Bitcoin Transaction Delays Explainedbitcoin depot
We’re hearing from a large volume of Bitcoin Depot customers frustrated by increasing wait times to receive their Bitcoin.
First, we hear you! We empathize with your frustration and are eager to get your Bitcoin to you as quickly as possible.
The simple explanation is that Bitcoin Depot currently processes bitcoin transactions every hour on the hour. After these transactions are processed to the bitcoin network, this is when delays are experienced. We must stress that this issue is outside our control.
Here is a more in-depth explanation:
Transactions on the Bitcoin network are not controlled or confirmed by Bitcoin Depot, but rather the miners which organize transactions into “blocks” and add them to the blockchain.
Given skyrocketing demand and increased media attention, network traffic is unusually high.
Since the network cannot immediately process the transaction, it gets put into a queue called the “mempool.” That’s where it sits until it can be processed.
Unfortunately, this has produced delays of anywhere from a few hours up to a couple days in rare scenarios. If your bitcoin transaction has not confirmed yet, all we can ask you do is wait. Since Bitcoin Depot has no control over confirmation wait times, there is nothing we can do to speed up the process.
What is Bitcoin Depot Doing About It?
Even though Bitcoin Depot doesn’t control the wait times for transactions, we do care about the frustrations many of you are experiencing. To that end, we are exploring options for processing transactions faster. In addition, we are accelerating our timeline to offer litecoin as an alternative currency option. Litecoin offers both speed and lower transaction fees, so we believe this to be a viable diversification option for Bitcoin holders.
We’re Friendly and Ready Help
Please contact us! There are no dumb questions. (Yes, really.)
Please call or text us at 678.435.9604
Please email us at Support@BitcoinDepot.com
Dec. 22, 2017