How to deal with Bitcoin Transaction Problems?
- November 20, 2017
Bitcoin use and transaction is increasing all around the globe every day. Lately, there are many such cases coming up in the light where Bitcoin ATM users are complaining of transaction delay. Cash is feed into the Bitcoin ATM machine, but they didn’t receive Bitcoins to scanned addresses. Some even sent Bitcoins to the Bitcoin ATM machine but didn’t get cash. In this particular post, we will cover all possible reasons for such delays and help you how to prevent when it happens.
Knowing about Bitcoin Network Jamming
Since the inception of Bitcoin in the year 2009, the networking is growing steadily in all parts of the world regarding the number of transactions. There was 1 MB limit set on the block size by the designer of this digital currency to percent DDOS or spam attacks on the network. In early days this limit was left untouched as it was a lot of space. But over the period this limit remained the same, and now we are at a point when we are hitting the network capacity. All these years it was a hot discussion topic, but nothing was done to help the cause. Now we are at the dead end!
Do we have a possible solution?
There are various solutions available to this issue. Scaling is one of the best solutions in the form of Segwit which is a smart trick of counting only some part of the transaction and later introducing payment channel which will move all transactions off-chain. Experts believe this particular solution need some time to be implemented and it can’t help the problem with an immediate solution. Apart from these, there are various other immediate solutions coming up to this problem. Experts are proposing an immediate increase of networking capacity by removing the limit. Our experts found that there will be an immediate effect and it will solve the problem for a short span of time. To implement these changes majority of miners around the globe need to start using it on a daily basis.
Transactions waiting for network confirmation
The main problem with the above section is sufficient space for carrying out transactions on the block chain all because block size is limited. To get a transaction confirmed, fees should be much higher than most transactions in the mempool. This complete scenario is a like an auction sale when users need to bid for their transaction and miners will pick the transaction putting it to the next block.
Users need to understand this situation. It is not happening often but only when there is a huge load on the network. Most of the time transactions go through easily. To check if there is any problem with the network, it is important to look at the mempool size. There you can find how many transactions are pending. When the demand is very high, the network gets congested, and in such situations, you need higher fees. Transactions may remain pending for a long time if fees are not sufficient.
This is that particular situation when Bitcoin users go through that awful experience. Transactions get stuck for a pretty long time. What’s even worse is that you need to pay higher fees to complete the transaction. In some situations, it may revert users to use Bitcoin and may hold their Bitcoins or very rarely make payments. These situations will slow down the Bitcoin adoption growth, and it is expected to last until there is a proper solution for block size.
In the above sections we have cleared the whole concept why it gets delayed, now let’s check how it influences Bitcoin users around the world. When users are selling Bitcoins via Bitcoin ATM, it is more likely that Bitcoin ATM operator set a certain number of confirmations before use can withdraw cash from the machine. When the demand is very high, it is important to pay high priority fees to get picked in the block. This is an assurance that your transaction will be added to the next block and at an average your need to wait for 20 minutes.
Many wallets are coming up on the market but not are known to calculate fees properly. We will recommend you to use Copay or Mycelium wallets for a better experience. Many Bitcoin users are seen concerned when their transaction gets stuck, but it is very little you can do about it. All you do is sit and relax for some time till you get any confirmation. The best thing is to take measures ahead of time by selecting suitable fees before making the payment. If you are setting them at a low level, chances are very low that your transaction will be included.
There are cases when you can see the transaction, but there is no confirmation, it may be because the operator didn’t use sufficient miner fees. Most operators define fees from an upper range, and it is good enough to confirm very fast. If the problem persists, it is important that you contact the Bitcoin ATM machine operator and they will find a fruitful solution for you.