Due to volatility in the market, fast bitcoin purchase becomes an important feature for investors who want to deploy extra capital in case of a sudden drop in price. In this article we are going to look at how fast it is possible to complete a trade on Hodl Hodl bitcoin trading platform.
One of the main advantages of buying bitcoin on Hodl Hodl is that when you are accepting the contract on our p2p bitcoin exchange, the price is automatically fixed. It means that you are still able to buy the price dip, even if it takes time for bitcoin transaction or bank transfer to confirm. On the contrary, when you are making a bank transfer to a centralized exchange, you might lose the chance to buy bitcoin cheaper, if the price bounces back up while the bank processes your transaction and exchange credits it to your account. In addition centralized exchanges tend to have outages when demand spikes, making it difficult to estimate the time to receive bitcoin in self custody.
Using publicly available data it is possible to check the average release time of bitcoin from the escrow on Hodl Hodl. For more correct data we looked at users with minimum of 50 trades and we can see that release time varies from 2 to 1643 minutes. It is essential to understand that payment methods, bank holidays, number of bitcoin confirmations required and of course contracts that end up in disputes all play a role in the average numbers.
We can also look at the contract flow and make an estimated prediction:
Accept a contract with a counterparty who is online (<1 minute)
Seller makes a bitcoin deposit (≈10 minutes)
Instant payment method (<1 minute)
Bitcoin released from escrow (≈10 minutes)
Given that you choose a counterparty who is online, both of you are willing to pay immediate fee for a bitcoin transfer and you are using instant payment methods, it is possible to purchase bitcoin in about 21 minute. Moreover, Hodl Hodl is working on integrating lightning network, which will significantly increase the speed of contract completion.
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