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Thanks, and just so I understand correctly, these pending orders are waiting within the blockchain to be executed, similar(ish) to a task queue?

• gomox 9y ago
  Yes. They are waiting to be picked up by a miner, based on the fee that the transaction has paid to be included in the blockchain. You can still make a quick (by BTC standards) transaction in these scenarios, it's just more expensive to do so. Right now, a regular simple transaction would have to pay USD 22 to be included in the next block (i.e. within 10 minutes). Here's the reference website for BTC blockchain backlog. It allows you to understand what a good fee is at a given time. https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/
  • rankam 9y ago
    Awesome, makes sense - thanks for your help!
• razakel 9y ago
  Yes, it's called the "mempool". A higher fee means it'll be executed more quickly, because miners prioritise transactions with higher fees for obvious reasons. It's possible for a transaction to get stuck and never be confirmed if it's fee is low enough. If that happens, then you'd need to send a new transaction, which cancels out the stuck one.