You know that Bitcoin is frequently panned for having a very slow transaction speed but you probably don’t know which ones are the cryptocurrencies with the fastest transaction speeds. In this article, we tell you exactly that.
However, you must bear in mind that the list we provide will not be in a particular, specific order of speed.
This is mainly because the transaction speeds of various cryptocurrencies often vary from time to time and it is not viable to take a number to represent its transaction speed over a long duration.
Therefore, what we will be basing our list on, is the fact that these cryptocurrencies’ transaction speeds operate within a certain range.
And keeping those ranges in mind, we will tell you what the top 10 cryptocurrencies in the market are, in terms of transaction speed.
NANO, which is the same as the Raiblocks (XRB) cryptocurrency earlier, was rebranded to become Nano (NANO).
In late-2018, reports surfaced that NANO coin had become the fastest cryptocurrency in the Binance exchange, one of the top cryptocurrency exchanges in the market.
NANO has a transaction speed where a deposit is made and therefore, a block is confirmed in a mere 3 seconds. Blink! And you missed it! Your transaction has confirmed while you blinked.
2. Stellar Lumens
Stellar Lumens (XLM) is quite the dark horse of the crypto market, having been founded by those who came up with Ripple, a similar payment protocol that has now reached the second spot in the market as per market cap.
Stellar has made quite a name for itself as well, and averages a block confirmation in about 5 seconds. It is, as you can obviously understand, incredibly fast.
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Ripple (XRP) has become a big shot in the crypto world. With the second highest market cap and incredible speed, Ripple has been riding the wave to success.
It confirms a block in about 10 seconds and the deposit can subsequently be made at that speed.
This coin, based in a blockchain that is touted as the “Chinese Ethereum”, has seen a great deal of success since its launch. It also guarantees speedy transactions.
It takes just 20 seconds to confirm five blocks and averages somewhere around 1 minute and 40 seconds in terms of the user making a deposit.
The GAS (GAS) cryptocurrency is about as fast as NEO, even though it does not have the popularity of NEO just yet.
It takes the same time of 20 seconds to confirm a five block of transactions and the deposit time averages close to 100 seconds.
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The IOTA crypto holds a great deal of promise as it attempts to explore better avenues to implement the distributed ledger technologies (DLT).
Its average transaction speed is around 2 minutes which might not be super-fast but is definitely a lot less than what Bitcoin needs to confirm a block.
Verge (XVG) may not be the most well-known or popular cryptocurrency out there but it surely is fast and furious.
It takes roughly 30 seconds or less to confirm 5 blocks worth of transactions.
Grostlecoin (GRS) may not be a coin you commonly hear of or read about but it is definitely one of the fastest in the business.
It records a block confirmation time of a minute for five blocks and users can make a deposit in about five minutes.
Monero (XMR) is a well-known privacy coin that has made quite a name for itself.
Its speed is quite enviable as it manages to confirm roughly 3 blocks in just 2 minutes and allows the user to make a deposit in just around 6 minutes.
You May Also Read: A Beginner’s Guide to Monero
Litecoin (LTC) was built to be a faster, cheaper and smoother alternative to Bitcoin and it doesn’t disappoint.
It has brought down its transaction time by a huge margin since the time of its inception and now takes around 2.5 minutes or less to confirm a block, amping up transaction speeds.
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