I do not know that much about Crypto Currency. But as far as I understand:

  • Whenever a new block is mined a list of transactions is executed. This means transaction speed depends on the rate with which new blocks are mined. What is that rate for Monero?
  • Difficulty of the proof of work algorithm to mine new blocks is adjusted to keep the rate as constant as possible
  • HardenedSteel@monero.townEnglish
    0·
    4 days ago

    Yes correct, the rate is 2min/block

    however confirmation depends on what you consider finalized.

    1 confirmation is enough for small transactions, or even u can accept a payment with no confirmation.

    however you would like to wait for more confirmation for bigger transactions.

    • ReversalHatchery@beehaw.orgEnglish
      0·
      3 days ago

      yeah, so it’s always the receiver who decides how many confirmations to wait. webshops usually want 10 confirmations, for a better assurance that the branch of the blockchain won’t get overridden by another where the transaction did not happen.

      is that right?

    • 🎇sparkles✨@lemy.lolOPEnglish
      0·
      5 days ago

      That is quite fast actually. I think fast enough for an online shop, and maybe for a coffee shop. But not for a high throughput Walmart like store.