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Ethereum Average Transaction Time

Crypto Transaction Speeds 2018 - All The Major Cryptocurrencies

Crypto Transaction Speeds 2018 - All The Major Cryptocurrencies

Bitcoin transaction speed on average is 78 minutes. Its limited to just 3tx per second through an artificial block size. You can increase it by 100tx per second and not run into your computers limit. Today, Bitcoin fees are rising and even if the blocks are becoming full, transactions are not quickly receiving confirmations. Bitcoin currently has a 1MB block size limit. Ripple transaction speed on average is 4 seconds. The daily transactions on its network have increased in the past 6 weeks from 160,000 to over 1 million. Their XRP Channel Payments scalability level is the same as Visa. The company aims to change the traditional solution for financial payments. Bitcoin Cash transaction speed on average is 60 minutes. Exchanges have acquired confirmations in high numbers on deposits because Bitcoin Cash is prone to a double spend attack. Awfully long delays are experienced because of issues on its security and stability. Litecoin transaction speed on average is 30 minutes. It has a 56tx per second maximum capacity. Ethereum transaction speed on average is 6 minutes. When it comes to block generation time, it is considered to be the fastest cryptocurrency in the world. Its maximum capacity on earlier tests showed it reached 25tx per second. The maximum gas that can be processed by an individual node is limited. Its scalability has had improvements with Sharding and PoS. Augur transaction speed on average is 6 minutes. Any transaction processes do need any human involvement. Dash transaction speed on average is 15 minutes. Currently, it has a 28tx per second limitation. 2MB block size change limitation that allows up to 56tx per second. Cardano transaction speed on average is 5 minutes. Every transaction comes with a proof of legitimacy. Each node on their network accepts Continue reading >>

Network Transaction Fees Crypto Voices

Network Transaction Fees Crypto Voices

Green area: Total transaction fees per day, in US$; Blue line: Average transaction fee, in US$. Green area: Total transaction fees per day, in coins; Blue line: Average transaction fee, per byte of data accepted into each block, in coin's smallest denomination (except in Ethereum's case). Note that Ethereum's total network "transaction fees" are calculated by a two-step process. First, you need to understand the "gas"price. This is an extremely small figure, intended to be decoupled from ether's market price. Here we are measuring it in szabos, which amounts to 0.000001 ether per 1 szabo. Ethereum's denominations actually go much smaller than this, down to something called wei. One ether would amount to 1e18 wei; or a 1 with 18 zeros behind it. In any event, after the average gas price is understood, one would need to multiply this price by the total amount of gas units purchased in each block. Users must purchase any number of "gas" units to run different computations and contracts on Ethereum's network. The market history of both these figures is graphed below. Here, we can also see the dynamic limit that Ethereum places on gas units which can be purchased in each block. This limit is set dynamically by miners. Both are reflected in the right axis. As discussed in the network cost / block reward section, the "block reward"is essentially a revenue item for miners, and a cost item for the rest of us. Remember, it usually compromises both inflation (newly "mined" coins) and some form of transaction fees. This section isolates and graphs transaction fees only. Typically, miners choose which transactions they want to include in each block, based on how high their transaction fees are. The higher the transaction fee, the more likely your transaction is to be included and e Continue reading >>

