One of the most common criticisms leveled against Bitcoin is that it is slow, at least compared to newer imitations. But its level of decentralization means just 6 transaction confirmations provide complete protection against double spending.
Not All Blockchain Confirmations Are the Same
So how many confirmations are required by the altcoins to provide the same amount of work to secure the network? And how long do those confirmations take? Luckily, developer Luke Childs made a thing, then Charlie Shrem kindly tweeted that thing.
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
1. Bitcoin (BTC)
The benchmark; with over $130 billion market cap and just 6 confirmations required to secure the network. Estimated time – 1 hour and 2 minutes.