How long does the average Monero transaction take until confirmation? (lemy.lol)

submitted 1 week ago by Ladislawgrowlo@lemy.lol to c/monero@monero.town

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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

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[-] Wave@monero.town 1 points 6 days ago

As a rule, the transaction is in the next block within one to three minutes. There is a good chance that it will be faster than two minutes. However, it can also happen that you have to wait two minutes or even a little longer until the transaction has been recorded in a block. Based on experience, 30 seconds to 1 minute 30 seconds.

[-] gravitywell@sh.itjust.works 5 points 1 week ago

2 minutes on average

[-] Ladislawgrowlo@lemy.lol 2 points 1 week 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.

[-] HardenedSteel@monero.town 3 points 1 week ago* (last edited 1 week 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.org 2 points 1 week ago* (last edited 1 week 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?