HOW LONG DO BITCOIN TRANSACTIONS TAKE?
Have you ever waited for hours for your Bitcoins to reach the other wallet?. Also, have you ever noticed that it takes more than ten minutes getting your BTC? In this article, we’ve discussed the process that Bitcoin takes and the duration that an average transaction takes. You will have a piece of in-depth knowledge of how long it takes to transfer Bitcoins from one wallet to the other.
When you start a Bitcoin transaction, it will have to be approved by the network before the transaction process can end. The Bitcoin community has organized six standard confirmations that a transaction must undergo before it is completed.
Hence, each confirmation is made by miners, and it takes an average time of 10 minutes to mine a block. So, you should wait for 60 minutes for your transactions to be completed. But, the current boom of Bitcoin has led to network congestion. The present average time for a confirmation ranges from 30 minutes to 16 hours in extreme condition.
Let's take an illustration. For instance, when John wants to transfer Bitcoins to Luke. John will have to observe the following steps
• Before John can send the Bitcoin, he must ask for Luke Bitcoin address to transfer his Bitcoin.
• He will approve the transaction with his personal key.
• Finally, he will have to broadcast his transaction on the Bitcoin network and wait till it is approved.
When his transaction is broadcasted in the broader network, it will pend for verification. All transactions on the same Blockchain remains in an unverified queue of transactions before it is confirmed and attached to a block.
The fee that the miner will get for verifying the transaction is a key factor that determines the period miners will select a transaction for verification. The sender of a transaction determines the transaction fee. This implies that if you want to make a quick transaction, then consider putting a higher price for it.
On a Bitcoin Blockchain, there are a lot of transactions taking place. That is, the number of transactions that need to be verified is high. At the moment of writing this article, the total number of unverified transactions was 30,000. Then, the miner has to select some transactions from this pool of transactions with each block containing an average of 1000 – 2000 transactions. Hence, if you want to boost your transaction period, then consider increasing the fee. If the transaction fee is high, then the miner will like to mine such a transaction. If the transaction fee is low. Then, it will remain in the pool of unverified ones for a long time. This is the primary reason why the waiting time for transactions on Bitcoin Blockchain varies.
Finally, if John had put a high fee on his transaction, it would be selected by miners from the pool and would be verified and attached to the block quickly. He will wait a bit for his transaction to be completed.
Whenever a transaction is added to Blockchain, it gets a confirmation. Then if it is mined, it will get another approval. Then if another block is mined after that, the transaction has three endorsements. This goes on until six confirmation is completed.
Despite the popularity of Bitcoins, many people remain murky on the process of using the cryptocurrency. Some of the present challenges of Bitcoins are system overloads, wait times, and transaction fees, which you must pay miners as a sender.
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