Old Issues, New Records: How Demand for Bitcoin Affects Transaction Speed

in bitcoin •  2 months ago

Bitcoin has just breached $15 000. Being anticipated, however, this news caused the extremely high demand for the currency, once again. Changelly cannot stress enough how tremendous the Bitcoin influence is for the entire industry. How does the price surge affect the processing speed and why are your Bitcoin transactions taking so long? Let’s find out!

Mass hype


People go mad about Bitcoin. Media keep buzzing 24/7 about the currency making even non-tech-savvy persons fall for the hype. Posts and news about so-called “Bitcoin bubbles” are fascinating. People are getting involved in the great affair that continuously attracts the attention of the entire world economy.
Trading platforms lag
As you may know, Changelly uses large and reputable trading platforms, such as Poloniex, Bittrex, etc to suggest you the best rates. Our robot makes bids/asks on ones and processes transactions in accordance with the rates suggested. Multiple asks for Bitcoin extremely overload the platforms, so the response time may significantly increase.

Bloating blockchain


Currently, the number of transactions pending in the Bitcoin blockchain exceeds 210,000 (!), whereas normally, it should be around 20,000.
Your transaction can take hours and even days, whether you send BTC or receive it. You may ask us, “What about Segwit aimed to increase the capacity?” Well, Segwit really does make the Bitcoin blockchain more scalable. However, Segwit is supported only by a small number of nodes which don’t handle the tremendous demand.

Outrageous fees


The network fees of Bitcoin always varies depending on the blockchain load. This is your reward for miners. The higher the fee set, the faster your transaction is processed. The fee is set in accordance with an average network fee in a block. If things get tough, the fee may reach up to 20 USD. If you set a quite high fee when sending, chances are, your transaction will be processed quickly. Changelly sets a flat fee of 0.0004 BTC for all output transactions.

What to do with my transaction?


Take a deep breath, play some music, have a cup of coffee. Eventually, your transaction will be finished. If you need some assistance, you are always welcome at support@changelly.com

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Can you please tell me when will you give me refund or can I expect a reply from you , or you are a real scammer.
@changelly

@changelly please look into my matter.
I didn't yet recieved my steem.@changelly

@changelly I send some sbd around 13 sbd to convert them into steem . On your website it shows that the transaction is completed but I did'nt receive any amount from changelly.
here is the screenshot of transaction:-
Screenshot_20171216-155020.jpg

@changelly
can you please look into it.

Hey@changelly! Thanks for the service that you provide. As long as the exchange is made and I'm on the "sending to your wallet," phase of the transaction, I will be getting the amount that the service says is being transferred to my wallet, correct?

Just wanting to make sure! Thanks.

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Never mind! It went through, just took a little time.

Hi.. my transaction is taking forever kindly check

Definitely my last ever transaction with your shitty network.. eventually gave me the worst fees on the market.. hitbtc and bittrex gave better fees at the time my transaction was processed by your shitty network..

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You don't know what you're talking about . . . The bitcoin network isn't "their network." Have a little respect or at least try to read into how things work before you start bashing. Maybe communicate with their support?

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I can't see where I mentioned your username in my comment.. you don't know what transpired.. kindly shove your suggestion..

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You don't have to mention my username in order for me to reply to your public comment where you're making yourself look stupid.

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You can shove this as well

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Haha, you aren't mad, are you?

@changelly after i was charged 0.00097445 BTC (about 16 USD) - and also 20% of the total fee of 0.00446231 BTC charged on that TX ID - as a tx fee for sending 0.01489101 BTC to my wallet which case i was to receive 0.01391656 BTC (about 231 USD) my transaction has not been confirmed yet and it's almost 24 hours.

INPUT TRANSACTION HASH a14425e5fec4038339c65b459a864dabd598be17
AMOUNT 20 SBD
MONEY RECEIVED 19 Dec 2017, 22:13:39
FEE 0.00097445 BTC
EXCHANGE RATE 1 SBD = 0.00069932 BTC
RECEIVER 1FCw4Pmz9w4dCcCvH6QxTYPNqsNcgSvjMg
OUTPUT TRANSACTION HASH 33f494c32f877473c1d72173ef6692283375422ab55d926eda32d3d65fedab18
AMOUNT 0.01391656 BTC
MONEY SENT 19 Dec 2017, 23:37:45

kindly do something about it like cpfp or rbf or doublespend to correct this error as i need to use the BTC urgently

TRANSACTION # 62ae626134f6

I have been recommending using changelly.com to hundreds of thousands of viewers on YouTube and readers here on Steem. I am not making any further recommendations until the support requests are answered.

Do you want to loose your money? Just use this changelly.