It is important to know that your deposit will only be processed once your digital asset transaction has received confirmation from the system and the blockchain network of that digital asset.
Typically, this process is completed in approximately 10-20 minutes, but sometimes it may take longer due to various reasons:
- Miner Confirmation:
Every transaction in the blockchain network usually needs to be confirmed by miners before it is considered valid. This process involves broadcasting the transaction to the network and miners including the transaction in a block. The time required to find a new block and confirm the transaction by miners can affect the transaction time.
- Network Congestion:
When the blockchain network experiences a high volume of transactions, such as during a surge in activity or when many users participate in transactions, the network can become congested. Network congestion can cause delays in the propagation and verification of transactions.
- Low Transaction Fee:
When a user sends a transaction with a low fee, its priority becomes lower in the transaction queue. Miners tend to prioritize transactions with higher fees to include in their blocks. Therefore, transactions with low fees may take longer to be confirmed.
- Limited Block Size:
The block size in the blockchain network has certain limitations. In some blockchain protocols, such as Bitcoin, the block size is limited, allowing only a certain number of transactions to be included in each block. If there is a surge in transaction volume, additional transactions have to wait for the availability of new blocks, causing delays.
- Consensus Mechanism:
The consensus mechanism used in the blockchain network, such as Proof of Work (PoW) or Proof of Stake (PoS), can also affect the transaction confirmation time. The process of validating and approving transactions by network participants or miners through the consensus mechanism may take some time before the transaction is considered valid.
Once your digital asset transaction has received confirmation, your digital asset balance in Indodax will be automatically increased.