It took me 16 hours of patience and a $24 loss but at the end of the day, patience was learnt. I have always been using Hive and Binance SmartChain to make transactions, forgot what slow transaction speed is, until I encountered the Litecoin blockchain. It took over 45 minutes to complete a transaction, I complained bitterly like that was the worst thing that could happen. It’s like the more I complain, the more I encounter worst blockchain with slower transaction speed. Hive has been spoiling me with its instant transfer that I feel like a spoilt blockchain brat.
After experiencing that 45 Minutes transaction speed from Litecoin, I encountered worst, or rather, I thought I did, the XVG blockchain. It was supposed to be a blockchain with fast payment, something weird happen which I still need some clarifications on. I transferred XVG from my Binance account to HitBTC, it took 3 hours to get to my HitBTC account after going through 200 Block Confirmations. But when I was sending it back from my HitBTC account to Binance, it took it less than 10 minutes to get to my Binance account. So I got confused, was it an exchange problem or a blockchain problem? I complained bitterly when it was taking too long to transfer from Binance to HitBTC. I declared I wasn’t going to use that exchange or the coin again. I thought 3 hours transaction time was ridiculous, but never knew what was ahead of me.
Last midnight, I saw a trading opportunity in the new Ethereum merge token. The Ethereum Proof of work, a token that was airdropped to all Ethereum holders. The token has been having some series of pump and dump lately. It was trading differently across different exchanges last midnight, I thought it was a good opportunity to do some arbitrage trading, so I bought some. I was so excited because I was about to make 8% profit and the transaction fee was $0.02, so why not. When I wanted to copy the deposit address, I saw this:
This means that it was going to take 4,000 Block confirmations before I get the token deposited in my Kucoin wallet. For a second I felt 4,000 confirmations was too much, but I felt it would be fast, so I ignored it and went on with the transaction. Boom!!! That was the beginning of the longest 16 hours I have ever had in my life. At first I felt 30 minutes is enough to go through 4,000 confirmations but after 30 Minutes no deposit yet. But the token has left my Huobi wallet, then I checked the block explorer, it’s showing that the token is in my Kucoin wallet, but I can’t see it in my Kucoin wallet. Then I checked the block activity and noticed that I have only been on 125 conformations after an hour plus and the block needs to get to 4,000 conformations before I see it on my wallet.
After so many hours of heartbreak and constantly checking the price to know how much loss I have incurred while waiting for the token, it finally came 16 hours later. I had to be patient because there was nothing I could do, but remain patient.
Posted Using LeoFinance Beta
Posted Using LeoFinance Beta
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It is frustrating when you have to wait a long time for a transaction to be confirmed!
Especially when you didn’t plan to hold it for more than 1 hour
Especially when it is for an arbitrage opportunity.
It is surprising. LTC has never been that slow for me. I haven't used it in some time. But, it has always been fast.
Might just be the exchange I used
Can't even imagine the toil it took on your mind. Lesson learnt, patience. There's nothing worse than put in a situation that you have nothing else to do but wait...
It's over that's all I can say, lol.
Your post definitely echoed the frustrations felt by many on slower blockchains. Indeed we have been spoilt by Hive chain! 🤣
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I used to experience it often. it's really uncomfortable if you have to wait a long time while doing arbitration
Very sad, that is the risk that makes you lose money.