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.
How can I see the status of my Bitcoin transaction?
You can search your transaction ID (TXID or HASH) on a Bitcoin Block Explorer such as the one below:
Simply copy and paste your TXID into the search bar. If you need help finding your TXID click here
Receiving coins requires a certain amount of confirmations on the BlockChain prior to being credited to your account. When receiving Bitcoin into your CoinSpot BTC wallet, only 1 Confirmation is required to credit the funds 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 then 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 Block Explorer.
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 that here: https://blockchain.info/unconfirmed-transactions
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 for processing transactions and this is where that fee is given.
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.