Fastest Cryptocurrency Report: Transaction Speed Comparison among the Most Prominent Digital Tokens

Despite the market’s recent downfall, cryptocurrencies remain the most desirable digital assets for a number of reasons. They still hold the potential to regain some of their shine, as experts are predicting that the waters will begin to return to their levels by the end of the year given the increased usability and adoption levels that these tokens are experiencing.

Now, which one of the leading blockchain platforms is the fastest? Bitcoin, Ethereum, Nano, Bitcoin Cash, Litecoin, Stellar, XRP, EOS, NEO, IOTA, and others are vying for the top spots when it comes to market capitalization, popularity, and applications. However, users and investors sometimes forget about scalability and transaction per second (TPS) rate when evaluating the effectiveness of a blockchain.

Here is the transaction speed ranking:

  • Nano:

Nano is, among the most prominent cryptocurrency platforms in the market, the one with the fastest processing rate. Formerly known as Railblocks, Nano is a relatively new project, being created in 2017, but scales to a very high degree, which makes it one of the preferred options in the industry. Its cryptocurrency usually takes less than 10 seconds – normally between five and ten – to complete a transaction.

  • NEO

The NEO project also processes transactions at a fast rate, with nearly 1,000 per second. It usually takes only 15 seconds for the platform to complete a transaction between two peers.

  • Ethereum

Ethereum is the second most relevant cryptocurrency behind Bitcoin, but that doesn’t necessarily mean that it is among the fastest blockchain platforms at the time of processing transactions. On average, the blockchain handles a speed of 12tx/sec and takes between 15 and 20 seconds to complete a transaction.

  • Dogecoin

One of the oldest digital tokens in the market, Dogecoin can be considered somewhat fast, at least when compared to Bitcoin: it takes nearly a minute to complete a transaction between two traders.

  • PIVX

The PIVX cryptocurrency is most commonly associated with privacy and security features and capabilities. However, it also completes transactions at a satisfactory rate of 1 minute per operation completed.

  • Monero

Monero is among the most relevant digital assets in the blockchain industry. It fosters a private and anonymous environment for traders, and when it comes to processing speed, it checks out more like an average offering. It takes about two minutes to process a transaction.

  • Dash

Known around the crypto market for its master node governance model, Dash has its fair share of adepts. It takes around two minutes and 39 seconds to complete a transaction, with a processing speed of up to 56 tx/sec.

  • Bitcoin

Bitcoin is, by far, the most important cryptocurrency in the world. However, the platform can get congested, and it’s pretty clear that it has a scalability problem. It is not, by any means, fast: it takes about 10 minutes for a transaction to process. Trades need to wait for at least six confirmations before a transaction can go through.

In conclusion, the quickness with which a specific blockchain platform processes transactions should be a relevant element in the “which is the best cryptocurrency to invest” debate. Among the most prominent tokens, Bitcoin lacks the smoothness to compete with Nano, NEO, or even Ethereum in this particular feature.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Ali Raza is finance editor at TheOofy. He is a journalist with experience in web journalism and digital marketing. Ali holds a master degree in finance and enjoys writing about cybersecurity, cryptocurrencies, and technology.