When you trade with Bitcoins, you need to verify if the transaction is legitimate. After verification, your confirmed transaction will become part of a block that will be added to the blockchain.
How long does Bitcoin verification take? Verification of your Bitcoin transaction takes between 10 minutes to a full day. The time taken for Bitcoin verification varies from network to network, based on transaction fee and network traffic. If your transaction fee is low, it can take a lot more time.
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Bitcoin Transaction Verification
When you want to make a Bitcoin transaction, a miner has to first verify it and add it to a block on the blockchain. You will receive a private key for every Bitcoin transaction. You have to use this private key to request a verification of your transaction on the Bitcoin network.
Miners will take up your request and “mine” it privately to “solve it.” The miner will solve your request, and then add it to their blockchain ledger. Next, this block will go through verification by other miners and nodes to check if the miner’s proposal is valid. Then, the block comprising of all the transactions is added to the blockchain, which becomes a public record of your transaction.
What Causes Bitcoin Verification Delay?
There are two main reasons why your Bitcoin verification can take time.
- Transaction Fee – The miners will not take up your transaction for verification until the minimum transaction fee is reached. Until then, they will favor the transactions with higher fees.
- Network Traffic – If there is heavy traffic – meaning a lot of transactions on the network, the requests will stay clogged in the mempool until a miner clears it.
What Is A Mempool?
A mempool is an official record of invalidated transaction requests. It is temporary storage on each individual node on the Bitcoin network. All verification requests are added to this mempool until the miner validates it and adds it to a block on the blockchain.
The mempool transactions will be cleared periodically every time the blockchain receives a new block. If the transaction fee is very low, the requests will have to wait for more than one block to be cleared.
How Many Confirmations Does A Transaction Need?
The number of confirmations required varies from service to service. While some can confirm the transaction after just a single verification, some will need three. The amount of the transaction will also influence this number:
| Transaction Value | No. Of Confirmations |
| Transactions below $1,000 | One |
| Transactions up to $1,000 | Three |
| Transactions up to $1,000,000 | Six |
Bitcoin wallets will not process your transactions until it receives the minimum number of confirmations for your transaction.
How To Speed Up The Verification Process?
Want to speed up your transaction and not wait in line like others? The best way to do this is to increase your transaction fee.
Compared to the number of transaction requests, the miners are limited. They favor transactions with a higher fee and will ignore those with a lower fee until there is a big backlog in the mempool that they need to clear out or when the traffic is low.