How Long Does it Take to Transfer Bitcoin Cryptocurrency to My Account?
Blockchain is definitely the future of money. Many companies are already transitioning towards this reality. And you, as an individual, should also make the transition towards the use of crypto in transactions. Bitcoin Cryptocurrency is one of the most popular currencies in this space. And we understand that you may have some questions regarding this cryptocurrency. Among the questions that you may have is on the speed of transfer and transaction. How long is it likely to take before you see Bitcoin crypto in your account?
Traditional transactions where you send funds from one bank account to the other take not more than a day. Well, unless you’re moving funds internationally. In fact, if you’re using a money transfer app, then the process becomes a lot faster and sometimes even instant. But transferring crypto can take a little bit longer than your ordinary transactions.
How Long Does it Take to Transfer Bitcoin Cryptocurrency?
The average confirmation on the Bitcoin network is about ten minutes. But the transaction times may vary. Generally, you can expect to spend anywhere between ten to twenty minutes when transferring Bitcoin between wallets.
Some factors such as the total activity within the network can affect the speed of the transaction. For instance, when there are a lot of people making similar transactions, then it can potentially take a little bit longer to move the crypto. The hashrate and transaction fees may also have an effect on the speed of the transaction.
The mempool will have a backlog of transactions when there is congestion in the network. And this may lead to slower transfers. To get your transactions to go faster, in this case, you would need to pay a higher transaction fee. In April 2021, the average transfer fees on Bitcoin hit $59, which was rather high.
What is a Mempool?
A mempool is the record that stores transactions within the Bitcoin Cryptocurrency. It mainly stores the transactions miners haven’t authenticated. These Bitcoin Cryptocurrency transactions are cleared on the mempool every time they are complete to create space for more transactions.
Note that the transactions available on the mempool will only get clearance when you meet the minimum transfer fees. Transactions are approved in order of their fees. Hence, if you have a transfer with a low fee, you might have to wait in line for a while.
Nonetheless, with Afriex, you can expect your transactions to process faster and more conveniently. In case you’re not aware, people even have to wait hours before their Bitcoin Cryptocurrency transactions are ready.
You can always cut your way out of the queue and get your transaction ready within minutes rather than waiting for hours. But this will mean spending much more than you had planned.
How Long Does a Bitcoin Cryptocurrency Transaction Confirmation Take?
A Bitcoin Cryptocurrency transaction will in most cases go through a series of confirmations. This is because of the security present in the cryptocurrency space. Even though one would argue that this is too stringent, the truth of the matter is that it is better than taking chances.
With scammers and cybercriminals all over the cryptocurrency space, it is a wise thing to take several measures that will ensure the security of everyone within this close-knit community.
There’s a risk that transactions that haven’t been confirmed can easily be reversed by unscrupulous individuals. And this can create losses for those involved. Also, there are chances that the cryptocurrency would be spent more than once, which again would lead to a loss.
A confirmation takes place when a miner adds a block to the blockchain – hence the name chain in blockchain. It becomes a chain of transactions. The number of confirmations that will be necessary depends on how much you’re transferring. If it is a load of Bitcoin Cryptocurrency, then you can expect confirmations reaching even 6 at the same time. And this can go up to an hour before you get the funds in your account.
So, How Do You Check the Bitcoin Cryptocurrency Transaction Time?
You might become impatient waiting for the Bitcoin Cryptocurrency to hit your account. And we totally understand this case. There are excellent tools that can help you know how long a Bitcoin Cryptocurrency transaction is going to take.
Statista and blockchain.com are good examples of sites that can help you estimate the time it will take to move the Bitcoin Cryptocurrency. You can also get additional advice on how much you should pay in transaction fees if you want the speed of the transaction to go up. The denomination for the Bitcoin Cryptocurrency is satoshis. And there are thousands of satoshis in one Bitcoin. Take this as cents in the dollar currency.
In summary, we hope that you have now seen how long you can expect to wait until the Bitcoin Cryptocurrency transaction is complete.