One of the common criticisms in the address of Bitcoin is the very slow speed of the cryptocurrency. At least compared to the new players in the market. Thus with regard to the decentralization level of Bitcoin — full protection from the threat of double-spending six provide evidence of transactions.
So how many approvals are required Aldona to provide the same protection to the network? And how much time will be spent on these confirmations? Time for comparative analysis.
Bitcoin Ticker BTC
Today, the market capitalization of Bitcoin reaches 124 billion dollars. For the sake of protecting transactions within the network is necessary to wait for six confirmations from different nodes. The estimated waiting time is 1 hour and 2 minutes.
The Ethereum, Ticker ETH
The Ethereum is the second-largest cryptocurrency by market capitalization. She is now a little more than $ 20 billion. To do the same amount of work that occurs during the course of the six confirmations in the network of Bitcoin, Ethereum will be nearly 1400 approvals. It presumably will take up to 5 hours and 11 minutes. That is five times more than they need Bitcoin.
Litecoin, Ticker LTC
Litecoin uses a different hashing algorithm, which in theory should run faster of Bitcoin. Litecoin — fifth of the market capitalization of the coin from 5.31 billion dollars of capitalization. On the same task in the network of Litecoin will need 250 confirmations. And it is 11 hours and 19 minutes, which is 11 times slower than the main cryptocurrency.
Hardwork Bitcoin Cash is quite simple compared with the forefather of the cryptocurrencies use the same hash algorithm. It is the fourth largest cryptocurrency with a market capitalization of which is of 6.32 billion dollars. In this case the user 122 will need confirmation to process the same query that the network of Bitcoin requires six confirmations. It will take approximately 19 hours, 19 minutes. Here Bitcoin faster 18 times.
By the way, this is not the worst result: in the case of Bitcoin, SV, Dash and Monero transaction processing will be held in 53, 78, and 90 times slower, respectively. It should be noted that this study was not taken into account potential differences in the structure of networks. The unique properties of some of the block chain can have a positive impact on improving the safety or speed.
In our cryptodata there are still a lot of other useful information.
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