Bitcoins

How Long Does It Take to Transfer Bitcoins Between Wallets – 2020 Guide

Trading Bitcoins can create nervousness and anxiety, but eventually, it leads to a happy outcome. It sometimes happens that it takes hours to receive BTC, and you got that feeling that something got stuck somewhere. Sometimes it takes only minutes, but either way, it begs the question – why are things like this? Most people who were in this situation ask the same question. This is why we have dedicated this article to this subject. Here you have the 2020 guide on how long does it take to transfer Bitcoins between wallets. Read carefully, and afterward, you’ll have a clearer image of the relation between BTC and wallets, and why it takes time to transfer funds. Many people dind’t understand this at first, but after going through this article with us, they learned a thing or two.

What is a Bitcoin Transaction?

Source:masterdc.com

As you already know, BTC is a digital currency – the oldest one, invented by Satoshi Nakamoto, back in 2009. This means it has no physical presence. So far, no person has held a Bitcoin in their hands, nor is there any collateral for its value. The only thing standing behind BTC is blockchain. In Bitcoins blockchain, you’ll find the entire history of all transactions and signatures since its inception. BTC is verified on this public ledger.

Once you get into possession of a Bitcoin, it would hold its entire history together with two keys – public and private. Bitcoin can be transacted by your private key that contains this purpose, while the public one is meant for others with whom you want to share your BTC. The public one holds all the info regarding the transaction, while the private one serves for verification and authorization.

Once you are prepared to make a transaction, you’ll receive a message that has three sections:

* Input – This is the code that contains the entire BTC history that comes with the public key. Thanks to this, you’ll know the origin of that coin.

* Amount – This section shows you the number of BTC contained in the transaction.

* Output – The address of the transaction is also tied to the public key, and it can be found in the output.

How Long Does It Take To Transfer BTC To A Wallet?

Source:bitcoinmarketjournal.com

Even the most uncomplicated BTC transaction can last an hour.  Yes, you heard it well, but things can get even worse. There are recorded cases when this lasted for twenty hours, and sometimes even for two days. Yes, this can happen, and we are not exaggerating. This can happen because there are many factors that influence the transactions of BTC. But, the two most important ones are the Bitcoins network and getting loaded onto it, and transaction fee, which is a standard for every BTC transaction.

Loading onto the network isn’t a quick process. It is influenced by the number of other transactions that happen on the BTC blockchain during the day. If there’s a high number of transactions, it will take more time to process them all. It all has to do with the limitations surrounding Bitcoin. The number of miners is limited, in addition to a limited number of transactions that can be tied to a 1MB block size of BTC.

Moving on, and we have that same 1MB block, which would prioritize the transactions based on the fee. The larger the payment, the faster the transaction. Furthermore, the miners also put their priority on the trade that carries the more oversized cost. So, in theory, your transaction could last for days if it has a small fee tied to it. In most instances, this is the sole reason why your Bitcoin transaction takes so much time.

The Actual Transaction Time of Bitcoin

Source:news.bitcoin.com

So, as you can see, the two things above block the speed of transactions regarding BTC. The actual time it takes to transfer BTC is close to ten minutes. This the same amount of time the miners need to mine one block of BTC. This time span is tied for your transaction when it is a part of the same block. But, if it is not part of that particular block, then you’ll find it in the BTC mempool. So, if your transaction is in the same block, the first confirmation of its successfulness will happen within the first ten minutes. In the next hour, you can expect the following five confirmation. When you receive the sixth confirmation, you can consider your transaction safe.

To avoid any panic when you transfer your BTC, it takes sixty minutes to get it over with. But, this is only the case when it is part of the first block. If it is not, it could take longer, so there’s no reason to worry too much. Before BTC became a global phenomenon, people waited for a full week for the transfer. There are many factors included, and you’ll need to arm yourself with patience. If your fee is good enough, and your transaction is tied to the first block, it can happen in less than sixty minutes, and this should make you happy.

