In comparison with other cryptocurrencies, most people are trading in Bitcoin. It was appeared in the market in January 2019 by Satoshi Nakamoto. Millions of transactions of BTC happen every day. But have you ever wondered about the estimated time required to send this digital currency?
Well, it is a common query by many individuals across the globe. Many people are indulged in the mining process, and they do not have any idea about the transaction time. Visit macobserver.com to get the detailed information regarding BTC mining and how it is done.
In the following write-up, we will throw limelight on the estimated time required to send this virtual currency. If you are trading in it, then you must know about these parameters.
About Bitcoin Transactions
Everyone knows that BTC exists digitally, and there is no physical presence of it. The verification of Bitcoin in Blockchain is essential. It consists of the entire history of signatures and transactions. There are two types of keys, i.e., Public and Private. You can access the Private key and transact BTC.
On the other hand, the public key is shared with others to access the virtual currency. By using these keys, you can get the information and authority of transactions. The miners can create new signatures and modify the transfer history by using difficult mathematical problems.
How is Bitcoin Transfer Time Determined?
As per the calculation, the estimated time of the Bitcoin transaction is 10 minutes. It can exceed many hours, days, or a week. The delay happens because crypto miners verify all the transactions but sometimes, the network lags.
All the transactions appear in a queue, which needs verifications, and they add one after another into a public blockchain. Two factors can influence the time, i.e., fees and network activity.
If we discuss these factors in detail, then you will easily understand how everything happens. The transfers depend on the network activity because it will delay less in case of less activity. If the exchange is high, then then the network activity is also high.
If we calculate the number of miners, then there are quite limited in a 1MB block. With time, there is an increase in BTC popularity, and there is a massive backlog of transactions that needs to be verified.
If we discuss the mining process, then you must know that it is an expensive process. It requires the latest technology, effort, time, scale, money, and power. If you are transferring Bitcoins to someone, then you need to pay some fees.
If you pay more, then the verification process will be done quickly, and your transaction will be processed as fast as possible. The main reason for the delay is low fees. Therefore, all the requests are prioritized in a queue.
Due to this digital currency’s volatile nature, the fee price can go up and down with time. Many developers are working on stabilizing the exchange time. It is estimated that the time should lie between 30 to 60 minutes. Now, researchers are working for it, and they will bring an innovative solution for the investors and traders.
Transaction Confirmation Time
You can expect the confirmation of the transaction when the Bitcoin miner processes it. If you have paid high fees, then there is a possibility that your work will be done quickly. But if you are paying the nominal fee, then your Bitcoins will send in a time limit.
In case of emergency, you need to spend more money. The confirmation time also depends on the network. If it is busy, then your process will take quite long, nearly 1 hour. In the case of a free network, it will be done within 10 minutes.
How Can You Send Bitcoins Quickly?
As we have already discussed that BTC transaction time depends on fees and network activity. If you want to speed up your work, then you need to spend more money. The priority of your exchange will increase when you spend more money.
There is an option to modify the range of fees you can spend on exchange while choosing a digital wallet. Make sure that whenever you need to spend more, you can easily do it.
There are two types of wallets, i.e., Automatic and Manual. In the Automatic one, there is no need to decide the amount of fees. It will depend on the historical rates, and whenever you make any payment through this wallet, the fees will be evaluated and send.
There is less scope for fast payments because there is a possibility that you spend less automatically. On the other hand, the manual one allows a user to choose the amount of fees.
A user can get various suggestions while making any payment. The person can choose any deal as desired. If you choose to pay high fees, you can easily and quickly send your Bitcoins to someone. It is preferable to choose the manual wallet for flexible transaction fees.
Most of the wallet allows you to pay high fees by default to make you send Bitcoins quickly. With the help of the lighting network, you can make your payments quickly. It is a separate payment network that is created at the top of the internet.
There is a particular set of regulations in this network as compared to the BTC network. Without spending any money, you can instantly send your virtual currency.
The Bottom Line
It is estimated that it takes around 10 minutes to send Bitcoins to someone if the network is free. But in the case of a busy network, a user needs to spend more on fees to make the payment quick. The miners verify all the payments and prioritize them in blocks. It is quite possible to increase the speed of transactions by paying more through your digital wallet.
Many experienced BTC traders know about this thing. But as a beginner, you need to understand all the aspects to make the payment. Make sure that you own a manual wallet so that you can spend according to your needs.