What is the minimum transaction time?

DrG

legendary

Activity: 2086

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Quote from: BunsenBurner on July 03, 2014, 05:38:47 AM

Quote from: DrG on July 03, 2014, 05:33:44 AM

The average is supposed to be 10 minuted. If the network is growing rapidly or has positive luck then blocks will be found quicker (as is the case for the last 1.5 years). Difficulty adjust every 2016 blocks to make it so blocks are found closer to 10 min apart.

That is the average time between each block.
But you won't expect to create transaction everytime right after a block is found, right? Cheesy

Considering the number of transactions going through the network there would be about 2.37s on average between when a new block is found and the next transaction is relayed. This varies quite a bit though based on Bitcoin price and external events.

cHoCo

member

Activity: 70

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hmm as everyone said that the block average time is 10 minutes maybe i have the lucky addy or lucky wallet its very fast :d when i send a transaction it confirms less then two minutes my first long transaction confirmation time was 2 hours Cheesy

bet on luckyb.it Cheesy

BunsenBurner

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Activity: 653

Merit: 500

Quote from: DrG on July 03, 2014, 05:33:44 AM

The average is supposed to be 10 minuted. If the network is growing rapidly or has positive luck then blocks will be found quicker (as is the case for the last 1.5 years). Difficulty adjust every 2016 blocks to make it so blocks are found closer to 10 min apart.

That is the average time between each block.
But you won't expect to create transaction everytime right after a block is found, right? Cheesy

DrG

legendary

Activity: 2086

Merit: 1035

The average is supposed to be 10 minuted. If the network is growing rapidly or has positive luck then blocks will be found quicker (as is the case for the last 1.5 years). Difficulty adjust every 2016 blocks to make it so blocks are found closer to 10 min apart.

BunsenBurner

hero member

Activity: 653

Merit: 500

You can find the average tx confrimation time on blockchain.info (https://blockchain.info/charts/avg-confirmation-time).
As shown in the graph, it is about 6 to 9 minutes generally speaking.

FizWeb

newbie

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Merit: 0

It takes 10 minutes on average, but sometimes it takes 5 minutes only.

I'm comfortable with it.

TrailingComet

sr. member

Activity: 462

Merit: 250

If you choose not to add tx fees to incent miners to include your transaction in a block, confirmation can take a very long time

zimmah

legendary

Activity: 1106

Merit: 1005

It depends, a transaction itself is normally instantly sent (which means the nodes on the network recognize it as a transaction and spread the word)

But some services require X number if confirmations (between 1 and 6 normally), while a single confirmation takes about 10 minutes on average (it could be much less or much more)

CEG5952

hero member

Activity: 658

Merit: 500

Buy and sell bitcoins,

Quote from: Newbiemon on July 02, 2014, 06:12:47 PM

I'm just curious on how long the transactions are done? Huh

Transactions themselves are more or less instant. Confirmations, however, take ~10 minutes on average, and sometimes a single confirmation can take hours (rarely).

Newbiemon

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Activity: 60

Merit: 10

★☆★Bitin.io★☆★

I'm just curious on how long the transactions are done? Huh

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