When you take into account all transactions on the global level, the time they take is, on average, approximately twenty minutes. One way to shorten the time needed is to use the segwit enabled wallets. There are also many other solutions on the way, as people who deal with BTC consider this time for transactions as unacceptable.

Conclusion

Source:financemagnates.com

As you can see, trading Bitcoin is exciting and can bring you money, but what it lacks is the speed. From everything we have added above, you can tell that in a case you have many valuable BTC, everything would go smoothly. But in the case you do not have a vast fortune of this can you might have to wait for transactions to occur. All things written above are important to know if you are about to start trading BTC with https://bitcoin-up.live/ or any other similar outlet.

How to Research Bitcoins & Cryptocurrencies Properly

Many people still do not fully understand the concept of bitcoin and cryptocurrencies. Therefore, the purpose of this article is to help you get up to speed on proper research when it comes to this specific field.

Cryptocurrency users

A cryptocurrency user is a natural or legal person who uses coins: (i) to buy real or virtual goods or services (from specific merchants), (ii) to make electronic payments between the parties (P2P), or (iii) to store them for investment purposes (in a thoughtful way).

Miners

The other player is a “miner” who is involved in verifying transactions on the blockchain network by solving the “cryptographic puzzle.” The mining process refers to cryptocurrencies that are based on the PoW consensus mechanism (proof of operation).

Cryptocurrency exchange offices

Source:thecryptosight.com

The third group of crucial players consists of the so-called “cryptocurrency exchange offices.” Cryptocurrency exchange offices are persons or entities that provide cryptocurrency exchange services. It usually implies specific compensation (i.e., commission). They allow cryptocurrency users to sell their crypto coins for fiat currencies or buy crypto money fiat money.

Trading platforms

Trading platforms are market places that bring together the various cryptocurrency users they want to buy or sell coins. Those marketplaces provide users with a platform where they can trade directly with each other (like eBay for cryptocurrencies). Also, you can visit  ImmediateBitcoin to find out more regarding this subject and gather some valuable information.

Application Wallet (for storing crypto money)

Wallet providers are the entities that provide digital wallets or e-wallets

cryptocurrency to their users. Their purpose is to hold, store, and transfer coins.

Bitcoin

Source:coindesk.com

Bitcoin is conceived as a transparent, decentralized (peer-to-peer), electronic transaction system that relies not on trust but complex cryptographic algorithms. Unlike traditional methods, there is no central bank here that issues money or processes and stores transactions, nor is there a single owner of the Bitcoin network as a whole. How, then, a secure exchange is possible in a system like this?

Transactions

Let’s say Alice wants to send Bob 5BTC. Information about this transaction is automatically broadcasted to all online users, i.e., each user has an insight into their own and the purchases of all other Bitcoin users. That is another crucial difference in comparison with a centralized system. The first question that arises is, how do other users know that the information about the initiated transaction is valid? Each sale contains a digital signature of the user who started it. A digital signature is, without going into the details of the algorithm, generated from the combination of the transaction message itself and user private key. It is easy to conclude that the signature is different every time. Each user also has a public key that is in some mathematical relation with the private key.

A triplet (message, signature, public key) is used as the input of a particular mathematical function that determines whether a given combination is possible or not. This way, other nodes in the network can verify the validity of the transaction without private key information.

