What is the speed of transactions Bitcoin, Ripple, Bitcoin Cash, Lightcoin, Ethereum, Dash, Augur, Monero, Cardano, IOTA and other cryptocurrencies.
The recent push to Blockchain technology has led to the emergence of many cryptocurrencies, and many others are on the way. In fact, now there are about 1,500 cryptocurrencies that are traded worldwide.
The recent push to Blockchain technology has led to the emergence of many cryptocurrencies, and many others are on the way. In fact, now there are about 1,500 cryptocurrencies that are traded worldwide.
With such a large number, an investor can quickly decide on a good investment. Well, among other factors, speed is a good guideline to decide which to invest in.
Obviously, the fastest crypto coin will be your preference, especially when you use it to make payments to other parties. In addition, fast transaction time eliminates frustration in the process and makes cryptocurrency more desirable.
So, if you are interested in determining the fastest cryptocurrency around, here we are all in detail for you. Read on to find out!
Why is transaction speed important?
When it comes to trading in cryptocurrencies, the speed of a transaction refers to the time it takes the system to complete a single transaction. The faster the transaction speed, the faster the process will be and higher customer satisfaction can be achieved.
Factors Affecting Transaction Rate
In fact, the speed of any cryptocurrency is constantly changing. Some factors are responsible for this in real time, and they should be considered when determining which cryptocurrency is the fastest. These factors include:
- Current average fee
- Current Transaction Amount
- Transaction type included in block creation
- Network conditions
Always remember that the impact of a transaction fee will only be on the first confirmation, which refers to a single unit where the miners collect commissions. All subsequent confirmations occur because the transaction was already part of some previous unit, and not the commission that is responsible for them.
The fastest options for cryptocurrency with transaction speed
Among other factors, network conditions can also have a direct impact on the speed of any cryptocurrency transaction.
So, here we have listed the average transaction speeds of the main cryptocurrencies for the confirmed transactions from the first block. In case the confirmation does not come in the first block, the approximate time may be longer, and this depends on the network conditions. So, let's find out which one is the fastest cryptocurrency.
1. Bitcoin
The average transaction rate for Bitcoin is 78 minutes. There is an artificial block size that limits it to only three transactions per second. However, it can be increased by 100 transactions per second. Bitcoin fees are also constantly growing, and even when the blocks are full, transactions do not receive quick confirmations. The current block size limit is one MB.
2. Ripple
The average transaction rate for Ripple is four seconds. Over the past six weeks, daily Ripple transactions have quickly exceeded a million.
3. Bitcoin Cash
The average transaction rate for Bitcoin Cash is 60 minutes, and the current block size is eight MB. The exchanges received a large number of confirmations, since they are prone to a double attack. Due to stability and security issues, Bitcoin Cash can wait for you for a very long time.
4. Litecoin
The average transaction rate for Litecoin is 30 minutes, and the maximum throughput is 56 transactions per second. Verification of the transaction is performed instantly and is very low cost.
5. Ethereum
The average transaction rate for Ethereum is six minutes. As for the time it takes to generate blocks, Ethereum is probably the fastest crypto coin in the world. According to some earlier tests, its maximum throughput is 25 transactions per second. The scalability of Ethereum has also improved thanks to PoS and Sharding.
6. Dash
The average transaction speed for a Dash coin is 15 minutes, and its current capacity limit is 28 transactions per second. And if you change the block size by two MB, the limit can be doubled to 56 transactions per second.
7. Augur
The average transaction rate for Augur is six minutes. It makes for safe, secure, fast and automatic payments.
8. Monero
The average transaction rate for Monero is 30 minutes, and the block size is one of the most dynamic options. Theoretically, it can manage 1000 transactions per second with advanced equipment and sufficient bandwidth.
9. Cardano
The average transaction rate for Cardano is five minutes, and all nodes on the network can accept and verify transactions.
10. IOTA
The average transaction rate for IOTA is three minutes. It is good that there are no restrictions on scaling and transaction fees. It keeps getting faster as you throw more at it. In addition, the transfer of the current IOTA transaction first requires confirmation of the two previous transactions.
11. Steem
The average transaction speed for Steem is three seconds and it doesn’t require you to pay any transaction fees. The technology used by this platform is called Graphene and it’s the same that is used by BitShares.
12. Stratis
The average transaction speed for Stratis is six minutes. The fee varies according to the transaction and the transactions are made directly through peer-to-peer over its decentralized Blockchain network.
13. Ardor
The average transaction speed for Ardor is 60 seconds. Recently, quite a few of its transactions were disabled in the main chain for reducing bloating of the platform and improving its performance.
14. NEM
The average transaction speed for Nem is 30 seconds. In an experiment, NEM’s average transaction rate was determined at 3085.77 transactions per second within an hour. At present, it hosts 10.8 mln accounts.
15. Stellar
The average transaction speed for Stellar is five seconds. The transaction cost is almost negligible i.e. 0.00001 lumens per transaction.
16. Spectrecoin
The average transaction speed for Spectrecoin is 30 seconds. It comes with zero transaction fees and offers decentralization with a proof-of-stake method. All transactions are made anonymous with stealth transactions technology.
17. Golem
The average transaction speed for Golem is five minutes. Its transaction records are entered on the Ethereum Blockchain.
18. NEO
The average transaction speed for NEO is 15 seconds. It comes with a more streamlined PoS protocol and offers 1,000 transactions per second capacity which can go as high as 10,000 transactions per second.
19. Electroneum
The average transaction speed for Electroneum is 75 minutes. Its recommended transaction fee remains at around 0.01 ETN. The best part is that a higher transaction fee, up to 0.2 ETN, can be specified should you need faster speed.
20. BitShares
The average transaction speed for BitShares is two seconds. It utilizes Graphene technology which is also used by Steem along with Business Logic Processor that order matches and process transactions. With referral earning, a part of transaction costs would be yours.
So, this is one of the most popular and best-selling cryptocurrencies, each with its own average transaction rate. Now that you know what speed you can expect, you can make the appropriate investment and choose the fastest cryptocurrency.
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