[key_takeaways]
- Bitcoin withdrawal delays typically occur due to network congestion, platform issues, or a transaction being allocated low fees.
- Most Bitcoin withdrawals are confirmed within 30 minutes to 2-4 hours, so if yours takes longer, it could be delayed.
[/key_takeaways]
Understanding how Bitcoin withdrawal delays work can be challenging, as many factors contribute. Network and platform activity can significantly affect withdrawal delays, making them difficult to predict.
However, this guide discusses the ins and outs of Bitcoin withdrawal delays, highlighting common causes and solutions. Let's get started.
What is Bitcoin withdrawal delay?
A Bitcoin withdrawal delay refers to cryptocurrency withdrawals taking significantly longer than usual to process. Delays can occur for several reasons, including network congestion, issues with a platform, and incorrect withdrawal details.
- Based on the platform and asset, withdrawals usually take around 30 minutes to 2 hours.
- You can speed up some transactions stuck in pending by sending another transaction with higher fees.
- If your delay is substantially longer than usual, you should contact support.
What are some common reasons for Bitcoin withdrawal delays?
There are several reasons why a Bitcoin withdrawal could be delayed. Determining why a transaction remains unconfirmed can be challenging, but we've broken down some of the most common causes.
Network congestion
If the Bitcoin network is particularly busy, transactions, like withdrawals, can take substantially longer than usual.
Determining when the network is congested can be challenging, but you can view the mempool size to get an idea.
Incorrect details
Another common reason a Bitcoin (BTC) transaction is delayed is that you entered the withdrawal details incorrectly. Ensure you use the correct network and input the right address; otherwise, you could lose your transfer forever.
Bitcoin network fees
If you're attempting to withdraw Bitcoin from a non-custodial crypto wallet like MetaMask, broadcasting the transaction with low fees is a common reason for delays. Validators prioritize transactions based on fees, so those with low fees might not get picked up.
Eliminate Bitcoin withdrawal delays with swissmoney
swissmoney is an innovative all-in-one financial services provider that lets people swap crypto for fiat and supports instant withdrawals to a bank account or swissmoney's crypto debit card.
In contrast to popular exchanges, swissmoney is a FINMA-licensed platform offering the tools needed to manage your crypto and fiat on a single platform.
- Crypto debit card: If you want to swap Bitcoin for cash and withdraw it for spending, the swissmoney crypto debit card can be funded with assets stored on the platform. Moreover, it boasts no hard limits, making it excellent for large purchases.
- IBAN accounts: After swapping your crypto for fiat, store it in one of swissmoney's IBAN accounts, which support international payments and direct debits.
- Crypto wallet: swissmoney offers all users a free crypto wallet that can be used to store any of the platform's supported cryptocurrencies. As such, swissmoney users don't need an external crypto wallet.
How can I differentiate between a typical delay and a potential problem with my withdrawal?
Differentiating between a regular delay and an issue can be challenging due to the variables affecting a transaction. However, you can use the following tips to determine whether something is wrong:
- Waiting time: It's common for a transaction to remain pending for up to a few hours. However, an issue likely needs addressing if you've waited a significant amount of time (for example, 6+ hours).
- Transaction costs: If you've sent a transaction with relatively high fees and are experiencing delays, there's likely an issue.
- Broader issues: If you see negative news surrounding the platform you've used, such as an exchange suspending withdrawals, it's worth contacting support to see if there's a problem with a withdrawal.
How long does it usually take for a Bitcoin withdrawal to go through?
How long it takes to send Bitcoin can vary substantially. While it's quicker to withdraw cryptocurrencies like XRP, which boast fast confirmations, assets like Bitcoin typically have slower withdrawals.
Depending on the asset, platform, and congestion, a withdrawal can take anywhere from around 30 minutes to between 2 and 4 hours.
If your withdrawal is taking an unusual amount of time to be confirmed, it could be worth contacting the platform to see if there's an issue.
What should I do if my Bitcoin withdrawal is delayed?
If you've tried to transfer Bitcoin to another wallet via a withdrawal, knowing what to do is essential if the BTC transaction is stuck on pending. If a delay occurs, you should do the following:
- Transaction details: Note all the details surrounding your withdrawal, including time, amount, and any other data.
- Verify transaction: Once you have a transaction ID, you can check its status on a blockchain explorer like Btcscan.
- Contact support: If you have prolonged issues with your Bitcoin withdrawal, contact the platform's support immediately.
What steps can I take to track the transaction status of my Bitcoin withdrawals?
Most cryptocurrency exchanges will have a system that enables you to track the status of your Bitcoin withdrawals easily. Typically, a platform should show the withdrawal's status, network, reference ID, transaction ID, and target address.