Bitcoin wallet

Cryptocurrencies are stored in digital wallets. A digital wallet is a software that contains a collection of owners’ private and public keys. One user can generate any number of Bitcoin addresses or private-public key pairs. The likelihood of generating the same Bitcoin address is negligible, so no checks are performed, which means that the whole process can be done without connecting to the network (offline), which is also the safest way. The user bitcoin balance is not explicitly saved in the form of final value. Still, instead, it is necessary to go through the whole series of all confirmed transactions (throughout the network) and add up amounts ​​of available bitcoins that refer to users’ public keys. Bitcoins are not being sent (in a strictly formal context); they are just changing ownership. By losing information about the private and public key, the users lose their reference to their bitcoins, and they remain irretrievably lost. Therefore, it is essential to make regular backups of your wallet, and it can be further encrypted for more reliable protection. Although the files that hold the crucial data are not large, Bitcoin wallet can take up considerable space, since constant synchronization with the network involves storing data on all transactions ever performed. An alternative to local is web-based wallets, which do not require keeping a local copy of the purchase, but, intuitively, the degree of security is much lower. Bitcoins can also be stored in physical forms such as coins and papers with QR codes, but these types of storage and distribution are poorly handled.

Source:threatpost.com

Chain blocks

We have already mentioned that transaction information is spread (copied) to every node in the network. As a large number of transactions are initiated at any given moment, they may arrive in a different order to the individual node, depending on the time of propagation through the network.

That opens up the possibility of various scams, and an adequate mode of synchronization requires the order of transactions between all nodes. The simple solution would be to pass on the information about the timing of the sale. However, the originator of the transaction can easily fake this information, and the collision in that solution is certainly still possible.

The bitcoin system stores transaction history in the so-called blockchain where each block contains a reference to the previous one, down to the first generated block of transactions. All transactions within one block are considered to have occurred at the same time.

When a group of unconfirmed transactions arrives at one node at a time, they will be placed in one new block, and the node will broadcast its proposal for the new block to the other nodes.

However, as the order of transactions varies from node to node, different nodes will have various suggestions for a new block at the same time – which block to choose as the official new block?

The solution to this problem is of fundamental importance for both Bitcoin and all other cryptocurrencies. Also, the basic idea behind the solution is that each block contains an answer to a specific cryptographic question. The content of a potentially new block, along with a randomly generated number, is hashed by the SHA-256 algorithm. The other nodes then collectively guess when a randomly generated number is trying to get a hash value that is below some target value. The node that has found such a number is declared as “the finder” of a new block. Besides, its proposal is added to the Bitcoin blockchain. This kind of randomization mechanism allows for a normal distribution of likelihood to find a new block. The Bitcoin network, on average, finds (solves) one block every 10 minutes.

Conclusion

Cryptocurrencies, as a relatively new concept, are still in the process of being fully understood and accepted by consumers, merchants, and financial institutions. Besides the controversy and skepticism that accompany cryptocurrencies, it is clear that their emergence and ability to survive marks the beginning of a new chapter in the digital and financial world.

 

Easy Ways To Exchange Bitcoins To PayPal

People who work deal with Bitcoins know that it is impossible to exchange Bitcoin cryptocurrency directly to PayPal money. However, after a lengthy investigation, we discovered that there are reliable exchange services, which can do such a conversion. For example, changevisor.com acts as an exchange service for intermediate converting your bitcoins to PayPal. It is only one example, among many others. We are going to see several exchangers for you to have freedom of choice.

Regularly, there are millions of money transactions, which are performed online. Nowadays, e-commerce is rising. It is one of the main reasons why more and more money transactions are online. If you start an online business, you have to figure out the most convenient and safe ways to make money transactions.

When we speak about PayPal, you should know that it is one of the most used digital wallets, which are used by people all around the world. The platform has more than 170 million accounts. A lot of freelancers, business owners, and crypto traders use PayPal.

Let’s admit that the cryptocurrency is the future evolution in terms of money. Nothing is surprising that cryptocurrency starts replacing old-fashioned credit and debit cards. Modern people are not afraid of performing cashless transactions anymore. Our world will become cashless in the nearest future, and we have to adapt our lives and way of thinking. Online operations are more efficient than dealing with coins or paper banknotes. People are used to using credit cards, and now it is time to get used to cryptocurrencies.

