Bitcoin is a modern cryptocurrency that can be used to pay for goods and services, as well as to conclude transactions. Transactions are carried out using Blockchain technology, that is, all information about transactions between cryptocurrency holders is entered into a common digital register created by many computers around the world. For security purposes, each transaction performed requires a special confirmation.
There are no instant transfers in the blockchain system, so you need to be patient. Verification of the performed operation begins immediately after the funds are debited from the user's electronic keeper. This process has several stages:
- Transaction information is enclosed in special blocks with unique data (number and hash).
- The blocks are sent to various computers that perform calculations according to a special algorithm.
- When the same calculation results are obtained by all computers, the blocks are enclosed in a common chain, which is the blockchain.
- The amount sent is displayed in the recipient's keeper.
For the transfer to be successful, six blocks are required to be verified, and in case of failure, the crypto money is returned to the sender. The speed of verification is influenced by many different factors, including the size of the amount sent, the location of the participants in the transaction, the overall complexity of the calculations.
Users are practically unable to speed up the confirmation of the transaction, but they can follow some recommendations, due to which they will have to wait much less. First of all, it is necessary that both parties use the latest version of the keeper with the support of the automatic transfer confirmation function.
You can also conduct a transaction through one of the special sites for the exchange of cryptocurrency: in this case, the sender will have to tell the recipient a unique code, which he must enter in a special field, which will provide both persons with all the necessary information about the transaction. In addition, before making each transfer, you should observe how stable the cryptocurrency rate is at the moment, and refrain from operations in the event of its sharp jumps.
It is a well-known fact that transfers of large amounts are completed faster than transfers of small ones. This is due to the fact that the owners of computers performing calculations and performing the formation of blocks (miners) receive a commission from each transfer. Thus, the commission for large amounts is higher, which determines the priority of performing the necessary work.
So, translation verification can last from several hours to several days. Blockchain technology is quite reliable, so most often transactions are completed successfully, and the expected amount is received by the recipient. Holders of cryptocurrencies should think in advance about the possibility of increasing the size of the commission, using keepers with a multi-signature function, or preparing transactions in reserve. For example, you can keep separate addresses with cryptocurrency close at hand and, if necessary, transfer the key from them to the right person.
