Bitcoin Transaction Pending for Days: Why This Happens
Have you ever had a Bitcoin transaction pending for days? Are you new to cryptocurrency and worry that your first transaction may take days to go through? There are various reasons why this may occur, but not to fret. There are also ways to reduce the chances of your next crypto transaction taking days to be confirmed.
Scalability of Bitcoin
Although Bitcoin is a relatively new form of currency, having only been around for 15 years, it has quickly grown in popularity. While crypto’s rapid rise to prominence means it has become more accessible to the general public, it also introduces the issue of scalability. Scalability refers to the Bitcoin network’s ability to process an increasing number of transactions quickly and securely. Because Bitcoin is now receiving more significant influxes of transactions, crypto traders should expect to encounter longer wait times for transaction confirmations and/or higher transaction fees.
Going forward, Bitcoin may have to consider alternate ways to process large quantities of transactions in order to ensure that all traders can efficiently and safely participate in the crypto market. Until then, there may be a few specific reasons why your transaction is taking longer to be added to the blockchain.
Why is Your Bitcoin Transaction Pending for Days?
Since the beginning of 2024, Bitcoin transactions have taken an average of 10 minutes to be confirmed. However, transaction times can vary greatly, and it is not uncommon for some transactions to take upwards of a day. It can be frustrating to see that your Bitcoin transaction is yet to go through, and you may be left confused about whether it has been successful. If this is the case, consider the reasons below for why your transaction is taking longer to complete than expected.
High Influx of Transactions
When you complete a cryptocurrency transaction, it will not state that it has been confirmed until it has been added to the blockchain. However, when lots of transactions from different investors take place around the same time on the same network, this can cause network congestion. Due to the flood of incoming transactions, it takes longer for each transaction to be blocked and mined, leading to longer wait times for transaction completion.
Paying Low Transaction Fees
When you create a cryptocurrency transaction, you are required to pay a transaction fee. These typically fall into three categories: low-, medium-, and high-priority. Low-priority transaction fees are significantly lower than their high-priority counterparts. This can be appealing to those new to Bitcoin. However, by paying a lower fee, Bitcoin’s algorithms detect that other transactions of higher priority should be added to the blockchain first. As such, those who pay low transaction fees can end up with Bitcoin transactions pending for days.
Large Transaction Size
The amount of crypto you buy also determines how quickly your transaction will be completed. If you are aiming to complete a large transaction, you can expect to incur a longer wait time. This is because your transaction may be split up into several blocks on the blockchain. As one might expect, this is more time-consuming than a transaction that can be contained within one block.
How to Avoid Long Bitcoin Transaction Times
Now that you have some answers to the question, “Why is my Bitcoin transaction pending for days?” keep these tips in mind for future cryptocurrency exchanges. They may allow your transactions to be finalized sooner.
Avoid Completing Transactions During Popular Cryptocurrency Events
Cryptocurrency events can serve as opportunities to meet and network with others in the crypto industry. However, these events also often encourage active trading of cryptocurrency. This results in the networks suddenly having a high volume of transactions to process. If you make a Bitcoin transaction at a popular cryptocurrency event, it could be days before your transaction is completed. As such, if you plan to go to a crypto event, it is best to use it as an opportunity to learn more about the blockchain and types of crypto while networking with professionals instead of relying on it as a trading event.
Pay for a High-Priority Transaction
Consider paying the high-priority transaction fee if you have a significant, time-sensitive cryptocurrency transaction. Although this may be an upcharge from the low-priority fee, the blockchain algorithms will detect the importance of your exchange and ensure that your transaction goes through quickly.
Consider the Size of Your Transaction
It can help to research the current state of the Bitcoin market before completing your next transaction. By evaluating the current value of the marketplace and how many transactions have recently been requested on the blockchain, you will be better informed as you decide how much money you want to convert into crypto. This may prevent you from transferring too much money into Bitcoin at one time, which can prevent your transaction from quickly being added to the blockchain.
How Bitcoin ATMs Can Reduce Your Transaction Times
By completing your next transaction at a Bitcoin ATM, you will never again be left wondering, “Why is my Bitcoin transaction pending for days?” Bitcoin ATMs offer a variety of advantages over other crypto transaction forms. Their transaction fees are often lower, meaning it will cost you less to complete high-priority transactions. Plus, at Pelicoin, we proudly offer the lowest Bitcoin ATM fees.
If you want to avoid the stresses of long confirmation times and high transaction fees, then a Pelicoin Bitcoin ATM could be the perfect choice for you.
Use Pelicoin for Your Next Bitcoin Transaction
We at Pelicoin encourage you to use our Bitcoin ATMs for your next transaction. We offer fairly-priced ATMs in Louisiana, Texas, Tennessee, and Mississippi, and we aim to offer our clients secure and efficient transaction services. We have a complete list of locations where you can find our ATMs, as well as information about our pricing compared to other Bitcoin ATMs.
If you want to learn even more about Pelicoin, then please contact us at support@pelicoin.com or 855-PELICOIN. We look forward to helping you complete your next Bitcoin transaction.