When it comes to financial transactions, speed is of the essence. No one wants to wait days or even weeks to have their funds settled and available for use. This is where Bitcoin shines compared to traditional financial assets.

As Michael Saylor, the CEO of MicroStrategy, once sarcastically described, the settlement time for gold transactions is "T + 1 year." This tongue-in-cheek remark highlights the notoriously slow nature of gold settlements, which can take an excruciatingly long time to complete.

The cumbersome logistics of physically moving and verifying gold make it a sluggish asset when it comes to financial transactions. Buyers and sellers must coordinate the transportation and storage of the precious metal, a process that can drag on for weeks or even months.

Bitcoin's Settlement Speed: Lightning Fast

In contrast, Bitcoin offers lightning-fast settlement times, especially when compared to the glacial pace of gold. On the Bitcoin timechain's base layer, the first block confirmation occurs in roughly 10 minutes, providing a high degree of confidence in the transaction. For absolute finality, the settlement time is around 60 minutes. (6 confirmations) 🧡

With the implementation of the Lightning ⚡️ Network, a second-layer scaling solution, #Bitcoin transactions can be settled in seconds. This near-instantaneous settlement time makes Bitcoin a far more practical and efficient option for everyday financial transactions.

But at least gold is shiny. Something Bitcoin can't quite compete with. ✨

Blocktime: 866 464

v/byte price: 3 sat/vByte

Hash Rate: 682.83 EH/s

Study #bitcoin on #nostr 💜 here: