For most blockchain transactions (BTC, ETH) the transaction processes are as follows:
- User applies for withdrawal from the exchanges.
- The exchange deducts the cryptocurrencies (BTC, ETH) and alerts user with “Withdrawal completed” message. In the meantime, the transaction status becomes to confirmation status.
- After the transaction is confirmed, the exchange will provide TxID to the user for them to monitor the transaction status.
- Exchange will send the transaction to the blockchain network. Meanwhile, user can use TxID to monitor the transaction status.
- Miners will confirm the transaction in blockchain. The transaction will complete after a certain number of confirmations (BTC transactions needs confirms, while ETH needs 12 confirmations), the cryptocurrencies will be transferred into user’s wallet after completion.
If the cryptocurrencies were not transferred to your account after a long time, it might be due to:
- The exchange needs longer time than usual to confirm your transaction. It may take 10 minutes up to 12 hours, depending on the efficiency of various exchanges. You could contact the exchange if you didn’t receive “Withdrawal completed” message for a long time.
- BTC transactions require more time for miners to confirm, wherease ETH transactions tend to be faster.
- Unpredictable errors during the transaction.
- Wallet address entered incorrectly.