What’s the average time to complete a transaction?

Zero Confirmation (Zeroconf) transactions pertain to unconfirmed cryptocurrency transactions which have been network-broadcasted but are still pending blockchain confirmation.

The norm with most cryptocurrencies is to require a few confirmations (additional blocks in the blockchain) for transactions to be deemed validated and irreversible. For instance, Bitcoin may require 1 to 10 confirmations, depending on the transferred amount.

Incorporating Zeroconf is aimed at enhancing the cryptocurrency payments experience by offering speedier transaction times.

 

Benefits

  1. Speed & Convenience: Zeroconf provides almost immediate transactions. When a transaction is initiated, it's broadcasted to the network and is deemed valid, even prior to miner confirmation. This eliminates waiting for multiple block confirmations, which could take several minutes or even hours. This equates to a faster payment experience, similar to traditional methods like credit cards or mobile wallets.
  2. Improved User Experience: The faster confirmation times with Zeroconf lead to a better user experience. Users can make payments and receive immediate transaction status feedback, which is especially advantageous in time-sensitive situations such as point-of-sale purchases.
  3. Trust & Reputation: Accepting Zeroconf can bolster trust and a business's reputation within the cryptocurrency ecosystem. By offering faster transactions, businesses can attract customers who appreciate immediacy and convenience, enhancing customer satisfaction and loyalty, and consequently boosting the business's reputation and growth.

At BVNK, we aim to deliver an excellent user experience not only for our clients but also their customers. We adopted Zeroconf to expedite UTXO-based cryptocurrency transactions, which, under high blockchain congestion, could otherwise take a few hours to confirm.

 

Examples

Below, you can find the average time it takes BVNK to process transactions for each supported network (blockchain).

  Blockchain / Protocol Currency Confirmation Time Zeroconf Enabled Time Saved, Avg
1 Bitcoin BTC Under 2 minutes Y 10 minutes
2 BitcoinCash BCH Under 4 minutes Y 12 minutes
3 Ethereum ETH Under 1 minute N Not Applicable
4 Ethereum, ERC20 USDT Under 1 minute N Not Applicable
5 Tron, TRC20 USDT Under 2 minutes N Not Applicable
6 Ripple XRP Under 1 minute N Not Applicable
7 Litecoin LTC Under 10 minutes N Not Applicable
8 Ethereum, ERC20 DAI Under 1 minute N Not Applicable
9 Dogecoin DOGE Under 6 minutes N Not Applicable
10 Ethereum, ERC20 USDC Under 1 minute N Not Applicable
11 Cardano Ada Under 1 minute N Not Applicable
12 Algorand ALGO Under 1 minute N Not Applicable
13 Solana SOL Under 1 minute N Not Applicable
14 Tron TRX Under 2 minutes N Not Applicable
15 Binance Smart Chain BNB Under 2 minutes N Not Applicable

This data is based on real transactions processed by BVNK in February 2024.

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