The purpose of this article is to focus attention on which parameters and evaluation elements must be analyzed to understand, in the near future, which cryptocurrencies could be considerably more interesting, for their usability, than others.
Among the many parameters to be examined, there is one that allows you to understand the development and scalability potential of a cryptocurrency and/or digital asset.
Specifically, we are talking about deposit processing times, or how long you have to wait to have, for example, the transfer of a cryptocurrency from your wallet to an exchange (for trading, swap). This parameter represents a value that expresses a time data (which generally adopt most of the most prestigious exchanges). That is how long I have to wait before I can trade with the exchange infrastructure (trading platform).
In summary, before being able to make a transaction it is necessary to wait for all the confirmations on the blockchain.
Let's take a look at the data released by the Kraken platform.
What are confirmations?
When a transaction is broadcasted to the network, it has to wait to be included in a block by the miners. Once a transaction has been included in a mined block, the transaction has received 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction.
Why are there confirmation requirements?
To avoid the risks of double spending, funds aren’t credited until a certain number of confirmations have taken place (as listed below).
The more confirmations received, the more permanent / irreversible the transaction is.
How long do confirmations take?
Each block is found at a different rate depending on the blockchain.
For example, on the Bitcoin blockchain, a block is mined on average every 10 minutes, and Kraken only credits Bitcoin deposits to a client’s account after 6 confirmations, which takes approximately 60 minutes.
However, sometimes it can take Bitcoin miners 30 or even 60 minutes to mine a single block (1 confirmation). This is outside of Kraken's control.
Kraken's confirmations requirements
The data relating to Ether Classic (ETC) is impressive.
Thank you for taking the time to read this article.
Ad maiora!
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