As many in the Cryptocurrencies business know, over the past few days Bitcoin confirmation been super slow and expensive, even so expensive backlog of confirmation occurred and over 100k transactions and counting waiting to be confirmed.
Bitcoin transactions that have have no fees will never get confirmed and eventually will get drop off and reversed back to the sender in a week or 2.
Bitcoin transactions that have low fees will get confirmed but could days up to 4 days or a week.
Bitcoin transactions that have high fees, still will have to wait a very long time to get confirmed, depend on how much the high fees are, if higher than others then may take priority, just higher doesn’t mean your transaction will get confirmed right away.
So let say if you send $500 with $7 fee thinking $7 is high fee your transaction should get confirmed within 10 minutes? NO – not over the past few days and maybe many days ahead.
The good news is that if your transaction don’t confirmed it will get removed in a week or 2 then it will be back on your wallet or you can just send it again with higher fees.
The bad news are: How is Bitcoin going work as micro payment? – no confirmation needed? – are you sure? no confirmation needed? what if no confirmation for a week or 2? meaning it will get removed and the payment will not go through. How is Bitcoin going to work at the BTM (Bitcoin ATM) machine? – withdrawal of cash by sending Bitcoin and wait for a day or 2 or a week at the BTM machine to redeem cash?