How Long Does it Take to Buy Bitcoin?

Some websites say it takes a few seconds to confirm your purchase and some say it takes months all together. Well, both the statements are correct but for different reasons and scenarios.

In this article, we will be talking about the factors influencing the time it takes to confirm a buy. We will also be explaining scenarios wherein it takes more than a week or even months to confirm a transaction. And just like a few Bitcoin transactions, this article will be a quick read!

How Long Would it Take to Mine One Bitcoin?

Bitcoin mining is a highly complex process performed only by supercomputers. This process of mining Bitcoins includes solving complex puzzles and mathematical problems in just ten minutes.

No matter how difficult these problems are, supercomputers are always given 10 minutes to get them solved. This time constraint of 10 minutes is balanced every time with the difficulty of the problem to be solved. So, does it mean the more problems you solve the more difficult they become? Yes, absolutely.

What is Blockchain?

Bitcoin network or the blockchain is the medium through which buying and selling of Bitcoin takes place. To be a part of this blockchain, you will need to create an account on any Bitcoin exchange platform, if you haven’t already.

What is a Bitcoin Transaction?

There are three steps to every money transaction in the world. The first step is keeping the money ready to give in exchange for an item. The second step is using a medium for the exchange and the third step is finally handing the money to the previous owner of the item.

The item in this scenario is Bitcoin and the medium is called the blockchain. Blockchain is a cryptocurrency network used to connect the receiver to the sender. There are more and more blocks forming as you read this article.

Time Taken for Completion of One Bitcoin Transaction

Some Bitcoin transactions take about a day or two to complete but some confirm payment within seconds. Bitcoin usually takes ten to twenty minutes for an average amount of Bitcoin transactions. Ethereum, another cryptocurrency in the market, is way faster than Bitcoin in some ways. We cannot really decide on the exact time a transaction will take without discussing the factors that influence the completion of Bitcoin transactions. Check out Bitcoin Pro and start investing in Bitcoins.

How Long Would it Take to Buy One Bitcoin?

If it is a peer-to-peer transaction, buying Bitcoin would hardly take a minute for completion. Websites and mobile applications are built in a way to support small transactions with speed.

If you go by the conventional method, i.e., via bank transfers, it may take three to five business days to buy and sell cryptocurrency. Bank transfers require lengthy verification procedures that you must adhere to, for a successful transaction.

Factors that Influence the Time Taken to Buy Bitcoin

Before we head towards the answer, it is important to know that Bitcoin transactions are decentralized transactions which are super fast and can be completed within seconds. This in itself is one of the key factors in determining Bitcoin’s price. Keeping this in mind, here are some factors determining the time it takes to complete a buy.

• The mining process: Have you ever wondered why you need to pay a commission fee every time you do a transaction? It is done to pay the miners who are responsible for making Bitcoin available to the masses. The more fee you pay, the faster your transaction will take place. Some websites even have a basic commission fee mandatory for all clients so that there isn’t a major delay in transferring your freshly bought Bitcoins into your wallet.
• Bitcoin confirmations: After the sender of the Bitcoin transaction clicks on ‘Send’, the graphic user interface of the website or mobile application does show ‘Payment Successful’, but it actually takes some time to enter the blockchain and remains there until a 6-block confirmation procedure is completed.

On an average, it takes around ten minutes to find each block. So, this means that for a complete Bitcoin transaction to be successful, it might take around sixty minutes or so. Once the transaction goes through one block, another block is added to the chain and this goes on until the transaction completes all six blocks.

• Geographical location: Bitcoin transactions also depend on the geographical locations of the sender and the buyer. Not all Bitcoin exchange platforms are supported by all countries. Hence, there are some websites that have come up with their branches in different countries or continents. A very good example is Bitcoin.com which has a dedicated branch in the UK. Kraken is known to be the most geographically flexible trading website.
• Network traffic: The timing and prediction of Bitcoin prices are something impossible to judge. Blockchain traffic depends on the production or mining of Bitcoins as well as the number of transactions occurring at a given time. Bitcoins are not produced like simple coins, you and I use on a daily basis. There are thousands of unconfirmed transactions taking place at a time. More transactions, the more time is taken to complete them. To get an idea of all the real-time and unconfirmed transactions taking place, check out this website.

Conclusion

Bitcoin trading is highly volatile and risky. It is advisable not to spend your life savings on it. Enter the world of cryptocurrency only when you are debt free or don’t owe anybody any money. There are high chances of losing more than you had invested before.

We recommend doing a background check on the vendor, if you are aiming to buy Bitcoins. Check whether the vendor has a good reputation and uses a payment method you have an idea about. When it comes to storing Bitcoins, make sure after every purchase, you transfer your Bitcoins to your private wallet. Happy trading!