Cash transactions will happen instantly. In fact, it just takes a couple of seconds to process the transaction. But, the story of cryptocurrency is pretty different. There might be a lot of problems that will be associated while processing the transaction. The popular problems are speed and time.
Yes, you’ve heard it right! Transaction speed is nothing but how quickly transactions are happening from one person to another. Keep a note, the transaction speed may vary from one cryptocurrency to another. The speed of the transaction can affect blockchain.
Key reasons for reducing the transaction speed are
- Huge volume
- Laggard nodes
- More transaction charges and
- High network congestion
If you’re planning to invest in cryptocurrency, you need to have a look at their transaction speed as well. Check out the article, you will get to know about the best cryptocurrencies with fast transaction speed. Let’s dive into the topic!
Best crypto coins with fast transaction speed
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Dash (DASH)
Dash cryptocurrency built for better protection and near-instant transactions. Digital currency offers simple, cheap and fast payments anytime from anywhere.
It’s no surprise Dash is the oldest crypto coin available in the market. It is popular for introducing “Masternode Governance”. The average transaction duration is around 2 minutes and 39 seconds. Dash is the fastest transaction crypto coin. This transaction time is also called “Block Time”.
Monero (XMR)
Monero (XMR) is an open-source cryptocurrency. XMR is a privacy-oriented digital currency introduced in 2014. Moner blockchain is pretty opaque, therefore transaction information remains anonymous. No transaction details or addresses of the participants will be revealed.
As mentioned above, Monero is popular for privacy and anonymity. This is the main reason for XMR popularity and growth in the crypto market. The transactions are pretty fast. The transaction time of Monero (XMR) is around 2 minutes. The block size of Monero is dynamic. It means as the network volume increases, it adjusts automatically.
PIVX (PIVX)
More and more technologies are implemented and advanced blockchain technology, PIVX is well-known for financial user data protection-oriented cryptocurrency. PIVX leverages ZK-powered SHIELD cutting-edge technology. This technology allows users the freedom to select to send or receive transparently.
If you’re new to cryptocurrency, PIVX is one of the top crypto coins to invest in. PIVX is named for fast transaction speed. Similar to other cryptocurrencies, PIVX highly focuses on user’s privacy and safety. The proof-of-stake cryptocoin will give in the comparison to remaining proof of work crypto coins. The transaction period is 1 minute. You don’t need to spend more time on transactions.
Ripple (XRP)
Ripple (XRP) is the best cryptocurrency, especially for global transactions. Ripple was released in 2012 by Chris Larsen and Jed Mc Caleb. As per Ripple, the ultimate goal is to offer an effective transaction experience and also provide economic opportunities worldwide. The digital payment protocol will operate on a decentralized and peer-to-peer network that allows seamless payments.
Ripple (XRP) is popular for simple, fast and secure blockchain. It primarily offers cheap transactions, allows for a better price and high-speed cryptocurrency exchange. Did you know, XRP can process over 1500 transactions per second. Sounds amazing! The transaction time is around 3 to 5 seconds on Ripple. The digital asset is perfect for the one who is looking for fast and secure cryptocurrency.
Ethereum (ETH)
Ethereum is the second-largest cryptocurrency available in the crypto world. ETH was released in 2013 by Vitalik. Ethereum (ETH) is the peer-to-peer and blockchain distributed computing destination. One of the attractive features of Ethereum is “Smart Contract”. ETH allows users to send their Ethereum without a middle-man or intermediary services such as banks or government. Therefore, ETH transactions are highly protected.
Ethereum (ETH) is a powerful technology that’s the go-to home to instant and global payments. ETH can process upto 20 transactions every second within 5 minutes of the confirmation period. However, ETC will take around two weeks to process 80,640 transactions. On the Ethereum 2,0 shard chain, user’s can conduct 10,000 transactions every second.
Bitcoin (BTC)
Bitcoin is well-known as the decentralized virtual asset, without a middleman (central bank or administrator) that can easily send from one user to another user on the P-2-P network. Bitcoin (BTC) was introduced by Satoshi Nakamoto in 2009.
If you’re looking to invest in a new kind of money, Bitcoin is best for you. The cryptocurrency is open-source, everyone can access Bitcoin with ease. Bitcoin (BTC) is popular for
- Global payments
- Low transaction charges
- Fast peer-to-peer transaction
Bitcoin transaction speed may be high when compared to the cryptocurrencies on the list. But one should not leave it out. Bitcoin (BTC) is the first-ever and popular cryptocurrency. It is especially known for its simplicity and popularity. Despite many crypto coins, Bitcoin will remain the best crypto asset so far. The infrastructure that has to build across Bitcoin has shown great maturity in the past few decades. Keeping it simple, Bitcoin is the safest investment option for anyone. Bitcoin can process 7 transactions every second.
Dogecoin (DOGE)
Are you looking for an old crypto coin that runs on a proof-of-work agreement mechanism? Yes! Dogecoin is the best cryptocurrency for you. Dogecoin (DOGE) is well-known for its parody cryptocoin. It was introduced in 2013 by Jackson Palmer and Billy Markus.
Dogecoin offers fast transactions. The cryptocurrency just takes 1 minute to process a payment in the upcoming Dogecoin block. Sounds amazing! Dogecoin is one such coin that is highly recommended by professional investors.
Litecoin (LTC)
Litecoin is quite simple, robust and fast. It is the p2p cryptocurrency and free software released under “MIT/X11 license”. Keeping it simple, Litecoin is considered an identical cryptocoin to Bitcoin. The transaction speed of Litecoin is 2.30 minutes. It means, Litecoin takes around 2:30 minutes to perform transactions or payments in the next block.
Wrapping up
Cryptocurrency is the alternative to physical currency. But, it offers better security and privacy when compared to physical currency. More and more people are using cryptocurrencies for multiple reasons, one of the popular reasons is “Fast Transaction Speed”. Yes, you’ve heard it right. Though there are thousands of cryptocurrencies available in the market, not every cryptocoin offers fast and reliable transactions. Hope the above-mentioned list will help you in choosing the best cryptocurrencies with fast transaction speed. Stop wasting your time, invest in top cryptocoin, send or receive crypto coins in no time.