The problem of converting bitcoins to EUR/USD is obvious. Many people try to find a solution. Most cryptocurrency exchanges do not offer services to exchange bitcoins into USD/EUR and then just make a fiat withdrawal to a user’s PayPal account. However, the listed exchanges have finally found a way to solve this issue. We recommend you to make a choice carefully and always check the transaction fee because some exchanges have quite high fees.

How to Exchange Bitcoins Directly To PayPal: The List Of Exchanges

Changevisor

There are many advantages to using this service and many people will agree with this statement. If you have bitcoins or any other kind of cryptocurrency, the website offers you to check more than just a simple list of names/links of famous exchangers you can fully trust. You can observe the current bitcoins value in real-time. The information gets updated every five seconds. All the listed cryptocurrency exchangers are sorted by the exchange rates. Everyone can read real user feedback, as well as leave your own review. By using this website, you will maximize the number of dollars obtained via such operations. You do not risk becoming a victim of numerous frauds. You will see the listed exchangers, which have vast dollar reserves. You will do transactions of any required amount from anywhere in the world. Use the website to see the up-to-date value of the cryptocurrencies. select the best exchangers and perform transactions with satisfaction and a high level of security.

xCoins

xCoins offers clients an exciting way of transferring bitcoins to PayPal directly. You will be provided a bitcoin loan, which is 100% secure. Pay attention that it is a lending website, which provides additional services to purchasing/selling bitcoins to PayPal service. It works great, so you should not pay attention to the loan terminology. To use the service, make sure that you have a PayPal account. Otherwise, you will not be able to accept loan deposits. Many clients find this service quite efficient, but the fees are a bit high.

Local Bitcoins recommended option

It is a popular marketplace for selling bitcoins either for cash or various online payment services. The process of trading is smooth and happens between real users in online mode. The idea is to find a seller who is interested in exchanging bitcoins with PayPal. You can browse trade listings and discuss the terms of purchasing or selling cryptocurrencies. If you have a PayPal account, you will have to pay fees. You will like a reputation system, which helps users negotiate only with reliable individuals.

Paybis

Paybis is one of the oldest cryptocurrency exchanges, which was founded in 2014. You will be impressed to see a wide range of methods of purchasing, exchanging, or selling bitcoins or other popular cryptocurrencies. As a result, the website has a lot of positive feedback thanks to safe and high-quality services. You should be ready to pay around 10% of your bitcoin value, which is a bit high, but you risk-free service.

Coinbase

Source:masterthecrypto.com

This website offers users to sell bitcoins and have USD/EUR funds deposited directly into their PayPal wallets. To start the immediate withdrawal process, you have to link your PayPal account with Coinbase. You must visit Coinbase’s “Payment methods” page or simply tap “Settings” and “Payment Methods” if you use Android/iOS devices. Note that you will pay absolutely no fees for withdrawing funds to PayPal.

Numerous Forums

Try exchanging your bitcoins on forums. We can recommend you Bitcointalk marketplace, but you have to stay vigilant about dealing with traders there.

Conclusion

There is nothing challenging to exchange bitcoins to PayPal. However, you should be aware that PayPal may freeze your account if they discover that you do such bitcoin conversions on a regular basis. That is why there is no need to shout out loudly about your business. Also, be careful doing exchanging business on forums. You can avoid a lot of problems and risks by doing a little test first. We hope that you have a clearer understanding of the using, paying, and exchanging such a cryptocurrency as Bitcoin via PayPay. In case, our reader has something to add to this practical discussion. Please let us know. The community of crypto traders is growing, and we have to spread the information among average users. This is the way people learn, exchange knowledge, and open new perspectives for the future.

How To Keep Your Bitcoins Safe

Bitcoin is one of the widely used cryptocurrencies today in blockchain online trading. While traders know how to trade Bitcoins and generate profit, a relatively large number of them do not know how to keep these Bitcoins safe.

