Top 9 Cryptocurrencies With The Fastest Transaction Speeds in 2020

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 due to the fact that 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
  • Need problem
NOTE: The coins listed below do not consist of newly introduced. The coins listed are digital currencies that are 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.

Fastest Transaction Speeds in Crypto.

fastest transaction speeds
  • NEO; This is a proof-of-stake coin with a high processing speed of 1000tx/sec. This currency is sometimes called the Ethereum killer takes only 15 seconds to process a block of transactions on the blockchain on the average. Read more about NEO here.
  • Nano; This was formerly referred to as Rai blocks and is a crypto coin that really took form in 2017. It is very fast and scalable to a high extent due to its block-lattice tech. A successful Nano transaction would take about 5 – 10 seconds to get a confirmation on the average. Read more about Nano here.
  • Dogecoin; This is one of the very old cryptocurrencies that uses the proof-of-work consensus mechanism. It also has a very fast processing speed taking about 60 seconds to process a transaction and get confirmation. Personally, I am not a dogecoin fan since the coin has not really performed despite being one of the oldest. Read more about dogecoin here.
  • DASH; This is also one of the oldest digital currencies in the market and also the pioneer of the master nodes concept. Its transaction speed is about 2 minutes 39 seconds on the average to get a confirmation. It processes up to 56tx/sec with a block size of 2 MB. Dash has a good number of users from Nigeria; about 23% of DASH transactions on its blockchain came from Nigeria.  Read more about DASH here.
  • Monero; This is a community currency and arguably the pioneer of privacy and anonymity. It takes about 2 minutes on the average to confirm a transaction. It has a dynamic block size which adjusts itself automatically as volume grows. Read all about Monero here.
  • Ethereum; known as the world computer, Ethereum has scalability problems that have been causing a bit of congestion. Due to this, it is considering moving to a proof-of-stake consensus mechanism which will certainly boost its speed. However, currently, it takes 14 – 17 seconds to get a transaction confirmation and process up to 12tx/sec. Read all about Ethereum here.
  • Litecoin; Known as the silver standard of Bitcoin in the cryptocurrency space. It is a currency modeled after bitcoin. It’s quite fast, robust and takes about 2 minutes 30 seconds to get a confirmation for a transaction. Read further on Litecoin here.
  • Bitcoin Cash; This is the most rival fork of bitcoin which had raised a lot of controversies and still does. It is one of the slowest in crypto space. Like bitcoin, its transaction takes a couple of seconds per block of transactions on the average. Read all about bitcoin cash here
  • Bitcoin; This is the father of Cryptocurrencies and the world’s first fully decentralized cryptocurrency. In fact, it is pretty slow with an average of 10 minutes to process a transaction and get a confirmation {all things been equal}. Read all about Bitcoin here.

Conclusion

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

This figure multiplied by the average transaction time could take very long.

Solutions like DAG and the lightning network are been developed in order to reduce the average transaction speeds and accelerate crypto processing speeds.

You can try out a transaction on each of these coins and let me know the one that you feel is the best or your favourite.

Share your opinions in the comment box below.

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