Those who are fairly new to the world of crypto can sometimes be concerned about apparent delays in transactions, so we feel it’s important to write a note about it.
One of the strengths of crypto is the number of confirmations required for each transaction. In a centralized ecosystem, one entity confirms a transaction. With Blockchain, the verification is distributed amongst many validators.
This increased security via consensus on the blockchain takes time. Crypto developers are working ‘round the clock to make transactions faster, without sacrificing security.
To read more about the speed, security, scalability trilemma, read our blog post here.
Here at XGo, we’re very careful about only honouring valid transactions and, where needed, we wait for a safe number of validator confirmations to be reached before we accept them.
To do this in a way that’s acceptable to us, we add an extra layer of checks. This means that when you transact with XGo, this happens:
- The blockchain carries out its usual validation checks
- XGo adds its own internal transaction monitoring to check for things like money laundering and fraud
Our extra checks are automated, so they don’t add to your waiting time… If you think blockchain is slow, trust us, humans are even slower!
Transactions typically take between 1 and 15 minutes, depending on the currency.
It’s also important for you to know that different currencies can operate on different blockchains, and speed is influenced by the volume and validation complexity of transactions on each one. This varies from blockchain to blockchain.
Of course, if you have any questions at all, just get in touch.