How long does it take to deposit BTC on deriv?
Douglas Bitcoin transfer times can take as little as 10 minutes to hours, days, or even more than a week. This is mainly because miners have to verify the transactions, and the network can lag sometimes.
Transactions are added to blocks that have to be verified and added to the public blockchain. The standard time to mine a block is 10 minutes.
The main two factors that influence the transaction time of Bitcoin are:
- The amount of network activity
- Transaction fees
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The Amount of Network Activity
The network activity of Bitcoin depends on the transactions it processes in a day. The higher the number of transactions, the more the network activity. There are a limited number of miners to process the transactions in a 1MB block.
Due to the increasing popularity of Bitcoin, the network can experience a backlog of transactions waiting to be verified. The block sizes are limited, and they are combined into a massive queue known as the bitcoin mempool. The mempool size fluctuates with increasing wait times, transaction priority, and fees.
Assuming that your transaction is the block and mine, you will receive your first confirmation in 10 minutes and the remaining five confirmations in the next 50 minutes, meaning it may take up to 60 minutes to transfer the Bitcoins into your wallet.
Transaction Fees
Mining is a mundane task and requires power, scale, effort, and technology. Hence bitcoin transactions need you to pay transaction fees. These fees help to prioritize your transactions. This means that the more you pay the miners to verify your transaction, the faster it is processed.
The main delay occurs when your transaction fees are low, and the miners pick your block last.
Bitcoin transaction fees are expressed in Satoshis per byte, which is one hundred millionth of a bitcoin per byte size of the transaction. Bitcoin transaction fees aren’t necessary, but they prioritize your transactions to be verified. The fees are set by the users creating the blocks that have to be mined.
Bitcoin, being a decentralized currency, is highly volatile. The transaction fees may rise and fall, and the wait time may still need to stabilize. Developers building on Bitcoin understands that a wait time of 30-60 minutes for a transaction is unacceptable for scaling adoption. This is why they are working on new solutions that will make Bitcoin transactions instantaneous, such as the Lighting Network once enabled wallets will reduce the transaction fees and even shorten the transaction confirmation time.
When is a Transaction Confirmed?
A transaction is confirmed when the miner processes your block that contains your transaction. If your fees are higher, then the miner is more likely to process your transaction quickly. Most exchanges provide a nominal fee to ensure that your transaction is processed within a time limit.
One confirmation is enough for transactions under $1,000. For Zipmex customers, if the network is busy, then a transaction may take up to one hour, however, generally speaking, you can expect around 10 minutes.