One of the greatest advantages blockchain technology and cryptocurrencies have brought about is the speed at which transactions are processed. But what happens if some issue occurs, and how long does Bitcoin pending take in that case?
The typical Bitcoin pending time is 60 minutes or less. Some reasons why your Bitcoin transaction is taking longer can be that the validation process is still in progress, the transaction involved different cryptocurrencies, or it failed or was sent to an incorrect address.
Bitcoin (BTC) introduced blockchain technology, and other cryptocurrencies quickly followed, blazing a trail of how the transactions on the blockchain are done. No matter if you use BTC or some other cryptocurrency, the validation principle is the same. A consensus must be reached on the network for the request to be confirmed.
How Long Does It Take to Get Confirmation of a Bitcoin Transaction?
Usually, all requests on the blockchain system are validated within minutes, or to be more precise, within up to 10 minutes. This is the average time needed for the new block to be created, which is, in principle, how blockchain works. However, sometimes, an issue can happen, and the transaction you have requested will remain pending in your wallet for longer.
What Factors Impact How Fast the Transaction Is Confirmed?
The blockchain and Bitcoin networks are maintained by their own nodes that participate in the validation process. Each time a transaction request is sent, all nodes on the network (computing devices) start to work on the puzzle, checking if this request is true and valid.
Every time the puzzle is solved, it is added to a block of information, which helps new blocks and Bitcoins to be created. There are three factors that impact how fast these requests are resolved:
- The time it takes to process the request depends on the number of active nodes. The more active nodes there are on the network and working on solving the puzzle, the faster the processing. And this is how we come with the first factor or total network activity.
- The second factor is the hashrate. Hashrate shows how many miners are involved in managing the network. Again, the higher the hashrate, the faster the validation process because miners are crucial for keeping the network safe.
- Miners’ fees are the third factor that plays a role in processing Bitcoin payments. This fee is a tip for the miner who is working on your request validation since they have to use more computing power and electricity, which increases their costs. The typical fees range from BTC 0.0003-0.0005, and if the provided tip is insufficient, the transaction might not be processed at all. Some users who want to speed up their payment processing usually add higher fees, and the record average fee equaled $59 in April 2021.
Want to learn more about how BTC fees work? Make sure to take a look at the video below and find a detailed explanation!
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How Long Does Bitcoin Pending Take, and What Is the Case With Other Cryptocurrencies?
Aside from the abovementioned factors, there are also some other reasons why pending could take so long. The first one is if the user is double-spending the assets. Those are coins that the user has already sent to another user, but the payment has still not been confirmed. For that reason, those coins are still showing up in the wallet balance, even though they can’t be used for another payment.
Another reason for pending is if the user is trying to perform the transaction while the network is experiencing high-volume traffic. This means that there are more transactions requested than the capacity of the network allows, and this is why the authorization and receiving of coins are taking longer. Those yet-unprocessed requests are stored in Bitcoin Mempool and are cleared every time a new block is added to the chain.
But what about other cryptocurrencies? Here are some typical pending times necessary for your request to be finalized:
|The Cryptocurrency||Typical Pending Time|
|Monero||20 min or less|
|Dash||15 min or less|
|Binance Coin||5 min or less|
|Etherium||5 min or less|
|Cardano||5 min or less|
|Solana||5 min or less|
How Many Confirmations Are Necessary for Bitcoin Transaction to Be Authorized?
In general, there are three block confirmations necessary for one BTC payment to be authorized. However, the requested number can differ depending on the crypto-exchange services you use. For instance, Binance looks for only one block confirmation, while Coinbase requests at least three block confirmations.
How to Check if Your Transaction Is Pending or Verified?
The best way to check if your request has been validated by miners is to use a blockchain explorer. This system stores the whole history of transactions, information regarding most recently mined blocks, and the Mempool size of unconfirmed requests. All users need to do to acquire the information is to type in the hash and the request status will show up.
Is It Possible to Speed Up the Verification of the Request?
One of the most common questions among users is whether the BTC transaction verification could be accelerated? Unfortunately, the answer is – no. Once the request has been sent, there are no ways of influencing the verification process.
However, there are still some ways you can succeed in your request to get the confirmation sooner. For example, you can add higher miner fees or track low-volume times and send your payments then.
Are You Ready for Some Crypto-Trading?
Cryptocurrencies are lucrative but also often expensive investments. If you’re preparing to get into the crypto world, then knowing what inconveniences you can face and how to resolve them is one of the starting points of this adventure. The good thing is, blockchain technology is one of the safest systems ever, and there is no need to be worried about your precious digital coins.