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 >>
Which Cryptocurrencies Have The Fastest Transaction Speeds?
Which Cryptocurrencies Have the Fastest Transaction Speeds? Hint: Bitcoin and Ethereum aren't anywhere near the top. The stock market may be the most traditional path investors have used to create wealth over time, but in recent months, it's taken a clear back seat to cryptocurrencies. Since 2017 began, the combined value of all cryptocurrencies jumped from less than $18 billion to as high as $836 billion just a week ago. We're talking about an increase in value of more than 4,500% in about a 53-week span. It has, by comparison, taken the broad-based S&P 500 decades to deliver similar returns. The emergence of blockchain pushes crypto valuations into the stratosphere Though there are no shortage of catalysts behind this rally in digital currencies, much of the credit belongs to the emergence of blockchain technology . Blockchain is the digital and decentralized ledger that underpins virtual coins and is responsible for logging all transactions, without the need for a financial intermediary, like a bank. The push toward blockchain technology, and cryptocurrencies in general, has everything to do with perceived inadequacies in the current financial payment system. In particular, the potentially long wait times associated with validating a transaction or payment, and high transaction fees as a result of banks acting as a middlemen, are what consumers loathe the most. Blockchain attempts to address these issues. For instance, blockchain transactions are being validated 24 hours a day, seven days a week, meaning they often process in seconds, to perhaps a few hours at the most, compared to waiting up to three to five days in the case of cross-border transactions. Also, without the need for a financial middleman, it's presumed that transaction costs will be considerably smal Continue reading >>
Blockchain: A Very Short History Of Ethereum Everyone Should Read
Blockchain: A Very Short History Of Ethereum Everyone Should Read Opinions expressed by Forbes Contributors are their own. Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year. Ethereum is an open-source public service that uses blockchain technology to facilitate smart contracts and cryptocurrency trading securely without a third party. There are two accounts available through Ethereum: externally owned accounts (controlled by private keys influenced by human users) and contract accounts. Ethereum allows developers to deploy all kinds of decentralized apps. Even though Bitcoin remains the most popular cryptocurrency, its Ethereums aggressive growth that has many speculating it will soon overtake Bitcoin in usage. While there are many similarities between Ethereum and Bitcoin, there are also significant differences. Here are a few : Bitcoin trades in cryptocurrency, while Ethereum offers several methods of exchange, including cryptocurrency (Ethereums is called Ether), smart contracts and the Ethereum Virtual Machine (EVM). They are based on different security protocols : Ethereum uses a "proof of stake" system as opposed the "proof of work" system used by Bitcoin. Bitcoin allows only public (permissionless or censor-proof) transactions to take place; Ethereum allows both permissioned and permissionless transactions. The average block time for Ethereum is significantly less than Bitcoins: 12 seconds versus 10 minutes. This translates into more block confirmations, which allows Ethereums miners to complete more blocks and receive more Ether. It is estimat Continue reading >>
Bitcoin Vs. Ethereum
/ 9 Comments /in Digital Literacy /by Chris Castiglione Whats the difference between Bitcoin and Ethereum? First, its important to understand that there are two categories of digital coins:Cryptocurrencies (e.g. Bitcoin, Litecoin, Monero, ZCash, etc) andTokens(e.g. Ethereum, Filecoin, Storj, Blockstack, etc.) Bitcoin is a cryptocurrency. Bitcoin and other cryptocurrencies are competing against existing money (and gold) to replace them with a truly global currency. A global currency which allows individuals to own their own money (without having to rely on national banks). Lower fees for transferring money across geographic borders. Financial stability for people who live in countries with unstable currencies. (e.g. In 2016, the Venezuelas currency hit an inflation rate of 800%). In addition, two-thirds of the current global population has no access to banking, or limited access Bitcoin is changing that. Ethereum is a token.What Bitcoin does for money, Ethereum does for contracts. Ethereums innovation is that is allows you to write Smart Contracts: basically any digital agreement where you can say if this happens, then something else happens. For example: If I vote for the President, then my vote is official and no one else can vote as me. If I sign my name on this document, then I own the car, and you no longer own the car. Up until now weve carried out these agreements with a signature at the bottom of a paper document. Ethereum dramatically improves this model because it is digital, and proof of the transaction can never be deleted. Vitalik Buterin; Other co-founders include Gavin Wood and Joseph Lubin Deflationary (a finite # of bitcoin will be made) Inflationary (much like fiat currency, where more tokens can be made over time) 12.5 at the moment. Half at every 210 Continue reading >>
