a few days, then please contact our support team and we will do our best to assist you.

If the transaction is not confirmed unfortunately the most we can do is wait and be patient for it to be picked up and confirmed on the blockchain. Please sign in to leave a comment. Where do I find my Transaction ID? Why is my LTC withdrawal canceled?

Why is my Bitcoin deposit pending in CoinSpot? How do I send coins into CoinSpot? How can I cancel sending Coins? See more When sending coins into CoinSpot you need to be mindful of the transaction process.

All transactions need to be confirmed by the Bitcoin blockchain, which we have no control over. You will then be able to paste the text, once you paste the text the entire TXID will be pasted. If you have issues doing this please contact support. Mining fees are used to fund your transaction and pay the miners who confirm our transactions.

Miners are paid for processing transactions and this is where that fee is given.