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Bitcoin Withdrawal Delay: All You Need to Know

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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.

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. 

Confirmed Bitcoin withdrawal

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 is Bitcoin withdrawal delay?

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.

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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. 

Mempool size chart

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. 

Review transaction on blockchain explorer

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

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.

Bitcoin Withdrawal. swissmoney app

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.  
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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:

Jay Leonard

Bio:

Jay is a cryptocurrency expert who has utilised his extensive experience in the industry to provide commentary on the latest news and developments in the crypto space for four years. As an active investor and trader, Jay has a finger on the pulse of the crypto space, enabling him to offer unique insight and break down complex topics in a simple manner.

While beginning his career as a writer, Jay studied at Open University, achieving a degree in Business Management (Marketing), which gave him knowledge of the inner workings of business and enabled a further level of depth in the content he produces.

Jay’s work has appeared in many high-profile publications, including CryptoNews, Business2Community, HedgeWithCrypto, EconomyWatch, and Finance Illustrated.

Credentials:
Open University – Business Management (Marketing) – Graduated with Upper Second-Class Houners (2:1)

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Disclaimer

Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.
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