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Bittrex bitcoin pending depositHow to Fix Pending Bitcoin Transactions ( Updated)
The network can become congested at times, which means that transactions can take a little longer than usual to be confirmed. It goes into the Mempool short for memory pool , which is basically a waiting area for unconfirmed transactions. This site shows the current state of the Bitcoin Mempool. The different colors represent different fee-levels.
Blue is for transactions with satoshis per byte, green for , and so on as per the legend on the left. As you might expect, the higher the fee, the quicker it will be processed.
Every transaction has to be checked and confirmed by the computers that maintain a full copy of the Bitcoin blockchain. They do this by verifying your transaction against the history of the blockchain. This is a computationally-intensive process, and one of the major features that gives the Bitcoin network its strength. Nodes - also called miners - are compensated for this work with the fees that every sender must pay to send a transaction.
Once the nodes are satisfied that your transaction is legitimate, it is accepted into a block and broadcast on the network. At this point, your transaction has one confirmation. As other nodes pick up the block and verify it, the number of confirmations will increase.
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This sounds like the best payment system in the world! There are a number of reasons your transaction may be unconfirmed. Each transaction takes the same amount of hash power to confirm, regardless of size. This can create a bottleneck at times of high congestion, where not even small transactions can sneak through. Fluctuating network hash power can influence this, too. When a disequilibrium occurs, prices change to rebalance the network. For example, some recent research uncovered one reason for recurring spikes in network congestion and subsequent spikes in transaction fees.
This was an inadvertent effect of BitMex processing all withdrawals at the same time each day. They have since announced that they will begin batching transactions, which spreads them out across the day and reduces congestion. The lower the fee, the less incentive miners have to verify your transaction. As you saw above in the snapshot of the Mempool, the bulk of pending transactions are green and blue, i. There is little incentive for miners to process these when they could be expending their hash power on more lucrative transactions.
It looks something like this:. This is what an unconfirmed transaction looks like. You can see that it is not included in any block, but is still in the Mempool. If we compare the fee paid for this transaction If you have crypto on Coinbase that you want to withdraw to another wallet or sent to someone else, you may be wondering how long it takes.
If your transaction is stuck, you have a few options. The first - and the most boring - is to simply wait. Even with a very low fee, it is very likely that your transaction will eventually be processed. If you really want to get your transaction through as quickly as possible, two strategies you can use are:.
The Replace By Fee method is the simplest and most reliable way of pushing through a stuck transaction. Open your free account today View Markets. The more, the wealthier. Unmatched security; Unparalleled UI. Leveraged Tokens Now Available. Your access to the top coin markets Capitalize on trends and trade with confidence through our expansive marketplace listings. Explore Markets View Fees.
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