Cryptocurrency systems, like Bitcoin or Ethereum, rely on a network of computers (called nodes) to process and validate transactions.
Here’s how they work and why delays can happen:
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Transaction Validation: Every transaction needs to be checked by the network to ensure it’s legitimate, like a bank verifying a payment.
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Block Formation: Transactions are grouped into "blocks," which are added to the blockchain (a public digital ledger). The creation of each block takes time and happens at regular intervals, which can vary depending on the cryptocurrency.
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Network Congestion: When many users are trying to make transactions at once, it’s like a traffic jam — the system can only process so much at a time, causing delays.
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Transaction Fees: Users can pay higher fees to prioritize their transactions. If you pay a lower fee, your transaction may take longer to be processed as higher-fee transactions are prioritized.
In essence, the system’s design, volume of activity, and how fees are handled all contribute to how quickly your transaction is confirmed.
Important Notes:
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AFRIDAX confirmation policy outlines the number of confirmations that AFRIDAX requires to consider a transaction final.
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Cryptocurrency transactions are irreversible.
Always verify the recipient's address and network before confirming your withdrawal. -
Please take note of the Cryptocurrency Risk outlined in this article.
Need Assistance?
If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.