If you are new to the whole bitcoin transaction world, then this article will be valuable to you. Wondering why? Well, sending bitcoins includes many processes that might take seconds to an hour to confirm your bitcoin transaction. So, instead of losing your calm, you should understand the process which makes your bitcoin transaction a lengthier one at times. Generally, the bitcoin transaction confirmation usually takes 10 to 20 minutes. But don’t worry, we will tell you what happens when you send bitcoins, how you can estimate the confirmation time for your next bitcoin transaction and how you can send bitcoin faster.
What Happens After Sending Bitcoins
Cryptocurrency is all about exchanging virtual coins with the fiat currency or with the cryptocurrency itself through a bitcoin wallet. When you send bitcoins from your wallet to another recipient through the bitcoin network, your bitcoins will be mined by the bitcoin miners. They earn a transaction fee against each mining so they tend to choose the one that pays them higher. They select the transactions from the unconfirmed bitcoin transactions that are referred to as mempool. Then, they bundle these transactions on a block that can hold around 3000 transactions each. Due to this restriction, they go for the ones that pay a higher transaction fee. Also, note that each bitcoin confirmation (mining) may take from one minute to an hour. However, with a higher bitcoin transaction fee, it might take up to ten minutes.
Bitcoin Transaction Confirmation
Many bitcoin transactions take place at the same time which can lead to a situation where two miners can mine two different blocks at the same time. That’s when the bitcoin network ends up showing two transaction histories, and that’s when a new block will be added to any of these chains before the other. Thereafter, the chain with more blocks is the valid one. Now, when a bitcoin transaction gets mined into a block, the status changes from unconfirmed to confirmed with one confirmation. That way, every block that is added to your transaction gives you another confirmation and this process goes on which is why it might take a few minutes to an hour. For larger transactions, the bitcoin confirmation may also take a day or two. So, be patient.
How You Can Send Bitcoin Faster
There are two ways to send bitcoins faster than usual and they are –
Pay Higher Transaction Fee
As it has already been mentioned that bitcoin miners always go for the transaction that pays them higher than the rest, you should adhere to this trick for faster bitcoin transactions. You should also know that due to lower transaction fees, some transactions might end up getting unconfirmed so do what is best for you.
Use lightning network
You can opt for the lightning network for faster bitcoin payments. A lighting network is a separate payment network created on top of bitcoins. Here the rules are different than the bitcoin network which makes the payments faster with nearly zero fees
Sending bitcoins is no rocket science, however, you should be aware of the technicalities involved in the bitcoin transaction for your reference. For faster bitcoin transaction confirmation, pay higher fees and the confirmation will take 10 to 20 minutes, tentatively.
If the transaction issue still persists, you will need to call the experts on XXXXXXXXXXX, and sail through all your bitcoin issues smoothly.
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