Update - While the Bitcoin blockchain backlog remains quite large and fees are high some customers may experience delays and increased transaction costs due to the high congestion on the Bitcoin network. We are closely monitoring the Bitcoin network conditions, but unfortunately, we cannot determine when the fees will drop.Please ensure that you include appropriate transaction fees when receiving Bitcoin to your Luno wallet to avoid any potential delays.
Dec 08, 2023 - 08:42 UTC
Update - Unconfirmed transactions, as well as fees, remain fairly high, and activity remains consistently high throughout the day.A mining difficulty change set to take place around 27 November 2023, may help alleviate unconfirmed transactions.
We will provide further updates should there be any significant improvement to the network congestion as we continue to monitor over the coming weeks.
Nov 24, 2023 - 09:06 UTC Update - Unconfirmed transactions as well as fees remain very high, not seeing much of a change regardless of the time of day.
A mining difficulty change may help unconfirmed transcations, however this is only set to take place around 27 November 2023. Our next update will be then or if something has significantly changed.
Nov 17, 2023 - 10:17 UTC
Update - While fees look to have come down slightly, we're still seeing a big backlog of unconfirmed transactions on the Bitcoin Blockchain. Sending from your Luno Wallet looks to clear quite quickly, however fees are still very expensive.Please ensure you're including a fee that has been recommended by the Blockchain in order to see BTC receives clear quickly.
Nov 15, 2023 - 17:40 UTC
Update - Congestion and high fees remain an issue, both sends and receives to and from Luno may take longer than usual. Please give it some time to clear, transactions are still being processed as normal.
Nov 11, 2023 - 17:38 UTC
Monitoring - We're observing slower than normal BTC sends and receives due to congestion on the Bitcoin blockchain. Transacting may also be more expensive than usual.Customers who are receiving BTC to Luno may have seen these delays since 3 November 2023.
Nov 09, 2023 - 12:25 UTC
As an enthusiast deeply immersed in the intricacies of blockchain technology and cryptocurrency networks, my expertise allows me to provide insights into the challenges faced by the Bitcoin network, as outlined in the provided updates. The evidence presented in these updates points to a recurring issue of congestion and high transaction fees on the Bitcoin blockchain, affecting users and transactions involving the Luno wallet.
Let's break down the key concepts mentioned in the updates:
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Bitcoin Blockchain Backlog:
- The term "backlog" refers to a queue or accumulation of unconfirmed transactions waiting to be added to the Bitcoin blockchain.
- A large backlog indicates that the network is struggling to process transactions promptly, leading to delays for users.
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Transaction Fees:
- Transaction fees are charges users pay to prioritize their transactions and incentivize miners to include them in the next block.
- High fees suggest increased competition among users for limited block space, possibly due to network congestion.
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Unconfirmed Transactions:
- Unconfirmed transactions are those that have been broadcasted to the network but have not yet been included in a block.
- The updates highlight persistently high numbers of unconfirmed transactions, indicating a bottleneck in the processing capacity of the Bitcoin network.
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Mining Difficulty Change:
- Mining difficulty is a measure of how hard it is to find a new block in the blockchain.
- The updates mention a planned mining difficulty change around November 27, 2023, as a potential solution to alleviate unconfirmed transactions. This adjustment aims to maintain a consistent block creation time despite changes in the total mining power of the network.
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Luno Wallet:
- Luno is a cryptocurrency exchange and wallet platform.
- Users are advised to include appropriate transaction fees when sending Bitcoin to their Luno wallets to avoid potential delays caused by the ongoing network issues.
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Network Monitoring:
- The updates emphasize the continuous monitoring of the Bitcoin network conditions to provide users with timely information on the status of congestion and transaction fees.
- The inability to determine when fees will drop suggests the complexity of predicting network behavior.
In summary, the recurrent updates illustrate the challenges posed by network congestion and high fees on the Bitcoin blockchain, impacting both the sending and receiving of Bitcoin through the Luno wallet. The mining difficulty change is presented as a potential solution, but the uncertainty surrounding fee reduction highlights the intricate and dynamic nature of blockchain networks. Users are advised to stay informed and adjust their transaction strategies accordingly to navigate these challenges.
