The issue of transferring assets from wallet to wallet, as in order to transfer between exchanges like Bitcoin Up, private transfers, or payments for purchases, is especially relevant as new technologies spread and some economies of the world adapt to the integration of cryptocurrencies into their systems. In some moments, translation speed is especially important.
Transaction Speed – Complete Overview
Transaction speed is the total time it takes for systems to complete a transaction. If the system has a faster transaction rate, better customer satisfaction will be achieved as well as this will ensure the continued availability of the system.
When making any transactions (Tx) with cryptocurrencies, it is important that they are very fast. Money transactions in banks can take several days and even longer if there is a talk about international transfers, but waiting for a few minutes to transfer Bitcoin or Monero, after analyzing BTC to XMR chart, can be quite stressful for most people.
The speed of cryptocurrency transactions is constantly changing. There are several factors that change in real-time that need to be considered in order to determine them, for example:
- Current average commission.
- The current volume of transactions.
- The type of transaction that you included in the block generation.
Keep in mind that your transaction fee will only affect the first confirmation, which is the only block where miners collect their fees. All subsequent confirmations are due to the fact that the transaction was already included in the previous block and not due to a commission.
Transaction speed can vary depending on network conditions. Here is a list of the average transaction speed in every minute for confirmed transactions in the first block after submission. If this is not confirmed on the first possible block, the approximate time may be longer depending on network conditions.
Here are some tips on how you can speed up your transactions:
- Use faster cryptocurrencies. You can choose another cryptocurrency. If you make frequent asset transfers, it is best to use one that has a much faster network. For example, Litecoin transactions are still quite fast, with blocks being calculated every 2 and a half minutes. Although commissions are growing, even with the usual fees, you have a chance to get into the block higher.
- Create new transactions. This method can incur additional costs, but there are reports that it is an effective way to speed up a transaction. If you see a pending transaction, you can simply send your funds again with a higher fee to the miner to his receiving address to send it to the previous block. Sending a sequential transaction will result in both transactions being counted in the subsequent block, as the commission will be paid for both transactions.
- Increase commissions through your wallet. A crypto wallet usually recommends a standard fee. However, you have the option of choosing a higher commission level, which can speed up your transaction. Keep in mind that a higher commission is not a guarantee that your transaction will be counted in the next block.
The popularity of cryptocurrency is undeniable and you need to make transactions very quickly. Bitcoin is the most popular cryptocurrency, but when we are talking about transaction speed, it lags behind some of the newest players on the market. There are those who focus on improving their transaction speed and become popular and successful because of this.