I am confused with the below terms. Could someone explain them in simple terms and confirm that my rationale below is correct?

Waiting Time - Throughput - Finality - Latency - Confirmation Time

I have created the following graph.

enter image description here

I guess when a node propagates a transaction until this is included in a block, this is called waiting time (the period A below). The number of transactions that are included in a block is called throughput. Finality is defined as the period (the period B below) since the tx was included in the Block X0 until the Block X6 was created (i.e., 6 confirmations). Latency (or confirmation time), is called the period from when the node propagated the transaction until the Block X6 was created (the period C below : A + B).

Could someone confirm if this is the real meaning of the terms waiting time, throughput, finality, latency, and confirmation time?

2 Answers 2


I think some of these terms (e.g. latency) might be used in multiple different Bitcoin settings and hence have different meanings but I can give you my understanding of how each term is typically used.

Waiting Time - The time it takes for a transaction that you broadcast to be included in a block (with a single confirmation).

Throughput - The number of transactions a blockchain can process per second. In Bitcoin's case I think it is approximately 7 transactions per second with blocks mined on average every 10 minutes.

Finality - When a transaction is considered final i.e. it is highly, highly unlikely for a blockchain re-org that would impact that transaction's inclusion in the blockchain. Typically we consider a transaction final when a transaction has 6 confirmations: it was included in a block and 5 other blocks have since been mined on top of that block.

Latency - The time it takes for a transaction to reach a specified destination (perhaps the entire network, a specific miner or all miners).

Confirmation Time - Used interchangeably with Waiting Time. The time it takes for a transaction to be confirmed (and included in a block) from the point you broadcast it out to the network.


I can address some of your questions:

Throughput shows how many transactions per second the blockchain is processing. Right now, Bitcoin processes 2.98 tx/s with a peak at 10.92 tx/s.

Finality refers to the point at which a transaction becomes immutable in the blockchain’s ledger, making it irreversible. While Time to Finality represents the duration required for a transaction to achieve finality within a blockchain network. TTF for Bitcoin is 1 hour.

Also, there is a metric called Block Time. It's the average amount of time it takes for a new block to be added to a blockchain. Right now, Bitcoin block time is 7m 1s.

We track all these three metrics at chainspect.app. So you can easily verify the exact numbers and dig into our in-depth explanations of Throughput (TPS), Time to Finality (TTF), and Block Time.

I hope my explanation answers some of your questions :)

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.