Wondering how long does it take to transfer bitcoins? And what does the transfer speed depend on?

chatstickforbrand
Apr 22, 2023
2 min read

Wondering how long does it take to transfer bitcoins? And what does the transfer speed depend on?

How long does it take to transfer each bitcoin?

According to Bitkub and Kraken platforms, the time for each coin is as follows.

Bitkub platform

- Bitcoin takes 30 minutes

- Ethereum takes 6 minutes

- Polkadot takes 6 minutes.

- Dogecoin takes 2 minutes

Kraken platform

- Bitcoin takes 40 minutes

- Ethereum takes 5 minutes

- Polkadot takes 2 minutes.

- Dogecoin takes 20 minutes

So what are the factors that affect transfer time?

1) Network Density

Since blockchains are usually able to create a new block every 10 minutes, but now there is a huge demand for Bitcoin. The blocks that blockchains are built on are not enough. So it takes more time to transfer.

2) Fees

Fees are like extra money or a miner's tip. Therefore, if you pay a lot, you will get it quickly.

3) Confirmation number

Confirming one block of a transaction might not be enough, so Double Spending was introduced, so the problem was solved by allowing transactions to be confirmed on more than one block. The trading board therefore has to wait for the confirmation number to reach the minimum first. to transfer coins

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