Information about transactions with Bitcoin
- Why do I have to wait 10 minutes?
- How much will the transaction fee be?
- What if I receive a Bitcoin when my computer is powered off?
Why do I have to wait 10 minutes?
Receiving a payment is virtually instant with Bitcoin. Still, the network begins to confirm your transaction by including it in a block and before you can spend the Bitcoins you receive there is a delay of around 10 minutes.
A confirmation means that there is a agreement on the network that the Bitcoins you received haven’t been sent to anyone else and are thought of your property. Once your transaction has been included in one block, it’ll continue to be buried beneath each block after it, which will exponentially consolidate this consensus and reduce the risk of a reversed transaction. every user is able to decide for himself at what point the transaction as confirmed, just to clarify for your understanding : 6 confirmations is by many considered to be as safe as waiting 6 months on a credit card transaction.