Ethereum: How many Bitpay confirmations does she expect?
As a frequent online and online buyer enthusiast, you are not wondering why your Bitpay transaction may have been delayed for so long. One of the most frustrating experiences is when a payment is processed, but no immediate confirmation is received from the merchant, leaving you while waiting for more confirmations.
In this article, we will explore the number of confirmations that Bitpay generally awaits before updating its status on your transaction history, and what it means for buyers and sellers on an online market like the Bitcoin platform .com.
Understand Ethereum
transactions
Before diving into the specifics of the Bitpay confirmation process, let’s understand how Ethereum transactions work. When you make a purchase using Ethereum (ETH), it is a question of sending ETH to an Ethereum intelligent contract on a blockchain network. This process is known as “funding” or “payments processing”.
Ethereum transactions are divided into three main types:
- Treatment of payments : When a payment is processed, the transaction is verified and confirmed by several nodes on the Ethereum network. This phase usually takes several minutes.
- Verification : After treatment of payments, the transaction undergoes verification to ensure that it meets certain conditions, such as sufficient funds and appropriate use of intelligent contract.
- Confirmation : Finally, Bitpay updates its status according to the confirmation of the merchants and other parties concerned.
Bitpay confirmation process
Now let’s focus on the number of confirmations that Bitpay generally awaits before updating its status? According to various reports and information from the industry, here is a general overview of the steps involved:
- Treatment of payments : Once payment has been received, the transaction goes through the processing of payments.
- Check the merchant : The merchant checks the transaction using their own internal system.
- Bitpay verification : Bitpay receives the verified transaction of its network and updates its status according to the merchant’s verification.
Assuming an average of 10 to 15 minutes for paying and 1 to 2 hours for the verification of merchants, you can estimate that the total confirmation time is around 16 to 18 hours (120 minutes + 60 minutes).
What does that mean?
Until more confirmations may seem frustrating, it is essential to understand the mechanics of the Ethereum blockchain network. In a typical transaction scenario:
- The merchant has 15-30 minutes to check the payment before you can consider your complete order.
- Bitpay can update its status every hour, giving you an idea of when you can expect confirmation.
In this case, if you have not received updates for more than 24 hours, it is likely that Bitpay is expecting more confirmations from the merchant.
Conclusion
Although the exact number of confirmations required by Bitpay can vary depending on various factors (for example, congestion of the network, the volume of transactions), understanding the functioning of Ethereum transactions can help to mitigate frustration. Considering average confirmation times and payments processing roles, merchant verification and Bitpay status updates, you will be better equipped to manage your expectations.
As a buyer, it is essential to understand that the expectations of confirmations is a normal part of the transaction process. In fact, traders often have their own systems in place to check the payments before they can provide final confirmation. So, if you are patient and don’t bother you a certain delay, it is likely that Bitpay will update its status soon.
final advice
To avoid similar frustration in the future:
- Wait more than 24 hours without Bitpay updates or your merchant.
- Consider reaching out to the seller in the event of a problem of processing or verification of payments.