Quick Answer
There can be several reasons why your deposit status is "pending". Your bitcoin transaction fee might be too small, and the transaction amount may be large; thus, you have to wait for all the necessary confirmations from the Bitcoin network. SpectroCoin does not determine the speed of bitcoin transactions; it depends on the current congestion of the blockchain and the Transaction Fee (also known as Mining or Miner Fee) you paid.
The fee is too low or absent
As the transaction sender, you have to pay a fee to the network for processing your requested transaction. The SpectroCoin system automatically assigns the minimum recommended fee for timely block confirmations. There is no fee set for SpectroCoin deposits; however, a fee is required when sending cryptocurrencies to external wallets or exchanges. We recommend using a transaction fee of at least 0.0005 BTC to speed up transactions. The bigger the fee and the transaction amount, the bigger the priority of your bitcoin deposit on the network.
How many confirmations are enough for my deposit to be confirmed?
Once the transaction is on the blockchain, time will be needed for it to be confirmed and posted to the destination exchange. Different exchanges require different amounts of "confirmations" to verify a transaction. At SpectroCoin, six confirmations are considered sufficient proof of the legitimacy of a transaction and are enough to avoid the risks of double-spending. Note that while your payment does not have six confirmations on the Bitcoin blockchain, your transaction will have the "pending" status, and the recipient will not have access to the assets.
Check the transaction status on the blockchain
As the Bitcoin blockchain is a public ledger, you can search for your transaction on a bitcoin block explorer by copy-pasting your transaction ID (TxID) into the search box. These transaction IDs are unique for each transaction and are shown in your wallet. Another way to track your transaction is by pasting the address into the search box. The block explorer will now show all incoming and outgoing transactions associated with this specific address.
Some unexpected delays and bottlenecks might also be caused by the block size and the number of transactions being processed. If you are experiencing a hold-up, SpectroCoin suggests that you check the status of your bitcoin deposit transaction on the Bitcoin blockchain:
- If the transaction status is "Unconfirmed" on the blockchain - it is beyond SpectroCoin's control and it depends only on when miners start the confirmation process.
- If you made the deposit from another exchange and the TxID is not showing up on the blockchain, please contact the customer service of the exchange where the payment was initiated.
Since SpectroCoin does not control the confirmation times, we cannot speed up the process once your bitcoin deposit transaction has already been broadcasted to the network. Unfortunately, the only thing you can do is wait and be patient for it to be picked up and confirmed on the blockchain.
FAQs
Quick Answer
Why is my Bitcoin deposit still pending? ›
There are two reasons why your deposit is shown as Pending: The number of required block confirmations hasn't been reached yet. You will be notified when your deposit is processed.
Why is my BTC transaction stuck on pending? ›
If you set your custom fee too low or there is a sudden spike in network fees, your transaction might get stuck pending. If this happens, you can accelerate the transaction with either replace-by-fee (RBF) or a child-pays-for-parent (CPFP) transaction.
How long will a Bitcoin transaction be pending? ›
How long will I wait for a pending transaction to confirm?
| Asset | Typical time pending |
|---|
| Bitcoin | 60 minutes or less |
| Monero | 20 minutes or less |
| Dash | 15 minutes or less |
| BNB | 5 minutes or less |
3 more rowsCurrently, the ability to accelerate a BTC transaction is available in Mobile and Desktop.
- Open your Bitcoin wallet and tap on the transaction that is stuck pending.
- a) You'll see the amount of BTC needed to accelerate your transaction. To proceed, b) tap Accelerate.
- To confirm, tap Accelerate.
Bitcoin's transaction times can vary greatly, ranging anywhere from ten minutes to one day. However, it will usually take between thirty minutes and two hours to complete the process. It is worth keeping in mind that the average transaction time tends to be around one hour.
How do I track a pending Bitcoin transaction? ›
On the blockchain explorer
- Go to the blockchain explorer that you'd like to check the transaction on.
- Paste the transaction ID or address into the search bar.
- On the transaction screen, you'll see whether the transaction was confirmed, unconfirmed or has failed.
A pending transaction is a recent authorised card transaction that is waiting to be processed by the merchant and can take up to 28 days but normally takes 2/3 days to clear onto your balance. Once a pending transaction has cleared, it will appear below in your list of cleared transactions.
What happens if a transaction stays pending? ›
Pending transactions occur for several reasons, but ultimately, it means you've authorized a third party to remove funds from your account. Generally, pending transactions should clear in a matter of days. But in rare cases, you may see a transaction take a little longer — usually when holds are involved.
How do I fix my pending transaction? ›
Skip contacting your card issuer and go straight to the merchant instead.
- Step 1: Contact the Merchant. If you want to eliminate the transaction before it settles, contact the merchant who placed the charge. ...
- Step 2: Ask the Merchant to Release the Hold.
During periods of network congestion, low fees become more likely to hinder successful transaction completion. It's crucial to note that as a service provider, we have no control over pending transactions being rejected—it solely rests in the hands of miners.
Can a pending Bitcoin transaction be cancelled? ›
The short answer is no, you cannot cancel a cryptocurrency transaction once it has been initiated. Once you have sent the transaction, it is broadcasted to the network, and the miners start verifying it. After a few minutes, the transaction is confirmed, and it becomes irreversible.
What causes delay in bitcoin transactions? ›
Delays in Bitcoin transactions can occur due to network congestion, low transaction fees, the size of the blockchain, wallet settings, network connectivity issues, transaction malleability, and miner confirmation policies.
Why is my Bitcoin deposit pending? ›
Bitcoin and Ethereum transactions require a certain number of network confirmations before they are considered final. Transactions appear as Pending until the required number of network confirmations has been reached. Transactions require a miner fee to be confirmed by the network.
How to get a Bitcoin transaction confirmed? ›
How To Confirm A Bitcoin Transaction
- Step 1: Find Your Transaction ID. Every Bitcoin Transaction has a Transaction ID or TXID which is usually displayed to you after the transaction has been broadcast. ...
- Step 2: Open A Block Explorer & Enter Your Transaction ID. ...
- Step 3: Check Confirmations.
If a Bitcoin transaction is stuck, you can try waiting, checking the transaction status and fee, and using techniques like replace-by-fee or child-pays-for-parent to accelerate it. You may also consider using a third-party service or canceling and replacing the transaction with a higher fee.
Why is my Coinbase deposit stuck pending? ›
The delay is usually under an hour and the transaction will eventually go through. Occasionally, transactions are not accepted by the rest of the network (e.g. stale blocks). In this case, your transaction would not be confirmed on the blockchain and you will need to broadcast your transaction again.
Why is Bitcoin taking so long to transfer? ›
It is normal for bitcoin transactions to be delayed from time to time, especially when the network is experiencing high traffic or a transaction has been sent with low fees.
How long does it take for Bitcoin cash to deposit? ›
However, on average, BCH transactions typically take approximately 10 to 20 minutes to receive the first confirmation. The time it takes for a transaction to confirm on the Bitcoin Cash (BCH) network can vary depending on several factors, including network congestion, transaction fees, and the level of miner activity.
Why is my Cash App Bitcoin deposit taking so long? ›
Depending on network activity, it can take hours before transfers into or out of your Cash App are confirmed on the blockchain.