Ripple Price Falls: Ethereum Now Second Most Valuable Cryptocurrency | Fortune
Its been a fierce battle for silver in the cryptocurrency world in recent days. On Monday, Ethereum regained the title of second most valuable cryptoccurency after rival asset Ripple held its ground for roughly a week. Ripple prices fell roughly 25% Monday to $2.50, leading a broader sell-off in the cryptocurrency markets. Bitcoin values also fell roughly 7.6% to $15,000, while Ethereum prices rose slightly, 2.5% to $1,155 . That pushed Ripples market capitalization down to $98.5 billion, and lifted Ethereums value to $111.9 billion, according to data firm CoinMarketCap . Bitcoin, meanwhile, maintains its top spot with a valuation of $255.1 billion. It was a hodge podge of news Monday that helped shape those shifting dynamics. For one, reports have emerged that the Chinese government , home to the worlds largest Bitcoin mining operation, would push for an orderly exit from the cryptocurrency mining business, Quartz reported . Then, CoinMarketCap, a major source of information in the crypto world, decided to remove data from South Korean exchanges in its calculation of asset prices. Since cryptocurrency generally trades higher in South Korea, the removal looked like a sudden across-the-board sell offtriggering panicked selling from investors who were not immediately made aware of the change. First, it was due to capital flows with investors realizing their profits from cryptocurrencies, said Iqbal Gandham, Managing Director at cryptocurrency brokerage eToro in an email to Fortune. Secondly, a data adjustment by CoinMarketCap, the most popular site for cryptocurrency pricing data, removed South Korean exchanges from its site, which have been known to trade much higher than the rest of the world. This morning we excluded some Korean exchanges in price calculations due to Continue reading >>
The History Of Ethereum Cryptocurrency Ethereum
The history of ethereum is definitely something any crypto enthusiast would be interested in. Even those who arent familiar with blockchain technology have heard of Bitcoin and the payment process that uses the technology. There is mention from experts that, cryptocurrency Ethereum will rocket past Bitcoin in 2018. Cryptocurrency Ethereum is a public service that uses blockchain technology to process smart contracts and trading safely without intermediary. Cryptocurrency Ethereum has two types of accounts: externally owned accounts and contract accounts. Ethereum enables developers to build different types of decentralized apps. Since Ethereum seems to be gaining steady momentum, experts are predicting it would soon surpass Bitcoin usage. Bitcoin and Ethereum are similar in many ways. There are however key differences between the two: Bitcoin trades only in crypto. Ethereum has several methods such as cryptocurrency, smart contracts and Ethereum virtual machine. Bitcoin uses proof of work security protocol. Ethereum uses proof of stake. Bitcoin only allows public transactions to be processed. Ethereum allows both permissioned and permissionless transactions. Ethereums averaged block time is a lot less than Bitcoins at 12 seconds vs 10 minutes. Because of this, there are more block confirmations which enables miners to mine more and receive more reward. By 2021 it is calculated that only half of the Ether will be mined ( more than 90 million tokens) but the majority have been mined (21 million supply cap) With Bitcoin, miners run the platform and verify transactions and are rewarded. The first computer to solve each new block gets bitcoins as a reward. Ethereum doesnt offer block rewards, but allows miners a transaction fee. One of the advantages of Ethereum is that it Continue reading >>
Ethereum Chief Warns Cryptocurrencies Could Drop To Near-zero At Any Time
