The blockchain execution time for transactions continues to dominate bank and money transfers. Data gathered by LearnBonds.com reveals the execution time for the top five cryptocurrencies from 2019 to 2020.
From the data, Bitcoin’s average transaction execution time between January 2019 to January 2020 was 10 minutes. The maiden cryptocurrency recorded the quickest transaction time in May at 8.421 minutes.
On the other hand, Ethereum recorded a 27 times quicker transaction time with an average of 0.22 seconds, a difference of 97% compared to Bitcoin.
Bitcoin’s fork Bitcoin SV recorded an average transaction time of 10.37 minutes. Another fork, Bitcoin Cash has an average transaction time of 10.2 minutes.
Ripple’s XRP remains the leader. XRP was the top cryptocurrency with the highest transaction times. On average, the token’s transaction confirmation time was about 3.8 seconds, it is 157 times faster compared to Bitcoin’s average transaction confirmation time.
XRP’s proposition is to power instant cross border payments and reduce costs. Generally, normal wire transfers and bank money transfers are costly and take longer before being executed. As per the report:
“Wire and bank transfers still have a long way to go. Bank wires can take up to five days for cross border transactions while domestic transactions last about 24 hours without factoring in delays like holidays and weekends.”
Notably, XRP‘s 50,000 transactions per second has surpassed VISA’s 24,000 transactions per second.