Why are crypto transactions not instant?

At Blockrise, each client has their own wallet. This means that when you want to make a transaction, crypto is transferred directly on the blockchain. This on-chain trading process is why crypto transactions are not instantaneous. Here are the main reasons why your crypto transactions may take about thirty to sixty minutes.

Blockchain Confirmation Time

Most cryptocurrencies use blockchain technology, which requires network confirmation for transactions. Miners or validators verify each transaction and add it to a block on the blockchain. This process takes time, depending on the network's speed and the specific blockchain used.

Block times—the time needed to generate a new block of transactions—vary across different blockchains. Bitcoin, for instance, has a block time of about 10 minutes, so a transaction may take at least that long to confirm. Ethereum generally has faster block times, but it's still not instantaneous.

Network Congestion

When many users attempt transactions simultaneously, the network can become overloaded. This congestion creates delays as transactions queue up in the mempool, waiting for confirmation.

Security Considerations

To ensure a transaction's security and irreversibility, multiple block confirmations are typically necessary. This is why processing and finalizing a transaction can take up to an hour or more.

Take a look at this article, for more details on how Bitcoin transactions work.