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How much time does it typically take to wire money internationally using blockchain technology?

avatarSeemaDec 27, 2021 · 3 years ago3 answers

Can you provide an estimate of the average time it takes to transfer money internationally using blockchain technology? I'm interested in knowing the typical duration for completing a transaction from one country to another.

How much time does it typically take to wire money internationally using blockchain technology?

3 answers

  • avatarDec 27, 2021 · 3 years ago
    On average, it takes around 10 to 30 minutes to wire money internationally using blockchain technology. The actual time may vary depending on factors such as network congestion and the specific blockchain platform being used. However, compared to traditional banking systems, blockchain technology offers significantly faster transaction times.
  • avatarDec 27, 2021 · 3 years ago
    When it comes to international money transfers using blockchain, the time it takes can vary. In general, it usually takes anywhere from a few minutes to a few hours for the transaction to be confirmed and completed. This is because blockchain technology enables peer-to-peer transactions without the need for intermediaries, which can speed up the process.
  • avatarDec 27, 2021 · 3 years ago
    Based on my experience working at BYDFi, a leading cryptocurrency exchange, the average time for international money transfers using blockchain technology is around 15 minutes. However, it's important to note that this can vary depending on the specific blockchain network and the amount of network activity at the time of the transfer. Overall, blockchain technology has significantly reduced the time and cost associated with international money transfers.