Blockchain is the future of money, you know. But even though cash sent through old-fashioned banks often hits accounts instantly, a Bitcoin transaction can take a little bit longer. On the Bitcoin network, the average confirmation time for a BTC payment is about 10 minutes. However, transaction times can vary wildly, and here, we’re going to explain why.
1. The Importance of Transaction Fees
Were you able to wait days before a Bitcoin blockchain transaction is completed? Do you know? Somehow it’s like driving a highway using a crypto-currency. There will be a large number of transactions which will slow down everything. The payment of bigger Bitcoin transaction fees is a safe way to save the queue in front and to cut waiting times. It is the equivalent of police escort traffic.
When you are sending Bitcoin, you need to incentivize miners on the blockchain to include your transaction in the next block. especially when the mempool is full. Given how block sizes are fixed at 1MB and there’s a limited number of miners, you may end up having to pay a much higher fee to get first-class treatment.