Do you know the cryptocurrencies with the fastest transaction speeds in crypto space?

This has always been a determining factor when it comes to the usability of any coin. This is because the cash transactions process almost instantly.

But the case is different for cryptocurrency transactions. There are several factors to consider in determining transaction speed.

In short, transaction processing speed is literally how long or fast it takes money to be transferred from Mr. A to Mrs. B.

Different blockchains make their cryptocurrencies have different transaction processing speeds which make it cumbersome for adoption and usability.

However, while dealing with cryptocurrencies, these transactions could be affected by a varying number of factors which may include;

• Network congestions
• Huge volume
• Higher transaction fees

NOTE: The coins listed below do not consist of newly introduced coins. The coins listed are digital currencies that have been established for some time and have fundamental life use cases.

Here, the lesser the processing time, the faster the currency. Plus, this list is in no particular order of ranking.

Cryptos With the Fastest Transaction Speeds

Find details below.

1. Ripple

Ripple stands for the digital currency (XRP), the name of the network (RippleNet), and the company that created it (RippleLabs).

It was created in 2012 as a peer to peer payment network that enables the transfer of any currency.

Ripple processes 1500 transactions per second and it takes 5 seconds for payments to be settled on its network.

Also read: What is Ripple (XRP)? – All You Need to Know in One Place

Below are some of the exchanges, wallets and stores that accept Ripple;

2. EOS

EOS is a next-generation, open-source protocol. It aims to solve the scalability issue in the crypto space without charges.

It is a decentralized operating system that supports smart contracts.

It also allows the interoperability of DApps just like Ethereum.

EOS uses a DPoS consensus algorithm to handle transactions faster on its Blockchain.

It can process over 1000 transactions per second.

Below are some of the exchanges, wallets and stores that accept EOS;

3. Cardano

Cardano is a decentralized public blockchain and cryptocurrency project that was launched in 2017.

Its token ADA is purportedly the 3rd generation cryptocurrency, and it seeks to improve the scalability of the 1st and 2nd generation coins.

Not long ago, on the 26th of March, 2020, Cardano launched its off-chain solution “Hydra” ( a layer 2 scaling solution).

Currently, one Hydra head can handle about 1000 transactions per second, and the more Hydra heads, the more scalability attained.

Also read: Cardano(ADA) Review: Is Ouroborous Praos the Answer?

Below are some of the exchanges, wallets and stores that accept Cardano;

4. Nano

Nano is one of the altcoins that processes transaction quickly as a flash.

It was developed in 2017 as RaiBlocks but later re-branded to Nano in 2018.

It has a blockchain size of 1.7GB with each user having one blockchain to their account.

Nano’s processing speed is equal to none and transactions take about 1-10 seconds to get confirmed on its blockchain.

More so, it performs transactions without charges and without requiring energy intensive mining.

Below are some of the exchanges, wallets and stores that accept Nano;

5. NEO

Here comes NEO, a proof-of-stake coin with a high processing speed.

Neo was developed as Antshare in 2016 but rebranded to NEO in 2017.

It is an open-source blockchain decentralized application platform that is built on the smart economy.

NEO’s blockchain is comparable to Ethereum, and it is often referred to as the “Ethereum Killer”.

It has the capacity of processing 1000 transactions per seconds, and it takes about  5–20 seconds to processes a block on its Blockchain.

Also read: What is NEO? A 7-Phased Non-Techy Analysis

Below are some of the exchanges, wallets and stores that accept Neo;

6. Dogecoin

Dogecoin is an altcoin that is considered as a joke coin but of good value to the crypto sphere.

It is mostly used on social platforms like Reddit as a means of tipping and also for charity donations.

Dogecoin was introduced in 2013 by Billy Markus and Jackson Palmer. Their aim is to create a cryptocurrency that is free from controversies.

It has a very fast processing speed taking about 60 seconds to process a transaction and get confirmation.

