When a digital asset is sent from one wallet or another, the transaction must be confirmed on the blockchain. How long this confirmation takes varies based on the blockchain network used, how busy that network is, and the fee sent with the transaction.
Each transaction has a fee associated with sending and receiving on the network; the wallet or exchange used should tell the sender how much they can expect the fees to be based on the amount sent and network status.
Network fees on the Ethereum network are known as Gas; this is the amount of Ether a wallet must possess and use to pay network fees for a transaction. These Gas fees can appear as either a $USD amount or in ETH, depending on the wallet used.
Enter the Validators
Once the transaction has been initiated, the transaction is broadcast to the nodes on the blockchain’s network. The miners or validators responsible for verifying the blockchain transaction will confirm the transaction, after which it is included, verified, and processed in the blockchain’s memory pool (aka mempool) to await confirmation. When the transaction is selected and becomes a part of the next block, it receives its first confirmation.
The amount of time it takes the asset to be received will depend on how many confirmations are required, how many transactions are ahead of the latest addition, and the fee paid. If the sender needs to rush a payment, paying higher fees will push that transaction to the head of the line.
After the final confirmation required by the wallet has been made, the asset will be available for the next transaction. The asset may in the receiving wallet as a pending transaction awaiting confirmation, depending on the wallet being used. Both the sender and the receiver can check the applicable blockchain to see how many confirmations have been processed, at any point.