7 Cryptocurrencies That Process Fastest Crypto Transfers
Are you a crypto enthusiast willing to explore which cryptocurrencies process the fastest crypto transfer? If you nodded yes, then you’ve come to the right place. This article details top cryptocurrencies with high transaction speeds and why it’s important.
Why Does The Transaction Speed Matter?
One of the most important aspects of Blockchains is transaction speed. The most efficient cryptocurrency is the one with the fastest transaction speed.
This means that the faster a blockchain’s transaction speed is, the better it can transfer data among parties and confirm transactions.
It’s worth noting that transaction speed is influenced by a number of factors, including block time, block size, transaction fees, and network traffic.
If the blockchain you’re transacting on has a lot of network congestion, volume, and transaction fees, your crypto transaction speed will suffer.
A cryptocurrency with a fast transaction speed is essential, and several specific aspects must be addressed in order to maintain the speed.
The numerous parameters that go into estimating the transaction speed of every cryptocurrency are as follows:
- Network Load – If the network load is high, the cryptocurrency’s transaction speed suffers.
- Transaction Complexity – Transaction speed is influenced by the complexity of the transaction.
- What is the average number of times a Block gets mined?
When all of these variables are managed, transaction speed is reduced. Experts also expect that transactions will take place swiftly and without delay in the near future.
These 7 Crypto Coins Offer Fastest Crypto Transfer
Because speed is one of Bitcoin’s limiting characteristics, it’s no surprise that emerging cryptocurrencies strive to be speedier than Bitcoin when it comes to transactions. Bitcoin, today, is the slowest cryptocurrency, at 7 transactions per second (TPS). To put things in perspective, Visa claims to be able to handle roughly 24,000 TPS.
Here’s how the other coins compare.
1. Ripple (XRP)
Ripple (XRP), a digital asset established by Chris Larsen and Jed Mc Caleb in 2012, is widely regarded as the best digital asset for worldwide payments.
According to its official website, it seeks to deliver a better payment experience and provide more substantial economic prospects all around the world. It is an open-source, decentralized, peer-to-peer (P2P) digital payment mechanism that allows for smooth fund transfer.
XRP is also regarded as one of the fastest and most secure blockchains, with a transaction rate of 1500 transactions per second and a ledger settlement (approval time) of 3-5 seconds.
2. Solana (SOL)
Anatoly Yakovenko created and launched Solana in 2017. It’s a decentralized application platform based on blockchain technology. It also covers scalability concerns and introduces the Proof of History consensus technique. It’s also known for being the most cost-effective cryptocurrency. Solana Hybrid’s protocol focuses on decreasing the network’s transaction time. It reduces the time it takes for smart contracts to execute and transactions to be validated.
SOL claims to be able to process 50,000 transactions per second with a 5-minute average confirmation time.
3. Ethereum (ETH)
It is an open-source, blockchain-based distributed computing platform with smart contract features that Vitalik proposed in late 2013. Ether, which was introduced in 2015, is the second-largest digital currency in terms of market capitalization behind bitcoin. It enables entities to send ETH without the use of an intermediary provider such as a bank, ensuring the security of users’ wallets, ETHs, and transactions.
ETH has a transaction rate of 20 transactions per second and a confirmation time of 5 minutes on average. However, it takes two weeks for Ethereum Classic (ETC) to confirm around 80,640 transactions. Ethereum 2.0 will feature shard chains, allowing it to handle up to 24,000 transactions per second.
4. Stellar (XML)
Stellar is a blockchain project with a similar design to XRP (XLM 5.66%). Stellar claims to do one of the fastest crypto transfers settling them on its ledger in 4 to 5 seconds on average, focusing on speeding up the processing and settlement of cross-border payments.
Apart from its lightning-fast processing times, Stellar’s greatest allure may be its transaction fees. On Stellar’s network, the cost of completing a transaction is approximately 0.00001 Lumen (XLM, the protocol token of the network). The typical transaction costs roughly $0.0000037 at the current XLM price of $0.3729. For a participant to accrue the equivalent of $1 in fees, it would take around 269,000 transactions.
5. Monero (XMR)
Monero is a community-driven cryptocurrency that is known for its anonymity and privacy. It is also quite quick when it comes to the fastest crypto transfer. A transaction in the next Monero block takes an average of 2 minutes to process. Monero’s block size is dynamic, which will automatically adjust as the network’s average volume grows.
NEO is another delegated proof of stake coin that processes transactions quickly, at a rate of 1000 transactions per second. The so-called Ethereum killer, NEO, takes 15 seconds on average to process a transaction in the next NEO block.
7. Litecoin (LTC)
In the cryptocurrency market, Litecoin has the silver standard. Litecoin, another Bitcoin fork, is yet another digital currency that processes the fastest crypto transfer. A transaction in the next Litecoin block takes roughly 2:30 minutes to process.
As mentioned above, there are various cryptocurrencies that offer the fastest crypto transfer option. Blockchain is transforming the internet and the entire world through its huge potential because of its fast transaction speed, transparency, immutability, security, and privacy. The difficulty of blockchain’s scalability, on the other hand, is the primary reason why this technology has yet to become mainstream.
Technical parameters like transaction speed always come up in discussions regarding blockchain scalability. The day will come when technology will overcome scalability and transaction speed difficulties, and blockchain and cryptocurrencies will become popular. However, as we highlighted before in this post, many cryptocurrencies offer the fastest transaction speeds.