When accepting crypto payments, it is important to know a little something about the process — so as not to worry about the timing and be cool. We have already discussed crypto transactions. Let’s take a closer look at their statuses!
Crypto payments are subject to confirmation. In Bitcoin blockchain, the time it takes to mine and adds a new block on the network is 10 minutes on average. The purpose of the block is to verify and record any new transactions that might have happened since the last block. Since the bitcoin blockchain does not approve single transactions and waits for a block of a definite size — that contains a specific number of transactions — to be mined, the time taken to approve a bitcoin transaction includes the time it takes to mine a new block.
These days, many businesses and individual crypto-enthusiasts are accepting bitcoin as payment. As we have seen already, payment in cryptocurrency is not immediately followed by a payment confirmation notification. Having one’s bitcoin status pending or bitcoin status unconfirmed is quite a regular phenomenon.
With NOWPayments, it says “Confirming” at this point, and then you see the coveted “Confirmed” status, which means the blockchain has confirmed the transaction.
To address this issue, several blockchain explorers help to check bitcoin payment status and other types of crypto statuses. But, to know why crypto payment confirmation takes so long, we need to know the process involved in it.
Why use NOWPayments.io?
NOWPayments is the easiest way to accept online payments in a wide variety of cryptocurrencies. This service is custody-free, has competitive fees and is available worldwide.
- Over 50 cryptocurrencies are accepted on the platform with an in-built exchange feature;
- API, widgets, plugins and a donation button are all easy to integrate;
- It is a non-custodial service ensuring the security of your funds;
- A very simple setup