Bitcoin Transactions Very Slow and Expensive
This week we all have witnessed unusually high activity on the Bitcoin network again. Probably due to Bitcoin price skyrocketing to US$ 20,000 and falling back to $16,000 or so and at the same time the speculative pump of the Bitcoin Cash. Bitcoin Cash went from about $2200 to about $3800 in two days’ time and then stabilized around $3500.
Currently bitcoin blockchain transactions are processed very slowly. As reported there is a huge backlog of unconfirmed transactions on the blockchain. So their status on the Blockchain.info site would show “Unconfirmed Transaction” for several days or more. You might see this with one of our most recent payouts too.
Unfortunately, there is nothing we can do about those transactions now, since it is technically impossible to cancel and alter a Bitcoin transaction or increase it’s fee. Those users will just have to wait till their transaction gets “Verified” and added up to the blockchain.
Related to this Bitcoin transaction fee has risen to an average of $20-$25 per transaction!
Other services in the industry have temporarily stopped processing BTC payments. You may have heard on social media or received newsletters from them if you follow any of the other Bitcoin or cryptocurrency mining related services.
As we at Computta want to keep payouts to our users free from transaction fees, we developed a new solution where we decided NOT to stop but to just SLOW DOWN the payment frequency and process them once in 48 hours. We will also be paying several users in one batch, minimizing individual transaction fees by doing this. This will allow us to continue paying our users without any transaction fees for them.
So if you just requested a payout, rest assured your transaction will go thru within 24-48 hours. You will receive a confirmation email and your transaction hash id as usual.
Once the Bitcoin network catches up with all those “Unconfirmed” transactions and returns back to normal state, we will also return to our normal several times per day schedule and automated payments.
Thanks again for your patience and understanding!