Buying and selling Bitcoin is relatively quick. If we had to give a time, we would give 10 to 30 minutes as the average duration, depending on how long it takes for your transaction to be confirmed.
The transaction duration depends on when the miners mine a new block and your purchase or transaction is recorded in the Bitcoin blockchain so that you can finally receive your purchased Bitcoin to your wallet.
However, the actual buying process before your coins then end up in your wallet only takes a few minutes in most cases.
There are four ways you can buy Bitcoin quickly and easily. Let's take a look at them now:
Bitcoin ATMs offer probably the easiest way to buy bitcoin quickly.
These machines work like normal ATMs, except that here you can make a Bitcoin purchase with cash and also sell Bitcoin for cash. Instead of getting paid out in cash, the machine sends your purchased Bitcoin to your Bitcoin wallet. You will be paid out digitally, so to speak.
All you need is a QR code of your bitcoin address and cash to make the purchase. If you don't have a bitcoin wallet yet, we recommend you visit bitcoin.org, or check out our other blog articles about it. These sources will give you a good overview of the different wallets.
For purchases over €250, you must have a government-issued photo ID with you to verify your identity and upload your photo to the Bitcoin ATM. Once your purchase is processed at the ATM, it usually only takes a few minutes for your transaction to be triggered.
The Bitcoin vending machines are managed by our subsidiary Kurant GmbH. On their website you can find an overview of all locations throughout Austria.
If you prefer to buy Bitcoin from the comfort of your home, using an online Bitcoin broker is probably the easiest and fastest option.
All you need is an account with a Bitcoin broker like Coinfinity, a Bitcoin wallet and online banking. Once you've created an account, you'll be able to buy bitcoin via SEPA bank transfer or fast SEPA real-time transfer.
Depending on the payment method you use to purchase, you may incur hidden costs. The easiest and cheapest is usually the standard SEPA transfer.
Most Bitcoin brokers (and we at Coinfinity) send your Bitcoin directly to the specified Bitcoin address upon receipt of payment and inform you via email as soon as the transaction has been confirmed. With Coinfinity, however, you have the added benefit of the rate being fixed at the time of purchase. This means that the rate is fixed immediately upon purchase, and not only upon receipt of payment, which can take 1 to 2 business days with bank transfers.
Most Bitcoin brokers have an app these days and we also released our Bitcoin app a few months ago. Such apps are especially handy when you want to buy bitcoin on the go with your smartphone.
The processes are the same as for online purchases. You first have to register with the Bitcoin broker and then you can order your first purchase. This process usually takes only a few minutes.
The reason why we list bitcoin buying with smartphone specifically is because it is more convenient to buy your bitcoin via app in everyday life, as you use your smartphone regularly.
Bitcoin vouchers are the ideal solution if you want to buy Bitcoin quickly during your lunch break or on your way home. The process is similar to the Bitcoin vending machines.
You have the option of buying Bitcoin with cash or a card payment in over 4,000 sales outlets. Here, too, you need a Bitcoin address, but you will only be asked for it when you activate the Bitcoin voucher.
Once you have bought the Bitcoin, you will receive a paper receipt. We recommend at this point to always take a picture of it for security. You can then redeem this paper receipt on the bitcoinbon.at website.
Here, too, you will be asked for your Bitcoin address. Enter it and within the next few minutes your Bitcoin will be sent to this wallet address.
It's very easy and probably the fastest way to buy bitcoin at Coinfinity with a SEPA real-time transfer. In the following instructions we will go through this step by step:
First of all, you need to register with Coinfinity and create an account. If you are already registered, you can skip this step.
Verification is easily done via the first bitcoin purchase using SEPA real-time bank transfer.
Once you are registered or logged back in, you will be taken to the Coinfinity Bitcoin portal. To make a bitcoin purchase you have to click on the orange buy button in the menu on the left.
After the click, a pop-up menu will appear on the screen. Here you can enter your desired amount and the bitcoin recipient address. Please note that you should already have a Bitcoin wallet address at this point. We will send your purchased Bitcoin to this address after receiving your payment.
Next, please select the payment method "SEPA".
Now check the purchase details again and make sure that your Bitcoin address is correct. Then click on "Buy with obligation to pay". After that you will see our bank details including the reason for payment.
Finally, you will need to open your online banking app to make a SEPA real-time transfer to Coinfinity to pay for your bitcoin purchase.
If your bank supports SEPA real-time transfers, you should be able to initiate the transfer as a real-time transfer in your online banking without any problems. Please note that there are different costs depending on the bank. Many banks even offer real-time transfers free of charge.
A SEPA real-time transfer usually takes only a few minutes. Here, too, the rate is fixed at the time of purchase and not at the time the payment is received.
And that's it!
This is how fast and easy you can buy Bitcoin with a SEPA real-time transfer at Coinfinity!
Sign up for a free Coinfinity account today to make your first bitcoin purchase.
A Bitcoin transaction takes only a few seconds. Confirming and processing your transaction takes a little longer. This is sent to the network after you send it.
After that, your Bitcoin transaction is sent to the mempool. This is the temporary memory that holds all transactions that still need to be confirmed by the Bitcoin miners.
As a rule, a new Bitcoin block is mined every 10 minutes. This means that your Bitcoin transaction will also be processed during this time.
Our service fee is 1.5%. In addition, the usual mining fee will be charged. You will find an overview of all fees before confirming your Bitcoin purchase.