- How Long Does a Bitcoin Transaction Take? On the Bitcoin network, the average confirmation time for a BTC payment is about 10 minutes. However, transaction times can.
- Hi just answering the question how long do your bank transfers take normally,I have one come in from a bank in England every month to my Bank here in the USA now normally the bank post it the same day or by the end of the next day,BUT!! This month Jan 2018 my transfer took 9 days to be posted to my account,and that makes me wonder did they hold.
If you are new to the cryptocurrency space, you might have discovered that “Know Your Customer (KYC)” procedures are such a big deal. Thanks to stricter regulations, it is now almost impossible to use most centralized exchanges without completing your KYC.
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While some exchanges may allow customers to enjoy some basic features without KYC, others require some form of identity verification before you can deposit or even trade. In the case of Binance, the world’s largest crypto exchange, users can enjoy withdrawals of up to 2 BTC daily without any verification. All you need in this case is an email address.
An unverified account is perfect for casual investors who are not looking to control large amounts of cryptocurrencies.
In this article, I am going to cover everything from why verifying your account is important to how to complete Binance verification, how long it takes, setting up 2FA to protect your account, and what to do if your verification fails.
Without further ado, let’s dive right in…
Why is Binance Verification Important?
The anonymous nature of cryptocurrencies has made them a honeypot for the transfer of illegal funds. To keep tabs on who is sending what and for what purpose, most governments now require exchanges to verify the identity of their customers.
A clear case study in this regard is the stiffer KYC stance of France towards crypto transactions. 29 people were arrested in the country in September 2020 in connection with using cryptocurrencies to fund Islamist extremists.
Well, unless you have something to hide, basic level verification shouldn’t be a problem. Besides, Binance’s withdrawal cap of 2 BTC should be enough for most average traders and investors.
Some of the benefits that come with a verified Binance account include an increased withdrawal limit of up to 100 BTC of crypto daily, increased deposit and withdrawal limits for certain fiat channels, and the ability to trade fiat currencies.
How Long Does Binance Verification Take?
Completing your Binance verification is actually quite easy. But on the question of how long it takes to get verified on the exchange, there is no one-answer-fits-all response. The verification time varies depending on how chocked up support staff is. Although it is possible to get approval in a few minutes, it is also possible that you could wait up to a week. But hey, you can still trade and withdraw up to 2 BTC without verifying your account.
Binance Verification Time
You have a 15-minute window to complete the entire identity verification process on Binance. It includes filling in your basic info and completing the photo verification. During the verification process, ensure you do not refresh your browser.
The second thing to note is that if your verification fails the first time, you can try again 9 extra times within 24 hours. That is 10 trials per day. Peradventure your application to verify your identity is denied up to 10 times within 24 hours, you will have to wait for another 24 hours before you can try again.
Taken literally, identity verification is more beneficial to Binance than to you the customer. The only benefit you get to enjoy is the increased withdrawal limit. Binance, on the other hand, stays protected and will be able to report any money laundering incidents to the authorities.
Two-factor authentication, aka 2FA, is a secondary layer of protection on your Binance account. Beyond your email address and password, you can set up 2FA by enabling SMS authentication or Google authentication. It is also worth stating that you cannot verify your identity on the exchange without first enabling 2FA.
So, I’ll quickly run through how to setup 2FA for your Binance account before showing you how to verify your identity.
Binance Google Authenticator
To activate the Binance Google authenticator, follow the simple steps below.
- Open your Binance account and click on “Security” from the icon dropdown menu.
- Locate the 2FA section on the security page and click “On” to begin the authentication process.
- Download the Google Authenticator app to your PC or mobile phone. Alternatively, install the authenticator as a Chrome extension if you are using Chrome browser.
- Copy and paste the key provided by Binance or simply scan the QR code with your mobile phone. This key is very important so ensure you keep it safe.
- Backup your key by writing it down on a piece of paper. Ensure that you store it in a secure location.
- The last step is to activate your Binance Google Authenticator and then click on “Submit”
Check out our ultimate beginner’s guide to find out more on how to create and secure your Binance account.
