Why is my bitcoin deposit transaction still pending?

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.