Why Do Bitcoin Transactions Take So Long

Bitcoin revolutionized how we think about money, enabling peer-to-peer transactions without the need for banks or intermediaries. However, one of the most common complaints among users is how long Bitcoin transactions can take to confirm. At the best of times, a transaction can take 10 minutes, but sometimes you might wait over an hour. So, why does this happen? 

The Block Time Bottleneck 

Bitcoin’s blockchain is designed to create a new block every 10 minutes, give or take a minute. Each block contains a limited number of transactions, about 1MB worth, which equals ~1,000 to 2,500 individual transactions. This means only a fixed number of transactions can be processed at any given time. When the network is busy, transactions pile up in the mempool (a waiting area), and users must wait for theirs to be included in a future block.  

While wait times can be annoying, the relatively small number of transactions per block and the relatively long period between blocks is a crucial security function in Bitcoin’s Proof-of-Work consensus model. It’s important to note that since inception the Bitcoin network has never been compromised.   

The Litecoin Alternative 

The Litecoin blockchain settles transactions every ~2.5 minutes, which is four times faster than Bitcoin, but otherwise operates in a similar manner as Bitcoin. Since its launch in 2011, two years after Bitcoin, Litecoin has also never been compromised. You can purchase Litecoin from any CoinFlip ATM across the globe (other than in South Africa), and some machines allow you to sell Litecoin (look for “Buy/Sell” on the Locator Page).

Fees Matter 

Because space in each block is limited, miners prioritize transactions that offer higher fees. If you attach a low transaction fee, your transaction might be passed over for several blocks in favor of those with higher fees. This fee market dynamic is a core part of Bitcoin’s incentive structure but can lead to long wait times when demand spikes. You can see average fees on sites like this one.  

When you buy through CoinFlip, the miner’s transaction fee is written into the price that the machine shows on screen before you finish your purchase. We’re constantly monitoring market dynamics to make sure our customers receive their Bitcoin in a reasonable time frame, but extreme circumstances can get in the way, as discussed in the next section. 

Nearly all cryptocurrencies charge gas fees, but many coins and tokens offered by CoinFlip have lower gas fees than Bitcoin, depending on the activity on their respective blockchains, of course. 

Network Congestion 

During periods of high activity Bitcoin’s network can become congested. The somewhat recent Bitcoin halving is a good example, because the new fee structure it ushered in pushed some inefficient miners out of the market while causing a demand spike amongst investors who saw the event as a bull run omen.  

The more people trying to transact at once, the longer the queues grow, and the slower confirmations become, especially for those unwilling to pay premium fees. You can see how congested the network is on one of the many sites available to visualize blockchain activity, like this one or this one.  

Security Through Confirmation 

Confirmations are a function of the Proof-of-Work consensus protocol that governs the Bitcoin network. Each confirmation (i.e., each new block added after yours) increases the security of your transaction. There are thousands of Bitcoin validators, and each one can confirm or reject your transaction based on whether they think it’s legitimate.  While a single confirmation may be enough for small transfers, larger transactions often wait for 3 to 6 confirmations before joining the blockchain. 

How You Can Speed Up Bitcoin Transactions 

We’ve written a step-by-step guide describing how to make your experience at the ATM as seamless as possible. Check it out here! 

But the TL;DR is that before heading to the machine you should prepare a crypto wallet, such as the CoinFlip Wallet, and get pre-registered. It's always a good idea to streamline the things that are in your control so that the things outside your control - like blockchain congestion - are less irritating. 

The Bottom Line 

Bitcoin’s slow transaction times are a trade-off for decentralization and security. Unlike centralized payment processors, Bitcoin relies on a distributed network of miners and nodes to validate transactions — ensuring censorship resistance and transparency but at the cost of speed. Still, the slow pace is a small price to pay for the freedom and security that Bitcoin offers. And don’t forget that traditional wire transfers can take up to five days, which would only happen to a Bitcoin transaction if it had a 0% fee transaction during a period of extreme congestion.  

But remember, there are other cryptocurrencies available through CoinFlip with excellent security and transparency that process faster than Bitcoin. Ethereum is a reasonable option, as is Stellar and XRP – where available. Even Doge has a good track record for security, transparency and fast transactions. Should you go with one of these options and decide you want Bitcoin instead, you can perform a low-fee swap through CoinFlip Preferred.