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 then paste your TXID into the search bar.
Receiving coins requires a certain amount of confirmations on the blockchain prior to being credited to your account.
When depositing Bitcoin into CoinSpot you need a minimum of 6 confirmations on the blockchain to be able to use your coins in CoinSpot.
How do I see my full TXID in CoinSpot?
From the wallets page in CoinSpot you can only see the beginning of your Transaction ID (TXID or HASH)
To see the full TXID simply highlight the TXID in CoinSpot by either double clicking it (on a computer) or Hard pressing the text (on a mobile device). Once it is highlighted, copy the text.
You will then be able to paste the text, once you paste the text the entire TXID will be pasted.
If you have issues doing this please contact support.
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.
Every now and then the Bitcoin blockchain will become very congested which will slow down confirmations and you will notice your transactions are taking longer to reach the necessary 6 confirmations and in some cases still remaining as an 'Unconfirmed Transaction' on the blockchain explorer.
A good indicator of how congested the blockchain is, can be by looking at the amount of 'Unconfirmed Transactions' in total remain on the bitcoin network.
You can see that here:
What 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.