5 Coins That Have Faster Transaction Time Than Bitcoin & WHY IT MATTERS?
There are two things that determine Bitcoin transaction times – amount of network activity and transaction fees. A single Bitcoin block can handle up to 1MB of data every 10 minutes. This means that even though Bitcoin blockchain consumes as much electricity as Ireland, it can only handle 7 transactions per second.
This is a problem because 7 transactions per second (TPS) is a very small number. To understand just how small it is, consider that PayPal processed 450 transactions per second on Cyber Monday 2015. Visa can handle up to 24,000 TPS.
Having a low transaction time does not render a lower value. It simply means that the technology isn’t the best for fast transactions – at least in its current form. Below, we’ll cover 5 crypto coins that are significantly faster.
Ripple is a system with several core parts. One is a remittance network, another is the real-time gross settlement system (RTGS), and the third is a currency exchange.
Unlike other crypto projects, Ripple doesn’t require much energy. That’s because it isn’t a true blockchain, meaning it can work without the electricity-intensive proof of work process Bitcoin and many other coins use. This keeps the network fast and efficient.
Second, and perhaps more importantly, Ripple has fundamentally different settings from Bitcoin. A new block is created every 10 seconds. This lets the network handle up to 50,000 tps – more than Visa – with transactions taking 10 seconds.
All of these features make Ripple the best-known, most widely supported fast coin on the market today.
2. Bitcoin Cash
Bitcoin Cash is a Bitcoin fork with an 8MB block size. The code is identical and so are all the features. The difference is that Bitcoin Cash can process up to 277 transactions per second: a number bigger than PayPal’s average of 193 TPS.
Is Bitcoin Cash the fastest, best way to transfer money? Probably not. Is it far superior to Bitcoin? Yes. Is it a true blockchain? Also yes. All of this makes it perfect for people who really just want a faster Bitcoin.
3. Stellar (XLM)
Stellar is a Ripple spin-off that is known for being extremely, extremely cheap. The current base transaction fee is 0.00001 XLM: a tiny fraction of a single penny.
Stellar is also incredibly fast, with a block time of 5 seconds, a confirmation time of as little as 2 seconds, and a maximum TPS of up to 1,000. Ripple may have a higher TPS, but Stellar is right up there too.
Dash is one of the older cryptocurrencies on the market. Its block size is 2MB, and with a small-ish block time of just 2 minutes, it can process up to 28 TPS. This makes it vastly faster than Bitcoin.
Although Dash isn’t really designed for speed, it’s one of the faster Bitcoin forks out there. It’s also an old project with a large user base, which is important if you want a coin that retains value and processes transactions quickly.
Litecoin is yet another Bitcoin fork. It can process up to 56 TPS with Segwit, taking about 30 minutes to confirm. While it remains to be seen whether Litecoin will continue to be relevant as other cryptocurrencies evolve, it’s a solid choice for fast transactions as of right now.
Another important advantage is that Litecoin is a lot easier for miners to work with than Bitcoin. This means that processing power is more readily available, which also contributes to the blockchain’s speed and stability.
Now you know which 5 coins are fast enough for shopping, frequent transactions, and on-the-spot payments, why not buy and start using them?
One place where you can buy the best fast coins is CoinCola: the world’s cheapest OTC crypto marketplace. We offer LTC, DASH, XRP, and BCH – as well as BTC and ETH.
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Founded in 2016, CoinCola is a Hong Kong based company offering both over-the-counter cryptocurrency trading and crypto-to-crypto pair trading exchange. CoinCola now serves millions of users from over 150 countries with our fast, secure, and reliable trading services. We support BTC, ETH, BCH, LTC, USDT, DASH, and XRP. Visit www.coincola.com for more information.