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I first started to explore crypto currencies just over 3 years ago - at the time I was interested in Litecoin and Dogecoin - mainly because I could play around and understand the tech. Boy oh boy I wish it was a 50, coin Bitcoin wallet I just happened upon! But alas it was Dogecoin and after all this time the shiba has not reached the Moon! My issue with all of these crypto currencies that are rooted in Bitcoin is the unwieldiness of the block chain.
Clearly the block chain is a game changing technology, and yet I have been waiting over 36 hours so far for my festering doge 1. I need to let this sync and then I'll update to the latest version of the Dogecoin core and then I'll make sure I open it from time to time or transfer to a managed wallet. Performing a one time huge sync like this after I have left it so long is only to be expected and why using managed wallets is a far better idea for most people.
But the blockchain is showing it's ugly side over there in hosted Bitcoin world as well. I have a little Bitcoin stashed and I decided to transfer some to Bittrex so I could speculate and build myself a small portfolio of crypto currencies. This was a similar time to when I started syncing my Dogecoin wallet - about 36 hours ago. I was expecting the transfer to Bittrex to be instant as it I were sending funds using Paypal or an instant bank transfer.
I was quite shocked to find it in a pending state 30 minutes later. I sent a friendly email asking Bittrex what is likely to be happening. They said it was a block chain confirmation backlog and the highest transaction charge payments were being processed first. I used an 'average' transaction payment so I don't expect I'll be near the front of the queue.
Which is going to complete first, my Dogecoin blockchain syncronization, or my Bitcoin transaction to be confirmed and completed? By the time your BTC transaction clears, it will have doubled in price. At that time, a price of bread will be higher than BitCoin. The BitCoin transaction completed after 5 days. My Dogecoin wallet still is not syncronized.
I think I should have updated first so now I have updated to Dogecoin Core 1. Since the update I now have 3years and 9weeks of blockchain to syncronize. I'll check back in to see if it is complete: Dogecoin synchronisation marathon - will it get over the line? I need to let this sync and then I'll update to the latest version of the Dogecoin core and then I'll make sure I open it from time to time or transfer to a managed wallet Names blurred to protect the innocent: Would love to spark up a debate about this stuff and interested in your thoughts on: Anyone else with Bitcoin payments stuck in 'pending'?
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