CRYPTOCURRENCY COIN TRANSACTION SPEEDS

Cryptocurrency Coin Transaction Speeds


Transaction speed is the total time systems take to complete a transaction. If a system has more transaction speed, a better customer satisfaction will be achieved as well as provide a faster process and further system availability. Apparent shortfalls in today’s financial system have pushed a lot of people towards cryptocurrency and the technology of blockchain.

When making any cryptocurrency transactions, it is important that it should be very fast and prompt. Money transactions in banks may take days and even longer if it’s internationally, but waiting for several minutes for a Bitcoin or Ethereum transaction can be quite stressful for most people.

Cryptocurrency transaction speed changes all the time. There are several real-time factors you need to consider to determine it such as:

  • Current average fee.
  • The current volume of transactions.
  • The type of transaction you have included in the creation of blocks.

Keep in mind that your transaction fee will have an effect only on the first confirmation, which is the single block where miners collect their fees. All succeeding confirmations happen due to the fact that the transaction was included already in a preceding block and not due to the fee.

Transaction speeds

Transaction speed may vary depending on network conditions. What we have listed here is average transaction speed in minutes for confirmed transactions in the first block after it was sent. If it didn’t confirm on the first possible block, the approximate time may be longer depending on the conditions of the network.

Bitcoin
Bitcoin

 Bitcoin

  • Bitcoin transaction speed on average is 78 minutes.
  • It’s limited to just 3tx per second through an artificial block size.
  • You can increase it by 100tx per second and not run into your computer’s limit.
  • Today, Bitcoin fees are rising and even if the blocks are becoming full, transactions are not quickly receiving confirmations.
  • Bitcoin currently has a 1MB block size limit.

Ripple XRP
Ripple XRP

 Ripple

  • Ripple transaction speed on average is 4 seconds.
  • The daily transactions on its network have increased in the past 6 weeks from 160,000 to over 1 million.
  • Their XRP Channel Payment’s scalability level is the same as Visa.
  • The company aims to change the traditional solution for financial payments.

Bitcoin Cash BCH
Bitcoin Cash BCH

 Bitcoin Cash

  • Bitcoin Cash transaction speed on average is 60 minutes.
  • It has a block size limit of 8MB.
  • Exchanges have acquired confirmations in high numbers on deposits because Bitcoin Cash is prone to a double spend attack.
  • Awfully long delays are experienced because of issues on its security and stability.

Litecoin LTC
Litecoin LTC

 Litecoin

  • Litecoin transaction speed on average is 30 minutes.
  • It has a 56tx per second maximum capacity.
  • Transaction verification is instant.
  • Transaction cost is very low.

 

Ethereum ETH
Ethereum ETH

Ethereum

  • Ethereum transaction speed on average is 6 minutes.
  • When it comes to block generation time, it is considered to be the fastest cryptocurrency in the world.
  • Its maximum capacity on earlier tests showed it reached 25tx per second.
  • The maximum gas that can be processed by an individual node is limited.
  • Its scalability has had improvements with Sharding and PoS.

Nano NANO
Nano NANO

 Nano (formerly RaiBlocks)

  • Nano transaction speed takes on average 5 seconds.
  • It uses the Block Lattice technology.
  • Transactions cost nothing.
  • Nano offers unlimited scalability.

Eos EOS
Eos EOS

 EOS

  • EOS transactions take on average 1.5 seconds.
  • The EOS network handles up to 50,000 txs per second.
  • EOS has low transaction fees.
  • The network is highly secure and scalable.

Augur REP
Augur REP

 Augur

  • Augur transaction speed on average is 6 minutes.
  • Payments are fast and automated.
  • Any transaction processes do need any human involvement.
  • Safe and secure payments.

Dash DASH
Dash DASH

 Dash

  • Dash transaction speed on average is 15 minutes.
  • Currently, it has a 28tx per second limitation.
  • 2MB block size change limitation that allows up to 56tx per second.
  • Built to enable faster transfers.

Tron TRX
Tron TRX

 Tron

  • Tron transaction speed on average is 5 minutes.
  • The Tron network handles 1500 txs per second.
  • Transaction costs are extremely low for Tron payments.
  • It has high scalability and numerous use cases.