Binance Google Authenticator for a New Phone
For emphasis, the steps above are the same even if you purchase a new phone or device. If you’ve never activated 2FA on your Binance account, refer to the section above. However, if you have and somehow lost your old device all you need to do is to install Google Authenticator on your new phone and then insert the key you backed up when enabling your 2FA. Things can however get really messy if you’ve lost your 2FA. Your only option, in this case, is to contact Binance Customer Support.
Binance Email Change
Life happens and you may lose access to your email or your current email becomes compromised. If you want to change your Binance email address, follow the steps below.
- Open your Binance account, click Security from the profile dropdown menu
- Locate the Email verification section and then click on “Reset”
- Read all the reminders and click the “Next” button to begin the process
- If you can still access your old email, click on “Get Code.” A 6-digit verification code will be sent to your email. Enter the code on Binance and click on “Submit.”
- Next, you will be prompted to input your new email address and password.
- Another verification code will be sent to your new email. Enter the 6-digit code and click on submit. Your new information will be reviewed and you will be notified once approved.
On the flip side, if you do not have access to your old email. Select “Security verification unavailable?” in step 4 above. You will have to use either your SMS or Google authentication to complete the process.
Binance Phone Number
In addition to being able to create a Binance account using your email address, the exchange allows you to create an account with your mobile number. The steps are relatively the same. To make your account even secure, you can decide to integrate SMS authentication on the same number. This way, whenever you need to log in or make a withdrawal, a 6-digit code will be sent to you via SMS. More on this in our ultimate Binance beginner guide.
Binance SMS not Working
Even after setting up SMS authentication, there are a number of reasons why it may not work. This can be really frustrating if you are in the middle of an important transaction. Some primary culprits include poor network signal or a nearby firewall or call blocker app. You can try moving to a new position, restarting your mobile phone, or simply opt for voice verification.
If the steps above do not solve the problem, then consider contacting Customer Support.
How to Complete Your Binance Verification
To complete your Binance identity verification, visit the open your Binance account (if you don’t already have an account click here to create one). Click on the profile icon on the dashboard and navigate to “Identification.”
Upon clicking on “Identification,” you will be redirected to a page where you can verify your identity.
You will notice that Binance has two levels of verifications – personal details and address verification. Providing your data increases your withdrawal limit to 100 BTC daily. Follow the steps below to complete your Binance Verification
- Click on “Verify” from the personal detail section
2. Select your nationality from the dropdown menu and click on “Start”
Depending on your selected nationality, you will be given a list of the information you will be required to provide. It is important to ensure that all the details provided are consistent with your ID documents. Once confirmed, changing it is impossible.
3. Fill in the required details such as “First name”, “Last name”, and “Residential address” on the next page and then click on “Submit & Continue.”
4. On the next page, select your document type. It could be an ID card, a passport, or your driver’s license.
5. You will be required to take a photo or upload images of the front and back pages of the document.
6. Next, you have to upload or take a portrait photo
7. Once your photo is uploaded, you have to proceed to complete your facial verification. Click “Begin Verification’ to continue the process on your PC. Otherwise, if your phone’s camera is better, hover to the “Use mobile phone” section and get your QR code. Open the Binance app on your mobile phone and scan the QR code to wrap up the facial verification.
Binance identity verification happens almost instantaneously. However, there are times you may need to wait for a while. You will receive an email notifying you of the status of your application whether it was approved or not. And this brings me to my next point.
Binance Address Verification Failed
As I already pointed out above, address verification is the next level of verification on Binance. According to the exchange, address verification will “further increase deposit limits for some fiat channels.”
To verify your address, click on the “Verify” button in the address verification section. Fill in the necessary details such as your country, address, and postal code, and then submit. Depending on your country of origin, you may be required to submit extra documents such as a utility bill, bank statement, or a government-issued proof of address.
So, what happens if your Binance verification fails?
Here is a list of some common markers to keep in mind when verifying your identity on Binance.
- You have a 15-minute window.
- Do not refresh your browser while verifying your identity.
