Briefly: What You Should Know About Bitcoin and Its Blockchain

blockchain mining Bitcoin

Why hasn't your transaction been credited to your account yet?

The reason is that transactions themselves are not processed by us but by independent pools of cryptocurrency miners - this is the principle of how Bitsofa operates. They solve mathematical algorithms and conduct transactions in the blockchain. The processing speed of your transaction primarily depends on the parameters you have chosen for the transaction and the network's congestion. The higher the priority of your transaction and the lower the network congestion, the faster your transaction will be processed.

What is blockchain?

Blockchain is a kind of "ledger" for Bitsofa, where all cryptocurrency transactions are recorded. Without delving into technical details, it's important to know that miners are responsible for processing transactions, adding blocks of user transactions to this "ledger."

Where can you check the status of your transaction and the blockchain's congestion?

You can find out the status of your transaction by going to "History" and selecting the transaction you are interested in.

The current number of unconfirmed transactions can be seen at the following link:

It is generally considered that 3-7 thousand unconfirmed transactions are a normal state of the network. 7-15 thousand is an average level of congestion. If the number of unconfirmed transactions exceeds 15 thousand, it may indicate significant network congestion in Bitcoin.