Why is my bitcoin deposit transaction still pending?
There can be several reasons why your deposit status is "pending": the bitcoin transaction fee is too small or the transaction amount is large and you have to wait for enough confirmations from the Bitcoin network. For example, if you are withdrawing a certain amount of cryptocurrency from SpectroCoin, your transaction might be delayed, however, when talking about deposits, it depends only on the fee and the blockchain load. The speed of bitcoin transactions is not determined by SpectroCoin, it is dependent on the current congestion of the blockchain and on the Transaction Fee (also known as Mining or Miner Fee) you paid.
The fee is too low or absent
As the sender of the transaction, you have to include a fee to the network for processing your requested transaction. The minimum recommended fee for timely block confirmations at SpectroCoin is assigned automatically by the system. There is no fee set for SpectroCoin deposit, however, a fee will be required when sending cryptocurrencies to external wallets or exchanges. To speed up transactions, we recommend using a transaction fee of at least 0.0005 BTC. The bigger the fee and the transaction amount, the bigger the priority of your bitcoin deposit in the Bitcoin network.
How many confirmations are enough for my deposit to be confirmed?
Once a transaction is on the blockchain, a variable amount of time will be required 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. In order to avoid the risks of double spending, the assets are not credited until at least six confirmations have taken place. 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 and other payment details 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 follow a transaction to or from an address is to paste the address into the search box. This way, the block explorer will 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.
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