During periods of high network congestion it may take longer for a BTC transaction you send to be confirmed in the blockchain.
How is a BTC transaction confirmed in the blockchain?
When you send a BTC transaction it waits to be put into a block on the blockchain. This is known as blockchain confirmation. On average, the BTC network will process a block into the blockchain every 10 minutes.
Until your BTC transaction is confirmed into the blockchain, it waits with all other unconfirmed transactions in what is known as the BTC mempool. If there are many transactions waiting in the mempool it may take longer for your transaction to be added to the next block.
How fees affect your transaction
In order to make a BTC transaction, you must pay a network fee. The fee paid for each transaction is a reward for MINERS to process your transaction.
Miners are responsible for choosing transactions from the mempool that will be added to the next block. Naturally, they will choose those transactions with the highest fees (rewards).
The higher the fee paid for your transaction, the faster your transaction will receive blockchain confirmation.
How do I choose the network fee for my BTC transaction?
Usually the transaction fee is set by your wallet. If you wish to change the amount of your fee, there will be settings in your wallet that will allow you to do so.
*Please note that the fee must be decided before making the transaction. Once a transaction has been made on the blockchain, it cannot be reversed or edited.
How does this affect shifts FROM Bitcoin?
If you have sent BTC to Sideshift.ai to shift for another coin (shifting FROM BTC), SideShift.ai will only receive your deposit once it has been confirmed into the blockchain.
SideShift.ai will PROCESS your shift when we have received your deposit.
Checking your BTC transaction’s progress on the blockchain
You can check whether your BTC transaction has been confirmed into the blockchain by looking up the transaction ID (or hash) on a Block Explorer. This information can be found in your wallet’s transaction history.
Above is a screenshot of a BTC transaction from a Blockchain Explorer. It shows an “UNCONFIRMED” transaction waiting to be added to a block. It also shows the priority of this transaction in the mempool compared to all the others.