A Bitcoin blockchain is a chain of blocks that includes a public database with information about all BTC transactions, that is, the transfer of BTC from one wallet to another. The generation of a new block with confirmed transactions in the network takes place every 10 minutes. How long does it take for BTC to transfer? Today, we’ll try to find out!
How Long for BTC to Transfer Wallets: Basic Things to Know
What determines the speed of how long for BTC to transfer? Well, the speed of transactions in the Bitcoin network depends on many factors, and the most important are the following:
- Bitcoin network loads
- A commission is charged for every BTC transaction on the network
The load level on the Bitcoin blockchain can be seen in real-time via mempool. At the time of this writing, there are many unconfirmed transactions on the network. But needless to say, the larger the number of unconfirmed transactions, the longer it will take for the blockchain to confirm them.
After all, the storage place and bandwidth on the chain is limited, as it can only place 1MB of transactions every 10 minutes. Moreover, a Bitcoin miner can add a block only once every 10 minutes, no matter how much mining power they have and how long for BTC to transfer wallets takes.
How Long Does It Take for BTC to Transfer?
How many confirmations are enough for a transaction on the Bitcoin network? Since a lot of people are wondering how long for BTC to transfer takes, let’s try to find this out! Generally speaking, 6 confirmations are recommended, and many miners consider it sufficient to guarantee a successful Bitcoin transaction.
This limit of 6 confirmations is even recommended by Satoshi Nakamoto, the creator of Bitcoin. After 6 confirmations, the recipient can be sure that the bitcoins they received haven’t been spent twice.
But we know how long for BTC to transfer wallets takes — one confirmation in the Bitcoin network takes at least 10 minutes, which means that for 6 confirmations you need to wait at least 60 minutes (provided that the transaction is immediately added to a new block).
But this is the ideal scenario, which is often far from reality. The chances that your transaction won’t be immediately included in a new block are quite high.
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How long does it take for BTC to transfer? What other interesting facts do you know? Feel free to share your knowledge in the comments!