Transaction Backlog Hamstrings Ethereum

Transaction Backlog Hamstrings Ethereum

Join our community of 10 000 traders on Hacked.com for just $39 per month. Are cracks emerging in Ethereums mettle? Slow transaction times caused by a backlog have caused several exchanges to put a hold on ETH transactions. The holds have surprised many, given the Ethereum networks past ability to host high transaction volume. Bitfinex tweeted it was suspending all ETH withdrawals as the Ethereum network continues to experience extreme delays until the network backlog subsides and they can reliably post transactions to the blockchain. CEX.IO tweeted the same thing, as did BTC-E, which cited the unstoppable operation of the Ethereum network due to the network load. An update on June 20 from ShapeShifts support site advised users not to submit a ticket if they have not received ETH or an ETH token, but to wait 24 hours. The entire ETH network is backlogged and causing delays, however, most transactions are posting to the chain within 8-10 hours, the site noted. Etherscan showed the average Ethereum block size at 8,956 bytes on June 13, more than quadrupling the amount a few months earlier. While the block size reached 12,725 on Oct. 10, that was a one-time event. The block size immediately dropped to the 2,000 range until March when it began steadily rising. On June 20, the network recorded 300,000 transactions, according to data from Etherscan. Startups based on the Ethereum network have been hosting ICOs which have been pressuring the network this week. The Status ICO clogged up the network yesterday with a huge number of high gas fee transactions, most of which are failing but still filling up the blocks and preventing normal txs from getting in, according to a subreddit post. One subreddit post said a mining pool, f2pool, was manipulating transactions intended for th Continue reading >>

Coinbase | Why Is My Transaction 'pending'...

Coinbase | Why Is My Transaction 'pending'...

This article is for digital currency transactions sent to or from your Coinbase wallet. If you're wondering about a pending purchase or bank deposit, you can learn more here . Incoming transactions show up in your account almost instantly (within a few seconds) but will show as 'Pending' until there have been at least six network confirmations. Once a transaction is verified, it will show Complete in green. This lets you know that the transaction cannot be reversed and that the funds can be withdrawn. Coinbase runs its own digital currency nodesthat communicate with the rest of the network. When you initiate a transaction, we broadcast it to the rest of the network so it can be confirmed. Our nodes may lose sync with the rest of the network for short periods of time. This can cause transactions to remain in the "Pending" state for longer than normal. Usually the delay is under an hour, and the transaction will eventually go through normally. Occasionally, transactions are not accepted by the rest of the network and therefore are never considered to be 'confirmed'. Continue reading >>

How Long Do Cryptocurrency Deposits Take?

How Long Do Cryptocurrency Deposits Take?

How long do cryptocurrency deposits take? We have a requirement for a cryptocurrency deposit to receive a number of confirmations on its blockchain before the funds can be credited to your account. After a transaction is broadcasted to a Blockchain, it is presented to be included in a block by the miners. Once a transaction has been included in a block, the transaction has had 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction. To avoid the risks of double spending, funds arent credited until a number of confirmations have taken place depending on the cryptocurrency. Each block is found at a different rate depending on the blockchain. For example, a block is found on average every 10 Minutes on the Bitcoin blockchain, and Kraken only credits XBT/BTC deposits to a clients account after 6 confirmations, which takes approximately one hour. Continue reading >>

Current Dynamics Of Transaction Inclusion Onethereum

Current Dynamics Of Transaction Inclusion Onethereum

Gas Prices, Miner Policies, Transaction Times Current Dynamics of Transaction Inclusion onEthereum The most common transaction on the Ethereum network today is a standard account transfer costing 21,000 gas and paying a 20 gwei/gas fee. From the time this transaction is submitted to the network, it takes about 53 s on average to be confirmed by a miner and included in the blockchain. I have been working on a site that times transaction confirmations and analyzes miner behavior ( ), and I have gotten some insight into why it takes this long and what changes would impact this wait. Furthermore, since block times currently average about 14.5 seconds, it may not be immediately obvious why it takes an average of 35s for a confirmation, so I decided to write up my observations. Currently, there are four main factors that hold up our standard transaction from being included in a block: Here is how these four factors currently collude to produce a 35 second average transaction confirmation time: Block Interval Time: The block interval is currently about 15 seconds. Therefore, without changing the block interval time, 15s is about the best average confirmation time we could hope for. POW mining software delay: Unfortunately, our transaction has no hope of being included in the next block after being broadcast to the network (i.e. submit Tx at block 4,000,000 and have it mined in block 4,000,001). It turns out that miners are not willing to change the block data in the middle of a block interval in order to accommodate newly submitted transactions to the mempool. Its not entirely clear whether doing so would disadvantage them for finding the next block or if there is some software optimization that could enable this, but, at least for now, it doesnt happen. So what does this mea Continue reading >>

How Long Do Bitcoin Transactions Take?