Below are some of the exchanges, wallets and stores that accept Dogecoin;

7. Dash

Dash simply stands for Digital Cash (the two words were blended to get Dash).

It was created in 2014 by Evan Duffield to solve the problem of bitcoin scalability.

Unlike Bitcoin, transaction in Dash is almost instant.

With the block size of 2MB, Dash is able to process 56 transactions per second and it takes 2-3 minutes to confirm a block on its blockchain.

Also read: Dash – The Digital Cash: A Must-Read Guide for Beginners

Below are some of the exchanges, wallets and stores that accept Dash;

8. Monero

Monero is a private decentralized cryptocurrency that obfuscates the origin, amount, and destination of all transactions.

It is a coin that was created to patch up the flaws of Bytecoin.

Monero has a block size that can adjust automatically to any volume of transactions and it takes about 2 minutes for transaction to be confirmed on its Blockchain.

Also read: Monero (XMR) In-depth Analysis -Is It Still The #1 Privacy Coin?

Below are some of the exchanges, wallets and stores that accept Monero;

9. Ethereum

Ethereum is a world-leading programmable blockchain that was launched in 2015 by Vitalik Buterins.

It was created as a decentralized platform for developers to build apps on.

The transaction speed in Ethereum is largely determined by the traffic network and transaction fees.

However, its blockchain processes 12- 15 transactions per second and it takes 15 seconds-5 minutes for transactions to be confirmed.

Also read: Ethereum in Plain English – Basics | Wallets | How to Buy & Sell

Below are some of the exchanges, wallets and stores that accept Ethereum;

10. Litecoin

Litecoin often referred to as the silver to Bitcoin. It is a cryptocurrency that was created in 2011 by Charlie Lee.

It actually came into limelight as the second altcoin in the cryptocurrency history to have seen a great thrive after its development, unlike the first altcoin “Namecoin”.

Litecoin was created to improve the technology behind Bitcoin such as the speed, number of coins, security, mining process, and transaction cost.

It has the capacity of processing 56 transactions per second and it takes about 2:30 minutes to get a block confirmed on its blockchain.

Also read: Litecoin 101 (Basics, Buy/Sell, Store) | The Only Guide You Need

Below are some of the exchanges, wallets and stores that accept Litecoin;

11. Bitcoin Cash

Bitcoin Cash was founded in August 2017 as a hard fork of Bitcoin.

Its popularity has since then grown ranking it as the fifth top cryptocurrency by market cap (as at the time of this post).

With Bitcoin Cash, the block sizes limit increased to 8MB and was later expanded to 32MB, instead of the 1MB block size of bitcoin.

It is capable of processing 23 transactions per second and it takes 10 minutes for a block to be confirmed on the blockchain.

Also read: Bitcoin Cash(BCH) – How Is It Different From Bitcoin

Below are some of the exchanges, wallets and stores that accept Bitcoin Cash;

12. Bitcoin

Bitcoin is the largest and most popular cryptocurrency of all time.

It is the first decentralized peer-to-peer payment network in history that was created by Satoshi Nakamoto in 2009.

Bitcoin solved so many problems surrounding the fiat currency. It kept people in control of their money and cleared the way for international payments.

Bitcoin processes 7 transactions per section (which is pretty slow but was done in a bid to prevent spaming on the Blockchain).

It takes about 10 minutes for a block to be confirmed on its blockchain.

However, measures like SegWit and Lightning Network has been set in place to improve bitcoin scalability.

Also read: What is Bitcoin?

Below are some of the exchanges, wallets and stores that accept Bitcoin;

Conclusion

There you have your fastest cryptocurrencies at your fingertips!

It is advised to wait for 3 – 6 confirmations in most of these cryptocurrencies.

With solutions like DAG and the lightning network, I believe cryptocurrencies can scale millions of transactions per second.

Well, that is my own opinion, what about you?

Do you think that cryptocurrency transaction speed will exceed that of Visa in the near future?

Are there other fast coins that you think should be on this list?

I would like to have your comments below.

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Cheers!

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