- Binance only accepts photos in JPEG and PNG formats
- Your photos must be clear with all information clearly displayed.
- Avoid editing the photos that your send.
- Your face must be completely visible.
- Your ID or documents must be valid.
- In the case of address verification, your ID must match your address.
Have these in mind and your Binance identity verification should be like a walk in the park.
Waiting for a bitcoin transaction to complete the first time can be a little stressful, often there can be a little doubt as to whether you sent bitcoin to the wrong address or whether you used a high enough transaction fee for your bitcoin transaction to complete in a reasonable time frame. A lot of these types of concerns though tend to fade with time as you get a few transactions completed and get a handle on the average time it takes.
Read on to better understand a few of the variables involved to find some answers to common questions regarding bitcoin transactions and just how long does it take. If you've been asking yourself questions like how long for bitcoin to transfer or find yourself wondering how bitcoin transactions work, read on to find out what affects the amount of time a bitcoin transaction takes, and what affects how long you have to wait when you send or are waiting to receive bitcoin.
How Long Do Bitcoin Transfers Take?
While a common question about bitcoin, it is not one that has a straightforward answer as for the time it takes. However, that's not to say this lack of a static answer is a bad thing. As there is flexibility on the bitcoin transaction fees you choose to pay for a transaction on the bitcoin blockchain, this is one of the significant reasons that the speed of bitcoin transactions varies as much as it does. The secondary factor to take into consideration is how busy the network is at any particular time, and this is also of significant relevance as to how fast a bitcoin confirmation time is for you during each specific bitcoin transaction.
How Many Transactions Per Second Can Bitcoin Handle?
One of the popular claims you see made by projects claiming to be the 'next bitcoin' is a high transactions per second count (TPS), the reason for this is the amount of bitcoin transactions that can be handled on-chain is actually somewhat limited.
On average bitcoin can handle 7 transactions per second, unlike many projects however, the security and strength of the bitcoin network has proven itself over many years, one of the many reasons it is still extremely popular. While Visa is claimed to be able to handle around 65,000 transactions per second, it lacks the immutability of the bitcoin blockchain. There is a range of approaches being considered for the bitcoin network itself and layer two solutions like the lightning network that hope to improve this speed and increase the amount of transactions that can be processed by bitcoin.
How to Transfer Bitcoin Fast:
- Use online tools to check the average network fee to help get into the next block
- Ensure your bitcoin transaction fees are at least in line with the average
- Double-check the addresses to make sure your bitcoins arrive where you intend
- Use a wallet that allows for variable or dynamic transaction fees
Bitcoin Transactions Unconfirmed
If you are sending bitcoin for the first time, you may be a little confused when you first see this message in a bitcoin block explorer or bitcoin wallet. Having an unconfirmed transaction merely means that your bitcoin transaction is yet to be included in a block on the network, on average it will take around 10 minutes for transactions to be included in a block if the fee is reasonable. Still, it can take quite a lot longer if the miner fee is unreasonable or the bitcoin network is congested and result in your BTC transaction unconfirmed for longer than necessary.While this can be inconvenient, at times, in some cases a bitcoin unconfirmed transaction can actually be quite helpful in the case of a mistake.
While not an ideal thing for a bitcoin beginner to try and do, using the replace by fee protocol you can try and include a new transaction with higher priority in a block first, which can then help void a transaction with some form of issue. Even though replace by fee can be a useful feature, it is also an example of why it is important to wait for at least a couple of confirmations before 'accepting' you have received bitcoin during any form of transaction or exchange.
You should never consider unconfirmed transactions as completed transactions until they get confirmed a number of times you feel comfortable with based on your situation. The larger the amount of bitcoin involved the more important it can be to take note of confirmations and wait until unconfirmed transactions have gathered a few confirmations with the help of bitcoin miners. For more important bitcoin transactions six confirmations may be a good number to wait for until you have fully confirmed receipt of funds.
What Happens if I Send Bitcoin with a Low Fee?
If you send a bitcoin transaction with a fee that is too low, it will likely end up sitting in the bitcoin mempool for an extended period; this is a 'place' on the bitcoin network where transactions that are yet to make it into blocks (and usually have lower fees) wait until they are picked up. If a fee is far too small, it is likely that the transaction will eventually be dropped from the network.
