The blockchain execution time for transactions continues to dominate bank and money transfers. Data gathered by LearnBonds.com reveals the execution time for the top five cryptocurrencies from 2019 to 2020.
From the data, Bitcoin’s average transaction execution time between January 2019 to January 2020 was 10 minutes. The maiden cryptocurrency recorded the quickest transaction time in May at 8.421 minutes.
However, these times are affected by various factors. As the report confirms: “Generally, the Bitcoin confirmation times stand at 10 minutes, however, this can be affected by various factors. With Bitcoin’s popularity, we have some congestion on the network leading to delays to confirmation of transactions.”
On the other hand, Ethereum recorded a 27 times quicker transaction time with an average of 0.22 seconds, a difference of 97% compared to Bitcoin. “On Ethereum, the confirmation time for transactions is affected by the amount of gas paid and the network’s congestion. In some cases, the gas price can spike when we have a short-term Ethereum price volatility,” was stated by the report.
Bitcoin’s fork Bitcoin SV recorded an average transaction time of 10.37 minutes. Another fork, Bitcoin Cash has an average transaction time of 10.2 minutes.
Ripple’s XRP remains the leader
XRP was the top cryptocurrency with the highest transaction times. On average, the token’s transaction confirmation time was about 3.8 seconds, it is 157 times faster compared to Bitcoin’s average transaction confirmation time.
XRP’s proposition is to power instant cross border payments and reduce costs. Generally, normal wire transfers and bank money transfers are costly and take longer before being executed. As per the report: “Wire and bank transfers still have a long way to go. Bank wires can take up to five days for cross border transactions while domestic transactions last about 24 hours without factoring in delays like holidays and weekends.”
In fact, bank wires can take up to five days for cross border transactions. For domestic transactions, it lasts about 24 hours. However, wire transfers can be distracted by delays occasioned by holidays or weekends making them unreliable throughout the year.
Notably, XRP‘s 50,000 transactions per second has surpassed VISA’s 24,000 transactions per second.