As soon as you hit the send button on Coinbase, the bitcoin network gets to work. The bitcoin network is a peer-to-peer network of computers that maintains the blockchain, the public ledger of all bitcoin transactions.
When you send bitcoin from Coinbase, your transaction is broadcast to the bitcoin network and verified by miners.
Mining is how new bitcoins are created. Miners are rewarded with bitcoins for verifying and committing transactions to the blockchain.
Transactions are bundled up into blocks and verified by miners every 10 minutes. So, when you send bitcoin from Coinbase, it usually takes about 10 minutes for the transaction to be verified by the miners and added to the blockchain.
However, sometimes congestion on the bitcoin network can cause delays in verification. When demand for bitcoins is high, miners prioritize transactions with higher fees.
So, if you want your transaction to be verified quickly, you can include a higher fee. Coinbase will automatically add a fee that is likely to have your transaction included in the next block, which could be less than 10 minutes.
Once your transaction is verified and added to the blockchain, it cannot be reversed or cancelled. So, it’s important to double check that you’re sending bitcoin to the correct address before hitting send!.