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How long does it take to send Ethereum in 2023?
While there are many ways to do so, it will also depend on many factors.
In this article, we will talk about the length of time it takes to get done with an Ethereum transaction.
Additionally, we will also provide you with various examples as well as the different factors that can affect the time that it takes for the transfer to get done.
How Long Does it Take to Send Ethereum from One Wallet to Another?
The transferring time taken from one wallet to another will depend on whether you are using an online wallet (hot wallet) or an offline wallet (cold wallet).
It is obvious that if your funds are already on the internet, you will avoid half the hassles and the transfer will be done comparatively quickly.
The time it can take for transferring the Ethereum will eventually depend on the number of confirmations as required by the transaction.
If you want to transfer the ETH coins from one online wallet to another, it should not take more than five minutes to get done with the entire method.
On the other hand, transferring Ether coins from an offline wallet can take a longer time; this happens because offline wallet transfers contain more security features for transferring the funds.
How Long Does it Take to Transfer Ethereum from Wallet to Exchange and Vice Versa?
It takes a longer time to get transfers done via exchanges than transferring to a wallet. The reason behind this delay is that exchange platforms have strict security features and ask for more confirmations to get done with the transaction process.
In turn, you will be protected from double-spending in the exchange.
What are Confirmations?
When you are transferring the coins from one wallet to another, the first thing you will have to do is provide a transaction for the blockchain designed for Ethereum.
The miners (or the validators) will add the transaction to the blockchain.
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Now, let us get back to the topic. If you want your Ether coins transacted into another wallet, you will have to complete a set of confirmations.
The wallet where you are transferring the coins will dictate the number of confirmation processes you will have to endure.
One confirmation indicates that your transaction is completed once it is added to the blockchain. This means as the blocks keep increasing, so will the number of further confirmations you will have to complete to get done with the transaction.
Additionally, the increasing number of confirmations will also increase the chances of getting your transaction done; you also need to know that the process will be irreversible.
These confirmations that you need to complete on the blockchain are very important since these processes are kept in place to verify data and information that will soon become permanent.
In the case of fraudulent transactions, they will be rejected by the blockchain. If there are no confirmations, then it means that there are no transactions taking place.
How Long Do Confirmations Take?
As mentioned above, the time taken for the transaction will depend on various factors.
However, in the case of Ethereum blockchain transactions, the confirmation should not take more than 15 seconds.
How Long Does it Take to Send Ethereum to My Bank Account?
As we have mentioned before, several factors will dictate the total amount of time it takes to transfer the Ether coins into your bank account. One of these factors is whether you plan on using an online or offline wallet.
Above, we stated that using the offline wallet transfer process takes a longer time to get transferred into your bank account because of the extra security and safety measures.
Let us take an example – consider that you want to transfer your Ether coins in your wallet to your Coinbase account for sale, the time taken for the transaction to get done successfully will be determined by the number of confirmations from Coinbase to complete the transaction.
Generally, there are 30 confirmations that you need to complete on Coinbase. This means that you will have to spend roughly ten minutes to transfer the ETH coins from your wallet to Coinbase.
Next, you can sell your Ethereum that has been transferred to your Coinbase account for fiat. Of course, the time taken for the transfer will depend on which exchange platform you are utilizing.
While there are some that allow you to withdraw immediately, there are others where you will have to wait for a few days (in most cases, 2-3 business days) to transfer the funds.
Are There Any Fees?
Yes, you will have to bear additional fees if you want to transfer the Ethereum coins.
Similar to most types of transactions today, you will have to pay a very small amount of ETH coins to successfully complete the transaction; this amount of ETH coins that you pay for a successful transfer is referred to as gas.
With the help of this additional fee, Ethereum is able to keep its network secure and safe from outside interference.
These fees that you have to pay during the transaction process will prevent spam from gaining access to the networks, thereby increasing the speed and efficiency of legit transactions.
To finish off this article, you need to know that all the transactions for ETH coins are very quick in normal circumstances.
But, the fact where you plan on sending the Ether coins will dictate the overall time it would take to get done with the transaction.
Overall, all the transactions that are related to Ethereum will require you to complete a predetermined number of confirmations you need to complete successfully so that the transaction can be done.
The transaction time will only increase if you need to complete more confirmations.
This is where the good news comes in – the overall time does not take more than 15 seconds; this means that you can get done with the transactions in less than a few minutes.
For people who are looking to sell their ETH coins for real cash to be transferred into their bank accounts, you should know that the overall process can take a bit more time.
Depending on the type of exchange platform you plan on using, the transfer period can take anywhere between a few minutes to at least five days.
To recap, how long does it take to send Ethereum? Usually, 15 seconds to 5 minutes.