Why is my Bitcoin Cash deposit taking so long to confirm?

Discussion in 'General Bitcoin Gambling Discussion' started by Doyle, Aug 28, 2017.

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  1. Doyle

    Doyle Member

    I was holding a little Bitcoin in my Ledger Nano S when the chain split happened so I'm now the proud owner of some BCC/BCH. Since it's basically free money, I plan to gamble away most of it during the NFL season this year. Last year about midway through the football season the bitcoin network did get quiet congested and the transaction fees spiked so this year I'm looking forward to using Bitcoin Cash for sports betting because the blocks are 8 times larger (1 Mb vs 8 Mb) so they should be much faster.

    Anyone, I sent a Bitcoin Cash transaction from my Ledger Wallet to the BetCoin sportsbook over the weekend and it still hasn't confirmed!! WTF?? Isn't whole point that Bcash is supposed to be faster? Now I'm sorry that I didn't just pay a few extra cent and make the deposit using regular bitcoin.

    Anyone else have these problems with Bcash taking forever to confirm?
     
    Doyle, Aug 28, 2017
    #1
  2. Humble Servant

    Humble Servant Active Member Staff Member

    There are 2 likely problems here.....
    1. Normally when you deposit at an exchange for example, the transaction has to be confirmed 6 times before your account is credit with the deposit amount. In the beginning, Bcash (or Bitcoin Cash) was required to make 20 confirmations before the transaction fully confirmed for security reasons. This is a possible reason for your Bcash transaction slow confirmation.
    2. The more likely reason is the fact that the mining difficult for Bcash keep changing so its profitability for miners keeps changing also. When it's really profitable for miners to miners then you see a huge influx of mining power and blocks are found every couple of minutes. When the difficulty changes then many miners go back to BTC, so then blocks are found on the BCH chain every hour or two. This would also explain why your transaction is taking so long for confirm.
     
    Humble Servant, Aug 30, 2017
    #2
  3. Freddy

    Freddy Member

    both bitcoin and bitcoin cash are using the same sha256 so miners can switch between the two chains depending on which is more profitable. when the bitcoin price goes up, miners switch from bcash to bitcoin and then transactions take forever to process. for example, yesterday it took over 1.5 hours to find a block. it's definitely cheaper than bitcoin but i'm not sure it's faster like they claim.
     
    Freddy, Nov 19, 2017
    #3
  4. Terry

    Terry Member

    the bitcoin mempool is now completely empty so any stuck transactions should have cleared, even if you're only paying 1 sat per byte transactions. if you are still experiencing delays in your deposits then there is something more serious wrong.

     
    Terry, Feb 23, 2018
    #4
  5. 4TheWin

    4TheWin Member

    BTC fees are dirt cheap right now. If you are paying more than $1 dollar then you either need to change wallets or your sportsbook because someone is screwing you. I prefer Litecoin over Bitcoin Cash because blocks confirm every 2.5 minutes so transactions clear faster.
     
    4TheWin, Mar 14, 2018
    #5
  6. BeastyBoy

    BeastyBoy Member

    the bch hash rate has dropped so low I think their network is open to attack. if i was you i wouldn't recommend holding too much bitcoin cash or you might end up losing everything.
     
    BeastyBoy, Dec 14, 2018
    #6

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