You are sure your clients have paid you through Crane. But you're yet to see “alert.” We understand your frustration—delayed transactions are annoying! We know you expect a swift crypto transfer, but that's not always true. This piece, however, will explain why your “alert” may pend on Crane. Walk with me.
How fast are cryptocurrency transactions?
Before explaining the factors that delay transactions, let's clear the air on the expected speed of cryptocurrency transactions.
Cryptocurrency | Estimated time (in minutes) |
Bitcoin | 40 |
Ethereum (Ethereum Network) | 14 |
Ethereum (Arbitrum Nova Network) | 25 |
Ethereum (Optimism Network) | 90 |
Ethereum (zkSync Era Network) | 1,440 |
Tether USD (Optimism Network) | 90 |
Tether USD (Solana Network) | Near-instant |
Table 1.0: The average transaction speed of selected cryptocurrencies. Source: Statista
Why is my transaction pending on Crane?
1. Jammed network
No single entity controls the blockchain, the digitalized block-like registry that powers cryptocurrency transactions. But it isn't immune to fatigue. Why? Each block in the blockchain has limited data it can hold. Once the block reaches the limit, usually because of high activity, transaction delays are inevitable.
2. Low transaction fees
In traditional finance, a centralized body, like the Nigeria Inter-Bank Settlement System (NIBSS), provides the infrastructure for completing inter-bank transfers.
In cryptocurrency, decentralized entities (miners) validate and add new transactions to the blockchain. Miners prioritize transactions with higher fees than those with lower charges. The simple reason is reward. High transaction fees equal more money for miners, while the opposite is true for low transaction fees.
What does that mean for you? If you want a fast deal, pay a high transaction fee (miners will confirm it on the block faster). If you’re not in a hurry, pay a low transaction fee and wait. If your transaction takes longer than necessary, the (low) charges might be the obstacle.
3. Different confirmation times
Take a second look at the table (Figure 1.0). You should notice different virtual currencies have distinct confirmation times, depending on the network they operate on. For instance, Ethereum on the Ethereum Network completes in ~14 minutes, while it takes 90 minutes on the Optimism Network. The same currency yet different speed.
The crux of the comparison is that your transaction may drag a little more than you'd like because of the type of crypto you’re dealing with.
That said, we understand that no one likes to be left in the dark about the whereabouts of their money. To help you track the status of incoming Bitcoin (BTC) sent to your Crane wallet, follow these steps:
Step 1: Visit the Blockchain Explorer website via www.blockchain.com/explorer.
Step 2: Click the search icon, and copy and paste your wallet address on the search bar. Click the search icon again to search.
Step 3: Click on BTC Address.
Step 4: The result will display your wallet transaction history, which will show the status of your transaction.
The transaction is still processing on the blockchain if it shows the sign highlighted in the image below.
If your deposit is confirmed in the blockchain but you still haven't received it, contact us with your deposit info to help you resolve the issue. The information you need to provide is listed below:
Amount of deposit
Your Crane wallet address
Transaction Hash ID
A screenshot of the transaction
Contact us at support@usecrane.co, Instagram, and X (formerly Twitter). You can also reach us through the in-app support on Crane. The app is available for download on the Google Play Store.