Bitcoin payment pending

In fact, the number of Bitcoin transactions has been consistently rising this year. The third quarter saw 20 million Bitcoin transactions being executed, up from This growth can be attributed to the drop in the average transaction fees on the Bitcoin network, which was earlier proving to be a hindrance in the way of the adoption of this cryptocurrency. However, the average Bitcoin transaction fee has come down rapidly since then.

But what has caused such a massive drop in the average Bitcoin transaction fees?

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To find out, we will first have to understand why Bitcoin fees are charged. A Bitcoin transaction has to be added to the Blockchain in order to be successfully completed.

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However, for a transaction to be added to the Blockchain, it first needs to be validated by miners who solve a complex mathematical problem to verify the transaction. These miners spend a lot of computing power and energy when verifying a block of transactions from the Bitcoin Mempool short for memory pool , which contains unconfirmed transactions waiting to be added to a block for confirmation.

Now, miners need to be incentivized for the time, effort, and resources that they are putting in to validate the unconfirmed transactions. As a result, they are given a fee of Each block of transactions on the Blockchain cannot contain more than 1 megabyte of information, so miners can only include a limited number of transactions in each block.

This is why miners prioritize those transactions where they have the potential to earn higher transaction fees. So, if the mempool is full, users looking to get their transactions through will compete on fees. The transaction size also has a role to play in the fee determination. As miners can only include select transactions within the 1 megabyte block, they prefer selecting small transaction sizes because they are easier to confirm.

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Transactions occupying more space, on the other hand, need more work for validation so they need to carry a higher fee in order to be included in the next block. So, there are two factors determining transaction fees -- network congestion and transaction size -- and they also play a critical role in the time taken for a transaction to be confirmed. In such cases, it could take several hours for the transaction to be confirmed. However, if a user is willing to pay a higher transaction fee, then the first confirmation could arrive in 10 minutes, which is the time taken to mine a block.

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Why is my transaction pending or not posted yet? | Freewallet Customer Support

Learn more. Asked 7 years ago. Active 4 years, 1 month ago. Viewed 2k times. Improve this question.

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It appears from your comment below that your tx was seen by 4 peers. Just to clarify the proper terminology, it has received 0 confirmations, not 4. You only say 4 confirmations if your tx has been included in a block already and three more blocks have been mined. MultiBit wallet says: "seen by four peers, not yet confirmed" — maxorsson Mar 12 '14 at Add a comment. Active Oldest Votes.

Improve this answer. Thanks for the answer. I paid the fee myself. Each improvement makes Bitcoin more appealing but also reveals new challenges as Bitcoin adoption grows.

During these growing pains you might encounter increased fees, slower confirmations, or even more severe issues. Be prepared for problems and consult a technical expert before making any major investments, but keep in mind that nobody can predict Bitcoin's future. Bitcoin is not an official currency. That said, most jurisdictions still require you to pay income, sales, payroll, and capital gains taxes on anything that has value, including bitcoins.

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Make a donation. Some things you need to know If you're getting started with Bitcoin, there are a few things you should know. Securing your wallet Like in real life, your wallet must be secured. Bitcoin price is volatile The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Bitcoin payments are irreversible A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds.

Bitcoin is not anonymous Some effort is required to protect your privacy with Bitcoin. Confirmations Lightweight wallets Bitcoin Core 0 Only safe if you trust the person paying you 1 Somewhat reliable Mostly reliable 3 Mostly reliable Highly reliable 6 Minimum recommendation for high-value bitcoin transfers 30 Recommendation during emergencies to allow human intervention.

Unconfirmed transactions aren't secure Transactions don't start out as irreversible. Bitcoin is still experimental Bitcoin is an experimental new currency that is in active development. Government taxes and regulations Bitcoin is not an official currency.