Bitcoin Confirmation Explained
One of the biggest complaints about bitcoin transactions is that confirmation can seem to take a long time. Like, a really loooooooong time!
Bitcoin transactions have to be verified and confirmed, just like bank transfers and payment processors. And while bitcoin can take longer than making other payments, the good news is that it moves much faster than bank wires or ACH transfers. Even better, you can trade bitcoin 24/7, while banking systems shut down on nights and weekends.
But sure, bitcoin still seems to move at a snail’s pace sometimes, because it goes through more than one confirmation. However, it doesn’t have to … and it doesn’t always.
Here’s everything you need to know about bitcoin confirmations and transaction times:
Cash is fast
Bitcoin transactions are broadcast to the blockchain network instantly, so anyone can view your transaction without any confirmations. But most processes want it confirmed.
Since it takes 10 minutes to create a new block on the blockchain, and since each block makes a confirmation, you’re going to wait at least 10 minutes for a single confirmation.
That’s how long it will take you to buy or sell bitcoin at a Coin Cloud machine. We confirm the transaction once, so most people get their BTC or USD within 10–15 minutes. The exception to this would be if the blockchain network is busier than usual, and transactions get backlogged while waiting to be written to the blockchain.
Online is slower
Some online exchanges and digital wallets require three confirmations, which will take 30 minutes to be written into three blocks (or longer if the blockchain is running slowly).
Even the most stringent financial organizations consider six confirmations to mean a transaction is locked in stone, so other online exchanges and financial services will take at least an hour for you to get your money. This means the transaction was in a block that was mined six blocks ago, and at 10 minutes each, that’s 60 minutes (and again, longer if the blockchain gets bogged down).
Keep in mind that while this process makes sure the transaction is absolutely, positively, 100% solidly locked in and the final answer no matter what … it’s not required for a bitcoin transaction to be irreversible and complete. All bitcoin transactions are final and verifiable on the blockchain.
We went even deeper into the explanation, including how miner’s fees add to the equation, in our blog post on How Long do Bitcoin ATMs Take?
Since Coin Cloud machines only require one confirmation when buying or selling, you’ll likely only be waiting 10 to 15 minutes to see a purchase in your wallet, or hold cash in your hands. But what if you could make it so you can just walk up and grab your money?
Well, if you download our free Coin Cloud Wallet app, you can basically make that happen. All you do is use the app to set up your sell in advance, like while riding to the location or before you leave home. You choose the location, and the machine will reserve your cash for up to 48 hours. Then, once you arrive at the Coin Cloud machine, just plug in your phone number, and the cash is dispensed right away.
You can find your closest CoinCloud right in the app, or you can check online with our Coin Cloud locator map. We invite you to try buying digital currency with as little as $1 USD.
What is Coin Cloud?
Coin Cloud is a digital currency machine (DCM) company headquartered in Las Vegas, Nevada. With over 1,400 locations nationwide, Coin Cloud is the world’s largest and fastest-growing network of two-way digital currency kiosks, commonly known as Bitcoin ATMs or BTMs, and over 60% of all two-way machines in the U.S. are Coin Cloud BTMs. Since 2014, Coin Cloud has helped hundreds of thousands of customers buy and sell cryptocurrency and other virtual currency quickly and easily. You can find your nearest Coin Cloud BTM here.