Study: “Bitcoin (BTC) Blockchain is 5 Times Faster When Compared to Ethereum (ETH)”
- As per a new study, the blockchain confirmation times of most premier alt-assets are quite low when compared to Bitcoin.
- The research, however, does not take into consideration any differences in “network design” (say between BTC and XMR) which may otherwise be responsible for other security-related benefits.
One of the most common criticisms levied against BTC is that it’s native processing speeds are quite low when compared to other altcoins such as EOS, ETH, etc. To be even more specific, we can see that due to the decentralized nature of its ecosystem, the currency is only able to facilitate a total of 6 transactions per second.
Confirmation Times Compared
The concept of ‘confirmation time’ (CT) is now relatively well understood by members of the global crypto community. However, before we start things off, it can be useful to jog our memories and recall the technical definition of the term once again:
“Block confirmation time is the amount of time it takes to verify a new block on a specific blockchain. “
When I post about #bitcoin I get shilled that it’s slow compared to ripple or bcash or whatever crap. Yes, I can use a Google Spreadsheet and it’ll be faster than bitcoin too, but safer? Compare how many blocks to equal bitcoins security- https://t.co/V7ALsBPr4Q (h/t @notgrubles)
— Charlie Shrem (@CharlieShrem) May 10, 2019
(i) Ethereum: The world’s second largest crypto asset by overall capitalization has a confirmation time of around 5h 11m. These speeds when compared to those of BTC are nearly 5 times slower.
(ii) Bitcoin: The flagship cryptocoin requires just 6 confirmations to secure its network. To be even more specific, the currency’s confirmation time has been found to be 1 hour and 2 minutes.
(iii) Bitcoin Cash: Since the Bitcoin hard-fork makes use of the same hashing algorithm when compared to its parent currency, we can easily estimate BCHs confirmation wait time (19 hours and 19 minutes — which is 18 times slower than BTC).
(iv) Litecoin: The world’s 5th largest alt-asset — with a total market cap of around $5.75 billion — has a confirmation time of 1 hour and 19 minutes.
Lastly, in brief, we should also point out that other popular alt-assets such as Bitcoin SV, Dash, Raven Coin, Z Cash all clock in CTs that lay around the 1- 4-day mark.
Last but not least, it needs to be pointed out that since 2014, Bitcoin’s adoption rate and overall value have increased quite exponentially. It now remains to be seen what the future has in store for the premier digital asset.