{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=EN&target_lang=PT-PT&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=Are+Bitcoin+transactions+instant%3F&text=Bitcoin+is+a+far+faster+means+of+exchange%2C+but+are+transactions+instant%3F+We+explore+how+long+it+takes+to+facilitate+one+Bitcoin+transaction%2C+and+what+might+cause+delays.&text=While+Bitcoin+and+other+transactions+have+been+%28accurately%29+punted+as+a+fast+and+reliable+means+of+exchange%2C+a+common+question+is+often+whether+Bitcoin+transactions+are+as+instant+as+%28or+faster+than%29+bank+transfers.%0A%0AThe+short+answer+to+this+question+is+no.+The+Bitcoin+network+is+capable+of+processing+a+finite+number+of+transactions+per+%27block%27%2C+which+network+participants+%28%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fwhat-is-bitcoin-mining%2F%22%3Ecalled+miners%3C%2Fa%3E%29+will+verify.+The+process+of+verifying+a+block+and+listing+transactions+on+the+Bitcoin+blockchain+can+take+as+long+as+ten+minutes.%0A%0AWhile+this+is+inherently+faster+than+the+length+of+time+a+cross-border+transfer+may+take+%28which+can+be+under+the+jurisdiction+of+numerous+authorities%2C+banks%2C+governments%2C+or+other+regulators%29+Bitcoin+transactions+can+be+slower+than+bank+transfers+or+conventional+payments+to+a+merchant+or+service+provider.%0A%3Ch3%3EWhy+do+Bitcoin+transactions+take+ten+minutes%3F%3C%2Fh3%3E%0AWhen+transacting+in+Bitcoin%2C+miners+receive+transaction+fees+as+profits+for+their+labor.+Typically%2C+a+transacting+party+may+stipulate+a+higher+fee+to+incentivize+miners+to+verify+their+transaction+ahead+of+all+others.%0A%0AIn+the+event+a+participant+wishes+to+cancel+a+transaction%2C+they+can+issue+a+request+to+the+Bitcoin+network+with+a+higher+transaction+fee+than+their+initial+exchange+-+ensuring+that+miners+are+incentivized+to+cancel+the+transaction+before+it+is+processed%2C+verified%2C+and+%27confirmed%27.%0A%0AIn+such+instances%2C+transacting+parties+may+wish+to+see+a+transferred+allocation+of+Bitcoin+%27confirmed%27+a+set+number+of+times.%0A%3Ch3%3EWhat+are+%27confirmations%27%3F%3C%2Fh3%3E%0ATo+exemplify%2C+let%27s+pretend+John+wishes+to+send+one+Bitcoin+to+Jane.+Once+John+has+issued+the+transaction%2C+the+transaction+itself+remains+%27unconfirmed%27.+Once+another+block+has+been+created+and+another+batch+of+transactions+verified+%28where+John%27s+transaction+is+listed%29%2C+the+transaction+is+said+to+be+confirmed+%27once%27.%0A%0AIn+a+somewhat+similar+fashion+to+a+team+of+human+auditors+verifying+transactions+or+the+exchange+of+funds%2C+new+%27confirmations%27+are+added+after+each+subsequent+block+is+added+to+the+Bitcoin+blockchain.%0A%0ATypically%2C+most+cryptocurrency+exchanges+require+three+confirmations+before+newly+received+funds+can+be+used+-+while+some+investors+may+even+require+as+much+as+60+confirmations+before+they+consider+a+transaction+adequately+%27confirmed%27.%0A%0AGiven+that+new+blocks+are+added+roughly+every+ten+minutes%2C+it+usually+takes+an+hour+to+accommodate+six+confirmations.%0A%0AMany+companies+handling+Bitcoin+wallets+or+accepting+Bitcoin+as+currency+will+require+more+than+one+confirmation+before+they+will+be+willing+to+accept+a+trade+as+concluded.+This+is+done+so+that+the+likelihood+of+a+payment+being+reversed+is+mitigated.%0A%3Ch3%3EHow+can+I+check+%27confirmations%27%3F%3C%2Fh3%3E%0AChecking+the+number+of+confirmations+on+a+transaction+is+simple.+Once+a+party+makes+a+transaction+in+Bitcoin%2C+they+are+provided+with+a+string+of+alphanumeric+characters+called+a+Transaction+ID.%0A%0AParties+can+examine+the+recorded+details+of+their+transactions+on+a+chain+analysis+tool+such+as+%3Ca+href%3D%22http%3A%2F%2Fwww.blockchain.info%22%3Eblockchain.info%3C%2Fa%3E.+When+doing+so%2C+the+number+of+confirmations+processed+by+the+Bitcoin+network+will+be+visible.%0A%3Ch3%3ECan+transactions+be+%27lost%27%2C+or+unconfirmed%3F%3C%2Fh3%3E%0AIn+some+cases+-+or+during+peak+congestion+on+the+Bitcoin+network+-+a+transaction+can+%27lag%27+and+may+not+be+processed+for+more+than+72+hours.+In+some+cases%2C+delays+make+take+even+longer+than+that.%0A%0AUsers+in+this+situation+have+the+option+of+issuing+a+request+to+cancel+the+transaction%2C+or+can+re-broadcast+the+same+transaction+to+incentivize+a+miner+to+process+the+exchange+more+quickly.%0A%3Ch3%3EWill+the+Bitcoin+network+get+faster%3F%3C%2Fh3%3E%0A%27Scaling%27+-+expanding+the+Bitcoin+network+to+handle+more+transactions%2C+and+the+requests+of+more+users+-+is+a+contentious+debate.%0A%0ASome+proponents+have+argued+that+Bitcoin+requires+a+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Flightning-network%2F%22%3E%22second+layer%22+solution%3C%2Fa%3E+%28that+is%2C+a+transactional+network+built+atop+the+Bitcoin+network%29+to+handle+smaller+%27microtransactional%27+payments+-+such+as+buying+a+cup+of+coffee+from+a+barista.+Through+doing+so%2C+Bitcoin+transactions+may+become+faster+as+less+stress+is+placed+upon+the+Bitcoin+blockchain.%0A%0AOther+parties+have+argued+that+Bitcoin+doesn%27t+require+a+second+layer%2C+and+that+instead+the+Bitcoin+network+needs+to+be+able+to+handle+more+transactions+per+second.+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fwill-bitcoin-or-bitcoin-cash-succeed%2F%22%3ESuch+parties+have+argued%3C%2Fa%3E+that+by+increasing+the+size+of+blocks%2C+more+transactions+can+be+accommodated+every+ten+minutes.","timeout":15}