Average Bitcoin transaction confirmation time 2018-2020
The average confirmation time for a Bitcoin transaction was ten minutes in January 2020. This a slight increase from the past few months, but still lower than the May peak of over 12 minutes. The effect of the longer transaction time may not be an issue for cryptocurrency speculators, but it may make Bitcoin an unattractive medium of exchange.
What is a virtual currency?
Virtual currencies, also known as cryptocurrencies, are internet-based assets that can perform the basic functions of a currency. Many people like the fact that they have no centralized regulating authority, using cryptography to ensure security. However, a small percentage of people currently own Bitcoin, which reduces their impact in commerce.
Reasons for fluctuations
While not often used for purchases, investors have flocked towards Bitcoin and other virtual currencies for investment. Fluctuations in price could lead to changes in investor activity, which would have correlating changes in transaction times. Given Bitcoin’s security algorithm, which depends on a distributed ledger, an increase in the number of Bitcoins in circulation could also lead to longer transaction times.
What is a virtual currency?
Virtual currencies, also known as cryptocurrencies, are internet-based assets that can perform the basic functions of a currency. Many people like the fact that they have no centralized regulating authority, using cryptography to ensure security. However, a small percentage of people currently own Bitcoin, which reduces their impact in commerce.
Reasons for fluctuations
While not often used for purchases, investors have flocked towards Bitcoin and other virtual currencies for investment. Fluctuations in price could lead to changes in investor activity, which would have correlating changes in transaction times. Given Bitcoin’s security algorithm, which depends on a distributed ledger, an increase in the number of Bitcoins in circulation could also lead to longer transaction times.
