When you send ETH to a different wallet, you need to wait sometime until the transaction is completed. Why does it happen so and what does it influence the transaction speed? Let us check in detail.
Ethereum Is One of the Major Cryptocurrencies
You might already know what Ethereum is. Yep, it is one of the major cryptocurrencies. You might know it rather for its blockchain than for its coin. So, the Ethereum blockchain allows developers and users to create their Dapps, Smart Contracts, and DeFi. It is expected that in the future, Ethereum will upgrade its network and with it, the project will grow in popularity.
Block Confirmation and Why Does a Transaction Take Time?
When you send ETH from one wallet to another, the transaction shall be first confirmed. Only after that, the recipient receives the coins. Transactions are confirmed by miners. Also, to be confirmed, a swap or a transfer shall comply with specific requirements.
Requirements Are Needed
Why are those requirements? And how many block confirmations Ethereum has to make to confirm your transaction?
The swap information will be recorded on the ETH blockchain. Such data cannot be changed or cancelled. So, the network has to make sure the transfer is legitimate. Only if the swap is acknowledged as legit it will be registered.
How Much Time Does a Confirmation Take?
A transaction usually has to get a specific number of confirmations to be accepted as legit, valid, and be registered on the blockchain. The number of conformations depends on the project.
For Ethereum, it depends on the sum you are sending. The higher the sum is, the more confirmations will be required. Ethereum doesn’t determine the minimum of confirmations needed to accept a specific transaction. Well, while the whitepaper determines this number as 7, in reality, miners check around 250 blocks to be on the safe side. While 7 conformations take around 2 minutes, 250 would take around one hour. The biggest exchanges though consider 50 confirmations safe. So, by swapping your coins, you don’t have to wait so long.
Buy Ethereum Safely
When you are deciding whether is XRP a good investment or looking for a reliable platform to purchase your coins, you might need some guidance. So, if you are looking for an opportunity to day trade, a traditional platform that offers a wallet is convenient.
However, if you prefer security above all, you might want to opt for an instant cryptocurrency exchange where you don’t need to register an account and provide financial or personal information. An instant exchange will also look for the best deal across multiple exchanges, so you can save a lot of time. Along with this benefit, you can count on limitless transactions, complete anonymity, and non-custodial service. So, an instant exchange might be a good option if privacy and security are your focus.
Now, there is no issue buying Ethereum or any other even the rarest coin. Just choose the right option, check the conditions, and request your swap.