How long will it take for on-chain congestion to arrive? What factors affect the speed of Bitcoin transfers?

php editor Youzi will answer your question about the impact of on-chain congestion on Bitcoin transfer speed. Bitcoin transfer speed is affected by many factors, including current network congestion, mining fee settings, block size, etc. In times of on-chain congestion, transfers may have to wait longer for confirmation. It is recommended to adjust the mining fee appropriately according to the actual situation to increase the transfer speed. At the same time, choosing a high-quality mining pool can also speed up transfer confirmation. Due to different congestion conditions on the chain, the arrival time will also vary, please be patient.

How long does it take for on-chain congestion to arrive?

Usually, transactions in the blockchain network need to wait for miners to confirm, and this process usually only takes about ten minutes. The current size of each Bitcoin block is 1MB, which can carry thousands of transactions. When network transaction volume is small, the wait time for miner confirmation may be as little as 10 minutes before it is confirmed in the next block.

If there are many people currently making transfers, it may take a while for the transaction to be completed, because miners will choose which transactions to process based on the level of handling fees. If your transaction has lower fees, it may take longer to be confirmed. Once the payment is completed, the transaction information will be broadcast through the Bitcoin network.

Every 10 minutes, miners will package unaccounted transactions in the Bitcoin network into a block, which completes a confirmation. At this time, the Bitcoin has been transferred to the other party's account. It usually takes 6 confirmations to ensure that the transaction record cannot be tampered with by anyone before the transfer is truly completed. But if there is congestion on the chain, everyone will need to queue up. What everyone should note is that when the blockchain is congested, the transfer time will slow down and transfer failures will occur, but the transfer fee will remain unchanged.

What are the factors that affect the speed of Bitcoin transfers?

1. Severe market fluctuations cause network congestion

2. Transaction congestion and transaction fee setting

First of all, when initiating an on-chain transaction, you need to pay a The specific amount of the transaction fee can be set by yourself if you use the wallet to send it, and there is no limit. The setting of the transfer fee determines the probability that your transaction will be included in the block first by the mining pool. The higher the currency transfer transaction fee you set, the shorter the waiting time for currency transfer.

Most wallets and exchange platforms have a default reference fee. When there is no congestion on the chain, there is usually no problem, and currency withdrawals are basically completed in about 10-20 minutes. But when the number of transactions on the chain increases sharply, your default handling fee has no advantage. Unless you increase your transfer fee, the time it takes for the transfer to arrive will be greatly increased.

3. Principles and advantages of transaction acceleration

In addition to increasing handling fees, the most direct method is to directly submit transaction acceleration requirements to the mining pool. The mining pool is responsible for most of the blocks. Packaging work, because it has huge computing power and a high probability of producing a block, the mining pool can directly pull your transaction out of the transaction pool and put it in the queue of the next block packaging transaction, thus achieving accelerated process. If the mining pool or other joint mining pools mine a block, the transaction will be packaged and uploaded to the chain immediately, thus realizing a fast service.

The content above is the editor’s simple science on how long it will take for the congestion on the chain to arrive. While the growing popularity of blockchain and smart contract platforms has been good for the crypto industry, it has also led to certain problems. Most notably, demand for decentralized applications (dApps) and decentralized finance (DeFi) is at a critical stage where supply exceeds supply. Therefore, simple economic analysis of supply and demand curves leads to a skewed equilibrium. In turn, the disruption between supply and demand creates the congestion we see in smart contract networks. Since Ethereum is the largest smart contract platform, it is probably the most well-known network to experience network congestion issues.

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