As with any other crypto, Monero has its own advantages and disadvantages as well. Its privacy is the main benefit provided by the coin and a potential downside that users can find themselves confronted with is the variation of the transaction’s speed as it can sometimes be a bit slow due to multiple factors.
Typical timeline during testing has been showing higher speeds compared to Bitcoin, on the other hand.
For instance, 1 second is required for the remote wallet to see that the transaction has been initiated, 3 minutes and 46 seconds are needed for the remote wallet to display the first confirmation of your transaction that is appearing in the blockchain, and 26 minutes are required for the remote wallet to receive 10 confirmations of the transaction and to consider the funds fully confirmed and unlocked for spending.
There are cryptos that benefit from a higher speed, but, on the other hand, they come with their own downsides as well.
When you send a Monero payment, it will be announced to the Monero network immediately. It’s important to note that it is not enough to rely on that specific announcement because the sender could make more announcements while attempting to double spend their funds. This is the reason for which the announcement of the transaction needs to be mined into a block by the network of Monero nodes. Mining is the means by which the nodes come to a consensus among themselves that your transaction is legit and not a double spend.
A few minutes a required after initiating a transaction before the remote wallet first becomes aware of it as part of a Monero block on the blockchain. The remote wallet displays a notification that funds have been received, and they will show in your balance, but they will not be unlocked for pending yet. After about 26 minutes as we noted above, the wallet will have received ten confirmations of the transaction and consider the funds fully confirmed and unlocked for spending.
The whole process is a long one as you can see and this is the reason for which we can call Monero a bit slower crypto.
Because of the nature of the computation that’s required to generate each block, the average time required is about 2 minutes and the actual time can be less or more. It’s important to understand that sometimes, your transaction can take more minutes than usual and this is normal. This also depends on more factors such as your hardware, software of the system that you are using and more.
Besides variation in transaction speed, Monero is flooded with benefits
Other than this one downside compared to other digital assets, Monero’s privacy is undefeatable. Too many cryptos in the market are not decentralized and don’t have Monero’s privacy parameters which make it much safer and untraceable, two features that will turn out a more lucrative investment.