It is not notable to understand that just in the same pace Bitcoin online trade has surged ahead, so have hacking techniques by unethical hackers who are good at reaping from where they did not sow. These hackers have developed some of the most ingenuous methods to steal from the unsuspecting investors, most of whom are newbies and do not have much knowledge of the safety of their virtual coins. Sometimes, these online thieves can even reroute tokens meant for your wallet to their wallet as you as you see but unfortunately, there is very little you can do at that particular moment. It is, therefore important and necessary that you learn the basic ways in which you can always ensure safety for your Bitcoins.

Source:blog.cex.io

In this piece, we intend to provide you with information about how you can safely keep your Bitcoins without many tresses of the possibility of them being stolen by hackers and online thieves.

The Desktop Wallet Option

One of the best ways to keep your Bitcoins safe is Desktop Wallet. This wallet comes with a number of advantages compared to the online wallet. But first, even before we get there, Bitcoins are traded online but kept in the wallet in terms of tokens or coins. Online Wallet is convenient in terms of allowing access by the investor to his online wallet at anytime anywhere in the world. Well, this is very great. However, this online wallet is more vulnerable to hacking than is the Desktop Wallet.

A Desktop wallet is only accessed on your Personal Computer with your security details which are stored on that Computer. This alone limits the possibility of your security features being accessed online by unknown hackers seated somewhere remote. Though a better way to secure your Bitcoins it is, this method is also vulnerable and becomes very risky sometimes. The biggest threat to this method is computer virus or malware.

Remember, once your computer is infected, it becomes exposed to hackers from wherever they are and they read any security features and data stored on that computer. This is a huge drawback; however, this method is better than the online wallet. If you opt for this method, you should always ensure your computer is protected with high quality updated anti-virus.

Source:cryptomining-blog.com

The Hard Wallet Method

This method probably is better than both the Desktop and Online Wallet methods. It simply implies using the bits of hardware storage forms like the USB sticks to store your Bitcoins. The best thing with this method is that you can transact without revealing many details about yourself. And remember, as long as you do not reveal your details, it is hard to be tracked by hackers. They won’t obtain any meaningful information about you. With this method, there is no personal data that is linked to your hardware. Therefore, it becomes hard to be identified or any personal information getting leaked. It’s also worth understanding that the hardware wallet is not as susceptible to attack by malware, therefore, making it the best way to secure your Bitcoins. Should you lose your Bitcoins by any chance, you can always recover them through seed phrase (a set of words with every data needed to restore your Bitcoin wallet).

Paper Wallet Option

Source:coinsutra.com

The paper wallet also offers you a secure way to store your Bitcoins. However, this method requires a deep understanding of the digital currency and, therefore, may not be accessible for use by most investors who have little knowledge about cryptocurrency. The paper wallet can be generated either online or offline. However, offline generation is always better due to its fewer security risks. Just like the Hardware Wallet, the Paper Wallet offers anonymity when transacting Bitcoins and is, therefore, a safe method to keep your Bitcoins. Also, this method is preferable because it does not take up much space. In essence, Paper Wallet is just like some Bitcoin which has been stored on paper.

Therefore, if you can afford any of the above methods, then you will be a step ahead toward securing your Bitcoins. Remember, that some investors even prefer buying the physical coin which comes with a tamper-proof sticker on it, as a method to secure their Bitcoins. However, if I were asked to recommend a safer way, I would hesitate to advise you to keep your Bitcoins in a Hardware Wallet.

Blockchain – A Disruptive Technology that is Transforming Society

Before going into the details of how Blockchain is taking over critical functions of society and normal life, a look at what Blockchain is all about will be in order.

In very basic terms, Blockchain can be defined to be an add-only transaction ledger where new information and data can be added without the possibility of adjusting, modifying, changing or deleting existing data. This system is made possible by linking every new block of information to the existing chain through cryptography. Any change, therefore, made in any block will invalidate all data in subsequent blocks after it. The strength of this structure is the transparency it offers. All transactions recorded in the chain can be viewed publicly, and anyone can verify all contents of the Blockchain.

