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I recently sent a small amount of btc from the exchange to my other bitcoin wallet and it hasn't shown up yet, can anyone give me info regarding delays and how long such a transfer can take?
Time it takes to Transfer btc from exchange to another wallet?
Answers
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Transactions are sent instantly, but may not be confirmed for a long time, depending on the fee you paid. See this answer for more info on confirmations and fees: Why is my transaction not getting confirmed and what can I do about it?
"depending on the fee you paid" he sent funds >from< an exchange. very few exchanges allows the user to set the network-fee for their withdrawals. – anion – 2017-12-27T06:13:53.103
@anion "depending on the fee that was paid" then, a little bit picky don't you think :) – MeshCollider – 2017-12-27T06:24:39.233
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BTC transactions require at least 6 confirmations. Since BTC block time = 10 mins, then you need to wait for at least 1 hour for Bitcoin transaction
(And also it is possible, that your transaction couldn't get to the nearest block because of a low tx fee. More tx fee => more chance to get in a block. And each block restricted in size by 1 MB, so it can have a limited number of transactions. It's actually a big scalability problem with btc.
So, if your tx doesn't get to the nearest block, then it waits in the pool for the next one and so on. Pool size depends on the mining node, as well expiration time. In most cases after 2-3 days staying in the pool tx become expired. And even if tx becomes expired, your BTC will just remain on your exchange, as if nothing happens. But usually, exchanges put on transactions quite a big fee, so this situation almost impossible)
Transactions do not require 6 confirmations, that is just a recommendation for security, but even 0-conf transactions are still valid transactions – MeshCollider – 2017-12-27T09:57:34.340
the transfer in the bitcoin network is one thing. exchanges are adding usually high network-fees for your withdrawal. but Some exchange services sometimes take a lot of time for start a withdrawal-transaction. – anion – 2017-12-27T06:11:13.747