Cryptocurrency transactions can take varying amounts of time to be confirmed due to differences in network protocols, congestion, and fees. Here's a breakdown for the cryptocurrencies we offer on our platform:
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Bitcoin (BTC): Confirmation typically takes 10 minutes per block, but during network congestion, it can take much longer if the transaction fee is low.
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Ethereum (ETH): Transactions are usually confirmed within a few minutes (about 15 seconds per block). However, during network congestion or a sudden increase in gas fees, the process may be delayed, resulting in longer wait times for confirmation.
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Litecoin (LTC): Confirmation time is about 2.5 minutes per block. Like Bitcoin, network congestion or low fees may cause delays.
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Bitcoin Cash (BCH): Similar to Bitcoin, the block time is around 10 minutes, but it's generally faster due to lower network usage.
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XRP (Ripple): XRP has a much faster confirmation time, often within 3 to 5 seconds, but delays can occur if the network is overloaded or if there's an issue with the exchange or wallet sending/receiving it.
Delays can also be caused by wallet issues, network outages, or misconfigured transaction fees.
Down below we further explain the transaction process of Bitcoin (BTC)
When you make a Bitcoin (BTC) transaction, it typically takes anywhere from 10 minutes to an hour to fully confirm, depending on network traffic and the transaction fee you have set.
If you are unsure whether the transaction went through, you can check its status by entering your Bitcoin wallet address or transaction ID in the search bar on a blockchain explorer like mempool.space.
Once your transaction enters the mempool (the waiting area for unconfirmed transactions), it will be visible. You can click on the transaction to see more details. On mempool.space, you’ll notice a white arrow below one of the blocks on the left side of the striped line. This arrow represents your transaction waiting to be included in a new block.
When your transaction crosses the striped line, it means that miners have picked it up, and it is being confirmed. Depending on your wallet or exchange, you will see the BTC appear after 1 or more confirmations (each confirmation happens when a new block containing your transaction is added to the blockchain). Most services require at least 1 or 2 confirmations before considering the transaction final.
Step for step:
Fill in your transaction ID in the upper right corner:
This is your transaction and here you can see when it will be picked up by the miners.
Here we see the following:
Median fee to get your transaction processed: 2 sat/vb
Fee span to get your transaction into this block: 2-651
Total fees paid for all the transactions: 0.033 BTC
Total transactions: 2037
Average waiting time for each transaction: 10 minutes.
The median fee is important to check if you want your transaction to be processed almost directly. In order to get your transaction processed almost directly, make sure to have a look at the mempool median fee and set your transaction fee in your wallet to this same fee or a bit above. This way your transaction will be picked up in the next block.
Transaction processed:
Your transaction has now crossed the striped line, it means that miners have picked it up, and it’s being confirmed. Depending on your wallet or exchange, you’ll see the BTC appear after 1 or more confirmations
Here we go, the coins will now soon appear in your wallet!
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