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July 22, 2020, 06:28:23 AM |
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It just got confirmed.
Just so you know, "Blockchain" (you are probably talking about the Blockchain.com wallet?) has nothing to do with your transaction. The fee you paid goes to the Bitcoin miners as incentive so they can mine the Bitcoin blocks and include your transaction in them (thus, getting it "confirmed").
When you pay a fee, you are competing with everybody's else transactions (which were not yet confirmed). You paid your $4.55, which in this case, is equivalent to a fee of 92.947 satoshis/Bytes, and it may seem a lot. But if there are other transactions paying more, they will be chosen first.
The Bitcoin blocks have a limit size, so miners can only include a limited amount of transactions per each block, while a new block only comes out every 10 minutes (approximately). You had to wait more than you thought because the fees rised in a short amount of time. When you sent the transaction, maybe your fee was enough to be in the top 3500 or so (example) to be included in the next block, but suddenly, more people sent transactions and they had the priority. You then had to wait more until there was no more transactions with a higher fee than yours "blocking the way".
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