Crypto Settlement Times

About Settlement Times (Time-to-Finality)

Cryptocurrency settlement times, or time to finality, are essential to understand. They tell you how long it takes for a cryptocurrency transaction to be verified and considered irreversible on the blockchain.

For cryptocurrencies like Bitcoin, which use probabilistic finality, confirmations are about reducing the probability of a transaction reversal. Each confirmation means more blocks are added to the chain after your transaction, making it increasingly difficult to alter. While absolute certainty is never reached, the chance of reversal becomes astronomically low with each confirmation. Bitcoin, for example, commonly uses 6 confirmations, with each block taking roughly 10 minutes, to reach a very high level of confidence in transaction finality.

However, not all cryptocurrencies work this way. Some, like Nano, offer deterministic finality. Here, a "confirmation" signifies a definitive agreement within the network, achieved through different consensus mechanisms. Once confirmed in a deterministic system, the transaction is considered absolutely final and irreversible.

It's important to differentiate settlement-time/time-to-finality from Transactions Per Second (TPS) and Blocks Per Second (BPS). TPS measures how many transactions a network can process per second, representing its transaction throughput. BPS, on the other hand, measures how many blocks are added to the blockchain each second, reflecting the rate of block creation. While a high TPS network can handle more transactions, and a higher BPS can increase the rate at which the blockchain grows, neither directly dictates settlement time/time to finality. The two are related but distinct concepts.

This information is designed to help you understand cryptocurrency settlement times/time to finality and the crucial differences in how finality is achieved across different cryptocurrencies. Knowing these differences is vital for understanding transaction settlement and security in the crypto world.

For support or requests, please contact: finality@cryptosettlementtime.com

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