Transferring Bitcoin Vs Speed
I always remember my first Bitcoin transaction.
It was for around $700 – so not an insignificant amount.
I carefully copied and pasted my Exodus Bitcoin wallet address into the “send Bitcoin” box on Coinbase, clicked send and got down on two knees, and prayed to the crypto gods.
Perhaps slightly dramatic given the millions of perfectly safe and successful Bitcoin transactions that had gone before it.
But it was completely foreign and brand new to me!
In my mind, anything could happen, and knowing my luck, it probably would.
However, within around forty-five minutes, to my astonishment, I got a notification in my Exodus wallet to confirm my Bitcoin had been received.
Yes, it worked, but why did it take so long?
Forty-five minutes seemed like a lifetime to have to wait, especially given this was supposed to be the tech poised to replace the banking industry’s archaic methods of money transfer.
Things have improved since then, especially since the introduction of the lightning network.
However, not all exchanges currently support the lightning network, and unfortunately Coinbase does not.
This means Bitcoin transactions are still fairly slow when transferring from Coinbase to other exchanges like Binance.
But just how slow?
To find this out, we did some research to see what people commonly experienced.
How Long it Takes to Transfer Bitcoin from Coinbase to Binance: The Results
Our methodology was fairly simple.
We surveyed 48 people on a popular crypto forum to find out how long it takes to transfer Bitcoin from Coinbase to Binance.
After we received the responses, we compiled them into the below brackets.
These results are not the definitive answer as there are several variables such as how busy the network is and the size of the transaction that can affect transfer speed.
But this should give you an idea of what other people have typically experienced when making the transfer between these two exchanges.
|5||10 – 20 minutes|
|29||21 minutes – 45 minutes|
|10||46 minutes to 90 minutes|
|2||91 minutes to 3 hours|
|2||3 hours plus|
So there you have the results.
As you can see, the most common transaction time was around 21 – 45 minutes for the people we surveyed.
Around 10 people experienced longer times of 46 – 90 minutes and a handful of unlucky users experienced times of up to 3 hours plus.
Only a small minority experienced speedier transfer times of around 10 – 20 minutes.
Obviously, our sample size was only 48 people, so you can only take so much from these results.
However, the results should give you peace of mind if you click send in Coinbase 30 minutes ago and your Bitcoin is still not showing in Binance.
I know the panic such delays can induce, especially if it’s a large transaction or you’re new to the crypto space.
Hopefully, this analysis will calm your nerves.
Based on our results, you should typically expect your transfer of Bitcoin from Coinbase to Binance to take around 20 – 45 minutes.
This is still fairly slow in our view but unfortunately, that is one of the main drawbacks of Bitcoin as it stands, especially if the transaction is completed outside of the lightning network.
If speed is a must, then we recommend using Ethereum instead if you are just looking to purchase other coins on Binance.
Ethereum is a much faster network than Bitcoin and is a sensible choice if patience isn’t one of your virtues.