How long does it take to complete sending BTC?
Sending BTC takes about a few hours ~ up to a few days to complete sending. This depends on how much the network is congested.
In the following cases, the sending could take up to several days.
・When the BTC price suddenly increases and there are lots of transactions
・When the sending fees are increasing due to the reason above
・When you have set your sending fee too low
About BTC’s sending fee
The fee required for transaction in Ginco will only be paid to miners of the blockchain.
※Ginco does not receive any sending fees from transactions.
The transaction fees for BTC is determined by the data size (byte) multiplied by the transaction fees per byte at the moment of sending.
About the increase in BTC transaction fee
Again, the network congestion could be the cause for the high transaction fee.
In addition, BTC’s sending fee could increase by the following reasons.
・When the BTC market price rises
・When there are too many transactions in the network
・When the size of the transaction data is large
※The fee for the transaction is determined by the amount of UTXO you have included the transaction, rather than the amount of price you are about to send.
Be advised on adjusting your transaction fee
The transaction fee except BCH is adjustable from your wallet, by enabling this feature in the setting screen.
However, Ginco will be displaying the optimal fees in order to execute smooth transactions.
When you lowered the fee, please note that it could take up to several days to complete sending your BTC. Also, occasionally, part of your BTC will be unusable until you receive the change BTC in your change address.
Please understand the items above whenever you are going to change your fees.
If you have set your fees to low price, unless you change it, it will require a long time to complete your sending. Depending on the BTC network status, it could take up to several days to complete your execution.
※The sending will change occasionally depending on the situation of the network.
Due to BTC’s design, there will be a concept of “change”. This will happen when you try to send a certain amount, your wallet will try to send it by gathering up the nearest amount of UTXOs, to make complete sending. When UTXO is more than the amount you wish to send, there will always be a change coming back to your BTC wallet.
Example of sending：
The balance before sending：1BTC
Send all：0.004 BTC
Example of how BTC process the sending：
In order to send 0.004 BTC, the wallet creates a transaction sending 1 BTC, and then it creates a process to return 0.995 BTC to your wallet as a change.
In this case, in order to be able to send your BTC again, you need to wait until the 0.995 BTC arrives at your wallet.
Please note that this is just an explanation using examples. The change could be smaller than 0.995 BTC.
About receiving BTC
※You can enable adjusting transaction fee function from “Settings” in your wallet’s setting menu.
About canceling transactions
Due to blockchain’s feature, please understand that you could not cancel your sendings.