Crypto transaction speeds 2018 – all the major cryptocurrencies electricity water hose analogy

#

Transaction speed is the total time systems take to complete a transaction. If a system has more transaction speed, a better customer satisfaction will be achieved as well as provide a faster process and further system availability. Apparent shortfalls in today’s financial system have pushed a lot of people towards cryptocurrency and the technology of blockchain.

When making any cryptocurrency transactions, it is important that it should be very fast and prompt. Money transactions in banks may take days and even longer if it’s internationally, but waiting for several minutes for a Bitcoin or Ethereum transaction can be quite stressful for most people.

Keep in mind that your transaction fee will have an effect only on the first confirmation, which is the single block where miners collect their fees. All succeeding confirmations happen due to the fact that the transaction was included already in a preceding block and not due to the fee. Transaction speeds

Transaction speed may vary depending on network conditions. What we have listed here is average transaction speed in minutes for confirmed transactions in the first block after it was sent. If it didn’t confirm on the first possible block, the approximate time may be longer depending on the conditions of the network. Bitcoin >>

If you’re using MyEtherWallet, you just have to set the gas limit and gas price up. This is especially true when transferring funds to an ICO. Make sure not to set a really high gas limit, it’s useless to do so and may result in the disqualification of your transaction.

Every so often, you may want to opt for a different cryptocurrency. If you’re always receiving and transferring coins, it is best to go for something that has a much faster network. For instance, Litecoin’s transactions are still quite fast with blocks calculated every 2 and a half minutes. Though fees are increasing and even with normal fees, your chances of getting into a block are higher.

This method can cost you, but there are reports that it’s an effective way to speed up the transaction. If you see a lagging transaction, you can simply send out your funds again with a higher miner’s fee to its receiving address in order to send it to the preceding block. Sending a successive transaction will result in both transactions to be counted in the subsequent block since the fee will pay for both transactions. But it’s not without any risk as you can encounter a technical error.

A coin wallet will normally recommend an ideal fee. However, you have an option to choose a higher level fee which can speed up your transaction. Bear in mind that a higher fee is not an assurance that your transaction will be counted in the succeeding block.

There are mining pools out there that provide services to automatically accelerate your transactions. This will increase your Bitcoin fee but pool members have preferences and your transaction will be prioritized actively and will be placed in the next block to be mined.

The popularity of cryptocurrency is undeniable and making transactions should be very fast. Bitcoin may be the most popular crypto but when it comes to transaction speed it’s falling behind some of the newest players on the market. There are some that are focusing on improving their transaction speed and because of this have become more successful.