Ethereum chief warns cryptocurrencies could drop to near-zero at any time Traditional assets are still your safest bet, says Russian-Canadian programmer Vitalik Buterin Vitalik Buterin, co-founder of Ethereum, has warned about cryptocurrencies volatility. The co-founder of Ethereum has put out a stark warning for crypto fans: Dont bet the farm on cyberassets, because prices could drop to near-zero at any moment. Vitalik Buterin took to Twitter over the weekend to caution people about digital currencies, which delivered blockbuster rises in 2017, before taking a beating at the start of this year. Reminder: Cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Dont put in more money than you can afford to lose, the Russian-Canadian programmer said in his post Saturday. If youre trying to figure out where to store your life savings, traditional assets are still your safest bet, he said. Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don't put in more money than you can afford to lose. If you're trying to figure out where to store your life savings, traditional assets are still your safest bet. Vitalik "Not giving away ETH" Buterin (@VitalikButerin) February 17, 2018 Over the course of 2017, the price of No. 1 crypto asset bitcoin BTCUSD, +2.58% rose about 1,400%, according to CoinDesk . Ethereum-based ether tokens, ranked second among cryprocurrencies by market cap, added an eye-popping 9,000% or so from their starting price of around $10. But in mid-January, almost every one of the top 100 cryptocurrencies took a hammering after rumors of regulatory crackdowns spread fear among investors. Ethereum lost 20%, bitcoin dropped 18%, and ripple shed 30% of i Continue reading >>
Ripple Claims 3 Big Money Transfer Firms Will Use Xrp In 2018
Ripple Claims 3 Big Money Transfer Firms Will Use XRP in 2018 Jan 5, 2018 at 15:55 UTC|UpdatedJan 5, 2018 at 16:12 UTC Three of the top five money transfer companies worldwide will be implementing Ripple's XRP token in their payment flow systems this year, the company said in a tweet Thursday. The tweet, which did not identify the partners, comes as XRP has rallied to overtake ethereum as the No. 2 cryptocurrency by market cap while Ripple has been criticized for its fairweather and sometimes opaque way of talking about the token. Part of the criticism stems from Ripple having scored more than 100 financial institutions to use its xCurrentproduct, a messaging platform that does not involve XRP, and many new investors mistaking that for XRP support by those institutions. Before Thursday, only one enterprise - Mexican financial services firm Cuallix - had announced its use of XRP for cross-border money transfers. But the company tweet, and comments to CoinDesk from Asheesh Birla, vice president of product at Ripple, earlier this week, suggest that more will be added this year. In another tweet late Thursday, Ripple CEO Brad Garlinghouse responded to a New York Times article casting doubt over XRP's usage by sharing comments he said were from banks and payment providers who examined or tested the cryptocurrency. Referencing Ripple's xRapid product, which puts XRP on top of the company's xCurrentmessaging platform, Garlinghouse wrote: "Over the last few months, I've spoken with actual banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way." Despite its recent run to nearly $4 per coin, XRP is down on the day , following a statement by Coinbase that it does not have plans, at this time, to list the cryptocurrency (or Continue reading >>
Ethereum Explores A Fix For Blockchain's Performance Problem
Ethereum explores a fix for blockchain's performance problem The Ethereum Foundation is seeking outside developers to help solve a performance issue native to blockchain its inability to sufficiently scale. Use commas to separate multiple email addresses The creator of the open-source blockchain platform Ethereum is exploring ways to fix an innate issue with the technology - the inability for processing capacity to effectively scale. And the Ethereum Foundation is seeking outside developers to help solve the scaling problem. Ethereum and Hyperledger are the world's leading blockchain platforms and the basis for a myriad number of applications , from cryptocurrencies such as Ethereum's Ether to "smart" or self-executing online contracts . [ Related: The top 5 problems with blockchain ] While open and efficient because all transactions in the peer-to-peer distributed ledger technology can be seen in real time, one performance problem has been that every entry on a blockchain requires every node to process it . This has the potential to slow transactions such as payments. Due to its chain nature, each new record inserted into a blockchain has to be serialized, which means that the rate of updates is slower than traditional databases, which can update data in parallel. "This expensive and slow process is justifiable for a global network where all participants are potentially malicious," Bharath Rao, founder of Ethereum exchange Leverj, said in an earlier interview with Computerworld. "In a corporate environment, where all participation is controlled, it does not make sense to spend a lot of energy and time for essentially no additional benefit." While requiring all nodes (servers) to process each transaction makes blockchain natively resilient to cyberattacks as hundreds o Continue reading >>
Ethereum Transaction Delay: How Long?