After awhile most clients on the network will start to drop transactions where the fee is far too low. This behavior allows you to attempt to send another transaction again, this time ideally using a higher fee or waiting for a quiet period in network activity where there is less competition. When things are a little calmer, lower fee transactions can get into a block successfully with a lower average time to wait, helping you get your transactions onto the blockchain and ingrained in the history of bitcoin.
How Long Does it Take to Transfer Bitcoin in Between Wallets?
You may be wondering how long it takes to send bitcoin to an exchange or send bitcoin to another wallet, but the reality is where the bitcoin is going doesn't matter all that much. While there are some variables to consider here such as the type of addresses used, things like SegWit, at the end of the day the fee used and the overall network activity at any given time will play the biggest part in how long it takes to get your transaction into a block and onto the blockchain. When moving funds between wallets if you are in no hurry and own both wallets, you may opt to use a fee that is a little on the lower side, however, ensure that the fee isn't too small or your bitcoin transaction may go unconfirmed and not make it into a block at all. If you are sending bitcoin to someone else, or to a service provider of some kind you will likely want to ensure you use a reasonable fee to avoid keeping the receiver waiting, or make you wait longer for whatever goods and services you are buying with bitcoin.
How Long Does Each Block Take?
Learning about bitcoin transfers will often result in a lot of mention of blocks, and how each block takes 10 minutes. However, you may have noticed that this is not exactly true, so how long does it take? The average block time is expected to be around 10 minutes per block, but this is just an average or expected block time and could take anywhere from a matter of seconds to several times the average. Just like confirmation time can vary, so can block time to some degree. However, every time the next block starts the average time is still expected to be around ten minutes.
If you are sitting around and waiting for a confirmation that a bitcoin transaction has reached your wallet, you may find it interesting to learn more about the various dynamics involved in bitcoin. Many things like block times and the adjustment of difficulty all play a part in you being able to take advantage of the security and flexibility of using bitcoin. At times of congestion on the bitcoin network, block times have reached around 13 minutes, which while this may not seem like a massive increase in time, it is significant to the bitcoin blockchain and shows quite a lot of strain on the network and when this occurs usually results in more expensive transactions.
Would Having More Bitcoin Miners Increase Speed?
You may assume that the reason bitcoin transactions can take a little while is a lack of miners on the network. While a sudden drop in hashrate will affect the speed at which transactions can be processed, the number of miners has less value when it comes to speed over time.
As the number of miners on the bitcoin network increases or decreases this is counteracted by the difficulty adjustment mechanism built into the bitcoin protocols. As hash power increased (generally a sign more miners have joined the network) difficulty to solve blocks is increased at each difficulty adjustment. Bitcoin's difficulty is changed every 2016 blocks (which is around two weeks), as the network has grown usually changes in hashpower are relatively subtle meaning this seemingly lengthy time is quite sufficient.
How Many Transactions Per Block?
How Long Does It Take For Bitcoin To Transfer
Over time the number of average bitcoin transactions included in each block has increased overall. However, over the last few years when averaged out the most common range has been somewhere in the neighborhood of 2200 and 1600 transactions per block. Over time the total number of transactions on the bitcoin blockchain has exceeded an astonishing 580 million! Block sizes also fluctuate, often in the range of 800kB (kilobyte) and 1.2MB (megabyte). With the continued sucess of the bitcoin network these impressive statistics should continue, especially the number of transactions recorded on the blockchain.
How Long Does A Bitcoin Transaction Take
While learning about blockchain technology is an exciting topic, it can be even more appealing to get involved. You can be on your way to transferring your own BTC on the blockchain in no time thanks to our large variety of traders, and a vast range of payment methods.
If you were reading this while waiting for your unconfirmed bitcoin transaction to complete, it might be worth checking back in to see how it is going. If you still see your BTC unconfirmed transaction status, you probably still have some time to check out LocalCoinSwapand find more ways to buy and sell cryptocurrency.