Post
Topic
Board Bitcoin Discussion
Re: Bitcoin transaction confirmed within 20 minutes
by
avikz
on 22/05/2017, 22:52:52 UTC
OK with all the posts about transactions fees and transaction holds etc .. thought I'd post my experience ..

I have just transferred 2 Bitcoin from my Kraken trading account to my blockchain wallet ... cost of transaction: 0.0005 bitcoin so actual coins received in wallet 1.9995 ... 4 confirmations received within 20 minutes (19 minutes to be exact)

Personally I was expecting maybe a day for the transaction to be completed lol (especially with all the scary posts on the forum) so 20 minutes was pleasantly surprising.

I don't know how you got lucky, but recently I have transferred around 150 USD from my blockchain account to localbitcoins account as I needed some urgent fund. The transaction fees was dynamic and I actually paid around 5 USD fees for transacting that amount. Since it is a very minor portion of my bitcoin holdings, I didn't feel bad. Also the transaction was confirmed withing 25 minutes.

However, if I had transferred a big amount, then the transaction fees would have been much bigger in value. This system needs improvement and adoption of better technology. Otherwise, many people like me will start investing in ETH along with bitcoin.