The transaction speed of a cryptocurrency is crucial. It tells us about the rate at which our money will be transferred from one location to another. Even though any consumer would like to know how quickly it is possible to convert WAX to ETH, the transaction speed means a lot.
These days several cryptocurrencies can be considered for investing. However, for a beginner, it is a confusing task to understand all of them and learn about their transaction speed. This article will help you and guide you through the various cryptocurrencies and their transaction speed when compared to the most famous cryptocurrency, Bitcoin.
What Makes Transactions Possible?
First, we need to understand the technology due to which such transactions are even made possible. This technology is known as Blockchain technology. The blockchain is a decentralized distributed ledger technology. One of the major benefits of using a cryptocurrency and the basic reason for its development was the fact that it would be decentralized. In the beginning, the only use of blockchain technology was in the field of cryptocurrency, but these days there are several other fields in which blockchain technology is underuse. The money or funds that are transferred using blockchain technology is supposed to be more convenient and faster than bank transfers.
The speed of any transaction depends on the network congestion. The slower one will take place if there is a high level of congestion. Furthermore, massive data can also lead to the slow speed of transactions. And lastly, the fee for the transaction also matters. If the fee is high, it can affect the speed of the transaction as well.
List of the Fastest Cryptocurrencies
Below, you can find a list that should help you understand which crypto has the fastest transaction time:
Ripple is considered one of the fastest cryptocurrencies. It was launched in 2012 and had a transaction speed of about 1,500 transactions per second. Hence the average time that is required for the entire transaction to be approved is merely 3 – 5 seconds.
EOS uses a decentralized platform that is based on blockchain technology. It has the ability to carry out 2,800 transactions per second, which implies that it is even faster than Ripple. EOS is usually used for large-scale applications. And it is even considered a rival to Ethereum due to its fast transaction speed.
Ethereum is the second-largest cyber crypto worldwide after Bitcoin. Although the coin was introduced in 2013, it was in 2015 that we were introduced to Ether. It has a speed of about ten transactions per second. It is said that Ethereum 2.0 will have a transaction speed of ten thousand within the same time limit.
NEO is an open-source service that is also based on blockchain technology. It has a transaction speed of a thousand transactions per second. Moreover, it has the aim of establishing a distributed smart economy in the future.
DASH is another cryptocurrency that is available for transactions. The average settlement time that it takes is about 2 minutes, which is because there can be 56 transfers per second.
Last but not least is Bitcoin. Bitcoin might not have the fastest transaction speed, but it is the largest cyber crypto in the world. It has a transaction speed of about seven transfers per second, while the entire process of transaction takes about 10 minutes.
These are a few of the cryptocurrencies that are in use these days. You must carry out your research in detail before investing in any one of these cryptocurrencies. All of these have some pros and cons, and a personal investigation must be held before you commit yourself to a single cryptocurrency. It should not be based upon the tweet of a multi-billionaire rather you must use your common sense. The biggest drawback of cryptocurrencies is their volatile nature. That is why Warren Buffet has called cryptocurrencies a bubble that is waiting to get burst. Care must be taken before investing.