The most common questions among crypto newcomers are about Bitcoin transactions, especially transaction times. In today’s article, we cover some of the most common questions regarding Bitcoins and Bitcoin transaction times.
Key Takeaways
- Bitcoin transfer can take between 10 to 60 minutes
- On average, a transaction will take between 10 to 20 minutes
- The higher the amount of traffic, the longer the transaction will take
- If you pay a higher transaction fee, you can speed up the process by prioritizing your transfer
- You can also ensure faster transactions by using the lightning network, a separate network for payment built on top of the Bitcoin network
How Long Do Bitcoin Transfers Take?
The time it takes for an average Bitcoin transfer to happen depends on several factors. Each Bitcoin has its own address that identifies the rightful owner. During a transfer, User A gives the Bitcoin a new address and sends it to User B. Once the transaction is set up, it must be verified on the blockchain by the miners.
How long does the verification process last? An average Bitcoin transfer can take anywhere from 10 to 60 minutes to be verified and completed. After it has been verified, User B can find the assets in their wallet.
Another factor that has a big impact on the duration of the transfer is traffic. The more users trying to access the same thing at once, the more time is needed to complete the transaction. Moreover, some operators may need more time to process the transactions than the time the miners need to verify it. Due to the extra step involved, the transactions through exchanges may take longer.
How To Transfer Bitcoin Between Wallets?
Sending Bitcoins from one wallet to another is actually very simple. First, log into your account and find the wallet you want to transfer Bitcoin from. Enter the amount you are planning to transfer. You will need the BTC address of the wallet you are transferring assets to. Once this is done, you can begin the submission process, which might vary a bit based on what kind of wallet you use. Lastly, you need to wait for the transaction to be verified by the miners.
All the Bitcoins you own have their past records as well as private and public keys. The public key is the one that you share with other investors and use to receive Bitcoins. The private key is the one only you have and is helpful in approving Bitcoin transactions.
How Long Does Transfer Between Wallets Take?
The transaction process between wallets is very similar to that on standard transactions. It consists of changing the address of the Bitcoins, getting it verified on the blockchain by miners, and finishing the transaction. Nevertheless, these transfers are usually way faster as this act is much more straight-forward. On average, it lasts anywhere between 10 and 20 minutes.
How To Send Bitcoins Faster
There are several methods to speed up the Bitcoin transfer process. One of the most common is paying a high transaction fee, so that Bitcoin miners prioritize your transaction. Therefore, choosing a wallet that allows you to set the transaction fee will definitely come in handy.
You can also ensure faster transactions by using the lightning network, a separate network for payment built on top of the Bitcoin network that also uses Bitcoin as its currency. As it has different rules from those used by the Bitcoin network, the payments are usually made instantly without any fees.
What Happens If You Send Bitcoin To A Wrong Address?
If you try to send Bitcoin to an address that isn’t valid or doesn’t exist, the transaction won’t be processed. Unfortunately, once this happens, there is very little chance to recover the funds. That is why you must copy and paste the address very carefully!
What Are The Fees For Sending Bitcoin?
Each time you send Bitcoin, you have to pay a small fee to the Bitcoin miners that verify the transaction. This fee is usually within the range of 1 to 5 dollars. Sometimes certain crypto exchanges pay the fees, but this varies from company to company.
Our Bottom Line
Certain factors such as the transaction fees and service providers can have a significant impact on the time required for a transaction. The transaction will go through faster if you pay a higher fee. Sending Bitcoin without paying higher fees usually takes up to 20 minutes.
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