What is network congestion?

It's pretty straightforward, network congestion occurs when there is an abundance of transactions on the blockchain, creating a backlog.

The concept of supply and demand is at play here in that there are simply too many transactions and not enough miners to confirm them.

Transactions awaiting confirmation are placed in a mempool (memory + pool), a waiting room of sorts, until they are picked up and processed.

How does network congestion affect my transactions?

When network congestion increases there is often a corresponding increase in mining fees as demand outweighs the supply. A once competitive fee can all of a sudden be rendered low as miners are free to pick and choose what they process – confirming transactions that are of more value to them.

The result is that new transactions coming in with a higher fee are processed first leaving the rest pending as overall fee rates normalize - causing a delay.

It is important to note that we process cryptocurrency withdrawals using a dynamic market rate for mining fees, to ensure we maintain industry-leading timeframes; and only when unexpected increases in network congestion occur, are transactions subject to minor delays.

Is it possible to speed-up a delayed transaction?

The quick answer is no, and we understand that can be frustrating but the reality is, when network congestion is high, the speed at which deposits or withdrawals get confirmed is out of our control.

Diversifying your use of other cryptocurrencies or alternate payment methods can help to reduce the impact of network congestion when it occurs (particularly with Bitcoin).

Check out your available cryptocurrency options by visiting the cashier page; depending on your account status, Etheruem, Litecoin, Bitcoin SV and Bitcoin Cash are options that can help you avoid the frustration of a delayed transaction.