So, you’re at the exciting point where you’re thinking about buying some Bitcoin; the world’s largest cryptocurrency. You are probably aware of Bitcoin’s incredible level of volatility by now and it raises the valid question; ‘How long does it take to buy Bitcoin?‘. In this guide, I’ll be answering this question for you.
You can buy Bitcoin instantly, or over several days. It all depends on which method you use to buy Bitcoin as to how long it takes to buy.
Now that you know how long it takes, let’s dive into the different methods, uncovering some of the pros and cons of each.
Buying Bitcoin Instantly
It’s true, you can now buy Bitcoin instantly. In a matter of seconds, you can pretty much get your hands on as much Bitcoin as you can afford. This is due to the advancements with companies offering instant Bitcoin purchasing. So, what are the pros and cons of buying Bitcoin instantly?
- You can get Bitcoin right away, without having to wait for bank transfers etc.
- It lets you capitalise in times when the price of Bitcoin is low
- Usually costs more in fees
That’s about it when it comes to the pros and cons of buying Bitcoin instantly. But, is it for you?
Who should buy Bitcoin instantly?
- Those who want to get their hands on Bitcoin quickly
- People who think that the price will go up soon
- People who can’t make bank transfers
- Those who have credit/debit cards to hand
How to buy Bitcoin instantly
If you’ve decided that you’d like to buy Bitcoin instantly, then follow the instructions below to do so or check out our top places for buying Bitcoin instantly here.
- Register for a free Coinbase account and verify your ID
- Go to the Bitcoin wallet on Coinbase
- Click on ‘Buy’
- Add a Credit/Debit card and follow the instructions
How much are fees for instant Bitcoin buys?
It all depends on which exchange you use. We’ve recommended Coinbase above as, in our opinion, it is the safest and has pretty competitive fees.
Coinbase charges 3.99% on average for credit/debit card Bitcoin purchases.
I find this rate pretty flexible.
There are some exchanges which charge ridiculously high fees like Switchere, stay away from these.
Buying Bitcoin over several days
Secondly, you can buy Bitcoin over a period of several days, using bank transfer (wire) and other similar payment methods which usually take longer.
- Lower fees
- Not card charges
- Price may go up before you buy
- You have the inconvenience of waiting
Who should buy Bitcoin over several days?
- People that don’t care about getting Bitcoin instantly (no rush)
- Those that want to enjoy lower fees
How to buy Bitcoin by bank transfer
So, now you know that buying Bitcoin is flexible – it can be done instantly or over a period of days/weeks. I hope you found this guide helpful, please leave any questions in the comments section below.