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Why is my Bitcoin taking so long to confirm?

Why is my Bitcoin taking so long to confirm?

A question we’ve been getting a lot recently is, “Why is my Bitcoin taking so long to confirm?” Not just on some of the bitcoins that we send out to sellers but also on bitcoins we’re receiving from buyers. Let’s go into detail on this, but first let me clarify on what a confirmation is.

 

What is a Bitcoin confirmation?

When Bitcoin is sent, it is initially “unconfirmed”. The transaction is broadcast to the network, but the miners haven’t placed it into the block chain yet; it is still in their “mempool”. Miners add transactions to blocks (to be added to the block chain) by completing proof of work. Usually they select transactions with higher fees included first. That means if you’re sending bitcoins to somebody and you want the transaction to be confirmed more quickly, you just need to pay higher fees. Confirmations are just blocks that have been mined after the block containing your transaction.

 

So why is my Bitcoin taking so long to confirm?bitcoin mempool size

Currently the maximum block size is only 1MB. This worked fine for awhile, but with Bitcoin’s recent surge in popularity, it’s no longer viable. The average size of a transaction is 500 bytes. Since blocks also contain a little more data than just the transactions, this means that on average each block has a maximum of 1,999 transactions. The mempool is now consistently full.

 

What we’re doing about it

Unfortunately, there isn’t a lot that we at Rocketr can necessarily do about it. Our Bitcoin nodes are all running Bitcoin Unlimited to help signal to miners that the network is ready for larger blocks. We regularly modify the fees we pay when sending bitcoins so that they reach our sellers within a reasonable time frame, but we can’t control how quickly we receive bitcoins from buyers because that’s ultimately related to the fees they paid for their transaction. Users can submit transactions to ViaBTC’s Transaction Accelerator manually to help speed up confirmation time.

Payment Gateways Do Not Have to be Stressful

Payment Gateways Do Not Have to be Stressful

Rocketr - a stress free payment gatewayTime and time again we see unlucky individuals struggling with the the giant that is payment gateways and payment processors. Whether it’s issues with dealing with the payment processor themselves, chargebacks and disputes due to fraudsters, or simply not wanting to put the vast amount of personal information required onto the internet; we know how scary of an experience it may be. However, payment gateways do not have to be stressful. Enter Rocketr, a stress free payment gateway. We simplify buying and selling on the internet.

Multiple payment methods, one dashboard.

Tired of having to manage all your payment methods through too many different sites? So are we. That’s why we group several different processors into our easy to navigate dashboard. Accept PayPal, Bitcoin, Ether, Stripe, Perfect Money, and more with ease, leaving you more time to deal with everything else. With customizable options such as coupons, variable pricing, required cryptocoin confirmations, and more, you’ll be able to tailor your sales requirements exactly the way you want.

Payment gateways should help promote products.

We believe that payment gateways should provide their users with tools and features to aid in the promotion of their products and services. That’s why Rocketr offers features such as email marketing to help you inform your buyers about updates or new deals that you offer. We even optimize your store and products for search engines to help customers find you.