One advantage Bitcoin has over traditional bank payments is its transaction speed. But exactly how fast is it?
The time may depend on several factors, but Bitcoin transfers to wallets are usually completed in 10 minutes up to an hour.
Table of Contents
Factors that Affect Bitcoin Transfer Speed
Traffic
Fees
Block Size
How to Speed Up Bitcoin Transfers
Factors that Affect Bitcoin Transfer Speed
Cryptocurrency investors will definitely want to know how quickly they can move their assets in order to make money. Aside from searching for
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to maximize gains they will check how else they could trade other cryptocurrencies and its respective speeds.
Traffic
Network congestion usually affects how quickly a transaction is completed. This applies to Bitcoin and cryptocurrencies as well.
Simply put, the less congested a network is the faster the transaction happens. Traffic in this case is the number of transactions in any given time. For those who want to attain the quickest possible Bitcoin transfer they will have to wait for the rush hour to end, which is usually on weekends.
Fees
You could be wondering, how can fees affect the speed of a Bitcoin transaction?
For every action, e.g., the buying or selling of Bitcoin, a certain validation is necessary. This is carried out by the miners who use hardware to process the transfer.
If miners were promised higher fees for processing a payment they’d be incentivized and possibly prioritize the transaction. A lower fee can lead to delays and possible rejections for timing out.
Block Size
In the same vein as traffic, the greater the block size being sent over the network the more processing power is needed to validate the transaction.
For Bitcoin the max block size is 1 megabyte, with each block containing transactions that have been made throughout the history of the cryptocurrency.
Imagine having so many transactions in a single block that it goes up the maximum size of 1 mb, and that’s when the slowdown begins.
How to Speed Up Bitcoin Transfers
Fortunately there are ways on how you can speed up your Bitcoin transfer. It’s absolutely essential to pay attention, especially if you’re using
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to trade for profit.
The easiest way to ensure your Bitcoin transaction will be swift is to time it right. Pick a schedule where there won’t be as much transactions happening, e.g., during the weekend or on off-peak hours. Regional and time zone differences can play a role in the matter but it’s easy to tell based on experience.
Second, you can pay to have your Bitcoin transaction accelerated through the use of a mining pool accelerator. It’s offered by services such as BTC.com and viaBTC among others. The only caveat is you pay a higher transaction fee.
Lastly, you can incentivize the speeding of your transfer by ticking the box ‘priority withdrawal’ in the exchange. Some wallets allow this feature at an added cost, which is somewhere between $2 to $60. If your transfer is time sensitive, e.g., someone is waiting for it urgently then you can take this route and experience faster confirmation periods.
