Confirmations


Ananda asked 4 months ago

Hi,
Appreciate your advice.
I purchased some BTC and withdrew from the exchange to my paper wallets.
Some of these transactions are confirmed, some are not.
When not confirmed will there be a problem?
What can I do?
Thank you

1 Answers
Steven Hay answered 4 months ago

Hi Ananda,
 
Well, confirmation times can vary greatly, depending on the fee paid for the transaction (your exchange probably pays a high enough fee to ensure a fast transaction during times of normal network load) and the amount of load on the Bitcoin network.
 
Right now, fees are very low and there’s no real backlog in transactions. I would expect your transactions to confirm before too long under such conditions – within a few hours sounds reasonable. How long have you been waiting for confirmations?
 
One further possibility is that the exchange is doing batching, in other words sending out a whole lot of transactions at a few chosen times per day. That could conceivably add a few hours to the time it takes for them to send out your withdrawal, then couple that with a potentially long wait to get included in a block, you could be looking at a 12 hour wait as your worst case scenario (just my guess).
 
If you’ve been waiting much longer than that, please send me the Transaction IDs for the unconfirmed transactions and I’ll see if I can spot any reason for the delay.

sensu40 replied 4 months ago

Thanks for the useful answer. By the time I read your answer my transactions were confirmed

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