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Average Bitcoin transaction confirmation time 2017-2019

Average confirmation time of Bitcoin transactions from June 2017 to June 2018 (in minutes)

by M. Szmigiera, last edited Aug 9, 2019
Average Bitcoin transaction confirmation time 2017-2019 The average confirmation time for a Bitcoin transaction was 9.47 minutes in June 2019. This is slightly down from the past few months. The effect of the longer transaction time may not be an issue for cryptocurrency speculators, but it may make Bitcoin an unattractive medium of exchange.
What is a virtual currency?

Virtual currencies, also known as cryptocurrencies, are internet-based assets that can perform the basic functions of a currency. Many people like the fact that they have no centralized regulating authority, using cryptography to ensure security. However, a small percentage of people currently own Bitcoin, which reduces their impact in commerce.

Reasons for fluctuations

While not often used for purchases, investors have flocked towards Bitcoin and other virtual currencies for investment. Fluctuations in price could lead to changes in investor activity, which would have correlating changes in transaction times. Given Bitcoin’s security algorithm, which depends on a distributed ledger, an increase in the number of Bitcoins in circulation could also lead to longer transaction times.
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Average confirmation time of Bitcoin transactions from June 2017 to June 2018 (in minutes)

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