How many confirmations does a Monero transaction need?
What is the 10 confirmations requirement? You will need to wait for 10 confirmations for your received Monero before you are able to send it. What this means is your Monero is locked until it is mined in a block and then a certain number of subsequent blocks have been mined afterward in order for it to be confirmed.
A Monero transaction can be tentatively completed in as little as 1 confirmation in 2 minutes. However, the latest blocks in the blockchain are changeable until more blocks are added after them. For irreversibility, 10-15 levels of blocks and thus 10-15 confirmations are needed.
On average, it therefore takes approximately 20 minutes for a Monero transaction to be fully verified and funds available to be spent in a subsequent transaction.
To prove payment, you need to have a record of something called a TXKEY which is only stored against a local copy of your Monero wallet. If you have created multiple wallets for the same address, then you cannot use any other wallet to obtain the TXKEY that you will require to prove payment.
Monero transactions are confidential and untraceable.
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency.
0x (ZRX) | 20 confirmations | 5 minutes |
---|---|---|
Algorand (ALGO) | 10 confirmations | 45 seconds |
Alien Worlds (TLM) | 20 confirmations | 5 minutes |
Altair (AIR) | 25 confirmations | 5 minutes |
Ambire AdEx (ADX) | 20 confirmations | 5 minutes |
If you have an SSD drive, there is a way to speed up the initial synchronization of your daemon with the network. This is achieved by downloading a copy of the raw blockchain and importing it.
How Does Monero Work? - YouTube
Bitcoin: Transaction Speed. A Monero transaction takes about 2 minutes to confirm. Nevertheless, a Monero transaction isn't considered fully confirmed until the network confirms the transaction 10 times.
All transactions on the network are private by mandate; there is no way to accidentally send a transparent transaction. This feature is exclusive to Monero. You do not need to trust anyone else with your privacy.
What are Monero transaction fees?
Txn fee (XMR/BTC) | Txn fee USD | |
---|---|---|
Monero (lowest) | 0.000006 | $ 0.0009 |
Bitcoin (lowest) | 0.000044 | $ 1.0275 |
Monero (median) | 0.000008 | $ 0.0013 |
Bitcoin (median) | 0.000125 | $ 2.8892 |
The current status of Monero tracing remains in question. Cryptocurrency analytics firm CipherTrace filed two patents in 2020 for Monero tracing technology and released "tracing virtualization" tools last summer for qualified government agencies and financial institutions.
The definition of proof of transaction is a record in the form of hardcopy or softcopy that states the occurrence of a transaction. The evidence is valid if both parties acknowledge it. In hardcopy form, proof of transaction is usually signed as a sign that it has been checked and is correct.
A raw Monero address is a set of 95 characters starting with a '4'. The Monero donation address, for instance, is 888tNkZrPN6JsEgekjMnABU4TBzc2Dt29EPAvkRxbANsAnjyPbb3iQ1YBRk1UXcdRsiKc9dhwMVgN5S9cQUiyoogDavup3H. Because those addresses are long and complex, you will often encounter an OpenAlias address instead.
Daemon synchronization with local node
Since it's a very large file (more than 100 GB), this can take a long time, even days, depending on your internet speed and storage unit (HDD or SSD).
Bitcoin: Transaction Speed. A Monero transaction takes about 2 minutes to confirm. Nevertheless, a Monero transaction isn't considered fully confirmed until the network confirms the transaction 10 times.
If you see an incoming transaction and your “Available Balance” and “Full Balance” differ, please wait for up to 20~ minutes while your transaction is confirmed on the Monero blockchain. Or, wait for 3 confirmations on the Bitcoin blockchain.
Txn fee (XMR/BTC) | Txn fee USD | |
---|---|---|
Monero (lowest) | 0.000006 | $ 0.0009 |
Bitcoin (lowest) | 0.000044 | $ 1.0275 |
Monero (median) | 0.000008 | $ 0.0013 |
Bitcoin (median) | 0.000125 | $ 2.8892 |