How Long Does It Take to Receive Bitcoin on Koinal?
There are several platforms for buying cryptocurrencies. No matter which platform is used, executing a Bitcoin transaction is a process that requires a certain amount of extraction time. A Bitcoin transaction must be inserted into a block with several Bitcoin transactions waiting to be processed by the minors to be validated and executed. Processing, therefore, requires a delay that varies from platform to platform. This delay is an important feature for users to choose the platform at their convenience. What is the processing time offered by Koinal? Why might the processing time increase? Can a transaction that has already been initiated be cancelled? These are the questions we’ll be exploring in this article.
How Long Does It Take to Receive Bitcoins on Koinal?
While elsewhere, extraction times can range up to a week, at Koinal, the processing of your Bitcoin transaction begins as soon as you make payment for it. On our platform, we use technology that generates a high priority speed for transaction processing. This allows users to receive their Bitcoins within approximately 5 to 20 minutes. However, the Bitcoin network can sometimes be congested and cause a delay in the extraction process. In this case, users are strongly advised to wait for the process to finish. But you can transparently check the status of the transaction via the blockchain.
Why Can the Extraction Time of A Bitcoin Transaction Increase?
There is a difference between the validation time and the extraction time of a Bitcoin transaction. The network validates a transaction in a few seconds after you make a payment. Therefore appears in the blockchain browsers. Then it is processed and confirmed by the minors before it is retrieved. It is at this point that the process can take some time. When the number of transactions on the Bitcoin network is large, it increases the work of the minors. Thus, your transaction is queued before being processed. Koinal uses the fastest way possible for all transactions.
Can I cancel a Bitcoin transaction waiting to be processed?
Let us be straightforward with this. Unfortunately, it is not possible to cancel an approved transaction that is in the queue at the Bitcoin blockchain.
Did you know that?
The very essence of the original Bitcoin project is to provide a system with irreversible transactions. Even if you make a mistake in your recipient’s address, for example, once the network approves the transaction, it becomes irreversible. Therefore, it is crucial to check your wallet address and the amount of your transaction several times. Otherwise, you risk sending your Bitcoins to incorrect addresses and losing them.
In sum, it is easy to realize that Koinal, with speed it offers in processing Bitcoin transactions, leverages the Blockchain technology to fully utilize its advantages and provide our clients with a smooth cryptocurrency purchasing experience.