Bitcoin’s transaction speed has been a focal point of criticisms by many altcoiners and forkers, but BTC’s transaction speed might just be faster than most other coins according to the data from howmanyconfs.com.
Instead of directly comparing the number of confirmations for transactions, the data weighs in the level of decentralization which gives different amounts of security per confirmation among different Cryptocurrencies.
Note that this data only concerns Proof of Work based coins and not other consensus mechanisms like Proof of Stake, Delegated Proof of Stake, etc as it becomes much more complicated due to different network designs.
The website estimates a confirmation time of 1hr 2 minutes for 6 confirmations on the Bitcoin (BTC) network, BTC has the largest hashrate of 45,837 PH/s among all other PoW based Cryptocurrencies.
Ethereum – 5x slower
ETH is the second largest Cryptocurrency and uses a different Proof of Work function called Ethash. To do the same amount of work as BTC, the Ethereum network requires 1364 confirmations which requires 5 hours and 6 minutes (5x slower than BTC) securing the network.
Bitcoin Cash – 23x slower
Bitcoin Cash (BCH) uses the same Proof of Work mechanism as BTC but only has a hashrate of 2,022 PH/s. To do the same amount of work as BTC, the BCH network requires 133 confirmations which requires 23 hours and 51 minutes (23x slower than BTC) securing the network.
Litecoin – 11x slower
Litecoin (LTC) uses a different Proof of Work function called Scrypt. To do the same amount of work as BTC, the BCH network requires 251 confirmations which requires 11 hours and 34 minutes (11x slower than BTC) securing the network.
Monero – 87x slower
Monero (XMR) is a privacy coin which uses a different Proof of Work function called CryptoNightR. To do the same amount of work as BTC, the XMR network requires 2638 confirmations which requires 3 days and 19 hours (87x slower than BTC) securing the network.
The website also lists several other PoW based Cryptocurrencies including Dash (DASH), Bitcoin SV (BSV), Ethereum Classic (ETC), Zcash (ZEC) which are slower than the Bitcoin network by a factor of 119x, 59x, 84x, 32x respectively.
When I post about #bitcoin I get shilled that it’s slow compared to ripple or bcash or whatever crap. Yes, I can use a Google Spreadsheet and it’ll be faster than bitcoin too, but safer? Compare how many blocks to equal bitcoins security- https://t.co/V7ALsBPr4Q (h/t @notgrubles)
— Charlie Shrem (@CharlieShrem) May 10, 2019
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