Published Jul, 28 2022

How Long Do Crypto Transactions Take: Why Isn't My Crypto In My Wallet Immediately?

Ever since cryptocurrency began entering the mainstream a couple of years ago, many have touted it as an immediate means to make money transactions.
Wallet with bitcoin being deposited into phone

Ever since crypto began entering the mainstream a decade ago, many have touted it as an immediate means to make money transactions, but how long do crypto transactions take? 

Bitcoin and other crypto transactions are indeed fast and reliable, and it’s true that they cut out the middleman (the bank) and remove many time-consuming processes. Despite that, and due to their complex underlying operations, crypto transactions are not technically immediate.

So, more often than not, your crypto will not arrive in your wallet right away after you’ve carried out a transaction. Let’s explore why. If you're looking for more interesting tidbits on Bitcoin's network, read this.

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How long do crypto transactions take: Why are crypto transactions delayed?

The main lesson you should take from this article is that, in most cases, there’s no need to panic. As we said, chances are you won’t get your crypto in your wallet immediately after your transaction. 

Usually, the reason why crypto transactions take some time is that the blockchain that supports them needs more confirmations than expected. The more confirmations your transaction requires, the longer it will take to complete.

So, in simple terms, your coins don’t get to your wallet immediately after your crypto transaction, because miners are hard at work validating the transaction and piling confirmation over confirmation for it to complete. 

Let’s see how this process works.

What are confirmations: How long do crypto transactions take?

Crypto transactions sent to a network do not complete as quickly as you can snap your fingers. Transactions need to be recorded in a block by the network miners, and this takes time.

Once miners verify a request, it is added to a mined block, which means that the transaction has received one confirmation. Then, the number of confirmations for the transaction increases with every confirmed block.

So, think of confirmations as the number of approvals your transaction needs to be complete and fully recorded on the blockchain. The whole point of this process is to avoid the risk of double spending and make crypto transactions more secure. In fact, the more confirmations a transaction receives, the more permanent and irreversible it becomes.

Typically, most crypto exchanges require at least three confirmations before a transaction is complete. However, some may need as many as 60 confirmations. Again: the more confirmations the exchange requires, the longer it will take for your crypto to get to your wallet.

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How long do crypto transactions take?

Confirmation times usually vary depending on the blockchain.

Let’s take the Bitcoin network, for example. Just like any other blockchain, Bitcoin can process a finite number of transactions per block. Each of those transactions needs to be verified by the network participants (the miners), and this verification process results in confirmations.

Confirmation on the Bitcoin network can take around 10 minutes. However, sometimes it can take Bitcoin miners up to 30 or even 60 minutes to mine a single block and produce one confirmation.

So, in most cases, the entire process of verifying and listing transactions on the Bitcoin blockchain can take anywhere from 10 minutes to 1 hour. That’s why your Bitcoin doesn’t show up in your wallet immediately after you buy Bitcoin at a Bitcoin ATM.

In general, this tends to be faster than cross-border transfers. These types of transfers need to undergo clearance processes by numerous authorities, including banks, governments, and other crypto regulators. But this is not necessarily always the case. Sometimes Bitcoin transactions can be slower than bank transfers or other forms of conventional payment.

It all depends on confirmations.

Are confirmations always required?

All reliable Bitcoin ATMs and crypto exchanges require confirmations for the sake of security. This is one of the reasons it's difficult to answer the question, 'How long do crypto transactions take?'

But zero-confirmation transactions do exist. They occur when an exchange accepts payment as soon as the transaction is sent to the appropriate network, which can take as little as five seconds.

The thing is that zero-confirmation transactions are not secure, which means they pose risks involving double-spending, that is, an attack where a given set of coins is spent on multiple transactions.

In general, most exchanges require at least two confirmations. This helps guarantee security and transparency across all transactions and keeps users safe. 

Kraken, for example, requires six confirmations on a Bitcoin deposit, which can take around 40 minutes. In turn, this exchange requires 20 confirmations for Ethereum deposits. However, this process might take as little as 5 minutes because the verification and confirmation flow on this network differs from those of Bitcoin.

On the other hand, Coinbase requires 3 confirmations for Bitcoin transactions and 35 for Ethereum.

Image of two hands shaking to symbolize the sending and receiving of Bitcoin transactions.

https://pixabay.com/photos/blockchain-people-shaking-hands-2850276/

Troubleshooting

Now, if your crypto is delayed and you believe it’s not a matter of waiting for confirmations, then it's possible a series of other things could have gone wrong. Here are some tips on how to proceed if your crypto transaction is taking way more than it should:

Do Bitcoin ATMs require confirmations?

Bitcoin ATMs boast many advantages, including the possibility to buy Bitcoin with cash. However, although they are usually quick and convenient, Bitcoin ATMs also require network confirmations to enhance security. 

As is the case with online crypto exchanges, it might take anywhere from ten minutes to an hour to process transactions that take place at a Bitcoin ATM. So, don’t panic if you don’t see your coins in your digital wallet immediately after the Bitcoin ATM transaction.

Final thoughts

As with everything in life, patience is key. Knowing how crypto transactions work and understanding that they are not immediate gives investors some peace of mind. This information also enables them to operate more confidently in the market.

So, whether you’re doing business on an online exchange or a Bitcoin ATM, make sure to check how many confirmations the entity you’re using requires to deem a crypto transaction complete. Most offer customers useful and helpful charts showing how many confirmations they require for each crypto and an estimated completion time for given transactions.

That way, you can know exactly what to expect and avoid panicking for no reason.