Why Your Bitcoin Transaction's Confirmation Can Take Longer
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Wondering why your Bitcoin Transaction confirmation is taking longer? If so, here is why these transaction confirmations could take longer.
Every time someone spends bitcoin, it goes to the memory pool, also known as the "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 that you may use for safe transactions and trades.
Congestion in this space is caused by increased user demand and supply, resulting in slow transaction speeds.
If you've traded Bitcoin or another 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 concerning, but it can happen on a blockchain network.
There are various reasons why your transactions may be pending. They can be in two categories.
Processing transactions are incomplete Bitcoin network transactions that are still undergoing verification. Transactions are unconfirmed at this time for a variety of reasons.
High transaction volume: A large number of transactions slows processing speed and increases wait times due to a backlog of pending transactions. A blockchain tracker, such as Blockchain.com, can show the number of transactions. Based on recent confirmation times in May 2022, the average daily confirmation time for a BTC transaction is between 6 and 15 minutes.
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