Are you a new Bitcoin user and wondering how long does Bitcoin take to send?
Bitcoin is one of the most popular cryptocurrencies in the market with millions of users. At present, the Bitcoin pricing is as high as $ 18,000.02 USD per Bitcoin.
One of the most common questions asked by the beginners is “how long does Bitcoin take to send?” However, it is a question that lacks any clear-cut answer.
The speed of Bitcoin transactions is not constant as a number of factors affect it. Sending Bitcoins can take anywhere from a few seconds to over an hour.
However, Bitcoin transactions take 10 to 20 minutes on average. In order to understand how long Bitcoin transactions can take, it’s important to be aware of the process of sending Bitcoin.
This article will answer all your questions regarding the speed of Bitcoin transactions, and will give you some useful tips on how to send Bitcoin faster.
So, stay tuned!
What Is a Bitcoin Transaction?
If you are a newbie, it can be a bit difficult for you to understand how Bitcoin works. The difficulty in using Bitcoin comes from the fact that it is entirely digital, and the way a virtual or digital currency function is completely different from physical currencies.
A Bitcoin transaction means the transfer of Bitcoin value. Blocks collect the Bitcoin value. Several blocks make a blockchain.
A blockchain is extremely important for Bitcoin transactions. It contains the history of transactions and signatures.
All Bitcoins you have has a history of your Bitcoin transfer and a pair of keys — the public and private keys. While the private key is only visible to you, the public key can be shared with others so that they can accept Bitcoins.
The main function of a private key is to authorize your transactions, and that of a public key is to provide you with the data of the transaction.
Every Bitcoin transaction message has three parts: input, amount, and output.
The input section shows the history of your Bitcoin translation in your public key. Amount simply means the number of Bitcoins in the transaction. Lastly, the output is the address of the transaction.
A transaction message plays a significant role in the verification of your transaction. It is only after the blockchain receives a transaction message with all the three parts that the miners work to verify the transaction. Miners help in creating new signatures and updating the history of the new transaction.
What Happens When You Send Bitcoin?
You need a Bitcoin wallet to send Bitcoin. Whenever you send Bitcoin using a Bitcoin wallet software, the Bitcoin network receives a message.
The message is like a notification that indicates the amount and receiver of Bitcoin. It also states the Bitcoin transaction fee that the miner will receive. After receiving the transaction, Bitcoin miners will add it to their list of unverified transactions, known as the mempool.
The transactions from the mempool are collected as blocks, and each block can hold around 3000 transactions. Therefore, miners select the transaction that gives them the maximum transaction fee.
How long does a Bitcoin take to confirm? It roughly takes 10 minutes for mining one block, and a higher transaction fee means that your transaction will be confirmed within the estimated time frame.
However, a low transaction fee can result in a transaction confirmation delay. There are also instances where the Bitcoin transactions remain unconfirmed for hours. Besides, there are many other reasons because of which the transactions can take longer.
How Long Does Bitcoin Take to Transfer?
Let’s see how long does Bitcoin take to send.
Have you ever asked yourself why is my Bitcoin transaction is taking so long?
The usual time to transfer Bitcoin is 10 minutes. However, in most cases the time taken to transfer Bitcoin is not fixed. Bitcoin transfer can take minutes, hours, days or even weeks. The reason behind is that the miners have to verify your transactions.
Furthermore, miners are likely to confirm the transactions for which they get a high transaction fee. Also, there could be issues of network lagging. Moreover, the number of miners is less as compared to the number of transactions that need to be processed in a day.
All these factors influence the time taken for Bitcoin transfer.
How Long Does Bitcoin Take to Send on Cash App?
There are currently 7 million active users of Cash app. They use this application for transferring money and paying monthly bills. Nowadays, people also use the Cash app to send bitcoin.
How long does Bitcoin take to send on the Cash app?
It is one of the most frequent questions. Well, it takes somewhere around 30-40 minutes to send Bitcoin on the Cash app.
