Last week I moved some BTC from my Poloniex account to a Jaxx account on my ipad in order that I could turn it into cash at my local exchange in Ubud, Bali. It took around an hour for the BTC to arrive in the Jaxx account and the transaction was just a few minutes when I was in the exchange shop.
This morning I merrily did a similar transaction from Poloniex to Jaxx with the intention of grabbing some cash for today.
As I write this it has been six hours since I made the transaction and it is still awaiting approval as you can see below.
Needless to say, my family and I were somewhat disappointed at not having any cash today.
So, looking into the matter further I checked to see the average confirmation time of Bitcoin on a blockchain info chart:
https://blockchain.info/charts/avg-confirmation-time?timespan=30days
And as you can see in the main image at the top, the average confirmation time when I made the transaction was 262 minutes.
Which seems to me to be rather a long time. Especially when you consider that Steem transfers are INSTANT!
Bitcoin is rising steadily at the moment (currently at $1,282) and this delay will only mean that I will see more Indonesian Rupiah for my BTC when I do the exchange tomorrow.
But it is good to be aware of the time it can potentially take to make this transaction.
Lesson learned!
Blessings to you all.
