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Paying for Your ILP With Cryptocurrency, Using Coinpayment

Posted by David Ogden on May 14, 2019 - 12:07pm


Paying for Your ILP With Cryptocurrency, Using Coinpayment


 

I believe the rapid rise is Bitcoin price has effected the time it takes for transactions to be confirm on the blockchain.

I have been trying to pay for an ILP share for the past few days, the first attempt I did not allow enough for transfer fees, and then found I had insufficient bitcoin, because the price of bitcoin fell. Trans action then timed out and coinpayment returnd my coin.

This morning When I tried I was given 5 hours to get 2 confirmation, this timed out and once again currency was returned.

This evening I have tried again and this time have 14 hours before transaction will time out. So it seems coinpayment are aware of the difficulty. Not sure how or if fluctuation in Bitcoin price will effect this.

You are welcome to comment on this blog.

David Ogden

Markethive Entrpreneur

David Ogden My Supposition was right I recieved the following message from the Blockchain today: Daniel (Blockchain) May 18, 19:51 EDT Hello, The bitcoin mempool is currently backlogged, which is causing a delay with transaction confirmations. You can follow it live on this chart, which shows all pending bitcoin transactions on the bitcoin network - https://blockchain.info/charts/mempool-count. This is impacting the entire bitcoin network, not just Blockchain. An unconfirmed transaction will eventually be accepted into a block by whichever mining pool mines the block, or the transaction will eventually be rejected by the bitcoin network. If it eventually is rejected, then the funds would remain at the bitcoin address they were sent from. The only thing you can do at this point is to wait and see if the transaction is accepted into a block. Like all digital currency wallet providers, Blockchain has absolutely no control over this, and cannot expedite transactions. This is always dependent upon the bitcoin network of miners, which we are not a part of. The Blockchain digital currency wallet utilize dynamic fees. The following link explains how this works - https://blog.blockchain.com/2016/03/16/introducing-dynamic-fees/. Daniel | Blockchain Support
May 18, 2019 at 11:02pm
David Ogden Well the extended time seemed to have done the trick woke up this morning to find I am now the proud owner of Markethive ILP well before time limit was reached.
May 15, 2019 at 12:25am
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