This can lead to unpredictable delays for users, which makes the system less useful as an everyday currency. Theoretical transaction speed refers to the maximum possible confirmation time of a cryptocurrency. In theory, this would be how quickly a given crypto-coin could process an average-sized transaction if there were no limits or bottlenecks in its design.
This may be higher or lower than their average speeds, but it reflects how fast they want users to see transactions processed at any given time. Some development teams claim that their coin has the fastest crypto transaction speeds, while this is not the case. This is the reason why you should not rely on this metric when you want to invest in crypto. Another downside of this metric is that is not supported by any evidence — there is no way to know how fast a given cryptocurrency transaction speed really is.
Transaction confirmation time is how long it takes for a transaction to be confirmed by the network. This is another important consideration because it will affect how quickly you can spend your coins, where you are spending them from, and with what amount of resources available at that moment.
The transactions-per-second metric measures how many transactions can be processed in a given second. Bitcoin might not process the fastest crypto transactions, but it is a cryptocurrency we cannot ignore. Credits: Ycharts. As we know, it is the largest crypto by market cap and is celebrated as the first decentralized digital currency.
Bitcoin can process up to seven transactions per second and has a confirmation time of 15 minutes. Find out the best Bitcoin trading platforms in here. We cannot talk about the transaction speed of cryptocurrency and fail to mention Ethereum. The Ethereum blockchain can process up to 20 transactions per second and this increases as more users start using it for mining blocks.
It has a confirmation time of 5 minutes. To find out more differences between Ethereum and Bitcoin click here. EOS is a blockchain-based, decentralized operating system that also has its own cryptocurrency. The goal of the platform is to become better, faster, and more scalable than other digital currencies in the market. Credits: Oobit. The EOS crypto can process up to transactions per second and have a confirmation time of 0.
NEO is an open-source, blockchain-based cryptocurrency and a smart contract platform. NEO is also known as the Chinese Ethereum because of its speed and use cases. It can process up to transactions per second, with confirmation time at just under 15 seconds. Ripple was introduced to the crypto market in and its goal is to offer a global settlement network.
This cryptocurrency has a unique transaction protocol that has been designed for institutions. The Ripple Network is capable of handling up to transactions per second. It has a confirmation time of seconds, making it one of the fastest cryptocurrencies in terms of transaction speed. It is also one of the fastest at settling payments, according to Ripple itself.
If you want to find out about other cryptocurrencies and their transaction speed, check out article about the best cryptos to invest in Several Factors determine the transaction speed of a cryptocurrency. They include:. Network load is the amount of traffic the network has received over a given period.
It is one of the biggest factors that affect how long a transaction takes. The more traffic there is in any given time frame, the slower your transactions will take place for confirmation. The Lighting Network is a Poon-Dryja payment channel that allows for transactions between nodes in the network.
It does this by leveraging smart contract functionality to reduce the need for on-chain transactions which are often slow and expensive when compared to off-chain payments. The Lightning Network is dependent on the underlying technology of the blockchain network. Because of this, it has a lower transaction limit. It can process thousands of transactions per second, with confirmation times at under one second fastest cryptocurrency transaction speeds and no fees involved.
It comes with a wide range of benefits, including:. The larger the network is, and the more developed it has become over its lifetime ie: Bitcoin , then typically it will have slower transaction speeds because there are fewer miners available to process blocks. Block size is defined as the amount of data that can be processed by nodes. The block size is the easiest way to increase or decrease transaction speeds on a blockchain.
This decrease wait time between new blocks being mined and their inclusion in the chain — making for faster processing times. Mining difficulty refers to how difficult miners must work before they find a valid hash value. As this number rises, it slows down mining because there are fewer available hashes per second meaning each individual miner spends longer trying to find an answer it makes sense when you think about finding solutions in math problems.
Miners may spend more time on the same calculations which could slow down transaction speeds. Just like cryptocurrency transaction speed, transaction confirmation time is affected by several factors, including:. Transactions with a higher number of inputs will take longer to process than those that have few inputs. It might also be more difficult for miners to confirm transactions in blocks when they are competing against others from different pools or groups. How much money was paid as a transaction fee will affect how quickly it gets confirmed by miners because they are competing with other people trying to get their transactions into blocks.
The higher the number of people mining, then this would make it more difficult for somebody to successfully mine a block and get their transactions confirmed. Long story short, a Bitcoin transaction can take anywhere from 1 minute to 60 minutes or even a day or two to get confirmed. But before knowing that, it is imperative to understand what factors affect the transaction time of Bitcoin. And there are primarily two factors, namely:.
The load on the network refers to the number of transactions that the Bitcoin blockchain processes in a day. Needless to state, higher the number of transactions, more the time to process each of them. This is so because there is only a limited number of miners hash power and only a limited number of transactions can be processed in 1 Mb block size of Bitcoin.
Understand more about miners in our exclusive Bitcoin mining guide. This delay can theoretically be indefinite because if your transaction fee is very less then chances are your transaction will be picked at last. And most of the delay happens due to this only. Apart from the two constraints mentioned above, there is a fixed computational time of 10 minutes which the miners take to mine a valid Bitcoin block.
But this is when your transaction is prioritized and included in the block. If it is not, your transactions remain unconfirmed in the Bitcoin mempool. You can check the real-time state of mempool here. Assuming your transaction is included in the block and mined, you will get the first confirmation in 10 minutes and other five confirmations in the next 50 minutes. Note: It is advised to consider a BTC transaction successful when one has received a minimum of 6 confirmations on it.
In light of this fact, it will take a minimum 60 minutes to transfer Bitcoins to a wallet assuming your transaction is included in the very next block. If not, it can take longer. In the past, people have waited days for the transaction to be complete.
One thing to understand here is I am not trying to scare you. Instead, I am trying to tell you all the factors that affect transaction confirmation timings. But there have been cases, depending upon the fees and network load, where transaction confirmations have happened in less than 60 minutes. Here is the data and below is the chart for the same:. However, currently, the average time for the first Bitcoin transaction confirmation is about 20 minutes.
Here is the average timing chart for the last 7 days:. Moreover, you can reduce the transaction fee and shorten this time even more by using segwit enabled wallets. Having said all this, have you wondered what the Bitcoin development team is doing to ease out the situation?
The average time for a transaction with miner fees to be included in a mined block and added to the public ledger. At the time of publication, the data site w7studio.ru shows the Bitcoin cash (BCH) has an average fee of $ per transaction or. Buy Bitcoin Cash with a credit card ✓(VISA / MasterCard, Bank transfer it is the payment system and at the same time the name of the monetary unit.