If you are a crypto user, you have definitely figured out that different blockchains have different transaction times. In other words, to get sure that your transaction has been finalized and will not be canceled by any means, you need to wait a while. The amount of time you have to wait is different in different blockchains. Some blockchains are “more scalable” and process the transactions faster, while some others are less scalable and their transactions take more time. In this article, we will see how much it takes for different blockchains to process the transactions. Stay with us.
The transaction time of Bitcoin
In the Bitcoin blockchain, blocks are created every 10 minutes. This means that a transaction for getting its first confirmation must wait for at least 10 minutes. By the way, getting only one confirmation is not safe enough. Some experts believe that a transaction must get 3 confirmations, and some others extend it to 6 confirmations. Therefore, if you want to be completely sure of the safety of your transaction, you’d better wait for 30 to 60 minutes.
The transaction time of Ethereum
In Ethereum’s whitepaper, it has been mentioned that Ether transactions need at least 6 confirmations. By the way, each confirmation in Ethereum takes less than 1 minute. So, we can conclude that you need to wait for 6 minutes for an Ethereum transaction. One important point you have to remember is that different cryptocurrencies have different rules in this regard. For example, some exchanges require 12 to 35 confirmations for an Ethereum transaction.
The transaction time of Ripple
Unlike Bitcoin and Ethereum, Ripple does NOT use a proof-of-work consensus algorithm. Proof of work slows down the process of recording the transactions. Ripple was developed to act as an international payment system, so it is logical that it tries to be faster. Each Ripple transaction only takes 3 to 5 seconds. Ripple can process 1,500 transactions per second and is a literally scalable blockchain network.
The transaction time of Cardano
To improve the scalability and decrease the transaction time, Cardano has also used a proof-of-stake consensus algorithm. Cardano uses a unique self-developed version of proof of stake called Ouroboros. It calls itself the third-generation blockchain and its final aim is to offer higher scalability. Cardano’s transactions take 2 to (at most) 10 minutes. This blockchain is able to process 250 transactions per second.
The transaction time of Solana
In Solana’s whitepaper, it is claimed that this blockchain can process transactions in 0.5 seconds. However, this is only a theoretical estimation. Kevin Sekniqi, one of Avalanche’s developers, conducted a test and figured out that Solana transactions take 21 to 46 seconds.
The transaction time of Polkadot
The transaction time of Polkadot is variable. It depends on many factors, but in general, we can say that Polkadot transactions need 12 to 60 seconds to get finalized. We have to mention that Polkadot also uses proof of stake, and it belongs to the category of scalable blockchains.
The transaction time of Polygon
Polygon is a second-layer solution on Ethereum and it specifically aims at the issue of scalability. Second-layer solutions like Polygon believe that we don’t need new blockchains. We just have to improve the scalability of the existing powerful blockchains like Bitcoin and Ethereum. The finalization of transactions within the Polygon network takes only 2 seconds. The Ethereum transactions done on Polygon also take 3 to 5 minutes.
The transaction time of Cosmos
Cosmos is a decentralized network consisting of parallel independent blockchains, and one of its main features is its scalability. Cosmos’s consensus algorithm finalizes the transactions in 5 to 6 seconds. The method of finalizing the transactions in Cosmos is completely different from Bitcoin and Ethereum. Cosmos does NOT require creating new blocks for confirming the transactions in the previous block.
The transaction time of Litecoin
Litecoin creates new blocks every 2.5 minutes. However, to be sure of the finalization of your transactions in Litecoin, you’d better wait for 15 to 30 minutes. Most cryptocurrency exchanges confirm Litecoin transactions in 15 minutes.
In this article, we compared the transaction times of a number of well-known blockchains. As you have figured out, Bitcoin is the slowest, or “the less scalable” blockchain, among all. As the final point, we would like to mention that the transaction time is NOT the only factor that determines the value of a blockchain. Don’t forget that Bitcoin is also the most decentralized blockchain. Less transaction time in some cases means less security, and Bitcoin has guaranteed both its security and its decentralization through its proof-of-work consensus algorithm.