The main reason for the emergence of various cryptocurrencies around the world is the practicality observed in Blockchain Technology; however, there might be a complex challenge for investors and businessmen to select the best cryptocurrency with the potential to meet their economic needs. One major criterion for them is the speed of their function, especially in the payment process.
UTODAY, a global media organization, has conducted an analytical examination on the speed of different cryptocurrencies including more well-known cryptocurrencies and those with less value according to their speed. The less time required for the transactions of a specific cryptocurrency, the more investors will be inclined to take it as their fund.
The point worth mentioning at the very start is that this speed itself is not stable and some factors such as present average fee (though being effective just on the first confirmation), transaction volume, the nature of the transaction to create blocks, and network condition are influential on its speed. Among the above factors, the last one has a direct effect on cryptocurrency.
The following offers a list of the most important cryptocurrencies including some information regarding their speed (focusing on confirmed transactions from the first block).
Bitcoin: ranked the sixth, Bitcoin has an average speed of 78 minutes and the range of transactions from three to a hundred per second. Bitcoin price is on the increasing trend, and there are some hopes to solve its delay problem through Lightning network.
Ripple: the most popular platform with the transaction speed of four seconds; the cryptocurrency news reveals a quick surge in the number of Ripple transactions to more than one million. Its speed can pave the way to turn it into the next generation of payment platform providers.
Bitcoin Cash: the second fastest cryptocurrency which has the speed of 60 transactions per minute.
Litecoin: the third in the ranking of cryptocurrencies with the transaction speed of 30 minutes with the ultimate capacity of 56 transactions per second and an immediate verification besides lower fees.
Ethereum: six minutes is its average transaction speed, and it has the fifth rank. As for block generation, it is the fastest coin with the capacity up to 25 transactions per second.
Dash: being accommodated in the 4th place, Dash has the average 48 transactions per second and the transaction speed of 15 minutes; though it can be doubled through changing the block size and its very first purpose used to be speeding up the transaction.
The other coins include Augur with the speed of 6 minutes, Monero with 30 minutes and a theoretical capacity of 1000 transactions per second, Cardano with 5 minutes, IOTA and Steem with three minutes of transaction speed, Strait with six minutes, Ardor with 60 seconds, Stellar with five seconds, Spectrum 30 seconds, Golem with five minutes, NEO with 15 seconds and the capacity to reach 10000 transactions per second, Electroneum with the speed of 75 minutes and finally BitShares with the transaction speed of two seconds.
The above list can help the investors select the best according to their priorities and the requirements of their businesses.