However, time is not fixed for every user. Sometimes, the app takes a long time to verify the transaction. Moreover, at times, the app can also face some network issues because of which the transaction can be delayed.
How Long Does Bitcoin Take to Send on Coinbase?
As per September 2020, it takes 10 minutes to send Bitcoin on Coinbase. However, the verification process takes up to 3-4 business days after which you can withdraw the Bitcoin from the app into your bank account.
How Long Does it Take to Receive Bitcoin on Blockchain?
Besides the sending time, many users also have a question about how long does it take to receive Bitcoin on blockchain.
On average, it takes 10 minutes for the Blockchain network to process your transaction. In most cases, it is after 10 minutes that people receive Bitcoin on blockchain. However, sometimes it may take longer due to certain reasons.
3 Ways on How to Send Bitcoin Faster
There are many ways to send Bitcoin faster, and they make you forget how long does Bitcoin take to send. Let us look at three of the most important ways to speed up Bitcoin transfer.
● Pay Higher Transaction Fee:
You can send Bitcoin faster by paying a higher transaction fee. There is a limitation on the number of blocks that the miners can mine in a day. Therefore, a higher transaction fee will let the miners prioritize your transaction.
● Use Bitcoin Wallet:
Another way of speeding up the Bitcoin transfer is to use a Bitcoin wallet. Bitcoin wallet helps you to set a transaction fee either automatically or manually.
In the automatic fee wallet, the transaction fee is decided automatically based on historical transaction fee rates. In such wallets, users don’t have the freedom to set a transaction fee.
Whereas, a manual fee wallet allows the users to choose their own transaction fee.
● Use the Lightning Network:
You can also use the lightning network to make Bitcoin payments faster. The lightning network is a separate network on top of Bitcoin. It uses the Bitcoin currency but it works on its own set of rules. With it you can send payments almost instantly with no extra fees.
Bitcoin Transaction Fee
Bitcoin transaction fee is a fee taken by the Bitcoin network to process the Bitcoin transactions. The fee charged from the Bitcoin users goes to the miners who then confirm the transactions. Your Bitcoins can take extremely long to transfer if you pay a low transaction fee or plans to avoid paying any fee.
The transaction fee of Bitcoin is expressed in Satoshis per byte. As per the current state, 13-14 Satoshis per byte is the minimum transaction fee spent per transaction. However, it is important to note that the Bitcoin transaction fee is not fixed.
FAQs
● Why is my Bitcoin transaction taking so long?
You can face delays in your Bitcoin transaction due to several reasons. Many times the Bitcoin network has high traffic which results in network lag. Also, there are chances that your transaction the miners have not processed your transaction because of a low transaction fee.
● How long does it take to get 1 Bitcoin?
The time a Bitcoin takes to transfer is not fixed. It can take up to 10 minutes to several hours or days to send Bitcoins. However, Bitcoin transfer is mostly instant for low-value transactions.
● What if my Bitcoin transaction is not confirmed?
Your transaction will disappear from the network if it remains unconfirmed for long. The clients usually remove the unconfirmed transactions from their pool of unconfirmed transactions. Once the clients remove the payment, you can resend the transaction again with a higher transaction fee.
In case the transaction doesn’t disappears, you will have to wait before making a new transaction.
Conclusion
There is no fixed time period within which the Bitcoin transactions happen. It can take up to a few minutes, to an hour, or even days to send Bitcoin.
Generally, sending Bitcoin is almost instant in the case of low-value transactions. However, in the case of large transactions, the Bitcoin network can take longer to process your payment than the usual time.
Besides, the time taken to transfer Bitcoins also depends on several other factors. Sometimes your transfer might not be accepted by the miners because of a low transaction fee or there are also chances of high traffic on the Bitcoin network, resulting in network lag.
You can try paying a higher transaction fee, use Bitcoin wallets to send payment, or the lightning network to speed up your transfer. Many Bitcoin users follow these hacks to make instant payments.
We hope this article will help solve your queries on how long does Bitcoin take to send.
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