This article will provide an overview of how long Ethereum transactions take; we will cover several different examples, as well as provide an overview of the factors that influence transfer times.
Ethereum transfers usually take between 15 seconds and five minutes. This time increases as the number of people requesting transfers rises. Generally, a transferring agent will validate a transfer 20-30 times before committing it. In extreme cases, this process may take several hours.
The transfer transaction for transferring your Ethereum from your wallet to the exchange may take a while. For wallet-to-exchange transfers, the speed of the Ethereum transfer may be slightly slower because of the number of confirmations required.
The more confirmations required, the longer it takes to complete all the transactions in ether. When you transfer assets that are built on Ethereum, your transaction will only process once it has received 12 confirmations on the Ethereum Blockchain.
The amount of time that the transfer of the Ethereum may ultimately take depends on how many confirmations are required for the transaction. In general, all transactions that involve Ethereum will require that you perform a set number of confirmations, which must complete making a transaction.
Things to Remember for Crypto Transactions
Remember, transactions can be processed in only the order in which you send them, so if you have an outstanding transaction with a lower nonce, it is only after this transaction has been confirmed will the Ethereum network take into account your next transaction. If your transaction is stuck on hold, you can manually submit this transaction back to the Ethereum network.
Transactions on Ethereum will become pending (not confirmed) when you (1) did not pay a transaction fee that is high enough, or (2) there are other transactions from the same wallet which were submitted earlier. This could mean that regardless of the gas price you select for your later transactions, you will need to wait for the previously submitted transactions to first get picked up and processed by miners.
Because if you are paying less than average gas prices, you can expect to wait more time than average before your Ether transactions are completed. Make sure you adjust the gas price to ensure that, given current market rates, your new Ethereum transaction is confirmed in a reasonable timeframe. You will then be asked to input your exact desired gas price for the transaction. If you want to cancel the new Ethereum transaction, the easiest way to do this is to set your sending amount to 0.00000001 ETH and add gas prices.
The Rise of Etherium
Ethereum has grown over recent times and has a fast blockchain, so this part of the process should not delay your transaction. If you are looking to move your Ethereum coins from one online wallet to another, the whole process should take no more than five minutes. When transferring coins from one wallet to the other, the first thing that you need to do is to submit a transaction for a Blockchain designed for Ethereum.
If you are looking to move the Ether into a bank account, you need to send Ethereum from the wallet to an exchange that deals in fiat currency, sell it, and withdraw the funds to have real money in the bank account.
When it comes to Ethereum, the transaction fees that you pay for sending Ether from your wallet to the exchange are heavily dependent on supply and demand. Say, if you wanted to transfer ETH from your wallet to Coinmetro to sell, then transaction velocity would be dependent on the decentralization. As we mentioned earlier, different factors will determine the overall time taken to move the Ethereum coins into your bank account.
It may take longer to transfer Ether coins from offline wallets; this is due to offline wallet transfers having multiple security features for the funds to be transferred. This does indeed mean that moving ETH assets on or off of the exchange may take slightly longer than performing wallet-to-wallet transfers. If you are moving ETH from a hot wallet, which is already connected to the Internet, the transaction times are a bit faster compared to sending assets from a cold wallet.
Connectivity and Cryptocurrency Wallets
Once both types of cryptocurrency wallets are connected to the Internet, the average transaction from one wallet to another for ETH takes anywhere between one to 15 minutes, depending on network congestion. Due to fewer confirmations, wallet-to-wallet transactions are usually the fastest types of ether transactions that occur on the ether blockchain. When transferring digital assets or coins from one wallet to another, or wallet-to-exchange, there may frequently be requirements regarding how many times data needs to be verified by the blockchain, known as a confirmation.
In this tutorial, we are going to look at how long it takes to send ETH, break down which factors affect Ethereum transaction times, and provide a breakdown of the time that wallet-to-wallet and wallet-to-exchange transactions on the average take. Let us look at how cryptocurrency transfers work for these types of transactions, and how long it takes to transfer ether (ETH) and Ethereum-based assets such as ERC20 tokens.
In making these transfers, Ethereum uses Ether cryptocurrency tokens to facilitate transactions and to cover what is called a gas price, which is a transaction fee for these decentralized services on the Ethereum Blockchain.
This means it should take about 10 minutes to move the Ether tokens from your wallet to Coinbase. Let us use an example: Let us say that you wish to transfer the Ether coins from a wallet to a Coinbase account to sell, the amount of time it takes to make a successful transaction is determined by how many Coinbase confirmations are required for completing the transaction. Transfer times will vary depending on how many confirmations a transaction requires; it would take between 16 seconds and 5 minutes to transfer the Ether from one hot wallet to the other.
As far as confirmed sending is concerned, expect to see Bitcoin transactions taking around 10 minutes (can be faster or slower). The good news is confirmations take just around 16 seconds on the Ethereum network, so most transfers are completed within just a couple of minutes. This time for an Eth transfer will vary depending on which exchange platform you are using, with some exchange platforms allowing you to withdraw instantly, while others require 3 – 5 working days for sending the funds to your Fiat bank account.