When sending coins into CoinSpot you need to be mindful of the transaction process. All transactions need to be confirmed by the Bitcoin Blockchain, which we have no control over.
What is in this article?
- How can I see the status of my Bitcoin transaction?
- How long will it take?
- What is a Mining Fee/Transaction Fee?
- Can I speed up my transaction?
How can I see the status of my Bitcoin transaction?
You can search your Transaction ID (TXID or Transaction Hash) on the Bitcoin Blockexplorer.
Simply copy your TXID from your BTC external wallets page and paste the TXID into the Blockexplorer search function.
Receiving coins requires a certain amount of confirmations on the Blockchain prior to being credited to your CoinSpot account. When receiving Bitcoin into your CoinSpot BTC Wallet, only 1 Confirmation on the Blockchain is required to allocate the deposit to your account.
How long will it take?
The speed of these transactions is not dictated by CoinSpot, it is dependent on the current congestion of the Blockchain and the price of the mining fee (Transaction Fee) you paid.
For example, if you paid a small mining fee then your transaction could take longer than someone who paid a larger mining fee.
During peak periods the Bitcoin Blockchain can become very congested. This may slow down transaction times and you may notice your transactions are taking longer. You may see the status as 'Unconfirmed Transaction' on the BTC Blockexplorer.
A good indicator of the congestion level on the Blockchain is to check the amount of 'Unconfirmed Transactions' in total remain on the network.
You check this via the Blockexplorer Unconfirmed Transactions page.
What is a Mining Fee/Transaction Fee?
Mining fees are used to fund your transaction and pay the miners who confirm our transactions. Miners are paid a small fee for processing transactions.
Can I speed up my transaction?
If you find your transaction is taking an extremely long time to be confirmed on the Blockchain, such as more then a few days, then please contact our Support Team and we will do our best to assist you.
If the transaction is not confirmed, unfortunately the most we can do is wait and be patient for it to be picked up and confirmed on the Blockchain.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.