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Author Topic: Question on BTC transaction speed  (Read 53 times)
petrosc
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January 04, 2018, 01:26:19 AM
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Hi guys, please enlighten me
How long does a BTC transaction take to go though these days and is there any difference in speed depending on the amount transacted? A few days back it took 6 days for a small transaction to go through. Would it be faster if I sent a larger amount, say, 0,5 BTC or 2 BTC?

Thanks
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jseverson
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January 04, 2018, 01:51:08 AM
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It depends on the fees, as it always have. It has nothing to do with the transaction amount.

Right now, the recommended amount is 530 satoshis per byte, and it should confirm within 30 minutes. You can check it over at https://bitcoinfees.earn.com/. You'll also be able to gauge how long it will take your transaction to confirm if you pay a certain amount.

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January 04, 2018, 04:16:32 AM
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when you talk about "speed of bitcoin transactions" there are two things that you should not confuse with each other: the confirmation speed and propagation speed.

when you send a transaction it only takes seconds to propagate throughout the network. it is usually less than 10 seconds. in other words when you send a transaction, the other party receives it almost immediately.

but as you may know a transaction needs to be confirmed to be finalized and the receiver be sure about it. and confirmation means being included in a block and blocks are found every 10 minutes on average.
with that said, these days because of the large number of unconfirmed transactions in the mempool and the full blocks, there is a competition going on to get in the next block. and like any competition if you are ahead of others you will "win that space" faster than them. you can see how much you have to pay in the link in above comment.

is there any difference in speed depending on the amount transacted?

only size in bytes matter. you may send 10000BTC with the same fee as you send 0.001BTC.
but there is a limit on how small a transaction you can send. i forgot the limit but for example you can not send 1  satoshi to someone.

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January 04, 2018, 05:15:43 AM
 #4

Hi guys, please enlighten me
How long does a BTC transaction take to go though these days and is there any difference in speed depending on the amount transacted? A few days back it took 6 days for a small transaction to go through. Would it be faster if I sent a larger amount, say, 0,5 BTC or 2 BTC?

Thanks
I had a payment today in bitcoins, the transaction lasted two hours.
petrosc
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January 04, 2018, 05:56:49 AM
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Thank you all, what about sending BTC from exchanges? You have no control over the fee there
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January 04, 2018, 06:48:36 AM
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Thank you all, what about sending BTC from exchanges? You have no control over the fee there

Depends on the exchange. Most exchanges seem to pay adequate transaction fees. I do remember a troubled post a few days ago, where an exchange paid way too small fees, but in general they do OK.

Keep in mind that depending on the exchange it may take an additional 5 - 30 minutes before they put your transaction on the network.

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January 04, 2018, 06:56:16 AM
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It depends on your fees.. If it's low then it will take so much time.. you can set a higher fees for faster transaction.

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January 04, 2018, 07:32:36 AM
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Hi guys, please enlighten me
How long does a BTC transaction take to go though these days and is there any difference in speed depending on the amount transacted? A few days back it took 6 days for a small transaction to go through. Would it be faster if I sent a larger amount, say, 0,5 BTC or 2 BTC?

Thanks
You have to send the exact transaction fee not just 0.5 BTC or 2 BTC. A 0.001 BTC transaction might even incur a higher transaction fee than a 1BTC transaction if it had been gathering dust money that had not been consolidated. To get confirmed faster or in the next block, you need to calculate the amount of bytes that your transaction is worth multiplied by the recommended fee from here.

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