How long does it take to transfer bitcoin?
The answer on how long do bitcoin transfers take.
The short answer, it varies.
When transferring bitcoins, a network needs to approve the transaction before it is truly complete.
Now, bitcoin transfers have a standard of six confirmations before it is said to be finished. A miner can mine bitcoin block every 10 minutes. So, with 6 confirmations, you can expect a transfer to be done in 60 minutes.
However, there are certain factors that affect the speed of bitcoin transfers:
1. Network activity
Because of the recent popularity of bitcoins, there have been congestions in the networks. Because there is an increasing number of bitcoins transfers daily, the limited amount of miners are having a hard time to process the transaction and takes longer to finish.
In fact, the average time for one bitcoin confirmation now ranges from 30 minutes to hours.
2. Transaction Fees
The transaction fee also plays a huge role in the transfer speed. Miners prioritize bitcoin transfers if you pay a much higher fee. This significantly reduces the time that it takes for a transfer to complete.