Cardano ADA
Cardano ADA

 Cardano

  • Cardano transaction speed on average is 5 minutes.
  • Every transaction comes with a proof of legitimacy.
  • Each node on their network accepts and verifies transactions.

Iota MIOTA
Iota MIOTA

 Iota

  • Iota transaction speed on average is 3 minutes.
  • No transaction fees and scaling limitations.
  • The more you throw at Iota, the fast it’ll get.
  • You have to confirm 2 previous to transmit your current transaction.

Zcash ZEC
Zcash ZEC

 Zcash

  • Zcash transaction speed on average is 15 minutes.
  • It has a blocksize of 2MB.
  • Zcash has pretty low transaction fees.
  • The Zcash network offers tight privacy and security.

Monero XMR
Monero XMR

 Monero

  • Monero transaction speed on average is 30 minutes.
  • It has one of the most dynamic block sizes.
  • It can theoretically handle 1,000tx per second using a modern hardware and if the bandwidth will allow it.

Stratis STRAT
Stratis STRAT

 Stratis

  • Stratis transaction speed on average is 6 minutes.
  • Their fees vary by transaction.
  • A transaction is made directly via peer to peer over a blockchain network that’s decentralized.
  • It has its own cryptographic token called STRAT that handles transactions on its blockchain.

Dogecoin DOGE
Dogecoin DOGE

 Dogecoin

  • Dogecoin transaction speed on average is 1 minute.
  • The coin is designed for micropayments and has low fees.
  • There is no maximum number of Dogecoins.
  • It has a block size of 1MB but 10 times more blocks than Bitcoin.

Vechain VEN
Vechain VEN

 Vechain

  • Vechain transaction speed on average is 6 minutes.
  • It does not have a block size limit since it’s a dApp.
  • Vechain’s transaction fees are extremely low.
  • The Vechain network can handle up to 10,000 txs per second.

Steem STEEM
Steem STEEM

 Steem

  • Steem transaction speed on average is 3 seconds.
  • There are no transaction fees that you have to pay.
  • The platform uses the same powerful technology as BitShares called Graphene.
  • It can withstand 10,000tx per second when tested.

Ardor ARDR
Ardor ARDR

 Ardor

  • Ardor transaction speed average is 60 seconds or less.
  • It is solely based on Proof-of-stake.
  • A lot of transactions were disabled in the main chain to reduce the platform’s bloating and improve its performance.

Nem XEM
Nem XEM

 Nem

  • Nem transaction speed average is 30 seconds.
  • On an experiment done, it had a transaction average rate of 3,085.77tx per second in less than 1 hour.
  • It currently has 10.8 million accounts and into sequence transactions over a steady stream of transactions, they use a written application.

Stellar XLM
Stellar XLM

 Stellar

  • Stellar transaction speed average is 5 seconds.
  • Transaction cost is very low at 0.00001 lumens on every transaction.
  • Validating node is easier to run.
  • It has a distributed exchange.

Spectrecoin XSPEC
Spectrecoin XSPEC

 Spectrecoin

  • Spectrecoin transaction speed average is 30 seconds.
  • It is known for having no transaction fees.
  • It uses a Proof-of-stake method providing decentralization.
  • They also use a stealth transactions technology for anonymity in transactions.

Neo NEO
Neo NEO

 Neo

  • Neo transaction speed average is 15 seconds.
  • It does not run on PoW but its PoS protocol is more streamlined.
  • It can do 1,000tx per second and maximum of 10,000tx per second.

Golem GNT
Golem GNT

 Golem

  • Golem transaction speed average is 5 minutes
  • Records of transactions are entered onto the Ethereum blockchain.

Bitshares BTS
Bitshares BTS

 Bitshares

  • Bitshare transaction speed average is 2 seconds.
  • It uses the Graphene technology just like with Steem.
  • They use the Business Logic Processor for order matching and processing transactions.
  • You can earn by referral and get part of the transaction costs.

 

Electroneum ETN
Electroneum ETN

Electroneum

  • Electroneum transaction speed average is 75 minutes.
  • The transaction fee recommended is about 0.01 ETN.
  • If you want a faster transaction speed, specify a higher fee. The maximum is 0.2 ETN.

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