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about one week ago I tried to make a deposit to a service called "escrowbitcommunidad" (some of you might know it). They are using some kind of "dynamic" wallet addresses, meaning each time one reloads the payment page, the BTC address they display changes (please excuse my lack of professional terms). Now, I sent the bitcoins to the address they displayed using the etherum BTC client, the transaction ID is:

1968cc2b31b396c3ef0677c69ed68a588f6bdec1ed9e60fcb8500fddda46b068

From this, it seems like the transaction is completed already, however the BTC did not arrive to my account so far and from what I've heard from other users, this is a common problem caused by some delay in the blockchain (?) system. As you will have noticed, my understanding of how bitcoin transactions work is very rudimentary. Can someone briefly explain me where the problem could be?

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It appears the transaction with that id actually exists, you can verify it because Bitcoin transactions are public https://www.blockchain.com/btc/tx/1968cc2b31b396c3ef0677c69ed68a588f6bdec1ed9e60fcb8500fddda46b068. Indeed since it has ~900 confirmations, at an average block time of 10 minutes (Bitcoin protocol rules), it was first confirmed about a week ago.

The only explanations I can think of is related to the service and their application. If they do not choose to acknowledge the transaction or that it was sent to an address you own, that is between you and them.

from what I've heard from other users, this is a common problem caused by some delay in the blockchain (?) system

To answer this question, when you first submit a transaction to the Bitcoin network, the nodes will validate it, and if it passes, it will propagate throughout the nodes on the network. It is added to each node's mempool, which is where the transactions wait until a miner decides to add them to their block, and attempt to mine that block for a reward. When a miners decide to add your transaction to the next block is entirely up to them, but is generally dependent on the fee you decide to give them. The wallet software you used lets you select this fee, so the higher the fee the faster it will be mined (generally).

Another thing to understand is the application that is waiting for your transaction can decide how many blocks need to be mined after your transaction was submitted. This is known as confirmations. The reason for waiting more than 1 block is that if there is a conflict and 2 miners mine a block at the same time (unlikely), there is a reorganization of the blockchain, and your once confirmed transaction may become unconfirmed. So, it is a way to establish how permanent that transaction must be to be considered final. 6 is a typical minimum confirmation in Bitcoin, but can be higher or lower depending on the service or application. ~900 confirmations is much higher than usual and there should be no problem with confirmations with the service you used.

  • Thank you fore the explanation! Now, the only thing that I still don't understand is how the "dynamic" (changing) wallet addresses work. From what their support old me, the problem might be caused by the fact that I copy+pasted the wallet address they displayed, but then reloaded the page before I sent the BTC, so a new wallet address was already generated. And therefore, it might take longer for the system to recognize the transaction? That is the only way that I could think of... – frankpeterson Jul 2 at 16:40
  • You're welcome, unfortunately this is more of a question for them, since it really depends on their system. My guess is that they generate an address, that they then "watch" for your transaction, and when they see it, the system marks it complete. It sounds like they only watch the latest address you generated, so you'll have to work it out with them. – JBaczuk Jul 2 at 16:47

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