Now that the majority of online ventures have switched to Bitcoin and transactions are going in and out of Bitcoin Wallets by the thousands per day, I see a major issue has come up and so far there is no ‘fix’ for it.
Here’s the problem. Using the Netherlands based ‘Bitcoin go between’ Blockchain, being the largest in the online world right now; it takes 3 confirmations from ‘miners’ they use to ‘move’ my BTC/Money. Blockchain itself has no control over when a ‘send’ or a ‘request’ is completed. Currently … 219,000 uncompleted transactions.
My transactions are now 3 days old so as an investor, there is nothing I can do but wait and of course that delays any interest I could earn with the opportunities I’m in limbo to fund. And … those transactions on hold are not included in my overall wallet balance. If I want to send my Bitcoin to ‘cashout’ in US dollars, there is no time frame when that will be done.
So … I look at this as an overall flaw in the system and I won’t do any further transactions until the two ‘pendings’ I have are either cancelled or completed. There should be a ‘time out’ feature where a Blockchain Wallet holder can select a time frame to cancel a transaction, say 24 or 48 hours maximum.
Just thought I’d share my experience today where I’m sure those into Bitcoin are wondering what’s happening and why with transaction delays. Patience is the word of the day.
Closing for today, I’m not positive about this but it seems the large transactions that pay the Miners and Blockchain higher fees are being singled out and completed where I see the latest stats showing Bitcoins worth thousands and millions being finalized. A wicked amount of money in Bitcoin being moved around these days.
In other upcoming compensation plans … ‘The Tripler’ from years back is being reborn and scheduled to start up soon. I’ll be using STP for funding. No delays with that processor where I have been using that Canadian based money processor for years as well. I had an excellent run with The Tripler and look forward to being involved once again despite the risk involved.