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If you are familiar with digital currencies, you must have encountered that transactions take a while to be finalized and vary in duration, around a few minutes, to ensure the final confirmation.

The time required for the final approval of a transaction in different blockchains varies depending on the nature of the blockchain and its consensus issues. Therefore, special attention should be paid to these issues in connection with the finalization of transactions.

In this article, we will explain the reasons for the time-consuming process of verifying transactions in the blockchain and the time required to verify transactions in popular blockchains and finalize them. If you want to know more about this topic, stay tuned for the rest of the article.

Read more: Staking on Binance.

How long does it take to confirm transactions, and why is it necessary?

The finality of the transaction means that the process will not change, be reversed, or be canceled after doing so. The amount of traffic or slowness of a blockchain affects how transactions are finalized.

Finalization can therefore be considered the amount of time that must be waited to ensure that transactions executed on the blockchain do not return or, more simply, “transactions are not lost.”

Finalization of transactions is an important issue for businesses dealing with digital currencies; Excessive network waiting can have a detrimental effect on businesses or companies that use these digital assets as payment methods.

Slight delays are also important for setting up and developing an efficient payment system.

To clarify the importance of this issue, suppose you have to wait 10 minutes every time you want to make a purchase. In such a situation, it becomes difficult for you to buy. The same is true for companies, except they need to know how many assets they have in the shortest possible time.

When it comes to China Blockchain technology, transactions are immutable because of their finite nature. Of course, it should be noted that transactions are not finalized automatically and immediately but are finalized gradually and with the approval of multiple blocks.

Definite transaction

A transaction is defined as a transaction located in the Chinese block and is officially registered and approved. At the same time, the network has processed it, and there is no possibility of its return. For a transaction to be final, it requires a certain number of verifications, which vary from block to block.

For example, in Bitcoin, a new block is generated every 10 minutes. Still, a single confirmation to register a transaction in the Chinese block is not reliable and can not be considered a definitive and irreversible transaction.

Depending on the type of blockchain, transactions will need to receive a further confirmation to be finalized. As a result, given the number of approvals required, this process will be time-consuming. Accordingly, after transferring currency to a wallet or purchasing from digital currency exchanges, it takes some time for the wallet balance to be updated.

How long does it take to validate a bitcoin transaction?

Transactions in bitcoin or any other digital currency must be finalized to be recorded in the Chinese blockchain and non-refundable. Depending on the type of blockchain, a certain number of verifications are required. The number of confirmations required for a transaction also depends on the exchange in which the transaction takes place and the amount that is transferred. Some exchanges process a transaction only after one confirmation, while others require three or more confirmations.

Many bitcoin wallets do not process transactions until they have been verified at least three times.

In the Bitcoin blockchain, an average of one new block is created every 10 minutes. The first block after the transaction indicates the first confirmation made, so a transaction in the Bitcoin network receives its first confirmation after 10 minutes. The transaction receives its next confirmations by adding the next blocks through the extraction.

On the other hand, the higher the transaction value, the greater the number of confirmations required for the transaction. It is unlikely that a transaction in the Bitcoin blockchain will require more than six verifications unless the value of the digital currency sent is more than $ 1,000,000.

For transactions under $ 1,000, 3 confirmations are sufficient. As a result, it usually takes longer than an hour to confirm a Bitcoin network transaction fully. Of course, it should be noted that if the network is busy, for example, when prices fluctuate high, this time may increase.

The time required to confirm a transaction in the Ethereum

White Paper states that at least six verifications are required to complete the transaction in this blockchain. On the Ethereum network, each confirmation takes less than 1 minute. As a result, this number of approvals takes approximately 2 to 6 minutes; In practice, however, the number of confirmations in the Ethereum blockchain does not seem to be in line with the network’s white paper, and there is no consensus that Ethereum transactions require exactly a few approvals to be valid and conclusive.

Read more: What is white paper and how to read it?

Transactions, however, are usually done through digital currency exchanges, and the number of confirmations required depends on the exchange used. In other words, each digital currency exchange decides individually on the number of approvals required to finalize an Ethereum transaction, so the time required to approve the transactions will also vary.

Several large exchanges require approximately 12 to 35 approvals to consider a terminated transaction on the Ethereum network. Of course, it should be noted that fewer approvals mean a lower level of security.

Time required to confirm transactions in the Binance Smart chain

Binance Smart Chain is a blockchain of Binance Exchange and is designed with a similar structure to Binance China. China Binance Smart is specifically designed to improve scalability in blockchain, execute smart contracts in parallel with China Binance, and compatibility with the Ethereum Virtual Machine.

Bainance Smart China is one of the fastest blockchains in transactions and has a small fee. This low fee makes it very attractive for developers to build decentralized applications on this protocol.

Smart China Binance, which is compatible with smart contracts and decentralized applications, connects to China Binance to be able to approve transactions in a shorter period and at a higher speed. The time to create a block in Bainance Smart China is 3 seconds. This blockchain takes a short time, about 60 to 75 seconds, to finalize transactions.

Time required to confirm transactions in Ripple

Ripple is a blockchain-based digital payment network built-in search of a better version of bitcoin. Bitcoin relies on a network of miners to keep its ecosystem alive, But Ripple has eliminated that dependency by replacing miners with endorsers.

Ripple’s development team planned to build a bitcoin-like system without dependence on mining operations. With this in mind, the Ripple network was created with native XRP tokens. The consensus mechanism in this set is not in the form of Proof of Work or Proof of Stake. Instead, transactions rely on a consensus mechanism that verifies account balances and credit through transactions through a group of bank-owned servers.

The proof of work mechanism limits the speed of transactions. As a result, Ripple transactions consume less energy than digital currencies such as bitcoin, whose consensus mechanism works. Bitcoin receives the first transaction confirmation after 500 seconds. Ripple transactions are confirmed and settled in 3 to 5 seconds. Such a process allows Ripple to process 1,500 transactions per second while Bitcoin finalizes about three transactions.

Time required to confirm transactions in Cardano

Cardano is a third-generation China block-based proof-of-stock mechanism designed to provide a more efficient alternative to proof-of-network networks. Low scalability and slowness of transactions have always been challenges for proof-of-business blocks. Ethereum co-founder Charles Hoskinson was aware of the effects of these challenges on Chinese blockchain networks, so he began developing Cardano’s Chinese blockchain network.

The Cardano blockchain uses a stock-proof mechanism called Ouroboros and, unlike digital currency extraction protocols, consumes limited energy.

Launched over two years, Cardano is the only China blockchain technology based on peer-reviewed that can make fast and cheap transactions. The ultimate goal of the Cardano ecosystem is to solve the problems faced by its counterparts, such as Bitcoin and Ethereum. The makers of the Cardano blockchain are trying to build faster and more decentralized networks than Bitcoin while offering cheaper transactions than Ethereum.

Cardano is one of the fastest-growing digital currencies in performing and verifying transactions as a high-scalability blockchain.

Since the first phase of this Chinese block test, Cardano has performed well and performed high speed and stable transactions. The Cardano network can process 250 transactions per second, and the transaction finalization time is about 2 to 10 minutes.

How long does it take to confirm transactions in other popular blockchains

In the previous sections, we examined the largest and most popular blockchains and the time required to confirm a transaction in them. The following is the time it takes to finalize a transaction in some smaller but popular blockchains.