Transaction Time When Buying Bitcoin

The Basic Building “Block”

OK, so let’s start off with the basics. It takes about 10 minutes to write one block to the blockchain. Each block has multiple transactions and if everything goes according to plan, your transaction should join the next block and be all done within that 10 minutes. Remember that “if.”

When Transactions Get Delayed

There’s a chance that if the network is extremely busy, your transaction might not get verified right away. Maybe other transactions have higher miner fees attached to fast-track them, or maybe yours is too big to nicely fit into that block. However it happens, if you have to wait for the next block, that’s another 10-minute delay, minimum. Kind of like if you miss the bus or subway train and have to wait for the next one to come along.

Now, let’s look at three different ways to buy bitcoin, and how long you can expect to wait for your purchase to complete.

1. Online Exchanges

If you use an online exchange, it might seem like it takes forever to fund your account. That’s because when you first sign up, you have to link your bank account information and wait for it to be verified. And any time you want to buy more bitcoin or withdraw your funds, you usually have to wait for bank wire or ACH transfer times, which are commonly three to five business days.

2. Peer-to-Peer (P2P) Exchanges

It’s hard to believe that anybody wants to do this anymore, but the way a P2P exchange works is you log on to a website or forum, look for someone who wants to sell their bitcoin, and make an appointment to meet them in person or work out some kind of online exchange of funds. Like eBay meets Craigslist, for crypto … and we can’t really give you an exact timeframe on how long you can expect to wait because there are way too many variables here. Plus, it’s kind of creepy. Just sayin’ …

3. Bitcoin ATM

We can’t speak for every brand, but Coin Cloud Bitcoin ATMs are by far the fastest way to buy bitcoin (or any of 30 altcoins). Did we mention the easiest as well? Yeah, so bonus points there.

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Coin Cloud

Coin Cloud

The world’s leading operator of two-way Digital Currency Machines (DCMs), more advanced Bitcoin ATMs.