Have your BTC transactions ever got stuck that you had to wait for hours on end and panic until the transfer showed up in your wallet? Also, have you ever wondered why it takes more than 10 minutes to receive BTC?
How long does it take to transfer BTC
In short, a Bitcoin transaction can take up to 60 minutes or even a day or two to get confirmed.
In order not to think that this is an exaggeration, it is necessary to understand what factors influence the time of the transaction. And above all, these are two factors, namely:
- download the Bitcoin network,
- transaction fee when transferring BTC.
Network load refers to the number of transactions that the blockchain carries out during the day. The more transactions in the mempool, the more time it takes to process each of them.
This is due to the fact that there are only a limited number of miners (hashpower) and only a limited number of transactions can expect a transaction to end up in a 1MB bitcoin block.
The fact is, in December 2017, fees hit $ 40-50 and all standard fee transactions got stuck.
And if often in the Bitcoin network it is a matter of commission, then in Ethereum, network congestion has been frequent lately. Indeed, the blockchain is either spammed, or the activity of exchanges, games and other things is loaded, which does not allow quick transfers.
Actual transaction time
Apart from the two limitations mentioned above, there is a fixed computational time of 10 minutes that miners take to mine a block. But this is when your transaction is prioritized and included in the block. If this is not the case, your transactions remain unconfirmed and hang in the mempool.
But more importantly. If a transaction is included in a block and it is mined, the first confirmation comes in 10 minutes. Further! The transaction that received 6 confirmations is considered fully confirmed – that is, 6 blocks were mined after.
This means it takes another 50 minutes.
Accordingly, it will take at least 60 minutes to transfer bitcoins to the wallet (provided that the transaction is included immediately in the next block). If not, it may take longer. People used to wait 7-8 days for a transaction to complete.
Plus, you can reduce your transaction fees and cut time even further by using segwit wallets .
As you can see, the situation is not in favor of Bitcoin. This is the main complaint of those who do not believe in its implementation. Indeed, an hour to translate is a very long time.
The developers do not disregard the problem. Lightning , Schnorr are developing , through which Bitcoin transactions will be almost instant.