ETH processing stopped due to high load on ETH network. Processing will resume when network load reduces. This is the message most exchanges are displaying. So how long will they clear backlog transactions. Will it be temporal or it will be happening here and there. What is the cause of the delay in the transaction so that it takes a long time? Quote from: oseikuf44 on December 08, 2017, 12:29:04 AM ETH processing stopped due to high load on ETH network. Processing will resume when network load reduces. This is the message most exchanges are displaying. So how long will they clear backlog transactions. Will it be temporal or it will be happening here and there. The etherium network busy is caused by a game named cryptokitty, there is a lot of transactions on this network, I hope the etherium dev team including the Vitalik can sovle this problem in the near future. Quote from: boonsterx on December 08, 2017, 12:50:30 AM It is getting out of hand now. my transaction to kucoin yesterday is not cleared yet. It has been more than 20 hours and I am still waiting It's hilarious because scam defenders were crying that ETH solved the scalbility issues that Bitcoin suffered from a year or two ago. The resident ETH shills (long gone i might add) would not shut the fuck up about it. I looked now and we are fast approaching 18,000 ANN topics. I use to say around here as a joke we'd reach 10,000. I looked a couple months back and it was just under 15,000. Want to talk about "getting out of hand" ? The ultra funny part is the aping the block-chain concept because "it's the future" etc etc. Yet ..the concept stolen from BTC ..is BROKEN ! It's like taking a failed invention that doesn't work and copying it 18,000 times with a gimmick / twist. ETH was exposed as a scam when the ETH ICO Continue reading >>
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 >>
Cryptocurrencies In 2018: What Can We Expect From Bitcoin And Ethereum?
Cryptocurrencies in 2018: what can we expect from Bitcoin and Ethereum? Icelands cheap energy has made it a hot spot for mining digital currencies such as bitcoin One of the hottest topics last year was the rise of cryptocurrencies, a form of digital money that can be stored without using a bank. Tech trends 2018: bitcoin, driverless cars and more The technology has gained popularity in recent years because in most cases cryptocurrencies are untraceable, The Daily Telegraph reports. This allows users to make purchases and investments anonymously. Theres only a finite amount of digital coins available. This has driven the value of some cryptocurrencies to five-figure sums. Here are some of the top virtual currencies of 2017 and how they might fare over the next 12 months: Bitcoin is currently the most valuable cryptocurrency on the market. Current prices for a single coin are priced at around 11,000, according to Coinranking . The cryptocurrency kicked off 2017 with a value of just 800 per coin before reaching its current highs. The coins substantial growth could continue this year, says Inverse, as some experts believe the digital coin could reach six-figure values. Thats because the digital currency is relatively scarce, with only 21 million coins available for people to purchase. But investor Jeremy Grantham says Bitcoin is currently experiencing a financial bubble and could plummet in value before the broad market peaks, reports CNBC . As one of the standout cryptocurrencies of the year so far, according to The Daily Telegraph , Ethereum passed the $1,000 (740) per coin mark in the first week of January. What sets it apart from Bitcoin is that Ethereums value is driven by its fast transaction speeds and hi-tech architecture, says Digital Trends ,while Bitcoins relat Continue reading >>
Ethereum Wallet Review 2017:the Official Wallet For Eth | Finder.com
The Ethereum Wallet is free to download and use, although it will cost you some time and space on your hard drive to download the blockchain. You will most likely need to pay transaction fees in order to send ether over the network, although there is a flexibility feature built in to give you some control over fees in relation to transaction priority. Digital tokens issued on the Ethereum platform The Ethereum Wallet is found within a larger application called Mist. Mist is a web browser designed to interact with decentralized applications (DApps) running on the Ethereum network. The Ethereum Wallet is one application built into Mist, and youll need to run Mist in order to use the Wallet. Its important to note that Mist is still in beta, and its up to users to stay informed about bug fixes, software updates and other potential issues by checking in with official Ethereum channels. Ethereum is a young project, and many elements of the Ethereum platform are still under development. A lot of the existing infrastructure that enables users to interact with Ethereum is designed primarily for developers and those with a fairly advanced technical skillset. Fortunately, however, the official Ethereum Wallet does come with a simple graphical user interface (GUI) and its not too difficult to get it up and running. Heres how: Before you can add currency, you will need to download the latest version of the Ethereum Wallet. The safest and easiest way to do this is to use the link on the official website . If the download doesnt start automatically, you may be taken to Ethereums GitHub page. Scroll down until you find the appropriate download for your operating system. Once the download has completed, you can launch the Mist application. Youll be prompted to choose between using the Continue reading >>
Will 2018 Be Beneficial For Ethereum?
