When it comes to transaction speed, each of us has experienced the fastest transaction speed with fiat currencies. However, with cryptocurrencies, you can’t expect the same.
What does transaction speed mean?
It refers to the rate at which data transmission occurs from one person’s account to another. Moreover, the transaction speed is deemed high if a transaction gets verified immediately, within the shortest period of time.
If we talk about the current banking systems, then it will be a complete nightmare, because it takes around 4-5 days to validate the transaction. Whilst, the cryptocurrencies have the SOLUTION.
Moreover, the speed of cryptocurrencies varies, many are the slowest ones and yet they are lightning-fast compared with conventional payment portals.
Let’s take an example, the Bitcoin transaction speed is comparatively slower among the other cryptocurrencies which are insanely faster than Bitcoin.
However, regardless of the amount size, your transaction will be verified within 60 to 85 minutes. Nevertheless, it is still faster than the traditional banking systems that take a few days.
Why is transaction speed important?
The transaction speed does matter because customers come onto the crypto platform with the expectation of fast transactions to get verified within seconds with the highest security from a particular crypto-coin.
However, merchants can list out the cryptocurrencies on their website in order to offer their customers a fast and secure checkout option.
It does not only helps the company to expand but it also extends its reach to many potential customers around the world.
So, every year developers come up with numerous new developments allowing both the speed and transaction cost on the negligible side of the continuum.
Transaction speed straight impacts the transaction cost on a network. For instance, Bitcoin has already mined 85% of its total block, so the mining difficulty is extreme and the fixed block period of 10 minutes makes it one of the most costly networks as per the present day scenario in crypto space.
On the flip side, other altcoins such as ripple have concentrated on offering blazing fast banking solutions, and a transaction time of seconds definitely helps.
Transaction speeds have been so essential for any system that many hard bends in decentralized space have been a cause for this.
List of cryptocurrencies with the fastest transaction speed
The Bitcoin handles around 5-6 transactions per second which are nowhere near to its counterpart “fiat currencies” which handles a few thousand transactions per second with a scale capability of up to 24,000 transactions per second (tps).
However, there are some of the popular cryptocurrencies that are much faster than Bitcoin and manage adequate transactions well enough.
So, here are some of the fastest crypto coins that you can consider, particularly when making payments to other parties. Moreover, faster transaction times eliminate friction from the process and make cryptocurrencies more attractive.
- Ripple:
Capacity: 1500 (TPS) Transactions per second
Reference link:
1. https://ripple.com/xrp/
2. https://blockchair.com/ripple - DogeCoin:
Capacity: 33 (TPS) Transactions per second
Reference link:
1. https://blockchair.com/dogecoin
2.https://www.reddit.com/r/dogecoin/comments/2vvzqz/how_many_transactions_per_second_can_be_processed/ - Dash:
Capacity: 56 (TPS) Transactions per second
Reference link:
1. https://www.dash.org/
2. https://coinsutra.com/transaction-speeds/ - Monero:
Capacity: 1700 (TPS) Transactions per second
Reference link:
1. https://www.daytrading.com/monero
2. https://www.bitdegree.org/tutorials/zcash-vs-monero/ - Ethereum:
Capacity: 12.91 (TPS) Transactions per second
Reference Link:
1. https://blockchair.com/ethereum
2. https://coinsutra.com/transaction-speeds/ - Litecoin:
Capacity: 56 (TPS) Transactions per second
Reference Link:
1. https://bitcoinexchangeguide.com/top-10-cryptocurrencies-with-the-fastest-transaction-speeds/
2. https://currency.com/what-is-better-litecoin-or-bitcoin - Bitcoin:
Capacity: 3-4 (TPS) Transactions per second
Reference Link:
1. https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
2. https://www.snapperbuzz.com/blockchain-scalability - Bitcoin Cash:
Capacity: 116 (TPS) Transactions per second
Reference Link:
1. https://coinanalysis.io/how-many-transactions-per-second-bitcoin-cash - Bitcoin SV:
Capacity: 5 (TPS) Transactions per second
Reference Link:
1. https://medium.com/two-hop-ventures/bitcoin-sv-growing-exponentially-likely-to-permanently-overtake-ethereum-in-q1-2020-3747f42729cf - EOS:
Capacity: 4000 (TPS) Transactions per second
Reference Link:
1. https://cointelegraph.com/news/who-scales-it-best-inside-blockchains-ongoing-transactions-per-second-race
2. https://thenextweb.com/hardfork/2018/11/01/eos-blockchain-benchmark/ - Cardano:
Capacity: 1000 (TPS) Transactions per second
Reference Link:
1. https://www.crypto-news-flash.com/cardano-one-million-transactions-per-second-hydra-paper-published/ - Stellar:
Capacity: 1000+ (TPS) Transactions per second
Reference Link:
1. https://www.lumenauts.com/blog/how-many-transactions-per-second-can-stellar-process
2. https://medium.com/lendledger/why-lendledger-is-a-stellar-project-2403724b91d2 - TRON:
Capacity: 2000 (TPS) Transactions per second
Reference Link:
1. https://tron.network/
2. https://en.wikipedia.org/wiki/TRON_(cryptocurrency)
To Sum Up
Cryptocurrencies offer a much faster transaction speed than conventional payment mode.
It offers better security, speed, and convenience. Though, you can choose the cryptocurrency from this list as per your preference.
Listing these crypto coins onto your website, you can offer a secured and fast checkout system to your consumers.
This makes your business sets apart from your competitors.