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this post was submitted on 16 Jul 2025
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Incorrect! Bitcoin transactions take 10 FUCKING MINUTES.
There are countless other cryptocurrencies than Bitcoin
And literally not a single one of them is useful for the purpose of quick, efficient, and secure transactions.
Blockchains are slow and inefficient by design, since they need to build consensus. On any sufficiently popular blockchain, transactions are either fast or secure, never both.
The "fix" that the crypto industry has come up with is to re-invent banks, except with even more crime and virtually no regulations. Now you're just entrusting FTX with your coins to enjoy "immediate" transfers, how could that possibly go wrong?
getmonero.org 1 minute average confirmation time, private by default. Eth average confirmation time is 6 seconds and right now it's doing 16 transactions per second, not counting L2s. Blockchains are way more secure than a centralized database controlled by a financial institution that can freeze or deny you the right to use your money or fat-finger your life savings away with no recourse.
Please, that's nothing. In a mass adoption scenario, the whole thing would either crumble or eat a significant portion of the world's electric production.
I won't have an argument about the futility of the whole decentralization endeavor and how it fails to meaningfully address any of the very real concerns that central banking has addressed over the centuries. History has already proven all of you fools.
It's 16 tps right now because that's the current demand, highest tps recorded was 57, not counting L2s which are doing 430 tps right now (stats) and can handle way more, for example the biggest one called base can handle 1400 tps alone and the next major eth upgrade is targeting 100000 tps capability.
The costs are much worse than the time imo.
Bitcoin has lightning or you could use a chain with faster blocks.
I'm not really that familiar with LN, to be honest. It looks like there's almost $500 million in the network available for transactions (source), and according to this report, there were about 6.6 million transactions in August of 2023.
Not MasterCard or Visa levels, for sure, but also not a 10 minute wait for a transaction to complete either.
How many fingering minutes is that?