How Long Do Bitcoin Transactions Take?

The short answer: How long it takes to transfer Bitcoin between wallets varies from transaction to transaction. When you make a Bitcoin transaction, it needs to be approved by the network before it can be completed. The Bitcoin community has set a standard of 6 confirmations that a transfer needs before you can consider it complete. What determines the Bitcoin transaction times? The two main factors influencing the transaction time are: The more transactions that the network needs to process, the longer each transaction takes. This is because there are only a finite number of miners to process each block and there are a finite number of transactions that can be included in a block. Miners on the Bitcoin network prioritize transactions by the fee that they receive for confirming them. Therefore, if you pay a higher fee , a miner is more likely to process your transfer which decreases the transaction time. How long does it take to confirm a Bitcoin transaction? As mentioned earlier, a Bitcoin transaction generally needs 6 confirmations from miners before its processed. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average. However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases. Theres been a divide in the Bitcoin community on how to best address these scaling issues. Some members (specifically those in favor of Bitcoin Cash ) believe that the solution is a larger block size thats capable of holding more transactions per block. Other community members debate that improvements such as Segregated Witness (SegWit) and the Lightning Network will speed up the net Continue reading >>

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin 4 Cryptocurrencies With Much Faster Block Times Than Bitcoin JP Buntinx February 19, 2017 Featured , Viral One thing a lot of people do not like about bitcoin is how it takes an average of 10 minutes before a transaction receives a network confirmation. Various other cryptocurrencies, also known as altcoins, try to improve this block time by quite a margin. Some projects focusing on faster block times are more successful than others, though. Litecoin is often referred to as the silver to bitcoins gold. Albeit not everyone may see it that way, Litecoin brings some very intriguing developments in the world of cryptocurrency, that much is certain. Compared to bitcoins block time, Litecoin generates network blocks 4 times as fast on the network. It takes an average of 2.5 minutes for this process to complete, which is quite an improvement. For a cryptocurrency that offers privacy and anonymity features, Monero has proven to be quite a quick altcoin when it comes to generating new blocks on the network. With an average block time of just two minutes, Monero succeeds in providing users with anonymity features at 1/5th of the time bitcoin generates a block, which does not include any anonymity features. It is interesting to note Monero used to have an even faster block time at one point in time. The developers decreased the block time to 60 seconds when Monero was first launched, yet they reverted it back to 120 seconds once the network started to settle. While 60 second block times may sound more preferable, 120 seconds does the job just fine for Monero. Many people believe Ethereum is the worlds fastest cryptocurrency in terms of block generation time, but that is not the case It has to be said, Ethereum is somewh Continue reading >>

The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution

Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution

Bitcoin transaction fees are proving to be profitable for so-called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions. They are paid in bitcoin in return for their services. On Monday, the total value of all transaction fees paid to miners hit an astronomical sum above $11 million on that one day, according to Blockchain.com data. A debate has been brewing among the bitcoin community surrounding transaction times and fees. Right now it takes an average time of 78 minutes to confirm a bitcoin transaction, according to Blockchain.com. But on Sunday the average time was as high as 1,188 minutes. Slow transaction speeds and fees has led to a number of splits in the original blockchain. In August, the blockchain was forced to split in two a phenomenon known as "hard fork." This led to the creation of a bitcoin spinoff called bitcoin cash. Another fork occurred in October , spawning yet another digital asset called bitcoin gold. These bitcoin offshoots have spawned because some within the bitcoin community believe that the size of blocks records of transactions on the network should be increased. A proposed update known as SegWit2x would have increased the block size from one to two megabytes, but this was dropped last month. Separating bitcoin from its altcoin rivals The boss of blockchain firm Ripple, whose digital currency XRP is the fourth-largest by market value, is skeptical about the use of bitcoin for payments and transfers. "I don't think bitcoin is well-positioned to solve the payments problem," Ripple's CEO Brad Garlinghouse told CNBC earlier this year. Garlinghouse said that his firm's cryptocurrency was "enabling transactions in seconds," adding that the cost Continue reading >>

