I live in Ukraine and if I want to transfer funds to someone's bank card, it takes no more than 1 minute, but to receive cryptocurrency you need to wait at least 5, why does the journey of cryptocurrency take so long and the bank does not?
Why does a transaction on the crypto network take longer than a bank transfer from card to card?
- Thread starter deucher
- Start date
Well, banks are adapting more and more to fast and less expensive transactions, given the competition they have right now with Fintech companies and cryptocurrencies, although there are very fast cryptocurrencies, if you want to convert your cryptos to fiat that has a process, then you need to withdraw it to your bank which will be by a SEPA transfer if you live in Europe and other processes that slow down the transaction.
It depends the coin which have been sent and the cryptocurrency exchange used . For example, if USDT was sent from Binance to another Binance user, it's received immediately faster than bank transfers. Other coins needs many network confirmations before they go through. It's why the transaction takes time.
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