FAQs
Verification should take a few minutes, or a couple of days if there are any issues. Then you're all set to be part of the cryptocurrency revolution.
Why can't I withdraw from Luno? ›
A withdrawal can fail if the bank account details were invalid or entered incorrectly. If this happens, you will need to contact our support team after 48 hours. These are basic pointers but there is more information available on withdrawals within our Terms of Use.
Why is Luno taking so long? ›
If the fee is low, it might be slow and take days for a transaction to be confirmed. If your incoming cryptocurrency receive transaction is not being confirmed, we can only recommend being patient or approaching the sender and asking them to redo the transaction with a higher fee.
Why can't I send crypto on Luno? ›
For increased security, by default, the option to send cryptocurrency is disabled. Crypto sends can't be reversed and you won't get your money back if you send to a scam or wrong address.
Can Luno be used in USA? ›
Conclusion. In conclusion, Luno is available in the USA, but only in 35 of the 50 states. If you are located in one of the states where Luno is available, you can create an account and start trading cryptocurrency. However, you will need to verify your identity and deposit funds before you can start buying and selling.
Can I use Luno without verification? ›
After signing up with Luno, you'll need to verify your identity before you can make a deposit or buy cryptocurrency. You can verify your identity by following the steps below.
What is the maximum withdrawal on Luno? ›
Are there any withdrawal limits? There is, yes. The maximum amount you can withdraw is R5 million per withdrawal.
Which bank does Luno use? ›
Luno banks with Standard Bank, so EFT deposits from your Standard Bank account will reach your ZAR wallet near-instantly.
How do I get my money back from Luno? ›
How to withdraw:
- On your Wallets screen, open your local currency wallet.
- Select WITHDRAW from the quick action bar.
- Choose your bank account or add new bank details.
- Select MAX when inputting the amount you want to withdraw.
- Review the transaction and press CONFIRM.
We're a cryptocurrency platform trusted by millions of customers worldwide. To leverage this trust for themselves, scammers might claim to work for Luno as traders, agents or account managers to get you to send them money or grant them control of your account.
Here's what to look out for:
- The false promise of guaranteed profits (if it sounds too good to be true, it probably is).
- A broker that operates in a country with a poor regulatory framework.
- Poor online reviews.
- Crypto bronze, silver or gold “packages” offered trading platforms pretending to represent Luno.
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Can a Luno account be blocked? ›
If you suspect that someone gained unauthorised access to your Luno account (that you've been hacked or fallen victim to fraud), you can temporarily suspend your account by locking it.
How long does it take for Luno to send BTC? ›
In a word (actually, two) very fast. At Luno, our goal is to release 99% of crypto send transactions in less than a minute. You can send your crypto in any 24-hour period from Luno and your transaction will be processed in a few moments.
Does Luno have a sending limit? ›
If you're an existing customer that has been with Luno for several months, you will not have any cryptocurrency send limits. If you've only joined Luno recently or you're a customer who we've provided extra safety measures for, we have some added protections in place for crypto sends.
How long does Luno take to pay out? ›
Keep in mind
| Luno's withdrawal processing cut-off time | When can I expect my funds in my bank account |
|---|
| 10:00 | By 17:00 on the same day |
| 12:00 | By 20:20 on the same day |
| 15:45 | By 23:00 on the same day |
| If after 15:45 | By 17:00 on the next business day |
This is a case-by-case process and may take anywhere from a few hours to a couple of business days, depending on many factors (e.g. your country of application, nationality, quality of the pictures, etc.). If your status does not change within 3 business days, please contact Support through https://chat.crypto.com/.
How long does it take for a Bitcoin transaction to be verified? ›
Bitcoin transactions are generally considered completed once they have been confirmed in 1-6 blocks. As each block on average takes 10 minutes to be confirmed into a new block by the Bitcoin Mining process, this means your transaction will take anywhere from 0-60 minutes on average to be completed.
How long does it take to verify Blockchain wallet? ›
If your submission is clear and consistent, the automated verification may take anywhere from 5 minutes to 2 hours. If there are problems and a manual review is required, it may take approximately 5 business days.
