Jan 11, · Official Support 1 point · 8 months ago Just to clarify, it can take hours for our team to review your Bitcoin details. Once the team has reviewed your case, they'll follow up with an in-app notification regarding your verification status. Sep 30, · On the Bitcoin network, the average confirmation time for a BTC payment is about 10 minutes. However, transaction times can vary wildly — and here, we're going to explain why. Dec 12, · The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average. However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases.
How long to wait for bitcoin confirmationHow Long Does A Bitcoin Transaction Take And Why?
Of course, I have told you before that these transactions sit in an unconfirmed pool of transactions called Bitcoin mempool. Bitcoin confirmations are simply the number of blocks added to the blockchain with your transaction also being added to it. For example, you will see one confirmation on your transaction when the block containing your transaction is added to the blockchain. Similarly, as the next block is added after this block, you will see 2 confirmations on your transaction.
This way the number of confirmations on your transaction will keep increasing as more blocks are added. Just to go to one of the Bitcoin block explorers.
For example, in this, go to Blockchain. Note: I have used this TXID for this example: abcfbbd40dbf45b7ffb1d15a4. As you hit search, you will see this screen showing you the number of confirmations on this transaction:. Now that you have learned this, it is only natural to think, how many confirmations are sufficient before considering a transaction successful. Every blockchain has a different number of suggested confirmations for which you should wait before considering a transaction successful and infeasible for double spend.
However, it is theoretically possible to double spend the transaction, but it would be economically very costly for anyone trying to do so. Instead, it would be economically rewarding for the attacker to join the network and mine the blocks in an honest way with the amount of hashing power it is contemplating to attack it.
But there is no standard measure of it; different blockchain follows different practices. Therefore, if you pay a higher fee , a miner is more likely to process your transfer which decreases the transaction time. The average time it takes to mine a block is 10 minutes , so you would expect a transaction to take around an hour on average.
However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases. Other community members debate that improvements such as Segregated Witness SegWit and the Lightning Network will speed up the network without having to increase the block sizes. Think of your bitcoin as a collection of information tokens stored in a glass box. The public key is the label of your box—everyone knows this is your box and how much bitcoin your box contains.
Like a bank account routing number, your public key is shared so that people can send you money. By contrast, your private key is safely guarded; it is the only way to open your glass box of bitcoin. Having access to the private key is akin to having control of the bank account, which is why people take great pains to prevent private keys from falling into the wrong hands.
In sum, bitcoins are summaries of transaction information. Public keys allow you to possess that information. Private keys authorize you to send that value to another public key. Say that you want to give your friend Dave a generous birthday gift of five bitcoin 5 BTC. To do so, you need to use your private key to send a message to the public blockchain announcing this transaction. This transaction message contains three parts:.
This three-part transaction message is sent to the blockchain. In short, miners solve complex math problems that create new signatures—an updated transaction history—for the transacted bitcoin. Unfortunately for Dave, this process does not occur instantaneously.
In fact, bitcoin transactions are subject to delays ranging from a few minutes to a few days. If the difficulty is set too low, then blocktimes will tend to be shorter than 10 minutes. Difficulty is adjusted every 2 weeks, but the way it is adjusted is based on the previous two weeks average block times. This generally does a good job of ensuring 10 minute blocks, but it is not perfect. If a lot of mining [hashing power is suddenly added to the network quickly, then this hashing power wont be accounted for until the next difficulty adjustment, resulting in faster block times on average.
Sometimes blocks are found in minutes simply because of luck. The truth is, mining bitcoin is about guessing the answers to complex math problems. Guessing the answer should, statistically speaking, take about 10 minutes.
However, sometimes you get lucky and find it much sooner. Assuming 10 minute block timers are perfectly calibrated, and none of the above occurs, you could still get your first confirmation in less than 10 minutes. If that were the case, you would get your first confirmation in 5 minutes.
There is no way for you to speed up the rate at which blocks are added to the blockchain. However, you can speed up the likelyhood your transaction is included in the next block by increasing the fees you pay for the transaction.
You can find what is considered a high fee at any given time by looking at our fee calculator. Technically, no. Segwit does not change the amount of time needed for blocks to confirm. However, transactions using segwit are cheaper because they are smaller. That means the fees you would pay for an old bitcoin transaction sending the same amount of coins is higher than it would be with Segwit. You can, therefore, put the money you save into paying more fees to increase the chance the transaction ends up in the next block.
However, no amount of fees can get your transaction through faster than the next block. And the time it takes to for the next block to be found varies depending on current hashing power and difficulty. There are a few ways to fix a stuck transaction. One way is to do a replace by fee RBF transaction. The other is to do a child-pays-for-parent CPFP transaction.