Ethereum (eth) And Tokens Long Transaction Time / High Fees

Ethereum (eth) And Tokens Long Transaction Time / High Fees

This article applies to Ethereum (ETH) and ERC20 tokens that are held on the Ethereum blockchain (e.g. Golem, EOS, Status, OmiseGO, Salt, TenX, WAX, etc.). Sometimes there is network congestion and there are a lot of transactions waiting to be processed. You can see a list and the total transactions waiting in the mempool here. When there are network congestions, transactions may take sometime hours to get confirmed in a block by the miners. Until the transaction is confirmed on the blockchain, the status will be Pending and you may not be able to initiate new transfers from the same address and Jaxx may show aTransaction Failed popup when trying to re-send or send other transactions. Please keep in mind that your Jaxx ETH wallet also holds all of your tokens and theTransaction Failedpopup applies to tokens too. For ex. if you have an unconfirmed ETH transaction, you won't be able to send any tokens until it gets confirmed and vice-versa, if you have a Status (SNT) pending transaction, you won't be able to send any ETH or other tokens until the Status transaction gets confirmed. When there is a network congestion with a lot of transactions waiting to be processed, there is a competition to get a transaction through and the miners pick the transactions with the highest fees first which causes fees to increase a couple times more than the standard. Jaxx is always scanning the network and adapting the transaction fees to get your transaction confirmed in due time. Issue: Transaction times are a lot longer than usual and in some cases they do not seem to broadcast at all and might get dropped by the mempool. You may see a transaction unconfirmed for a long time or not see a transaction at all in your wallet history even through you know it's been sent to you. Resolution: B Continue reading >>

Ethereum: Everything You Want To Know Aboutgas

Ethereum: Everything You Want To Know Aboutgas

Gas keeps Ethereum Blockchain alive, thanks to it we can transfer Ether and other Ethereum tokens such as: GameCredits (GAME), OmiseGo (OMG) or Golem (GNT), it also allows to smart contracts to do their job. In this blogpost Im going to explain: what is Gas? how is it used? and why is it so important for the future of Ethereum? Important: Dont be misled by the Token named GAS which is something completely different. Ethereum blockchain is run by nodes that keep the blockchain state but also calculate new blocks. New blocks are needed to change Blockchains state e.g. move Ethereum from one account to another. Calculation of the new block is made by miners, to cover their effort transaction sender must pay a fee. Transaction fee depends on complexity of transaction sender wants to make, if its a regular send Ether transaction or more complex one like create smart contract (smart contract a special kind of the blockchain account, that can not only keep Ether but also computer program with its state). Sending Ether from one account to the other costs 21,000 Gas. On the other hand creating smart contract which is responsible for handling OmiseGo Token costed 1,197,977 Gas. So the more complex transaction, the more Gas we need to pay for its execution on Blockchain. Main complexity factors are: operations performed by the smart contracts code e.g. arithmetical operations data that is stored on blockchain e.g. storing information in the smart contract or updating an amount of Ether on the account We know more or less what Gas is, but how much does it cost? The answer is as always it depends. Each transaction sender (e.g. person who is sending Ether) is defining price of Gas for created transaction (e.g. 1 Gas = 0.000000001 ETH). If the price is high enough, transaction will b Continue reading >>

