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How To Send Faster Crypto Transfers

How To Send Faster Crypto Transfers

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Cryptocurrency has taken the world by storm in recent years, with people from all walks of life investing in the digital asset. Blockchain, the technology behind cryptocurrency, has also been introduced in other industries, such as supply chain management and healthcare.

However, one of the biggest criticisms that many people have leveled at Bitcoin, the world’s largest cryptocurrency, is its slow transaction speed. Complete Bitcoin processing from start to finish can take anywhere from 40 to 90 minutes. This can be frustrating for users, especially when they are in a physical store with strict payment rules, or when they are trying to make time-dependent payments.

Fortunately, there are a few things you can do to speed up crypto transfers. In this article, we share with you some tips on how to send faster cryptocurrency transactions.

How to send cryptocurrency

If you are send cryptocurrencies such as Bitcoin from one wallet to another, the process is quite simple.

First, you need to know your recipient’s Bitcoin address. If you’re dealing with any other cryptocurrency, you’ll also need to know the proper wallet address.

Once you have this information, go to your wallet app and copy the address into the Send field. Then select the amount of cryptocurrency to send and press Confirm.

The process will then start and you just have to wait for the transaction to be processed completely. Depending on the cryptocurrency you are using and the network conditions, this can take anywhere from a few minutes to an hour. Bitcoin usually takes the longest transaction time.

How to send faster crypto transfers

The slow speed of Bitcoin transactions is a problem that all crypto traders must be prepared for when dealing with this digital asset.

But is it really inevitable?

It turns out that there are a few workarounds that can help you send crypto to recipients faster. Here are these options.

1) Use the Bitcoin Lightning Network

One way to speed up Bitcoin transactions is to use the Bitcoin Lightning Network. The Lightning Network is a second-layer solution built on top of the Bitcoin network.

Lightning Network allows two participating nodes to establish a direct channel between each other. These nodes can then perform an unlimited number of transactions between each other without having to wait for blockchain confirmations.

Lightning Network also mitigates the security challenges brought by off-chain solutions. This is because all transactions performed on the Lightning Network are still performed on the Bitcoin mainnet blockchain.

So how does this speed up crypto payments? Well, Lightning Network includes a highly scalable system. This means that the network can handle a large number of transactions and process them in a matter of milliseconds. Energy costs are also significantly reduced because the network does not require PoW confirmations.

It’s a great concept in theory. However, there are downsides. First, this network pays for opening and closing the payment channel. There is also a low routing fee that goes to validation nodes. This can push miners aside as they are not incentivized enough to confirm these events.

The Lightning Network is also vulnerable to malicious attacks. That being said, if these issues are resolved, the Bitcoin Lightning Network can be a powerful tool in solving Bitcoin’s slow transaction speeds.

2) Use other cryptocurrencies

While there is little that can be done to speed up native Bitcoin transactions, you can always use other cryptocurrencies that offer faster transactions.

Here are some altcoins you can use for faster crypto payments.

Ethereum (ETH)

When it comes to transaction speeds, Ethereum is one of the best alternatives to Bitcoin. Ethereum transaction takes only 5 minutes to process, which is 10 times faster than Bitcoin.

Cardano (ADA)

Cardano is a Proof-of-Stake altcoin which focuses on a quick event. ADA transactions take slightly longer than Ethereum, but it is still much faster than Bitcoin. Cardano transactions take about 10 minutes to confirm.

Ripple (XRP)

XRP is the fastest crypto to send fees compared to other cryptocurrencies. It is also quite cheap with little expenses.

One XRP transaction is instantaneous and there is little room for delays. This is due to its consensus protocol that does not require mining.

Why is Bitcoin slow in the first place?

Bitcoin is slow by deliberate design. To clarify this, it is important to note that confirmations on the Bitcoin blockchain are secured by a Proof-of-Work (PoW) mechanism.

In this system, when someone wants to make a transaction, validators on the Bitcoin network would have to calculate a complex mathematical problem through a pre-selected set of nodes. Once the answer is resolved and a consensus between the nodes is reached, the transaction is then recorded on the blockchain and a new block is created.

This procedure is necessary for a few reasons. First, it helps preserve the privacy and personal information of the person making the transaction. One of the main appeals of crypto is its decentralized nature, which allows users to remain anonymous, so this is a good thing for users.

The PoW algorithm also prevents unwanted data manipulation and prevents fraudulent activities. This eliminates the risk of blockchain vulnerability.

While PoW algorithms are secure and useful in their own right, they have drawbacks. Example, long downtimes.

This downtime can also be further exacerbated by the fact that Bitcoin’s memory is often congested. Mempool is basically a repository for all unconfirmed transactions.

When too many people make Bitcoin transactions at the same time, the longer it takes for the transaction to be officially confirmed. This may cause delays of up to one hour and 30 minutes.

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