Congratulations on initiating your cryptocurrency transaction!
We want to provide some insights into the confirmation process and what to expect during this time.
1. Why does it take time to confirm a cryptocurrency transaction?
A blockchain's decentralized network of miners or validators collectively ensures the accuracy of user balances by confirming transactions. Confirmation times can vary depending on the network used because it takes time for a percentage of these validators to reach a consensus and agree that the transaction is accurate.
2. What determines the confirmation time for a transaction?
Cryptocurrency transaction confirmation times depend on factors like the chosen network, fees, congestion, and blockchain protocol. The factors influencing confirmation times can be complex, but you can rely on our platform to handle these nuances.
For more details, please refer to section 5 in the provided information.
3. How can I increase the likelihood of a faster confirmation?
To speed up the process and increase the chances of your payment being confirmed promptly, we recommend selecting a medium to high network fee when executing the payment. This ensures that miners or validators prioritize your transaction.
4. What happens if the currency and network don't match those supported in the xMoney payment widget?
It's crucial to note that your funds may be permanently lost if the currency and network you're using do not align with the options supported by the xMoney payment widget. Always ensure that you are using the correct currency and network to avoid any issues.
We highly recommend reviewing our FAQ on how to make a payment. It provides a step-by-step explanation, considering the network selected in the payment widget, to ensure a smooth payment process.
5. Approximate Confirmation Times for Various Networks:
Here are indicative, non-binding confirmation times for different cryptocurrencies within the xMoney ecosystem:
Bitcoin: 2 block confirmations, approximately 25 minutes.
Ethereum (ERC20): 30 block confirmations, approximately 8 minutes.
Dash: 8 block confirmations, approximately 25 minutes.
MultiversX: 1 block confirmation, less than 1 minute.
Polygon: 128 block confirmations, approximately 7 minutes.
Lightning Network: Almost instantly.
NOTE: These times can be influenced by factors such as network congestion, transaction fees, network latency, and more. While these estimates provide a general idea, actual confirmation times may vary in practice.
Your patience during the confirmation process is truly valued. If you have any questions or concerns about the transaction, our dedicated support team is here to assist you. Don't hesitate to reach out by emailing us at [email protected]. We’re here to help!