How Long Do Ethereum Transactions Take? Metal | Support

How Long Do Ethereum Transactions Take? Metal | Support

In ideal circumstances an Ethereum transaction takes under 20 seconds, and some sites require multiple confirmations. You can view the average blocktime here: . Sometimes due to congestion transactions may take longer, although the Ethereum Development Team is working on scaling solutions. You can view detailed metrics and a calculator for suggested Gas (fees) here: Whenever you send someone Ethereum, the transaction goes through different devicesrunning the Ethereumprotocolaround the world that make sure the transaction is valid. Once the transaction is verified it then waits inside the Mempool. Its basically waiting to be picked up by a Ethereumminer and entered into a block of transaction on the Blockchain. Until it is picked up its considered an unconfirmed transaction or a pending transaction. In some casesthere are so many transactions and blocks are finite not all transactions are picked instantly. Sometimes you need to wait for a certain amount of time until it is included in a block. Once your transaction is included in the block it receives its first confirmation and its no longer pending. After another block of transactions is added it will get another confirmation and so on... This process for transactions needs gas (fee for the Miner) and time to gothrough your buddy. Conclusion: The time, that a transaction need is based on some factors like: Gas, Gwei, amount of miner in the network and amount of transaction in the whole network.The factors vary after some time, so that it may be outdated after tomorrow. In the most cases your Wallet calculate the best fee, that your transaction goes fast to your Buddy, but you can also calculate it on that site Continue reading >>

Ethereum Daily Transactions Surpass All Time High

Ethereum Daily Transactions Surpass All Time High

Ethereum Daily Transactions Surpass All Time High Ethereums ecosystem is experiencing the highest level of activity in its history. 318,866 transactions were processed on August 8 as Ether began what could be a significant rally. If you wanted to measure the health of Ethereum, you might check to see what the price has been doing lately. While this measurement, up or down, is the starting point for many seeking to glimpse behind the veil of crypto-market fundamentals, there may be a superior way to gage the Ethers current state. The daily transaction history of Ethermay represent a better way of measuring the health of the decentralized application platform. If you tracked this statistic yesterday, you would have seen Etherbreaking new ground. On June 13, 2017, Ether was worth about $400 and the Ethereum network processed 316,788 transactions. Fast forward and the price of Ether is beginning its climb out of a two-month slump, but more significantly, Ethereums network has already surpassed its previous best for the number of transactions processed in a given day. Ethereums new record is 318,866 transactions in a day, and on August 8, it completed around 50,000 more transactions than bitcoin. Although there are a plethora of ideas that seek to provide insight about how to track crypto-market dynamics, the general consensus of the ecosystem is that Ethereum is still too young to measure with traditional methodologies. However, by inspecting the facts and analyzing the trends surrounding Ethereums new daily transaction record, we are better suited to gage Ethereums general trajectory and health. The number of transactions in a single day is perhaps the best representation for Ethereums, usability, adoptability, and desirability. The growing count of use cases being envisi Continue reading >>

Toward A 12-second Block Time

Toward A 12-second Block Time

One of the annoyances of the blockchain as a decentralized platform is the sheer length of delay before a transaction gets finalized. One confirmation in the Bitcoin network takes ten minutes on average, but in reality due to statistical effects when one sends a transaction one can only expect a confirmation within ten minutes 63.2% of the time; 36.8% of the time it will take longer than ten minutes, 13.5% of the time longer than twenty minutes and 0.25% of the time longer than an hour. Because of fine technical points involving Finney attacks and sub-50% double spends , for many use cases even one confirmation is not enough; gambling sites and exchanges often need to wait for three to six blocks to appear, often taking over an hour, before a deposit is confirmed. In the time before a transaction gets into a block, security is close to zero; although many miners refuse to forward along transactions that conflict with transactions that had already been sent earlier, there is no economic necessity for them to do so (in fact quite the contrary), and some dont, so reversing an unconfirmed transaction is possible with about a 10-20% success rate. In many cases, this is fine; if you pay for a laptop online, and then manage to yank back the funds five minutes later, the merchant can simply cancel the shipping; online subscription services work the same way. However, in the context of some in-person purchases and digital goods purchases, it is highly inconvenient. In the case of Ethereum, the inconvenience is greater; we are trying to be not just a currency, but rather a generalized platform for decentralized applications, and especially in the context of non-financial apps people tend to expect a much more rapid response time. Thus, for our purposes, having a blockchain that Continue reading >>

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