Cryptocurrency Transactions Take Time; Waiting is Normal

In General, If Your Cryptocurrency Transaction Isn’t Showing Up in the Exchange, the Answer is “Wait”

In cryptocurrency, it can take a while for transactions to complete. This is especially true if you are sending cryptocurrency between exchanges.

Consider (in overly simple terms):

  1. The first entity has to send the transaction (which can take time).
  2. The transaction has to process (which on a busy day can take hours).
  3. The receiving entity has to credit your account, and they will typically be waiting for a specific number of “confirmations” before they consider the transaction valid (which can take time, even if everything goes smoothly).

The above is true even though you are technically just sending from one wallet to another.

If transactions are going slower than normal (due to a high volume of transactions on a blockchain), if the entity who is sending or receiving is backed up for any reason, or if you were supposed to include a note with the transaction but didn’t (this is the case for some coins; if this happens write a support ticket to the exchange with information on the transaction)… then you could be facing wait times.

Even transferring coins between wallets where you are in direct control of your private keys can take time, never mind the extra moments it can take when third parties are involved.

This is to say, it is normal to have to wait for transactions in the crypto world, and it is normal for exchange transactions to take a little extra time. Most exchanges will give you an update as to when they are sending and receiving and waiting for confirmations, however, it is also normal for one exchange to say the transaction is delivered and for the other not to show it yet.

This can all be stressful and leave you panicking and opening support tickets, but 99 times out of 100, if you did everything right, your transaction is processing and you just have to wait it out.

I’ve had transactions take hours, and on a very busy day you can even have a transaction rejected.

This might not be ideal, but it is all normal. So, open a support ticket if needed (if you sent through a third party), but keep in mind, the answer is most likely “wait” (or “hold… on”).

Checking the status of your transaction: The exchanges you send crypto to and from should give you an update as to the status of your transaction (it will be pending, delivered, or waiting for confirmations generally). You can always check the public ledger to see if your transaction has been added, often you’ll have a transaction number (TX) when you send a transaction. For example, you can check Ether transactions at Ether Scan by putting in your TX number. Remember, there can be lag between one exchange saying delivered and the other showing the status of the transactions.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...