Cryptocurrency Transaction Speed, How Fast is Bitcoin?

[Mwangi 5611]

Among the many coins that I have seen there has been a lot of things that have happened and there has been a lot of losses and when you look at the speed of crypto currency there is a chance that the speed of bitcoin is maybe the lowest, the slowest so its important to keep on trying as hard  we need to keep on trying as hard and beliving everything will work perfectly 

[Solex 2262]

I think bitcoin should be the fastest when it comes to fast transaction speed because it was the first digital currency and it stands to be the most expensive Cryptocurrency and also created under the blockchain ecosystem for that alone I think bitcoin deserve the best attention.

Edited August 20, 2020 by Solex
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[Saj555 2250]

The transactions are based on the speed of the specific cryptocurrencies. The speeds are also different than one another.  The eth takes almost 16 seconds to complete a transaction  and btc is quite more in this matter. But they have to take permission  from almost 12 networks to complete  a transaction. But the speed differs from the time to time and also depends on the platform  sometimes.  

[Masterrex 559]

Bitcoin transaction speed was still slow compared to the other blockchains, But if we talk about the price we can say that no other cryptocurrencies yet is able to beat the Bitcoin supremacy, and that's the fact and if the Lightning Network was push through I believe it will help a lot to improve the Bitcoin Transaction speed. 

[Guru2050 8284]

In terms of speed or fastness of a Bitcoin transaction is good but not as faster as some value altcoins. Good example to consider is ethereum transaction is very much more faster compare to BTC.

[TimopheyKa 3900]

After receiving coins, a person cannot use the money at will. First, the transaction goes to the cryptocurrency network for execution and adding to the block, which certifies its validity. This process is called confirmation. Adding one transaction to a chain element is equal to one confirmation.

The question arises — how many confirmations are required for a Bitcoin transaction? As a rule, the user must wait about 60 minutes, which is spent on forming six consecutive blocks. This rule applies in many applications and retail outlets, because the creation of 6 new elements is considered exhaustive proof of the authenticity of the transaction.

[Philippe2001 356]

I think that it is not as fast in transactions as LTC Litecoin because the currency
 is the fastest in transactions in addition to the fact that the transmission fees are
 very low compared to Bitcoin!

[Izeal 4404]

Bitcoin transaction is too slow because it has to be confirmed upto 6 times in the network. So, you have to wait very long time for transaction. So, I mostly transact them in EOS and LTC in short time period and even in low fees than bitcoin.

[bogdanoff 3173]

It is not as you have said. Transactions in Bitcoin are gathered in a pool and miners are selecting which they will use to fill a block that is 1mb in size. The rest transactions will happen later. Miners choose usually the ones with the higher fees. So thisis how Bitcoin transactions are selected.

[Swapzone 174]

Usually, it takes around 10 minutes for a new block to get generated. So if you want to get 1 confirmations, 10 minutes is enough (by using median sats/byte).

[Chief executive officer band 681]

Transactions in bitcoin is depends on the fee you are eager top pay  grand fee measures crown speed, a not many wallets tolerate predetermined fee and the transactions take into custody a longer time

[Cryptomint 433]

Bitcoin is not a little coin it transact on bigger market and it does many transactions in a single minute and people are sending and receiving.

[diferlol10 36]

The demand depends on the moment in which the transaction order is made since at the time of signing it can be saturated with orders so it will be time to wait longer

[notts 164]

The speed of the transaction depends on the number of bitcoins sent and the Commission that the sender is willing to pay for fast delivery of their message. Currently, the speed of bitcoin is not very good.

[nikitiy228 65]

It depends on what currency you are talking about. New currencies usually have low transaction fees, and you can send crypto very fast. But if there are really many people send and get crypto in one network, the speed will be decreased, and fees will rise.

[aurisek34 34]

My experience when making transactions with bitcoin has not been good, they have generally taken a long time, I think that the breakdown of mining blocks has been slow lately, I prefer to carry out transactions with litecoin or ethereum, and their commissions are lower.

[percare 3192]

Bitcoin is not very fast because of the block confirmation times and the rules of some blocks needed to consider a transaction validated. It can take up to one hour but there are services that accept transactions instantly too but it is not safe to accept zero confirmations.

[satella17 65]

On 1/27/2020 at 3:10 AM, aneukkameung said:

In the world of cryptocurrency, there are several criteria for a coin that is categorized as successfully used by the public, namely speed, price, supply and demand (supply and demand).

The faster a coin, the more transactions can be done. In this article I will explain how quickly transactions are needed by famous cryptocurrency.

I use the crypto currencies with less commissions to withdraw my money and to trade I use the ones with more volume

[Maria Hortensia Rojas Alviarez 31]

When the btc network is congested, the tractions are slower and the commissions are higher, this happens when the btc increases in price.

[Banito23 216]

When it comes to cryptocurrencies transaction speed, many cryptos are not performing well. The transaction speed of Bitcoin is determined by the number of people currently handling transactions at that moment, which normally sends the fees high. The Tron blockchain has one of the fastest transaction speed.

[LocusW 38]

Unfortunately BTC transactions are governed by block mining and this is done once every 10 min. In addition, if the fee you put on your transaction is low, then the miners will take time to include it in the block, since they will prioritize those transactions that provide the highest fee, to obtain more profitability obviously. There are methods to increase the speed of it. In other cryptos, transactions are almost instantaneous, they are governed by another technology, making it more efficient for them to be transferred from one wallet to another. On one occasion I waited 72 hours for my transaction in BTC to be confirmed on the blockchain. I was already starting to get nervous.

[Rosarvx 965]

Bitcoin transactions depends with fees and a site that you deposit or withdraw, it can take 10 minutes and sometimes can take 1 day

[kryptonick 2659]

Bitcoin has speed depending on when the blocks are mined. It is an average 10 minutes between blocks but this is not always the same and maybe it can take up to an hour for one block to be mined and then three blocks mined in a few minutes. This is rare but it happens. Usually you will need 1 hour for the transcation to be confirmed.

[Brandonsaw 1973]

Bitcoin transactions are very fast, I really like that it is very fast, not that other cryptocurrencies are traded a lot, although there are faster transactions than bitcoin, for example, ethereum, their transactions do not take many seconds and they are very fast and safe.

[Ndayebo8 0]

Bitcoins is fast in terms of transactions Which depends on how much you want to transact and also in trading you can easily trade your bitcoins within some limit time. Is the widest use coins I know about.