Around the world in under 60 minutes
Bitcoin and other cryptocurrencies are not physically handed over like a Euro coin or transferred via an ordinary bank transfer. Transactions are handled directly over the respective blockchain network. For example, Bitcoin uses the Bitcoin network and Ethereum uses its own Ethereum network. In contrast to a bank transfer, no intermediary is required.
Traditional bank transfer:
A transfer via a blockchain network is very simple and can be done directly from your wallet. All you need for the Bitcoin network is the Bitcoin address of your recipient.
To transfer Bitcoin you only need to enter two things:
1. the address of the recipient’s Bitcoin Wallet
2. the amount of Bitcoins to be transferred
A Bitcoin address and the addresses of other cryptocurrencies basically consist of a unique sequence of upper and lower case letters and numbers. Similar to an IBAN, the Bitcoin Wallet address can be used to uniquely identify the recipient within the network and reliably assign the Bitcoins.
Example of a Bitcoin address:
Make sure that you have entered a valid address during the transaction. If you send cryptocurrencies to a wrong address or to a wallet that does not support this cryptocurrency, they will be irretrievably lost!
A transfer via the Blockchain network is not only very easy, but also much faster and cheaper than a normal bank transfer. This is especially due to the fact that the network knows no geographical borders. In other words: A transfer of cryptocurrencies within one country is as expensive and fast as a transfer to the other end of the world.
The actual cost and speed of a transaction depends on the respective blockchain network. In the table you can see how fast and how expensive your transaction will be.
|Cryptocurrency||Duration of the transaction||Cost of the transaction|
|Bitcoin (BTC)||Approx. 60 minutes||0.30 – 0.60 €|
|Ethereum (ETH)||Within a few minutes||0,10 – 0,15 €|
|Litecoin (LTC)||Approx. 30 minutes||0.02 – 0.05 €|
|Ripple (XRP)||Few seconds||Less than 0,01 €|
Please note that both, the price for the transaction and the speed, depend on the current load of the respective network and may vary slightly. Despite these fluctuations, transfers via a blockchain network tend to be much faster and cheaper than traditional bank transfers.