this post was submitted on 08 Nov 2024
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How fast are transfers in monero? That's a thing I don't like about BTC, the fee if you want fast transactions.
Monero does not have replaced by feet like Bitcoin does, so you can accept a zero confirmation transaction, which takes seconds up to whatever level you are comfortable with. For example, you might buy a coffee with a zero confirmation transaction in seconds, but buying a car would take 10 blocks or about 20 minutes. Fees are also stupid low. So no issue there.
Don't quite understand that, sorry
So about the same confirmation speed as BTC?
Replace by fee is a mechanism where as long as a transaction has not been confirmed yet you can replace it with a new transaction as long as it pays a higher fee but that could cause double spending which is a problem.
Also, in Bitcoin, they say, in order to make sure a transaction has really gone through, you should wait 7 blocks. And therefore, that would be 70 minutes instead of 20 minutes.
I see. Thank you for explaining clearly!
Glad I could help. If you ever decide to start playing with it, send me your wallet address and I will send you a little bit to get started with.
What wallet would you recommend?
Monero.com which can be downloaded on the iOS App Store or the Google Play Store. It is actually an app and not a web wallet which is what I originally thought when I first heard about it.
Thank you a second time :)
Np