Join over 94,000 students, learn all you need to know about Bitcoin. One Email a Day, 7 Days in a Row. Why is My Bitcoin Transaction Pending for Highest payout bitcoin pool Long? I mean Bitcoin transactions are supposed to be instant right?
In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network. Here’s what happens when you send Bitcoins to someone Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. It’s basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. A new block of transactions in added to the Blockchain every 10 minutes on average. However since there are so many transactions lately due to the price increase, and a block can only hold a finite amount of transactions, not all transactions are picked instantly. So you need to wait for a certain amount of time until a miner decided to pick your transaction out of all of those sitting around in the mempool.