Many people often ask how long does it take to buy bitcoin. When the mTAN (Transaction authentication number) is entered, and the transfer is confirmed, the Bitcoin purchases become effective. Depending on the Bitcoin network, it could take between five minutes to one hour.
The miner’s fee influences the speed of Bitcoin transactions. By selecting a high miner fee to pay, the better it will be. Since the importance of the trade on the Blockchain will also be high. When Bitcoin is sent, it is instantly sent to the bitcoin network. However, this transaction requires verification. This procedure is performed by network users who are called nodes or miners.
When the transaction is verified and approved, it is added to the Blockchain like other transactions. It is then processed. Every ten minutes, something extraordinary happens. A block is added to the chain.
If it appears in a block, the transaction acquires a confirmation. It means that the transaction has been confirmed on the Blockchain. Therefore, it is placed in the last block of the chain.
How Long Does it Take to Buy Bitcoin
The security of each transaction is going to depend on its length in the Blockchain. As a transaction has approximately six confirmations, it takes over that it is secure in the Bitcoin world.
That is, after six confirmations, the block where the transaction takes place is no longer the last one. Nor will it be the most recent because five more blocks have been added to the chain.
Suppose we consider that every ten minutes, a block is added, on average, every hour. After the addition of transaction blocks, it becomes more challenging to hack the Blockchain.
That is, each transaction block carries certain information from the previous block. Then it will be complicated to backtrack in the Blockchain because of the more significant number of blocks.
The visibility of transactions varies in some wallets as they have their policy in this regard. For example, specific wallets wait for all six confirmations before displaying them. However, this can change. The wallet settings usually do this. The wallet is not yet synchronized with the network. So, the entire Blockchain may not be up to date.
In almost all wallets, the synchronization is automatic. The same can happen with an online wallet, for example, BTC.com.
If you buy bitcoins from BTC Direct and do not receive the corresponding bitcoins after a while, something happens. That is, some other failure occurs. So, you must be aware of this fact when buying BTC!
Verification of the transaction
When you want to verify the transaction yourself, you can do so. The Bitcoin Blockchain has a significant advantage, and that is that its data is public. That’s something great because it gives transparency to the process.
That is to say that you can perform a search on the internet for all transactions. A block explorer can support it. In this way, it will be possible to have information about the data of the Blockchain.
There is a block explorer called Block trail in which you can search for transactions. It is simple to use. You put in the search bar the Bitcoin receiving address. Then click on the transactions tab.
There will appear an overview of transactions made from that receiving address. Transactions to that receiving address will also be described.
In case you click on a specific transaction.
You will see a complete description of the transactions to see all kinds of data about the transaction. Relevant is the Confirmations heading. There you will be able to see if the transaction is added to the Blockchain. If so, it will be possible to see how many confirmations the transaction has.
That is, you can see the number of transaction blocks that come after your transaction. Or maybe it has not been confirmed. It means that the transaction has not yet been added to the Blockchain.
But we should not panic if the transaction is in a block explorer sooner rather than later, it will be added to the Blockchain. When you input your mTAN and confirm the transfer, your Bitcoin purchase is complete. Nuri processes bitcoin purchases in under an hour and credits the correct amount to the wallet.
We hope this article has clarified for you “How Long Does it Take to Buy Bitcoin”.
I am Lavinia by name and a financial expert with a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.