Jeffrey Tucker
A New Currency for the Digital Age
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The number of confirmations needed for a crypto transaction to be processed will depend on the exchange, and sometimes depend on the amount being transferred. Some exchanges will process a transaction after just one confirmation, many require three confirmations, while some may require up to six. Many Bitcoin wallets won’t process transactions until they’ve been confirmed at least three times. How Blockchain Technology Can Be Applied to Track and Trace On average, bitcoin can handle seven transactions per second, unlike many projects. However, the security and strength of the bitcoin network have proven itself over many years, one of the many reasons it is still prevalent. While Visa is claimed to be able to handle around 65,000 transactions per second, it lacks the immutability of the bitcoin blockchain. A range of approaches are being considered for the bitcoin network itself. Layer two solutions like the lightning network hope to improve this speed and increase the number of transactions that can be processed by bitcoin.