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ETHEREUM AVERAGE TRANSACTION CONFIRMATION TIME

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Say, if you want to transfer ETH from your wallet to Coinbase to sell it, the transaction speed will depend on how many confirmations Coinbase requires the transaction to complete. Coinbase requires 30 confirmations. This means transferring Ether tokens from a wallet to Coinbase should take around 10 mins.

The next step is to sell your Eth on Coinbase for fiat. You can then withdraw the cash to your bank account. This Eth transfer time will depend on the exchange platform you are using, some exchange platforms will allow you to make an instant withdrawal, whereas some will take business days to send the money. Are There Any Fees?

There are fees with Eth transfers. Each transfer requires what is known as gas, pay a small amount of Ether to make a transaction. Gas fees help keep the Ethereum network safe and secure. Transaction fees prevent spam on the network and increase the speed of legitimate transactions.

These factors can be divided in two categories — internal and external factors. The block size of Ethereum is far from uniform and can vary on network usage. Ethereum developers limited the gas limit of an average block to 15 million gas, which is a bit less than 1 MB. Based on data the Ethereum blockchain explorer collected, the block size in the first quarter of averaged 90 KB.

Block time: The average block time for Ethereum ranges between 12 and 14 seconds. Block time represents how much time it takes for a new set of transactions to be added to the blockchain. Gas price: Every transaction within the Ethereum network is paid in ETH and accompanied by a gas fee.

The gas fee is composed of the priority fee, also called tips, and the base fee, the minimum amount to include a transaction. However, tips are optional and by adding them you are making sure that the transaction is completed faster. External Factors That Influence Transaction Times Destination Address: Another factor that has a significant impact on the transaction time is Ethereum wallet addresses.

While some are linked to exchange-based wallets, others are linked to personal ones. Exchanges on Ethereum are most likely going to require the highest confirmation requirements, ensuring the accuracy of transactions. Is Ethereum 2.

Ethereum 2. Once Ethereum 2. Conclusion Even though the time required to send ETH is far from consistent, it is still much faster compared to other networks such as Bitcoin. Priority gas fees, network confessions, adaptive block sizes and confirmations are factors that play an important role in the overall transaction speed. This is why the transaction time for end-users can vary a lot.

All in all, the fastest transactions are wallet-to-wallet transactions and they usually take up to 15 minutes. However, wallet-to-exchange transactions can often take up to half an hour. Keep in mind that during high network congestion, the transaction times could easily go beyond 30 minutes.

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