2017 has been an excellent year for Ethereum with dozens of ICOs using it for distributing their tokens along with significant partnerships. Since the Bitcoin network has been severely congested for the majority of 2017, most people have moved to Ethereum to conduct their business. Significant exchanges have also added Ether trading pairs alongside Bitcoin trading pairs. With this and other developments, it seems like 2018 could be an excellent year for Ethereum! One of the biggest drivers of growth in the adoption of Ethereum in 2017 has been Decentralized Applications or dApps which run on Ethereum. Services like Etherdelta, which is a decentralized exchange running on Ethereum and CryptoKitties, a game on the Ethereum blockchain, have been the biggest gas spenders in 2017. 2018 is certainly going to see a lot more successful dApps as more and more projects are reaching the full release version. As more projects are deployed on Ethereum, the amount of gas also spent increases which means more usage of Ethereum which should boost the price even further. Some key projects to watch out for: Golem A decentralized supercomputer on the Ethereum blockchain that anyone can use for computing resources Civic Ethereum blockchain based identity verification solution Economy An index fund platform for cryptocurrencies that lets users build their own Digital Asset Arrays (DAAs) Tenx VISA based card that allows users spend their Ethereum at any vendor that accepts VISA OmiseGO Universal, asset agnostic payment gateway that has seen some massive partnerships in 2017 already For the last several weeks, Ethereum has processed over 1.2 million transactions daily, which is more than four times the amount of transactions that Bitcoin is handling daily. Not only is Ethereum handling more Continue reading >>
Ethereum Price Analysis - Icos Reach Record Heights
Ethereum Price Analysis - ICOs reach record heights Josh Olszewicz , 21 Feb 2018 - Ethereum , Opinion , Price Analysis Ethereum ( ETH ) has essentially held steady in February. The market cap now stands at US$89.55 billion, with US$1.58 billion traded on exchange over the past 24 hours. While daily traded volume is down sharply from late December and early January, the Ethereum platform continues to be adopted by an array of startups and is now being used at-large, reducing traditional banking friction, increasing payment speed, and removing intermediaries. The World Food Programme, a United Nation organization that feeds as many as 100 million people across 80 countries, expects to cut millions of dollars in bank transfer fees by switching to a system using the Ethereum network, according to Bloomberg . We felt we could replace the services offered by banks with blockchain, said Robert Opp, who manages innovations that help the organization better spend its annual $6 billion budget. Blockchain helps promote collaboration by providing enormous amounts of data. Consensys and Amalto Technologies recently announced a joint venture, Ondiflo , a company which will also be using the Ethereum blockchain. Amalto Technologies provides innovative enterprise-levelsolutionsenabling B2B integration and electronic document exchange services to various markets including theOil & Gasindustry. The Houston, Texas-based company would assist with supply chain management through improved scheduling and dispatching, accurate measurement of discharged fluid volume, precise invoicing, significantly reduced revenue leakage, and zero to very few coding errors. The service also promises to greatly reduce cash-flow problems by decreasing time to payment. Joseph Lubin, Founder ofConsenSysand co-fo Continue reading >>