Bitcoin transactions – what is it
We want to tell you about what happens in the Bitcoin blockchain after you transfer BTC coins to another user. Is it possible to track how to cancel and what the transaction speed in the network depends on.
Bitcoin is a decentralized payment system that was created as an alternative to the usual methods of sending money. Inside this system has its own currency – BTC. Each coin transfer within this system is called a transaction. All transfers within the network are recorded in a chain of blocks (blockchain), after the operation is completed, it cannot be undone or edited.
Having a transaction link, you can view the history of past transactions and check the status of the current one. The transfer is considered completed after the transaction receives 6 confirmations. Miners approve, push or confirm all transactions in the Bitcoin network. They are rewarded for their work.
How long to wait for Bitcoin transaction confirmation
The transaction confirmation time directly depends on the workload of the bitcoin network.The transaction processing speed is in the range from 20 to 60 minutes. It is worth noting that right now the peak number of btc transfers is happening on the network.
As mentioned above, network congestion affects the speed of a transaction, but it can be accelerated with a few simple “tricks”. If you want to make a faster transfer, try increasing the reward to the miners. Thus, your transaction will be higher in the queue for approval.
Recommended fee is from 0,0002 BTC. The speed of the transaction is also affected by the size of the amount transferred. The higher it is, the faster it will be processed. For faster translation, you can use the Coinbase resource. Each operation sent through it is processed inside this platform, and not inside the entire network.
The higher the load on the network, the longer the sending takes. But in any case, immediately after the transfer, you can send the link of your transaction to the sender and he will make sure that the transaction has been completed. How to do this, we will discuss below. A record number of unconfirmed transactions was recorded at the end of 2017, when the value of bitcoin was striving for its new heights, and investors wanted to get BTC coins.
Checking Bitcoin Transactions
To check the transfer of bitcoin, you need to use a specialized resource. These include Blockchain wallet. Open its official website and insert the transaction hash in the line located in the upper right corner of the screen.
- The size;
- Time of receipt, etc.
As well as the total number of withdrawals from the wallet, the size of the commission and the bitcoin script.
Thus, you can find and track any Bitcoin transaction that was carried out from a specific BTC address. Recall that all inputs and outputs of coins in the Bitcoin network are compiled into lists and written into blocks from which they cannot be deleted or changed.
Recommended fees for bitcoin transactions
One of the main advantages of decentralized payment systems, such as Bitcoin, is the payment of low fees for the transfer. For example, a bank transaction costs the sender 0.5-1%. At first glance, it might seem that this is not a very large amount, but if we are talking about sending millions of dollars, then the amount of commission becomes impressive.
There is no fixed fee for a transaction on the Bitcoin network, so the user can set the size of the reward for miners himself. It is important to understand that at the moment the crypto-transfer industry is in a nascent state, so the encouragement of miners is welcome.
Despite this, the fees for bitcoin transfers are much lower than in banks or on the card. If you still need to send a quick transfer, and the network is in an overloaded state, then you can increase the commission. In the table below, we indicated the amount of commission and how it affects the speed of payment processing.
Following these volumes, you can count on transaction confirmation within 10 minutes. But remember that if the network is not overloaded, you can use standard sizes.
Anonymous Bitcoin Transaction
In the first years after its creation, Bitcoin was most often used as a payment instrument for the purchase of illegal goods. The attackers believed that their translations could not be tracked, but they were mistaken.
All their transactions were visible and controlled by law enforcement. This made the industry grow. After a while, cryptocurrencies appeared on the market that offered complete anonymity.
The Bitcoin network also has the ability to make confidential transactions. They can be made using a specialized service called Bitcoin Mixer. The principle of operation of this resource is to split the transfer amount and mix them together.