How long does a Bitcoin transaction take?
There are factors that influence the speed of a Bitcoin transaction:
- Level of network activity
- The amount paid as a miner fee
In this article, we would like to explain the reasons why Bitcoin transactions may sometimes take longer to arrive and why there is no need to worry about that.
What is the role of the network activity in this case?
The answer is simple: the more transactions the network is supposed to process, the longer your waiting time will be. This can easily be compared to a queue or a traffic jam. Everyone wants to be the first in a line, but unfortunately, in most cases, we have to wait. The same applies to a queue of unconfirmed transactions.
As a rule, most services credit funds after a transaction has been confirmed 3-6 times by the network, which means that once your transactions has more than 3 confirmations, funds will appear in your wallet. You can always check the status of your transaction by clicking the link “look trans… track” or using the TXid. For your convenience, we will send you an additional email when your transaction receives the first confirmation, hence you will be notified that the network has started processing your transaction and funds will soon reach your wallet.
Please note: unfortunately, we are unable to influence the speed of the network in any way.
How does an amount of miner fee influence the speed?
The thing is, there is a limited number of miners confirming transactions and a constantly growing number of people sending bitcoins. Miners prioritise transactions by the fee that they will receive after confirming the transaction. The more you are willing to pay, the faster the transaction will be confirmed.
Please note: at the moment setting a custom miner fee when using Buy Now is not available.
These days the popularity of Bitcoin transactions is constantly growing, thus the average waiting time ranges from 30 minutes to 16 hours. Please be patient and wait till funds are credited to your wallet.