Source:influencive.com

Why Blockchain is often called a disruptive technology? It is because the technology has seeped into daily routines that not-so-long-ago seemed very natural. The Internet in its present form deals with intangibles. Some examples include receiving and sending emails, playing an active role in forums, listening to music or reading, distributing articles and so on.

But this modern Internet plays a key role in tangibles – assets and your valuables that you can see and touch and want to protect. These assets are stored on the Blockchain in an encoded form where every member of the chain can see whom you are doing business with. This aspect safeguards your business dealings from theft, reduces errors, quickens the transaction process and most critically, eliminates the need of a third-party to facilitate the transactions.

Here are some examples of Blockchain applications that are being incorporated into the fabric of modern society.

Source:everyinvestor.co.uk
  • Asset Management – Conventional trade processes in asset management are expensive and not without risks, especially in cross-border trade. Records maintained by brokers, third-party managers and custodians are error-prone and inefficient. The same documents when put in encrypted form simplifies the process, eliminates the intermediaries and are fully secured.
Source:alderbrookcapital.com
  • International transactions–Cross-border transactions are costly, time-taking, fraught with risks and open to money-laundering. Blockchain applications provide optimised solutions with remittance companies such as Abra, Bitspark and Align Commerce offering end-to-end Blockchain driven services. In 2004, Santander became the first bank to link Blockchain and their payments app through which customers could make international payments round the clock.

 

  • Claims processing in Insurance – Claims processing, in the present scenario is at best a cumbersome and thankless process. Insurers have to wade manually through fragmented data sources, fraudulent claims and abandoned policies with massive room for errors. On the Blockchain, the system is risk-free and transparent, and encryption enables insurers to capture the ownership of assets that are insured. There is, therefore, no ambiguity in claims processing.
  • Smart Contracts – In conventional contracts, an intermediary such as a lawyer or an insurance agent or a property dealer ensures that concerned parties are aware of and follow set terms and conditions. On the Blockchain, not only is the need for an enforcer of the contract eliminated, all ledger participants are aware of the contract details, and terms and these are automatically implemented. This aspect is possible because of a digital IFTTT (if-this-then-that) code embedded in smart contracts. Financial derivatives, property law, crowdfunding agreements, and insurance premiums are areas that have gained maximum mileage from smart contracts.

With Blockchain slowly coming into its own in the modern business environment, specialised agencies are providing Blockchain development services to industries wanting to make the most out of this next-gen technology.

Some of the services offered are –

Source:italytradeltd.com
  • Consultancy services – Blockchain being a comparatively new technology, it is preferable that you take the help of experts to streamline your business processes on this platform. Consultants help companies increase operational efficiencies in areas that are relevant. Entrepreneurs, designers and developers, consultants and educators will especially benefit from the consultancy services.

 

Source:openaccessgovernment.org
  • Cryptocurrency wallet development – Cryptocurrency such as Bitcoins are widely used today. But being a virtual currency, you will need the help of professionals to make a Bitcoin wallet. This wallet is a device, a site or an application where you can store Bitcoins and check the Bitcoin account. You can buy and sell Bitcoins from your wallet whose primary function is to store the secret key that allows access to the Bitcoin address. Bitcoin wallets are available in a range of options such as Desktop wallets, Internet wallets, mobile wallets, Bitcoin hardware wallet, and paper Bitcoin wallet.
  • Proof of concept development – Blockchain service providers ensure that an idea that you have visualised or want to implement is feasible without building a full prototype. They will help you know whether the completed system once incorporated will give the desired result. This is especially true in the area of software development and computer security where a POC can prove that systems are fully protected and cannot be compromised.

This is how Blockchain technology is transforming the face of society – for the better of course.

Author Bio

Blockchain Australia provides a wide range of Blockchain development services and applications that help our clients move on to this next-gen technology platform. With our expertise in this field, we make sure that slow, expensive and insecure data transfers give way to fully secured, fast and encrypted processes that increase operational efficiencies.