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Unconfirmed Bitcoin Transactions Surge Past 285,000, is this a Christmas Overload?

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To request bitcoin from someone else you need to provide them with a "Bitcoin address". Anyone that you give this address to will be able to send you bitcoin from that moment on. Remember that they may keep this address for a long time so you should never abandon a wallet by throwing away the wallet words.

It's very unlikely you'll ever have to type a Bitcoin address by hand so don't worry about having to memorise them. Bitcoin addresses are intended to be used just once since for technical reasons see later they become a little less secure after you have spent the bitcoin received by them. QR codes are a convenient way to transfer information from one machine to another.

This makes it easy for you to request payment from smartphones with Bitcoin wallets installed. Once you have requested a payment it appears in the Payments screen with the status 'You requested'. At this point you are waiting to get paid, the general process is as follows:.

The other person sends you bitcoin and the status moves to "Unconfirmed" to indicate that the Bitcoin network is processing it.

You will also get a green alert bar with a message indicating that bitcoin is incoming. You cannot spend unconfirmed transactions in MultiBit HD since they could fail to confirm for many reasons.

When your request has been paid and before it is confirmed the status of the transaction moves to "Receiving". If the other person only sends you part of the bitcoin you requested, the status is "Part paid" until they send you all that you requested. Bitcoin miners process all the unconfirmed transactions and put them into blocks. Once this happens your transaction is confirmed and you can spend it. This normally takes between 10 minutes and an hour. Once your transaction is confirmed in a block its status changes to "Received".

Use the Payments screen. You can undo this if you select the wrong one. This requires a technical explanation of how Bitcoin addresses are created. This process makes the address short so it doesn't take up much space in the block chain, and also makes it very hard to work back from the address through two different hashing algorithms to arrive at the original public key. During the Bitcoin spending process the public key is exposed in the block chain for all to see.

This is necessary to allow everyone to verify that the address matches the public key and that the private key was used to sign the transaction, but removes the hash of a hash protection.

This weakens the security from that of an address to simply the mathematical relationship between a public and private key within elliptic curve cryptography. While this is immensely strong, it is still weaker than the additional hash of a hash which is why addresses should not be re-used.

Back to Table of Contents Request payment To request bitcoin from someone else you need to provide them with a "Bitcoin address". Enter an amount denominated in whatever bitcoin unit you have chosen in the left entry field or the amount in your chosen national currency in the right entry field. MultiBit HD will perform a currency conversion using your choice of exchange.

Click the "Copy" icon next to the Recipient box to copy the address to your clipboard for easy pasting into an email, instant message etc You may want to add some private notes to the this payment request. These are held encrypted within your wallet and are not revealed to anyone else including the payer. Tracking your payment request's progress Once you have requested a payment it appears in the Payments screen with the status 'You requested'.

At this point you are waiting to get paid, the general process is as follows: How can I find out more about a transaction? You can view many details of a particular transaction as follows: Select a transaction in the Payments screen and click the "Details" button or double click the transaction to open the "Transaction wizard".

In the transaction wizard, navigate to the screen titled "Transaction details". Click the "View in blockchain. MultiBit HD supports several block explorers. You can change which block explorer is used to view a transaction as described in Payment settings How can I remove a payment request made by mistake? Why should Bitcoin addresses only be used once?

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For the past few weeks, there have been increased transaction delays on the Bitcoin network, something which affects all Bitcoin providers and users all around the world. When you send Bitcoin, the transaction may be instantly broadcast to the Bitcoin network, but will not immediately be confirmed. Most wallets, like Luno, require three blockchain confirmations before it will show up as completed, some may require up to six.

Approximately every ten minutes, a new block is created and added to the blockchain through a process called mining. Each block verifies and records any new transactions such as the Bitcoin you may be sending. These transactions are then confirmed by the Bitcoin network. Once the next block is created and the new transaction is verified and included in that block, the transaction will have one confirmation. Approximately every ten minutes thereafter, a new block is created and the transaction is reconfirmed by the Bitcoin network.

As mentioned above, blocks are usually confirmed at approximately one block every ten minutes. However, the Bitcoin network can currently only handle a finite amount of transactions per block.

Each transaction has a certain size in bytes and each block can only contain a certain number of bytes. When a lot of transactions are being broadcasted --faster than what the network can currently process it-- it creates a backlog of unconfirmed transactions. Backlogs happen occasionally, but the network eventually resolves all of the transactions within a day or so.

You can see the current amount of unconfirmed transactions here: You can track the average amount of time it takes for transactions to be confirmed here: This means that in time and with consensus , Bitcoin transaction speeds could very well improve in future.

In the meanwhile, we have a great option for customers who are sending to another Luno wallet. The other advantage is that no Bitcoin network fees will apply: Werner is our former Head of Communications. His passions include payments, e-commerce, technology, marketing and design: Buy, store and learn about Bitcoin and Ethereum now. We are using cookies to provide statistics that help us give you the best experience of our site. You can find out more by visiting our privacy policy.

By continuing to use the site, you are agreeing to our use of cookies. BitX is now Luno. Price charts Bitcoin Price Ethereum Price. How does the Blockchain work?

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