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Cryptocurrency for Beginners

Why is my bitcoin transaction taking so long?

1 min read
The good news is that Bitcoin Devs are always working on Bitcoin’s Blockchain and as more users enter the cryptocurrency eco-system we can expect other transaction issues to arise.

Why is my bitcoin transaction taking so long?

So, when there are high number of transactions in the Bitcoin Mempool, the law of supple and demand kicks in.

Your Bitcoin transaction is taking so long because there are too many transactions that need verification at the same time as yours and Bitcoin miners will always give priority to transactions with the less cost per transaction ratio. Therefore, during blockchain congestion, the more profitable Bitcoin transaction to miners will get processed first.

 

Why is my bitcoin transaction taking so long?

Bitcoin Transactions are stored into a Mempool (memory pool) while awaiting validation.

So, when there are high number of transactions in the Mempool, the law of supple and demand kicks in.

Therefore, Bitcoin miners are more like to pick up transactions with the a higher transaction fees first and then process the transactions that do not have any fees attached later.

 

Why miners don’t process all the transactions

The Bitcoin Network needs miners process transaction but Bitcoin mining requires extensive resources, including equipment, energy and computing power.

Miners usually have to choose between validating smaller transactions quickly for smaller rewards or larger transactions which require larger resources for larger transaction fees.

As Bitcoin (and Bitcoin mining) is completely decentralized, miners will always opt the most profitable transactions.

 

How to avoid slow Bitcoin transactions

The easiest way to avoid slow Bitcoin Transactions in the Future is to add a higher transaction fee amount.

However, not a cryptocurrency wallets allow users to do this.

 

Alternatives

Altcoins were in fact created to solve this transaction delay and fee problem.

Though many people will recommend Bitcoin as investment, Altcoins will get the transactions process even faster.

 

Conclusion

You are currently experiencing one of the limitations of Bitcoin.

The Bitcoin Lightning Network was introduced to solve this problem and transactions should be processed faster.

The good news is that Bitcoin Devs are always working on Bitcoin’s Blockchain and as more users enter the cryptocurrency eco-system we can expect other transaction issues to arise.

In the meantime, other projects (cryptocurrencies) are being created to counter the flaws in Bitcoin as well as provide a payment solution to user.

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