Reasons for Delays In Bitcoin Transactions
Dealing with Bitcoins can be frustrating and annoying to any user who lacks patience. Bitcoin transactions are not for the faint-hearted as payments can stagnate pending until next Sunday evening. This situation can be frightening to new users especially while doing large transactions. Fear of losing your Bitcoin when it does not arrive at the expected time can be unbearable, but this occurrence is normal for those with cryptocurrency knowledge and experience. They are several factors that determine how fast sending and receiving crypto will be, ranging from the transaction fee to the network itself.
As cryptocurrency lacks popularity to everyone worldwide, new users may find it unreliable during their first-time transactions. This is majorly caused by delayed transactions or payments being unconfirmed for so long. Often, payments get stuck in a waiting area known as a mempool long enough for you to consider a crypto loss. When making a payment, it moves to the next stage of verification with the full nod to the mempool where it will await being picked up by a Bitcoin miner and transferred into a block. The process may take anything from 1 hour to several days to move on to the next stage.
Low transfer fees are another cause of delayed transactions while dealing with cryptocurrency, which can even lead to Bitcoins getting stuck forever in a pool. The higher you set your fee limit, the more likely it will take less time to transfer. Higher transaction fees are prioritized over lower fees, making Bitcoin transfers a bit unfair. When a transfer is delayed due to low fees, you may choose to wait for the transfer to go through or choose to double spend with a higher fee. On most unlikely occasions, your Bitcoins may remain stuck and you won’t be able to reverse it after payment disappears on the network hence you should never set low fees to avoid this.
When a blockchain network becomes congested, a major delay in fee transfer may be caused resulting in longer hours for the payment to go through. The transfer fee is also altered when the blockchain becomes congested due to the high demand which will result in a rise in fees. No matter your transaction fees, you will experience a delayed transfer when the network is busy. Slow internet speed on your side or the miner’s side will also delay your transfer as most cryptocurrency miners are located in rural areas due to high electricity costs in urban areas.
Block propagation is another cause of delay in sending or receiving coins as this puts mining Bitcoins to be some sort of race where there is a winner and a loser. This is caused when miners validate their claim by being choosy on whom to pick. They most probably choose the earliest one and reject the slower one making things inconvenient as it consumes time causing delays. Being patient while dealing with Bitcoins is a virtue that you must develop if you ever want to rely on the method. Remember, good things take time.