There are a lot of questions about the transfer time for Bitcoin ATMs. Many people wonder exactly how long Bitcoin transfers to your crypto wallet using a Bitcoin ATM take because they’re not confirmed immediately.
There’s a lot of hype surrounding the reasons why Bitcoin is superior to fiat currency. Bitcoin proponents believe that it’s far faster than bank transfers, but we can’t ignore the fact that it isn’t instant either. Bank transfers have to pass through several checks and balances before they’re available in your account. Bitcoin goes through its own verification process, too.
However, because the time it takes can be confusing, it deserves a more detailed explanation. Let’s spend some time understanding just how long it might take for your Bitcoin to arrive in your wallet when buying from a BTM. Luckily, it’s still much faster than a traditional bank transfer. Plus, you can purchase Bitcoin 24/7. You don't have to operate within the confines of a bank’s operating hours.
The short answer is…it takes about 10 minutes. On average, completing a Bitcoin transaction takes a mere 10 minutes. Whether you are (1) purchasing Bitcoin using cash at a BTM or (2) using a credit card online to purchase Bitcoin, it takes roughly the same amount of time. It usually doesn't take much longer than 10 minutes.
This is the time it takes to process and confirm the transaction and then record it on the blockchain. If everything goes according to plan, purchasing Bitcoin for cash shouldn’t really take that long.
The problem is that various things cause delays in the process. Scalability, network congestion, and fees all have something to do with it.
For instance, Bitcoin has some limitations when it comes to scaling. Sometimes it struggles to support more users and a larger network load. Unfortunately it doesn’t stack up well in comparison with other networks, which can cause many of the delays people experience.
In fact, each block can only support 1,500-2,500 transactions, far fewer than some believe they should be able to, considering just how popular Bitcoin really is. This leads to many transactions getting stuck in the Bitcoin memory pool (mempool) waiting for another miner to confirm it.
And, because the blockchain network is sometimes busier than normal, transactions are backlogged and waiting. Bitcoin is the most well-known crypto on the planet, so miners process hundreds of thousands of transactions on a daily basis.
Multiple transactions form a single block, but sometimes the volume is simply too high. For instance, every block has a size limit. It can only hold a certain number of transactions. If one of the transactions in the group puts the block over the limit, the transaction gets queued in the mempool.
Now let’s say that your transaction ends up queued in the mempool at the current reward rate. You pay transaction fees to cover these rewards, but the fees fluctuate. If your transaction queues at the current rate, and then the rate goes up, miners may choose to confirm another transaction at a higher rate and leave you waiting. That's because it makes them more money.
The moral of the story is: be patient. Will your transfer time for Bitcoin ATMs always be long? Probably not. But if you purchase Bitcoin expecting to wait, and then you don’t have to, it’s a happy surprise. Just know that there are times when it may take longer than usual because not everything goes as smoothly as you might have hoped.
The benefits of adding Bitcoin to your digital wallet are still very real, and a delayed transaction is no reason to opt out of a great opportunity to purchase Bitcoin. Find the nearest Bitcoin Depot ATM and add Bitcoin to your wallet today!