FixedFloat | Exchange Ethereum to Bitcoin
EXCHANGE ETHEREUM TO BITCOIN
What do you need to know?
- The average time of the exchange of ETH to BTC — from 1 to 2 minutes
- Only 4 confirmations of the Ethereum blockchain are needed to complete the exchange
- Please do not use smart contracts to send Ethereum. Such transactions are not processed automatically
- The speed of confirmation of a Bitcoin transaction depends on the level of congestion of the Bitcoin blockchain network, read more in our article
Ethereum — the most innovative blockchain
Ethereum is a new blockchain that, in addition to sending cryptocurrencies, allows you to run and run smart contracts. With their help, you can create a variety of decentralized applications, including their own currencies (tokens). In addition to contracts, a big advantage among other blockchains is considered to be a fairly high speed of transactions.
When will the transaction enter the blockchain?
Blocks in the Ethereum blockchain are created approximately every 13 seconds.
- With a high сommission, the transaction will be able to get into the next block.
- With an average сommission-the approximate processing time of the transaction is 3 minutes.
- When paying below the average сommission hit rate will depend only on the load on the network and increase or decrease the load. Some Explorer (e.g. etherscan.io) give information about the expected processing time of a transaction, but you must understand that this value is not accurate and can change depending on the situation.
The system does not see the transaction, what to do?
Make sure that the transaction was not sent through a contract, otherwise, contact technical support to solve the problem, you may have to wait a while in order to make a refund or exchange.
If the transaction has already been added to the blockchain, and the system has not seen it, please contact our support, we will be able to help you quickly.
When will Bitcoin be credited to your wallet?
We send Bitcoin immediately after the exchange is completed, but the time before the first confirmation depends on several parameters:
- Commissions. In our exchanger miner fee is set so that the transaction was one of the first.
- Frequency of occurrence of blocks. Blocks in the Bitcoin network appear on average every 10 minutes, but it happens that a new block does not appear for an hour or more. In this case, the Commission may lose its relevance and the transaction may go a little longer than planned.
How to estimate the confirmation time of the transaction?
There are several ways to estimate the time of confirmation of the transaction, but you need to understand that it is impossible to calculate it accurately since many factors affect the passage of your transaction, you can read more in our article.
- The easiest way to find out when the first confirmation of the network is to go in the service of collecting statistics from BitcoinFees Earn.com there you can see when your transaction gets into a block, depending on the fee which you sent it.
- You can also use the Explorer Blockchair.com where you can see the priority of the transaction. The first number is what place in the queue is a transaction, the second how many transactions are pending (e.g. priority 1676/9495). Each block includes approximately 2500 transactions, we see that our transaction is in 1676 place in the queue, and therefore must pass in the next block.
It is important to note that to increase the number of confirmations, a new block must appear, blocks in bitcoin can go from 1 to 75 minutes. The average time of Bitcoin block appearance is 10 minutes.
You can read more in our article about the confirmation time in the Bitcoin network.
When can I spend the funds received?
- If you request funds for a personal Bitcoin wallet, you can dispose of them immediately after one confirmation of the network.
- If funds are sent to an exchange or other services where there is a need for multiple confirmations, then you will need to wait until the transaction receives the required number of confirmations.
How does the number of confirmations in the Bitcoin network increase?
After the first confirmation, they will only grow with newly mined blocks. If there is no next block for a long time, then the number of confirmations up to this point will remain unchanged.