Alternatively, you could use a blockchain explorer to monitor the status of a Bitcoin withdrawal. Find your transaction ID (TX), head to a blockchain explorer's website, input the TX code into the search bar, and the transaction's details will be shown.
Are there any security risks associated with a Bitcoin withdrawal delay?
Generally speaking, it's perfectly safe to perform a Bitcoin withdrawal. However, there are a few security risks that you should consider ahead of time.
Fake exchanges/wallets
Sometimes, a bad actor will create a fake version of a legitimate company to convince people to input sensitive data.
If you're using a platform that feels purposely slow or like you're being led in circles, you should check whether it's genuine by reviewing the URL and searching for customer reviews.
Platform issues
If a cryptocurrency exchange or service provider goes under, has technical problems, or is compromised, withdrawals are often turned off.
Unfortunately, many platforms fail to turn withdrawals back on, leaving customers out of pocket. If you're experiencing delays, you should check if your platform has issues.
Wallet security
If a withdrawal seems to have gone through, but the funds haven't arrived in your wallet, a criminal may have injected their wallet during the withdrawal process.
If your device has a virus, attackers can make it so you accidentally paste their wallet while withdrawing. As such, always check the wallet address is correct before confirming a withdrawal.
How can I avoid withdrawal delays in the future?
It's impossible to avoid delays entirely. However, for future transactions, you can take several measures that are effective in expediting pending transactions.
To speed up unconfirmed transactions, you can:
- Set custom fees: Instead of pre-set transaction fees, you should set custom fees based on current network costs. You can ensure your transaction is prioritized by checking fees ahead of time.
- Check congestion: Before withdrawing crypto to an external wallet, you should check network congestion to determine roughly when the network will confirm the withdrawal. You can time your transactions when congestion is low for reduced fees and faster transactions.
- Review Platform: Before depositing funds, check if your exchange has technical or regulatory issues to avoid delays.
Conclusion
Bitcoin withdrawal delays can be unpredictable. Many factors, like network congestion, the asset, or the platform, can impact the time for a withdrawal to move from pending to confirmed. Generally, withdrawals take 30 minutes to 2-4 hours.
Unfortunately, withdrawal delays are commonplace on exchanges like Binance, Bybit, or Kraken.
However, after extensive research, we found that the financial services platform swissmoney boasts fast onboarding and rarely, if ever, experiences delays as the platform is tailored to managing crypto and fiat.
FAQs
What are the typical processing times for Bitcoin withdrawals on different exchanges?
Processing times can vary based on the platform and current network congestion. Typically, withdrawals from popular exchanges like Binance or Bybit take 30 minutes to one hour.
However, processing pending transactions can take several hours or longer during busy periods.
Can a Bitcoin transaction take 24 hours?
A transaction on the Bitcoin network can take over 24 hours if it's sent with a fee lower than the current market rate. You should always check current rates before inputting your transaction fees.
Can I cancel a pending Bitcoin withdrawal?
Some centralized platforms have an in-built system for canceling withdrawals, while others require you to contact support. However, you cannot cancel the withdrawal if the platform has initiated an on-chain transfer.
How can I speed up a Bitcoin transaction?
If a Bitcoin transaction is stuck on pending, you can accelerate the transaction process by using the Replace by Fee (RBF) method.
You'll need an RBF-enabled wallet; otherwise, this method won't work. The idea is to replace your old transaction with a new one, boasting a much higher fee and causing it to be prioritized.
Can a Bitcoin transaction be unconfirmed forever?
Bitcoin transactions are confirmed when a miner picks it up and validates it. The order transactions are prioritized based on the fees the sender allocates. If you send a transaction with a significantly lower fee than the market rate, it could stay unconfirmed perpetually (but most often, it'll eventually get cleared).
What recourse do I have if my Bitcoin withdrawal is lost or stuck?
You will permanently lose the funds if your Bitcoin withdrawal is lost due to incorrect wallet address input. You could try contacting the wallet's owner, but it'll be nearly impossible. If a withdrawal is stuck, you can contact the platform for assistance or try to increase the transaction fee if you're using a non-custodial wallet.
Read more:
- Money Stuck In DeFi Wallet
- How to Withdraw Crypto to a Bank Account
- How to Withdraw Your Crypto Funds to a Debit Card
- How to Turn Bitcoin into Cash
- How to Exchange Fiat to Crypto
- Best Ways to Cash Out Ethereum
- How to Off-Ramp Crypto
- How to Cash Out Large Amounts of Bitcoin
- How to Cash Out Crypto from a Cold Wallet
- Why is Coinbase Holding My Funds?