Confirmation on a cryptocurrency blockchain occurs when the transaction in question is included in a block added to the blockchain. How long confirmations take depends on the coin, as each coin has a different time frame for how quickly blocks are mined.
Bitcoin transactions must be confirmed on the blockchain before they can be processed and reflected in your Pandar wallet. The blockchain confirmation process determines the transaction's timeline, and this is outside the direct control of Pandar. Once confirmed, the transaction will automatically be processed and displayed in your wallet.
With Bitcoin, a block is added roughly every 10 minutes. That means there will be one confirmation every 10 minutes starting once an unconfirmed transaction is added to the blockchain (an unconfirmed transaction is a transaction that is waiting to be added to the blockchain by miners). Then, each block added after that initial block results in 1 confirmation. So, one confirmation takes 10 minutes, 3 take a half hour, etc. Most Bitcoin transactions are typically confirmed within 3 to 24 hours, depending on various factors like transaction fees and network congestion.
The speed of blockchain confirmations depends on various factors, primarily the transaction fee paid by the sender. Higher fees generally result in faster confirmations as they prioritize the transaction in the blockchain network's processing queue. If the Bitcoin deposit is still awaiting confirmation on the blockchain after some time, delays may occur, especially during periods of high network activity.
These confirmations are counted from the block that has been added. For example, if your transaction was included in block 100 and there are 110 blocks, the trade then has 11 confirmations. It’s counted from the block the transaction is included in.
As already stated, Bitcoin takes around 10 minutes, and this is what is known as “block time”, and can be pushed out longer due to various reasons, like:
· Mining difficulty and high network usage.
· Transaction fees: Miners tend to prioritize transactions with higher fees. Transactions with lower fees may experience longer delays as miners attend to higher-fee transactions first.
· Network congestion: If there are many transactions occurring simultaneously, delays can happen. · For faster processing, consider including higher transaction fees when making Bitcoin transfers. This significantly increases the likelihood of your transaction being prioritized by miners.
If you experience a delay in receiving your Bitcoin, it is likely because the transaction is still pending confirmation on the blockchain. In such cases, patience is recommended, as the blockchain will complete processing based on the network conditions and fees paid. While waiting:
Verify the sender has completed the Bitcoin transfer process.
Check the transaction status using a blockchain explorer by inputting the transaction ID (often provided by the sender).
Contact the sender to confirm the transaction fee included with the transfer since higher fees may help in expediting confirmations.
However, it should be noted that Pandar doesn’t determine when the coin will arrive in your wallet, it is completely a blockchain decision.
Be rest assured that, as long as the transaction is seen on the blockchain or you get a notification, then it’s coming. It might take some time, sometimes longer than usual, but it will come. To monitor the status of your Bitcoin transaction, you can use blockchain tracking platforms like Blockchair. Simply input your transaction ID to check real-time updates on its confirmation status.Verify the transaction fee associated with the transfer, as higher fees can expedite the blockchain confirmation process.
To learn more, kindly download the Pandar mobile app to get started.