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Bitcoin deposit delayWhy Your Bitcoin Transactions Are Taking So Long to Confirm
ACH withdrawals will continue on a regular basis, based on what you defined in your plan weekly, twice a month, or monthly. Bitcoin is always purchased with ACH funds that have already been released from the hold. The hold is applied to every deposit, and we cannot make an exception even for established customers, due to our bank's policy. Swan does not have access or legal license to touch your USD funds. Swan does not and cannot use your USD funds for business operations.
Nor does our custodial partner, Prime Trust , as a licensed and regulated trust company. Your USD funds are held for fraud prevention purposes only. When will my ACH deposit complete and convert to Bitcoin? Please watch your Deposits tab for the following statuses. ACH transfers submitted after 3pm PST will take two business days to transfer, while those submitted before 3pm PST will usually take one, but sometimes up to two business days. For example, funds submitted after 3pm on Friday will take until the following Tuesday to clear.
In certain cases, the ACH transfer time between banks can be as long as 5 days. There is a Bitcoin buy date below the status line. Your Bitcoin will be bought at the price on the day of the purchase not the day of the withdrawal from your bank.
Deposited - the ACH deposit has settled and is pending a Bitcoin purchase. For your transaction to be considered fully confirmed by most BitPay merchants, your transaction will need to have six confirmations. Note that until your payment has six confirmations on the bitcoin blockchain, the recipient will not have access to the funds and will not be able to refund your transaction. While some BitPay merchants may choose to fulfill orders on payments with fewer block confirmations, you will need at least one block confirmation before your order can be considered complete.
If your transaction confirms and the merchant does not fulfill your order, you don't need to reach out to BitPay. Because block sizes are limited, it's important for bitcoin miners to know which transactions they should include in blocks first. Miners use prices to figure this out. When you broadcast a transaction, your total amount sent usually includes a "miner fee" which goes to pay miners. If you want your transaction to leave the bitcoin mempool and be added to a block quickly, it's important that you include a sufficient miner fee.
This is why we strongly suggest using the BitPay wallet or another true bitcoin wallet that can dynamically calculate the miner fee needed for timely block confirmations.
For reference, the website bitcoinfees. Transactions are being added to the bitcoin mempool's full queue constantly. Some may have been sent with higher miner fees than the one sent with your payment. This means that with current network traffic, miners may deprioritize your unconfirmed transaction even if it was sent with an appropriate fee at the time. Your transaction will likely confirm, but if the Bitcoin network does not confirm it, it be spendable again in your wallet.
Funds are spendable again in the BitPay wallet after transactions fail to confirm for up to 72 hours, but other wallets may behave differently.
If you are not using the BitPay wallet, you should contact your wallet provider for help if your unconfirmed funds do not show up as spendable again after a few days. While BitPay does not control confirmation times on the Bitcoin network, we care about the payment frustrations BitPay merchants and purchasers are experiencing right now.
For purchasers, our BitPay wallet team has been working on updates to the BitPay wallet for our next release which will help to mitigate the effects of these delays on the bitcoin network when they occur. For bitcoin users and businesses alike, we're also continuing to explore options for faster, simpler, and more affordable bitcoin payments.
We'll continue to post here on the BitPay blog as we make progress. If this article didn't answer your question, check out our payment guide or our new video walkthrough for more info on how to make a successful bitcoin payment. Here at BitPay we are always working to make bitcoin payments more user-friendly and widely known.