Sending Bitcoin in bulk is so much daunting especially when the transactions get stuck.
When the Bitcoin Transaction is not confirmed or giving “Pending” status even after completion of two to three days, you may have confusion and query that did I just lose all my Bitcoin.
Don’t you worry! Your Bitcoin will no longer be lost at any cost as luckily there is a fixing or cancelation method you can apply to save your large amount of Bitcoin.
It is always burden-free for the one whose Bitcoin transaction goes from pending to confirm. If your transaction you have made recently got stuck and won’t give a confirmation message to you, don’t stress. Generally, it’s just a matter of waiting for the time being.
The network can become congested at times, which means transactions can take a little bit longer than its usual time to be confirmed.
While till the time you are waiting, read the blog post to learn how Bitcoin transactions work, how to calculate the optimal fee, how long transactions usually take, and what you can do to speed up a transfer. Let’s give a brief look once!
How Does Bitcoin Transactions Work?
The process of sending a transaction is quite simple and effective for the sender. The only thing you need to do for Bitcoin Transaction is:
- First and foremost, select the actual amount of Bitcoin which you want to send.
- Now, enter the receiving wallet address.
- Afterward, set the transaction fee in satoshis/byte, or else you can accept your wallet’s recommended setting.
- Now, submit the transaction.
Once you have submitted the Bitcoin Transaction, it is not necessary that your transaction is instantly being processed. It can enter into the Mempool (short for memory pool), which is mainly a waiting area for unconfirmed transactions.
However, the different colors represent different fee-levels. Blue is for transactions leveled between 1-10 satoshis per byte, green for 10-40, and so on as per the myth on the left. You’ll notice that there are zero red or purple-colored transactions, which represent 250 satoshis/byte fee-levels. Though, it is the fact that the higher the fee is, the quicker it will be transferred without any disruption.
What Does An Unconfirmed Bitcoin Transaction Statement Mean?
If you see the statement Unconfirmed Transaction after sending the Bitcoin transaction, you can be worried about losing the amount of Bitcoin.
There are several specific reasons for your transaction may be unconfirmed or pending. The network is congested and hence all transactions are taking a longer time than normal to be processed completely from top-to-toe. Despite the consequences of size, each transaction takes the same amount of hash power to confirm.
Is It Possible To Speed-up a Bitcoin Transaction?
If your transaction is stuck in the middle, you have a few options to bring it free. The first and the most wanted solution would be- simply to wait. Even with a very low fee, it is most likely that your transaction will eventually be processed.
Generally, this shouldn’t take much longer than 24 hours, but if the network is somehow busy you could be waiting for a couple of days to let it automatically clear or cancel.
If you really want to get your transaction to be done as fast as possible, then you are suggested to use one of the following given strategies:
Replace By Fee (RBF)
Child Pays For Parent (CPFP)
Reasons Why Bitcoin Transaction Pending
Some of the basic causes responsible for unconfirmed transactions are listed underneath. Give a glimpse of them once:
- Sending a very less amount which is not sufficient to transact.
- A miner fee is required to be confirmed from the bitcoin network. Thus, while sending bitcoin you will be directed to add a miner fee only to make the complete transaction to be confirmed. If an insufficient fee is included, your transaction may get stuck at some point in time and won’t give a confirmation message.
- A double-spend of the same coins.
- In general, when the two transactions try to spend the same coins, one of them may not be confirmed by the network.
- Trying to spend unconfirmed coins.
- If in case you are trying to spend coins that display as pending in your account, your transaction will not be generated until these coins confirm.
- When the network is confronting high volume, there would be a chance of facing a Bitcoin Transaction Pending error issue.
Quick-Ways To Check The Confirmations of Bitcoin Transaction
Since the Bitcoin Blockchain is a public-figure so any Bitcoin transaction can be viewed using a Bitcoin explorer website. The effort-free possible way to locate your Bitcoin transfer is to search for the Bitcoin address to which your funds are being sent to. Here is what have to perform:
- Navigate to any Blockchain explorer site such as blockchain.com/explorer, BlockCypher, or Block Explorer.
- Search for your “receiving” Bitcoin address.
- Select the transaction that matches the Bitcoin amount. You can also check the date on which the transaction was made.
- Once you’re viewing the transaction itself, you can even also see the confirmations that you received. You can also see the full information of that Bitcoin payment.
NOTE: Before clicking on Send button, you are always advisable to give assurance about your transaction details that they are correct.
I hope now you will be understood and knows about the bitcoin transaction pending problem and how to fix it. If still, you are facing the issue then you can take assistance on the blockchain customer services phone number.