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.
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 (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 (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 (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.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…