Lightning cryptocurrency exchange
Monero works on the CryptoNote algorithm, unlike public blockchains (for example Bitcoin, Ethereum), when it is sent, neither the sender, nor the recipient, nor even the amount that was sent can be seen, thanks to Ring Signatures and invisible addresses (Stealth Addresses).
How to confirm the fact of sending funds in Monero blockchain?
Monero uses 2 types of “special” private keys: a private send key (used to send funds from your wallet) and a private viewing key that allows you to decrypt transaction and see the amount of funds sent.
Using this private viewing key, sender address, and Monero software, you can decrypt the transaction and confirm the sending.
You can read more about this in our article — How to prove Monero transaction?
Transaction processing speed
The average block release time is about two minutes. But sometimes delays do occur, and the block exit time can take 10-20 minutes.
Monero network fee
Transactions on the Monero network are very cheap, even at peak network times they are only a few cents.
When will Bitcoin be credited to your wallet?
We send Bitcoin immediately after the exchange is completed, but the time before the first confirmation depends on several parameters:
- Commissions. In our exchanger miner fee is set so that the transaction was one of the first.
- Frequency of occurrence of blocks. Blocks in the Bitcoin network appear on average every 10 minutes, but it happens that a new block does not appear for an hour or more. In this case, the Commission may lose its relevance and the transaction may go a little longer than planned.
How to estimate the confirmation time of the transaction?
There are several ways to estimate the time of confirmation of the transaction, but you need to understand that it is impossible to calculate it accurately since many factors affect the passage of your transaction, you can read more in our article.
The easiest way to find out when the first confirmation of the network is to go in the service of collecting statistics from BitcoinFees Earn.com there you can see when your transaction gets into a block, depending on the fee which you sent it.
You can also use the Explorer Blockchair.com where you can see the priority of the transaction. The first number is what place in the queue is a transaction, the second how many transactions are pending (e.g. priority 1676/9495). Each block includes approximately 2500 transactions, we see that our transaction is in 1676 place in the queue, and therefore must pass in the next block.
It is important to note that to increase the number of confirmations, a new block must appear, blocks in bitcoin can go from 1 to 75 minutes. The average time of Bitcoin block appearance is 10 minutes.
You can read more in our article about the confirmation time in the Bitcoin network.
When can I spend the funds received?
- If you request funds for a personal Bitcoin wallet, you can dispose of them immediately after one confirmation of the network.
- If funds are sent to an exchange or other services where there is a need for multiple confirmations, then you will need to wait until the transaction receives the required number of confirmations.
How does the number of confirmations in the Bitcoin network increase?
After the first confirmation, they will only grow with newly mined blocks. If there is no next block for a long time, then the number of confirmations up to this point will remain unchanged.
exchange in 3 easy steps
- Enter the desired amount of Monero and write your wallet address to receive currency.
- Click the “Exchange now” button and you will be taken inside your order.
- Send Monero to the address from your order, after the required network confirmation, Bitcoin will be sent instantly.