Ethereum Transaction Time: What does it depend on

What is Ethereum transaction time?

When using any payment system, one of the most important performance indicators is the value of the maximum transaction speed. Everyone knows the situation with classic payment systems like Visa and Mastercard, in which transactions are made almost instantly. 

However, when it comes to Ethereum crypto, not everything is so unambiguous. The time it takes to process a transaction on the Ethereum network hinges on various factors, and sometimes it can be seconds, sometimes days.

What causes slow transactions?

Compared to the traditional systems mentioned above, the throughput of Ethereum is much lower. For example, while Visa may impress us with its ability to handle no less than 65,000 transactions per second, Ethereum boasts a modest 15. Hence, the transaction time is increased when the network is congested, or, put differently, the demand exceeds the Ethereum network capacity. 

By the way, such an increased demand leads to an increase in the transaction fee, which is also not good for the one who pays.

How long does it take to transfer Ethereum from one wallet to another?

The transfer time from one wallet to another depends on the type of wallet and the number of confirmations your transaction requires. ETH coins are sent faster from a hot wallet as they are already on the net. Under a normal network load, the ETH transaction time ranges from 16 seconds (so much time needed for one confirmation) to 5 minutes (if more confirmations are required).

Transferring Ether from a cold wallet will take a little longer, as it involves dealing with additional security measures.

It should be noted that the cost of gas that you are ready to pay also affects the Ethereum transaction speed. Offering a higher price will speed up the process and transfer your ETH faster.

How long does it take to transfer Ethereum from a wallet to an exchange?

Transferring Ethereum from a wallet to an exchange is a more complicated process than inter-wallet transfer. Reputable exchanges, in order to protect themselves from unauthorized transactions, require a large number of confirmations. Coinbase, for example, requires 30 confirmations for each transaction, which means it will take 10 minutes or so to transfer Ether from your wallet to this exchange.

If you then want to sell your ETH for fiat, it will take even more time. Depending on which exchange platform you use, the transaction completion time can vary from a few seconds to several business days.

Exchange services such as Godex.io inform their users before sending coins about possible delays associated with the need for more confirmations.

Conclusion

To sum it up, Ethereum transactions tend to be pretty fast; however, when compared with transactions utilizing conventional payment systems such as Visa and Mastercard, there is still room for growth. In fact, no one can guarantee the ETH transaction time, since it depends on several variable factors. 

Each Ethereum transaction requires a certain number of confirmations, which ensures the security of the network. Accordingly, the more confirmations, the longer the transaction will take. However, one confirmation on the Ethereum network takes only about 16 seconds, which means that the average Ethereum transaction time is just a few minutes.

The situation is different for users who want to exchange their Ethereum for fiat currency. In this case, the waiting time can be several business days before the fiat money is credited to the bank account.

FAQ

How to speed up ethereum transaction time?

To speed up the transfer process, use an Ethereum online wallet for your transactions. 

Also, don’t skimp on miner rewards, the higher the gas price you pay, the sooner your transaction will be processed.

Choose exchange platforms that require fewer confirmations per transaction. However, keep in mind that in this case, the transaction speed may be offset by your transfer security.

What does transaction time in Ethereum depend on?

Time for Ethereum transactions in general depends on where ETH is sent, and how many other transfers are being made at that time on the network. The longer the queue of users who want to somehow manage their assets on the Ethereum network, the longer the waiting time.

It also depends on which wallet the coins are sent from: cold or hot.

What is the block time of Ethereum?

Ethereum average block time is between 14 and 16 seconds.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.