We can see that digital currencies are a pretty big thing in this day and age. More and more people are interested to invest in some of them. The reason is that some of them managed to reach a certain level of worth. Even though there are so many of them that we even can’t begin to count them, it should be said that Bitcoin is still the most prominent one.
Just to remind you, this was the first successful digital currency that managed to surpass all the obstacles and establish itself as the father of all digital currencies. Also, we can see that it still manages to attract a high number of people who are entirely new in the concept in question. It shouldn’t come as a surprise to see that more and more people are educating themselves about Bitcoin.
Since the number of Bitcoin traders and investors gets bigger and bigger, we can see that some people managed to create their own Bitcoin communities. This is where they provide tips and advice, which help users who don’t have a lot of experience in navigating their own coins. If you are interested in taking a look at one of these and see how it really looks like, be sure to check out bitcoindigital.
We can see that one of the reasons for its immense popularity can be credited to transactions and how fast they are completed. To be honest, banking systems from all over the world cannot compare themselves to Bitcoin and other cryptos in this particular field. This is for a fact that can’t be proved wrong, it doesn’t matter how much someone would want to. Therefore, we are going to provide you an insight into the world of bitcoin transactions between two traders and their wallets.
The Average Time for Transactions
Even though Bitcoin transactions are much more effective and faster than any banking system in the world, it doesn’t mean that sometimes you will not wait for some time. The average time you need to wait is 10 minutes. However, that doesn’t mean that you couldn’t wait for a couple of hours or even days in some situations. Naturally, you should be aware that these are not normal situations. For example, we can provide you with our own example.
A couple of months ago, we waited for 4 hours for the transaction to be completed. The reason was there were so many new investors at that particular period of time, and there were not enough people to process all of the transactions. So, you need to prepare yourself for these situations. However, we would like to say that, most of the time, you will need to wait between 10 and 30 minutes. This is directly from our experience. In order to get a full grasp of this, you need to understand that there are two main elements of Bitcoin transactions.
- The fee attached to the transaction itself
- Load on Bitcoin’s network
Between Wallets Transaction
When it comes to transferring Bitcoins between two wallets, the amount of time heavily depends on the transaction itself. As you are perfectly aware of, every transaction needs to be approved by the network before it can be done. If you have some experience with digital currencies, especially Bitcoin, you will see that the standard for these transfers is that you need six confirmations before the transaction is complete. On average, each of these transactions will require around 10 minutes. So, you can expect to have your transaction completed in about an hour, which is still pretty impressive.
This is simple math, the more transactions network needs to approve, the more time for it will be needed. The reason is that the number of miners who are processing at a particular time is limited. Therefore, you need to be prepared for this scenario. When it comes to prioritization, you should know that transactions who have a larger fee will surely have the priority over those who don’t have an as high fees. The higher fee you pay, you can expect your transaction to be completed in the shortest amount of time as possible. There is one thing that we would like to inform you about. Transactions of lower value can be completed in an instant sometimes.
Why 10 Min for a Block?
It needs to be said that there is no particular reason for choosing 10 minutes for processing a block. This decision was made by Satoshi Nakamoto, a mysterious person who is behind the Bitcoin. We can presume that this decision was made with efficiency in mind. You can see that this amount of time is much lower than any time you would need to wait for some kind of banking system to complete. However, there is one thing that you need to have in mind. Not all of the miners have complete knowledge of the system.
So, it could take for some amount of time to learn about all the peculiarities of the block after it was processed. Before all of this information is known, the miners will not add the new block. In case one of the miners is using an old blockchain to mine a new one, you need to know that the network can use only one of these. Therefore, you will see that one of these blocks will be wasted. This is a highly complex process that requires the utmost focus from the miners. So, it surely needs some amount of time.
Final Thoughts
Bitcoin transactions are, as we’ve said, much faster and effective than any other transaction you can make in a banking system. The most important reason is that crypto transactions don’t require formalities or any personal information. Therefore, you will have the option to have your coins in a matter of seconds. However, sometimes it can happen that you will wait for a couple of hours or even days. This is not as common as many people think, but it happens. We’ve provided you with all of the essential information you need to know about these. We hope that you will find them helpful.
Kim Marks 