Lucrotrade takes the point of view, if crypto coins ever want to make it in the “real” market, the speed and how quickly a currency can move will be essential. After all, if you are just transferring money to a relative or friend, a few minutes of waiting until the transfer goes through won’t matter. However, if you stand in the queue, waiting to pay for your groceries the speed is paramount. If every transfer takes just 2 minutes, not just the line becomes longer and longer, the impatience of willing customers will increase. Leave alone the many commercial applications, which already cannot do without high-speed transactions.

Lucrotrade emphasizes that the term “fast” concerning crypto coins is relative and may differ from currency to currency. Except for Ripple and Stellar most cryptocurrencies depend on block time. – The time it takes to create and solidify a block on the coins chain. In few cases, the transaction might go through before the block has been completed, but as a rule of the thumb, the transaction will appear as pending until completion.

In the following, I will give you an overview of the 5 fastest cryptocurrencies. However, according to Lucrotrade, this can only be a guideline since the processing times/block times can change from minute to minute.

Some start-ups promise a high transaction speed. However, the jury is still out on those claims.

So, what are the fastest cryptocurrencies?

Nano (XRB)

Lucrotrade places Nano (XRB) on top of the list. The company offers instantaneous transactions without any fees. You do not need high recourses, no high-power mining hardware. Nano processes transactions at a virtual instant rate.

  • Deposit Time: 3 seconds
  • Block Time: 3 seconds
  • Required Confirmations: 1

Stellar Lumens (XLM)

Stellar Lumens is a payment technology which is built on the Ripple blockchain. It instead works with the developing market and not so much with the bank or financial institutions. According to Lucrotrade, Stellar has a base fee, currently at 0.00001 XLM, which is associated with every transaction.

  • Deposit Time: 5 seconds
  • Block Time: 5 seconds
  • Required Confirmations: 1

Ripple (XRP)

Ripple is based on a shared public database and provides high integrity. Ripple exchanges almost instantly between two parties and also exchanges practically any currency. This includes fiat, gold and airline miles. Ripple is not a blockchain.

  • Deposit Time: 10 seconds
  • Block Time: 10 seconds
  • Required Confirmations: 1

Gas (GAS)

Gas was built as an alternative coin on the Neo blockchain. It was created to pay regular dividends to users on the Neo network. Available are hardware wallets and software wallets. However, according to Lucrotrade, Gas is not an independent coin.

  • Deposit Time: 1 minute, 40 seconds
  • Block Time: 20 seconds
  • Required Confirmations: 5

Iota (MIOTA)

Iota is the first open-source ledger built for the future of the Internet of Things with microtransactions. Lucrotrade says, Iota solves some of the inefficiencies of the blockchain because it is built on a revolutionary ledger technology, called Tangle. Iota is without fees.

  • Deposit Time: 2 minutes
  • Block Time: 2 minutes
  • Required Confirmations: 1

The above information was taken from Biance, the world’s largest and most popular cryptocurrency exchange.

(Excerpt) Read more Here | 2019-04-11 14:32:41
Image credit: source

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