Why is Bitcoin Transfers Slow? (Why Hasn’t Bitcoin Been Received After Transferring)

Why is Bitcoin Transfers Slow? According to Bitcoinist, the recent phenomenon of “slow transfers” on the Bitcoin network is due to the sender of Bitcoin not updating the transaction status promptly. Why would this happen? There are two reasons: one is that users do not have enough time to confirm, and the other is that the transfer time is long. For Bitcoin, this usually means that it takes a long time for a node to complete all transactions, resulting in inefficient transfers.

So what is Bitcoin? Simply put, when you package an address with another address into a transaction (or earlier), what problems arise? In fact, this is because the receiver wants to write a transaction into the blockchain and broadcast it to the designated wallet, making that wallet the user’s private account. However, in order to handle this situation, Bitcoin has created a special program to record this information, which can be called “sending micro-payments”.

The first lightning network application of Bitcoin was applied to this, which allows users to transfer cryptocurrencies quickly from anywhere without intermediaries and access the entire system through the internet, not just sending digital assets, but even directly connecting with other electronic devices without relying on third-party servers to store, transmit, or retrieve data to provide payment results. The second problem is that during the transfer process, if one party wants to transfer their funds out and exchange it for another token, they must wait a few minutes or seconds before the transfer starts again.

Why Hasn’t Bitcoin Been Received After Transferring

According to cryptopotato news, Bitcoin was sent yesterday and still hasn’t been received after two hours.

Around 3:30 PM today, a user named “Li Jiaxuan” sent a Bitcoin transaction (approximately $60,000) to a certain exchange, and he wrote this amount in his personal address (before May 10, 2019). But so far, no funds have been seen transferred from his account to the wallet. Subsequently, it started flowing into Binance and other exchanges.

According to Coinbase, these platforms have processed over 1 million BTC transactions since the end of April this year, but only less than $100 million in assets have been deposited.