Bitcoin Forum

Hey.

What was the average confirmation time for you guys in last 7 days?

Bitcoin has a confirmation time of 10 minutes approx, sometimes blocks take more or less time but in the long run that's the media. For me, the last transactions have been normal, if you use the right fee the transaction should confirm in the next block, if you use low fees then your transaction could get stuck with low priority and take a long time to confirm.

you are asking the wrong question because that time is not a fixed time and it depends on a lot of factors.

for starters it depends on your transaction's fee per byte value. if you pay 0 for example then your "average confirmation time" is infinity. but if you paid 1 then it could be from 1 second to 1 day depending on the time you broadcast the transaction.

also although this has a low chance but it depends on whether you got unlucky and made a transaction during one of those gap times where it takes much longer than 10 minutes to find a block (like taking an hour).

Thanks for helping a newbie :)

What fee did you pay in satoshis per byte?  The cost has risen sharply in the last few days as bitcoin has gone parabolic. 

Here's the fees for the last 7 days:

Date	Next Block Fee	3 Blocks Fee	6 Blocks Fee
2019-06-28	210	204	189
2019-06-27	165	143	125
2019-06-26	113	111	87
2019-06-25	83	78	51
2019-06-24	80	69	15
2019-06-23	65	53	5
2019-06-22	105	97	68

Today the fastest, cheapest fee is around 200 satoshis/byte, according to this site: https://bitcoinfees.earn.com/

Given an average transaction size of 250 bytes, that means the estimated fee for getting your transaction added to the next 1-3 blocks today is a bit over $6. https://bitcoinfees.info/

Upon checking, I have made 6 transactions this past week, each of them has 25 sat/byte manually placed. The fastest one confirmed in ~15 minutes, and the slowest confirmation took 47 minutes.

Here are the transaction confirmation times if anyone's interested (would not include the links, for obvious reasons):

Date              Time                              Fee                      Confirmation Time

6/25/19         12:07 PM                       25 sat/b                34 mins.
6/25/19         03:34 PM                       25 sat/b                27 mins.
6/27/19         09:55 AM                       25 sat/b                47 mins.
6/28/19         12:02 AM                       25 sat/b                15 mins.
6/28/19         06:29 AM                       25 sat/b                19 mins.
6/28/19         10:16 AM                       25 sat/b                37 mins.


That puts my transactions average @ 29.83 minutes to get one confirmation @ 25 sat/b. I don't know if I got lucky or not given that past fees exceed ~100 sat/b to get confirmed within 20 minutes and only a handful of transactions with similar fees passed like mine but oh well.

Note: all times are on UTC.

It really depends on the fees that you set for the transactions, it usally takes between 30 min to 1h with the standard ed fees, but you can get it in 10min if you up the fees a bit, but lately i have seen the transactions taking more time than the usual, and fees are progressively getting higher, i don't know if this is an issue with my transactions or its a global thing.

Well, average time for bitcoin block chain for confirmation will depend on the the transactions being done. Sometimes a heavy transactions for bitcoins will be the cause on delaying bitcoin confirmation time. Though we should.also consider that time is gold but mind you that it will reach to the one's wallet who requested the transaction. One will.just be patiendlt especially if one will have huge bitcon transactions.

when there a lot of transaction happening in the network it will depend on the fee you use
if there a lot of transaction you will need to pay higher fee to get faster confirmation
there are new block every 10 minutes if your in high priority or pay high fee its possible your transaction will be confirmed with 10 minutes

I usually average 5-15 minutes, but that depends on the fees you use in the transaction. The greater the cost you use, the greater the confirmation process is done. It's better to use a bitcoin fee calculator, you can find it a lot on Google. Usually I use automatic settings to adjust fees, I myself use electrum as my bitcoin wallet.