Bitcoin vs ethereum transaction time

The time it takes to complete a cryptocurrency transaction depends on two primary factors: the blockchain fee Wirex pays this for you automatically and the current load on the blockchain network. For Bitcoin, the transaction speed depends on the size of the blockchain fee and network load. The higher the fee you pay, the fewer blocks you need to use - thus reducing transaction time. Wirex automatically applies an above-average blockchain fee, ensuring your transaction uses the minimum amount of blocks necessary and is completed in minutes.

Ethereum and DAI work the same way as Bitcoin, with one important difference - both these cryptocurrencies complete transactions in the order the sender created them. The second transaction will always be processed after the first one has finished. As with Bitcoin, Wirex automatically pays an above-average blockchain fee and your transaction should go through within 30 minutes. Litecoin and Waves transactions depend entirely on network load; they usually take minutes to complete.

The blockchain fee for these currencies is fixed and Wirex applies it automatically.

Stellar-based assets are the fastest of all cryptos; transactions generally take a matter of seconds. As with Litecoin and Waves, the blockchain fee is fixed and the exact amount of time taken depends on network load. Bitcoin may have a better position in the market, but Ethereum has better technology and bigger potential.

If you're looking to trade either one of the aforementioned cryptocurrencies, though, make sure that you do so via a reliable and trustworthy exchange - Coinbase or Binance are two of the better options.

Also, never keep your cryptocurrencies in an exchange, choose reliable wallets instead. A fun fact and an additional although minor Ethereum vs Bitcoin difference:. We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! All things considered, Ethereum is often viewed as the better alternative to Bitcoin. That's mostly because Bitcoin's purposes are quite limited - frankly, it's mostly used as a decentralized form of currency.

Ethereum, on the other hand, has introduced such things as " smart contracts " into the crypto world - its usage cases are almost unlimited! With time, more and more miners appear to focus on Ethereum for all of their mining wants and needs. Admittedly, it's much easier to mine Ether, and with the ever-growing popularity of this particular cryptocurrency, it's only natural that there's also an increase of attention towards its " extraction " processes, too.

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. That said, many users believe that Coinbase is one of the simpler exchanges on the current market.

The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange.

This is done for the sake of simplicity. No, definitely not!

While some of the top cryptocurrency exchanges are, indeed, based in the United States i. Coinbase or Kraken , there are other very well-known industry leaders that are located all over the world. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

Read more. By Laura M. All the content on BitDegree. The real context behind every covered topic must always be revealed to the reader. Feel free to contact us if you believe that content is outdated, incomplete, or questionable. Aaron S. Table of Contents 1. Comparing the Cryptocurrencies 1. Ethereum vs Bitcoin: The Basics 2. Key Differences 3. Ethereum vs Bitcoin: Breaking it Down 3.

What is Bitcoin?

Decentralized 3. Blockchain 3. Smart Contracts 4. Ethereum vs Bitcoin: The Conclusions 4. Is Ethereum Better than Bitcoin? Which has the Better Technology? So, Which One? Bitcoin or Ethereum? Verified Staff Pick. Rating 5. Get coupon. Your Discount is activated! The Most Liked Findings Looking for more in-depth information on related topics? Did you know? Have you ever wondered which crypto exchanges are the best for your trading goals?

Pros Can be managed from mobile device Very secure Supports more than cryptocurrencies. Pros Top-notch security Touchscreen user interface Easy to set up. Pros Super secure Protection against physical damage Supports more than coins and tokens.

Ethereum vs Bitcoin - Similarities and Differences

Read review. The Ethereum platform had some security problems in the past, but the network has improved and expanded despite these disadvantages. And although bugs were found in the smart contracts, they did not cause any significant problems. Since the first transaction with Bitcoin in , more than million transactions have been carried out with Bitcoin. While the Ethereum network has processed over million transactions so far. The highest transactions recorded per day were , Bitcoin transactions per day and 1,, Ether transactions per day.

This indicates that the Blockchain community uses the Ethereum platform more actively. Bitcoin and Ethereum have a comparative advantage in transaction costs over standard currencies, as transaction fees are significantly lower than the costs of conventional means of payment e. Because no intermediaries are required, transaction costs can also be reduced significantly.

For Ethereum, transaction fees are even lower because costly intermediaries can be replaced with smart contracts. This also makes it very beneficial to invest in ICOs. Bitcoin and Ethereum also provide faster transaction processing than ordinary online payment systems. The total time to process Bitcoin transactions is between 10 and 60 minutes. Ethereum is even faster because it can process transactions within seconds. Traditional bank transfers particularly cross-border transactions often take several days to process.

Main Takeaways: Bitcoin vs. Ethereum

The benefits of lower transaction fees and faster transaction processing than traditional online payment systems make both coins an ideal medium of exchange. In the Bitcoin network, up to transactions per second can be processed, compared to an average of 2, transactions per second processed by VISA. The Ethereum network is a bit faster with around 12 transactions per second. Nevertheless, there is a limited transaction capacity compared to traditional payment providers.

If they want to become globally accepted currencies in the future, they must be able of processing thousands of transaction per second. Currently, the scalability is a big disadvantage for their technology.

On one hand, both Bitcoin and Ether prices show extreme volatility. As a result of these extreme price fluctuations, there might be less suppliers and consumers who accept one of these cryptocurrencies as a global currency and payment system, as they may not be able to correctly communicate the relative prices of goods and services.

Crypto transaction times

Such market volatility make Bitcoin and Ether unusable as a unit of account. On the other hand, due to these fluctuations some traders can speculate on their future price movements in order to make a profit. In addition, they are ideal assets for diversification, as their price movements correlate little with the price fluctuations of traditional asset classes.

They have become a new asset class and offer an alternative investment opportunity. However, it is difficult to compare the volatility of cryptocurrencies, as they have only been in existence for a short time. Bitcoin's volatility seems to be declining over time. One could also observe a trend that cryptocurrencies are more volatile in their earlier days and stabilize in value over time, but they are far more volatile than fiat currencies like EUR and USD.

However, Bitcoin still dominates the cryptocurrency market.