This Is How Long It Takes To Send And Receive Bitcoin

‍Key Takeaways: 

• Bitcoin transactions generally range between 10 and 60 minutes to complete.
• The amount of confirmations, fees, network congestion, and block size are the main variables that affect how quickly a Bitcoin transaction may be completed.
• Using a priority withdrawal to increase the miner's fee can expedite a Bitcoin transaction.
• There are many tools that traders can use to estimate the best time to make a Bitcoin transaction.

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The Time Frame For Bitcoin Transfers

Depending on how many confirmations are needed to verify each block on the network, the speed at which Bitcoin transactions are completed can take 10 minutes to an hour. This is because new blocks on the Bitcoin network are mined every 10 minutes. Because some exchanges require six confirmations to occur, some Bitcoin transactions can take up to an hour to complete.

Related reading: This Is How Long It Takes To Transfer USDT

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These Factors Affect The Speed of Bitcoin Transfers

Numerous factors can impact the pace of a Bitcoin transaction, which may be why it's taking so long. These can include the volume of activity on the Bitcoin network, the transaction cost charged for BTC, whether or not the BTC is sent from an exchange or from a personal wallet you control, and finally the size and duration of Bitcoin's blockchain's blocks.

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High congestion on the blockchain

The speed of a Bitcoin transaction is directly correlated with the traffic volume or congestion on the Bitcoin network. For instance, the following scenarios could occur:

• If there are fewer Bitcoin confirmations, network loading decreases, resulting in faster transaction times.
• Conversely, an abrupt spike in transaction volume at a given moment can result in heavy traffic and potential delays in transaction confirmation. 

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Higher fees mean faster times

Miners who verify and validate Bitcoin transactions on the blockchain network are compensated with fees. Higher transaction fees incentivize miners to prioritize transactions, potentially resulting in reduced wait times. On the other hand, a transaction with a lower fee can take longer to confirm or even be denied. 

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The number of confirmations

When a Bitcoin transaction is first included in a block, it has zero confirmations. Each subsequent block added to the blockchain increases the number of confirmations. While the transaction itself is confirmed when it is included in a block (typically around 10 minutes after being broadcast if a competitive fee is paid), the number of confirmations required for the transaction to be considered final varies by recipient. 

For example, many top crypto exchanges consider a transaction secure after 1 to 3 confirmations, meaning that the transaction takes between 1 and 30 minutes. Higher-value transactions may require six or more confirmations (about an hour) to ensure greater security against double-spending attacks. 

For Binance, deposits in Bitcoin require one block confirmation, whereas withdrawals require two block confirmations.

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Mempool backlog

All Bitcoin transactions that have not yet been approved by a miner and added to the subsequent block on the blockchain are kept in a mempool. Every network node has a mempool where temporary data is kept.

When the network is congested, transactions with lower fees may get stuck in the mempool (memory pool) waiting to be processed, which can increase wait times.

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How You Can Speed Up The Bitcoin Transaction 

One of the easiest ways of speeding up a BTC transaction is to increase the fee. Bitcoin miners prioritize transactions by the fee they receive for completing them. Incentivizing miners to complete the transaction potentially means faster times. Depending on the wallet used, the user can choose between a ‘standard’ or ‘priority’ fee when withdrawing Bitcoin. If there is the availability of using a Replace-by-Fee (RBF), then traders can resend the transaction with a higher fee if it’s not confirmed quickly, making it more attractive to miners.

On the subject of higher fees to encourage faster Bitcoin transaction times is the use of a mining pool accelerator, which produces a similar effect. A Bitcoin mining pool accelerator is a third-party service operated by miners that provides premium services at a higher cost to expedite transactions. 

Faster transaction times generally occur when the load on the Bitcoin network is low. So, another way of speeding up a Bitcoin transaction is to execute the transfer during off-peak periods. Bitcoin investors and traders can use tools such as the mempool size chart on Blockchain.com Explorer to identify off-peak periods.

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This Is The Fastest Way To Send Bitcoin

Typically suitable for small transactions, the Lightning Network is capable of sending near-instant transactions by keeping them off the main Bitcoin blockchain network and settling the result on-chain later. This makes the Lightning Network one of the fastest ways to send Bitcoin. However, challenges arise if the volume of Bitcoin in the transaction is too large. 

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Estimating How Long A Bitcoin Transaction Will Take Before Sending It 

There are tools available that analyze the aforementioned factors that affect Bitcoin transactions. Here’s how traders can do it.

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Fee estimation tools

Websites like Mempool.space and BitcoinFees provide real-time recommendations, fee rates and the number of confirmations times based on current network congestion. Traders can visit use these tools to estimate the optimal time to make a Bitcoin transaction.

Some Bitcoin wallets will anticipate the fee for different confirmation speeds. For example, some crypto exchanges will present the estimated Bitcoin fee if the transaction is initiated within the next 30 minutes or hour.

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Check Mempool statistics

Since the Mempool is where pending Bitcoin transactions are stored before being confirmed, traders can look at tools like Mempool Observer to assess the composition and current volume before making a transaction. If the mempool is large then this indicates that network congestion is high and the transaction will likely take longer to complete. If the mempool is smaller in volume then traders may wish to send the transaction during these periods.

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Use dynamic fees

Contemporary wallets such as Electrum, Mycelium, and Exodus frequently suggest fee rates for different confirmation speeds. Setting a smaller fee could result in longer wait times, whereas a larger fee enhances the chance of being included in the following block.

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Transferring from an exchange

Sending Bitcoin from an exchange or other crypto platform that you don't directly control can significantly affect the transfer time. Exchanges may delay transfers for various reasons, such as batching transactions, waiting for favorable network conditions, or adjusting the transfer fees. The exchange usually manages all aspects of the blockchain fee, leaving users with little control over these elements. Some exchanges might even have periodic withdrawal times, although this is rare. These periodic batches are often conducted for security reasons and are entirely at the exchange's discretion.

Additionally, if you transfer Bitcoin from your personal wallet or another exchange to a new exchange, there may be an extra confirmation or internal processing time before the Bitcoin appears in your exchange wallet. In such cases, it is helpful to have the transaction ID available to share with the exchange if you experience delays. A transaction ID is typically a long string of text and numbers that can be obtained from the originating wallet.

In general, Bitcoin transfers are highly reliable and can be fully tracked on the blockchain. However, the actions taken by the exchange in processing the transfer depend entirely on the exchange's internal procedures.

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Starting your own bitcoin exchange

Did you know you can start a bitcoin exchange business online? By operating a bitcoin exchange, you can set trading fees and earn income from platform activity. You can also customize BTC withdrawal fees to generate extra income.

This is possible with white-label crypto exchange software like HollaEx®. HollaEx® allows you to create a fully customizable exchange, set your own trading parameters, and offer unique features. With this powerful tool, you can quickly launch your platform and start profiting from trading and withdrawal activities.

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Start your own bitcoin exchange today with HollaEx® and enter the world of cryptocurrency exchanges.

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.