As with any new technology, there are a lot of questions newcomers have as they enter the world of crypto. How long does it take for my Bitcoin transaction to appear in my account? Can I transfer between Bitcoin wallets? How long does the transfer between Bitcoin wallets take?
When it comes to your money, it is important to feel secure in each transaction and empowered in your knowledge of how your money is handled. We will help answer some of the most common questions you might have about making Bitcoin transactions, helping you feel more prepared.
How Long Does a Bitcoin Transaction Take?
Bitcoin transaction time can depend on a few factors. First, it is important to learn how a Bitcoin transaction works. For example, Person A intends to transfer some of their Bitcoin to Person B – both of whom have existing wallets. Each Bitcoin has its own BTC address, which identifies who is the rightful owner. By transferring the Bitcoin, Person A gives it a new address to send it to Person B. Once Person A has set up the transaction, it has to be verified on the blockchain by the Bitcoin miners. Once the miners have verified the transaction, Person B can find the Bitcoin in their respective e wallet.
But how long does that verification take? On average, you can expect a Bitcoin transaction to take anywhere from 10 minutes to an hour to finalize. However, a few factors can determine the exact time it takes. One factor is traffic. Like with any tech, the more people trying to access something at once, the slower it will react. Second is operator dependent. Some operators take longer to process fees and transactions themselves before the miners even verify. This means each transaction through exchanges can take longer because of the additional step involved.
Verification priority is the final factor that influences transaction speed. Operators can choose to prioritize transactions that come from their customers. This means that their transactions will be in the “fast lane” of verification through the blockchain. Operators that do not use this strategy will have much longer transaction times.
At all Coinsource Bitcoin ATMs we’ll cover the mining fees for you, and make sure your transactions are always prioritized on the Bitcoin network. Using the Bitcoin ATM takes just a few minutes. Since we prioritize your transactions, they clear our network in minutes, and clear the Bitcoin network between 10 minutes to an hour depending on traffic.
How Long Does Bitcoin Take to Send Between Wallets?
Let’s say you’re ready to send a friend some Bitcoin, or transfer Bitcoin from one of your wallets to another. How long can you expect the transaction between Bitcoin wallets to take?
Just like standard Bitcoin transactions, switching Bitcoin from one wallet to another requires changing its BTC address, verifying the blockchain, and completing the transaction between wallets. However, it usually is a much faster process than standard transactions since it is a more straight-forward act.
On average, transferring Bitcoin between wallets takes anywhere from ten to twenty minutes.
How Do You Transfer Bitcoin Between Wallets?
So you have your wallets set up and are ready to transfer money between them. How do you transfer Bitcoin between existing wallets?
The first step would be to log into your account and look at your existing wallet. Choose the wallet you wish to transfer Bitcoin from and the amount you plan to transfer. Next, you need the address of the wallet you plan to transfer your Bitcoin into. This will require them to give you their BTC address. Once you have the address, you can begin the submission process. This will vary slightly based on whichever wallet you use. Once you submit the transfer, it will be up to your wallet to verify and finalize the transaction between the two wallets, which could increase the time required.
How To Access Fast Bitcoin Transactions
One of the fastest ways to buy Bitcoin is through a Bitcoin ATM. With Coinsource, we make sure your transactions are always prioritized on the network. Using the machine takes just a few minutes, and your transaction is typically finalized in under an hour. Create your Coinsource account online to get started!
Once your account is complete, find the nearest Coinsource BTM to start buying Bitcoin with cash today!
Coinsource is the world leader in Bitcoin ATMs. With a focus on compliance and ease of use, Coinsource is aiming to bring Bitcoin to the masses. Follow for blogs about Bitcoin, finance, company updates and Bitcoin ATM information!