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Analysing processing times for crypto and traditional transactions


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Have you ever wondered how long it takes for an electronic transaction to go through? Interestingly, the answer depends on the payment method you use. Crypto and traditional transaction times can differ substantially. 

How long do traditional transactions take to process? 

Payment processing in the UK usually takes one to two days for debit and credit cards. Direct debits take three to five days.

For merchants, receipt of card payments can take even longer. Lengthening the time it takes for money to get into business bank accounts improves consumer security and reduces the risk of fraud. 

Sometimes card payments can take “several days” with a “pending” status showing on banking apps. Financial institutions may delay payments in these cases if their systems are overwhelmed or the transaction looks fraudulent. You can sometimes speed up payments by contacting the bank and getting them to approve them manually, but not always. 

Traditional international payments may take even longer. Banks can take one to five working days because of the need to settle accounts (and sometimes exchange currencies) with foreign entities. 

How long do crypto transactions take? 

By contrast, crypto transactions are usually quicker. Most take place between thirty minutes and two hours. However, some can take up to sixteen hours depending on network conditions. 

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The time it takes to complete a crypto transaction depends on how long it takes to add a new block to the immutable ledger. For well-managed blockchains, this process takes minutes. However, it can drag on if the processing capacity isn’t available or the network isn’t active. Bitcoin has a relatively fast transaction rate, but smaller cryptocurrencies may not.

Fortunately, international crypto transactions don’t come with a time penalty. That’s because processing doesn’t require international banks and intermediaries to agree on account settlement and harmonisation. 

Factors affecting crypto transaction speed

Network congestion is the primary factor affecting crypto transaction speed. The more transactions the network must process simultaneously, the longer it will take. You can pay for special services to speed up your transactions, but these add costs or use various accelerators. These provide temporary access to additional processing power, helping the crypto algorithm complete its cycle. 

Crypto currency type also improves transaction speed. Many new tokens have advanced validation methods that don’t rely on the same clumsy approach as Bitcoin. 

How to process crypto transactions at your business

Providing additional cryptocurrency payment options is convenient and speeds up transaction times. So, how can you accept them? Let’s take a look. 

Step 1: Choose a payment processor offering crypto

The first step is to choose a payment processor able to accept crypto. Numerous options exist, including PayPal, Coinbase and others. 

Step 2: Set up your account

The next step is to set up your account. Registering with payment services lets them know you want to use their app. 

See also  Understanding the Basics: What Is a Crypto Wallet?

Most services provide you with a widget or a piece of code to include on your website checkout page. These insert additional crypto-related payment options into your existing gateway, giving users more options. 

However, you can also get a crypto pay card reader for physical businesses. These enable safe on-the-spot transfer from cold storage or active customer crypto accounts. 

Step 3: Explain the process to your customer

Because crypto payments are so new, you may need to explain how they work to your customers. Transactions begin at checkout when the buyer opts to pay with cryptocurrency. 

To do this, they will require a crypto wallet containing cash and provide security details to confirm the cryptocurrency is theirs. Once they do, the payment processor will register the transaction and wait for the relevant blockchain ledger to update.

Step 4: Receive payment

The final step is to receive the payment in your business’s crypto wallet. 

Why are processing times faster for crypto payments than traditional transactions? 

Processing times for crypto payments are faster than traditional transactions because of decentralisation. No central authority (like a bank) has to verify or sign off payments (or adjust accounts). 

This comes from the fact that Bitcoin payment processing depends on “miners.” Server rooms crunch the numbers and check among all blockchain participants that the numbers match. Once that happens, the transaction gets recorded on the ledger. 

A process called “batching” can also speed up cryptocurrency payments. Instead of miners validating them one at a time, they put them through in bulk for additional time savings. 

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Overall, crypto transactions offer greater transparency and security. Furthermore, they may be faster when the option to pay using cryptocurrencies is available. Transactions may conclude in minutes, boosting your cash flow and improving security.

Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

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