When you send bitcoin to someone, how long does it take a bitcoin transaction to confirm? Why is bitcoin taking so long to confirm? These are questions that a lot of people out there are looking for their answers.
So in this post, I will not only reveal how long it takes for a bitcoin transaction to be confirmed, but I will also reveal the key factors that can influence bitcoin transaction time, and I’m sure you will like to know about that too.
Trust me, some people that have been in the crypto space for years still don’t have the answers to these questions.
This is one post you need to read because, even though bitcoin transactions look simple, the process can be complex.
Key Factors That Can Influence Bitcoin Transaction time
I have sent bitcoin to the same bitcoin wallet address at different times, and sometimes this person receives it faster, whereas other times they receive it late.
It happens to everyone because it is common in the network, which is why I have chosen to clarify the key factors that can influence how long a bitcoin transaction will take before the recipient receives it.
They are:
- Network activity
- Transaction fees
- Hash rate
Network activity
Each time a new bitcoin transaction is executed, it will be sent first to the mempool (memory pool) a waiting area for transactions before they are processed and accepted into a new block.
A high mempool size means there is a large traffic in the network at the time, and this will result in longer confirmation time and users paying more in transaction fees to get their transactions to go through faster.
During these times that the bitcoin network is congested, there will be a backlog of transactions in the mempool, this can sometimes lead to transfers with low fees being rejected by the mempool.
This means that the bitcoin you sent when the network is congested will take a longer time to get to the receiver.
Transaction fees
Another key factor that can influence how long a bitcoin transaction will take before the recipient receives it is ‘Transaction fees’.
If you are new to the crypto space, bitcoin transactions involve a process that is called Mining. These miners help to keep the bitcoin network running by checking and confirming transactions, and they earn bitcoin rewards each time a new block is added to the network, and these rewards are paid using transaction fees and through the creation of a new bitcoin.
While there is no official transaction fee out there, bitcoin miners prioritize transactions with higher fees as they will earn more money from them compared to the ones with low or no fees.
So, at the times when the bitcoin network is congested, miners will pick large bitcoin transactions first before small transactions, and higher transaction fees before low transaction fees.
This is simply because the miners are there to make some money.
Hash Rate
One more key factor that can influence how long a bitcoin transaction will take before the recipient receives it is the ‘Hash Rate’.
Mining nowadays is not like in the past, it cost a lot of money to become a profitable miner now.
Because of that, miners can be unwilling to mine at a time they are not getting good rewards for their work.
If this happens and the hash rate decreases as a result of it, there will not be enough miners to mine new blocks QUICKLY and confirm every transaction, this on its own will lead to delays as well.
How Long Does It Take A Bitcoin Transaction To Confirm
The proper bitcoin transaction confirmation time is between 10 minutes to 1 hour. Anything outside of that can be a result of a congested network, low transaction fee, or maybe if you are sending more than $1,000,000 which goes through in most cases within an hour too.
What Is The Longest Time A Bitcoin Transaction Can Take
As stated above, bitcoin transaction confirmation usually takes between 10 minutes to 1 hour. However, in rare cases, it can take up to 6 hours and even 24 hours before a transaction can be confirmed, and that would be if it encountered high network congestion, but mainly if your transaction fee is very low.
But like I said, it is rare, meaning it is highly unlikely to ever happen to you.
How Many Confirmations A Bitcoin Transaction Need
This will give you a clearer understanding because the number of confirmations that a bitcoin transaction needs before it is processed will depend on the exchange, and sometimes the amount that you are sending.
While some crypto exchanges/wallets will process a bitcoin transaction after one confirmation, many require three confirmations, and you will find others that require up to six confirmations.
As GC stated, ‘In most cases, one confirmation is considered enough for smaller transactions below $1,000, three confirmations are best for transactions up to $1,000, and six confirmations are standard for transactions up to $1,000,000’.
[CHECK: My Top 5 Recommended Crypto Exchanges]
Conclusion
Now you know how long it takes for a bitcoin transaction to be confirmed. You also know the key factors that can delay a transaction.
Drop a question in the comment below if there’s something else you want to know.
[READ: Understanding Cryptocurrency Wallet: The Best And Safest Wallet]
[READ: 10 Best Cryptocurrency to Buy]
IMPORTANT; you must never send money to anyone you meet online asking to help you invest in cryptocurrency. They are scammers. Crypto is easy, and you can do it all by yourself.
DISCLAIMER:
The information presented here should not be used as the sole basis of any investment decisions, nor should it be construed as financial, tax, legal, or accounting advice. I will also advise that you invest in cryptocurrency only what you are comfortable living without, at least temporarily.