People have different opinions about online technology. Some of them claim it negatively influences the lifestyle of all people. We usually spend too much time on social media instead of being together with beloved people. If you look at the Internet in that way, then those people may be right. However, the Internet is not only a place for fun. It is also an encyclopedia where you can gather a lot of helpful information.
Despite that, advanced technology brought new industries to the world. One of the business fields that deserve your attention is the crypto industry without any doubt. People usually know what digital currencies are. However, their opinion about them varies from one person to another. In most cases, individuals support the development of virtual currencies. However, a certain group of people still does not support them at all. They often say the crypto world is nothing more than a scam. The reason why have that opinion is the lack of reliable information. Fortunately, you came to the right place to improve your knowledge.
There are many benefits that digital currencies can bring. The most essential one for all the crypto users is security. Despite that, they also admire the speed of transactions. More precisely, crypto-based transactions are much quicker compared to ones that we have in banks. That is the subject we would like to talk about more. In this article, we will analyze how long does it take to send Bitcoin.
How Long Does It Take To Successfully Send Bitcoin
The precise answer to this question does not exist. It depends on how you exactly define bitcoin sending. In some cases, the entire process can last for a couple of seconds. On the other hand, the same process can last for up to 60 to 75 minutes. Yet, if we talk about the average time, the entire process of Bitcoin sending usually lasts less than 20 minutes.
Understanding the entire process requires in-depth analysis. You primarily need to understand what exactly happens when you send Bitcoin. Despite that, you should also know certain ways to speed up the entire transaction. Because of that, let’s find those pieces of information together.
The Process of Bitcoin Sending
The entire process starts with your BTC wallet. It is a program that broadcasts a message to the bitcoin network. In that way, the software confirms who you are and the amount you send. After the miner who is responsible for your transaction completes the job successfully, he gets the reward. However, before they confirm the transaction, they send it to the so-called mempool. It is a list of the unconfirmed transactions where your virtual coins will stay for some period.
When the miner gets your transaction from that list, he primarily adds it into a block. Each block has the capacity to hold nearly 3000 transactions at once. Yet, these limitations made miners choose transactions in a bit specific way. They will more likely pick those transactions that will bring them more money. More precisely, they will select those with the highest transaction fees.
That is the reason why we said it is impossible to determine the exact period of the transaction. In most cases, you will have to wait for around ten minutes. Yet, if your transaction fees are high, it may happen the entire process lasts for a few minutes.
Next Step – Bitcoin Transaction Confirmation
Changing the Bitcoin transaction history is impossible. At least, that is something that all people will agree on. However, they do not know there is one small exception that won’t reduce the level of their security at all.
Let’s imagine that two different miners are mining different blocks at the same moment. Because of that, the computer associated with the Bitcoin network gets two different transaction histories. Fortunately, there is a simple solution to this problem. When something like that happens, one more block is usually added to one of those two chains. The longer chain is considered as the legitimate one.
Here comes the more important part. When a miner confirms your transaction, your digital currencies are only “confirmed with one confirmation”. Each time when a new block is added to the blockchain, your transactions get a new confirmation.
Waiting for additional confirmations is always a smart move. Of course, if you are sending a small amount of money, then you can count on a single confirmation. Yet, if you plan to make some larger transactions, you should wait for at least six confirmations. More precisely, that would take you around one hour before the entire transaction comes to an end. That is the reason why we said you will sometimes have to wait for around 60 minutes.
You Can Speed Up the Bitcoin Transaction
Your transaction will be the main priority for the miners if the transaction fees are high. The crypto users should strive to find a good quality Bitcoin wallet that will allow them to set up the transaction fees. If you are in a hurry, you can spend more to get a fast transaction.
Yet, that is not the only way. Another method to speed up the transactions is by using the lightning network. It is different type of payment network that is built on top of the most popular cryptocurrency.
You probably understand now why digital currencies (especially BTC) are popular. Fiat money transfers usually last a lot longer than that. Despite that, your money won’t be available to you for the weekends and holidays. Also, banks have their working hours. Because of that, you may have to wait for 72 hours to get your money in some cases.
After we made this clear, the next thing is to learn how to trade. Exploring the entire industry will take a lot of your precious time. However, your hard work will pay off in the end. You can always use software solutions that will help you earn more money. These tools provide you with accurate trading signals, and can help you earn more money. If that seems like a good option for you, we recommend you check bitcoinneranew.com. It is a website where you can see how these tools function.