Crypto Settlement Times - Visual Comparison Tool For Crypto Settlement Times

Cryptocurrency settlement times, or time to finality, are essential to understand. They tell you how long it takes for a cryptocurrency transaction to be verified and considered irreversible on the blockchain.

For cryptocurrencies like Bitcoin, which use probabilistic finality, confirmations are about reducing the probability of a transaction reversal. Each confirmation means more blocks are added to the chain after your transaction, making it increasingly difficult to alter. While absolute certainty is never reached, the chance of reversal becomes astronomically low with each confirmation. Bitcoin, for example, commonly uses 6 confirmations, with each block taking roughly 10 minutes, to reach a very high level of confidence in transaction finality.

However, not all cryptocurrencies work this way. Some, like Nano, offer deterministic finality. Here, a "confirmation" signifies a definitive agreement within the network, achieved through different consensus mechanisms. Once confirmed in a deterministic system, the transaction is considered absolutely final and irreversible.