When it comes to crypto trading, the amount of time it takes for a transaction to take place between traders vary. This is because there are challenges that come with the speed and the timing of a transaction. Some of the main challenges include huge trading volumes, high network congestions and laggard nodes.
Having said that, it does not necessarily mean that the transaction speed is ultimately slow, just that some cryptos trade at a faster speed than others, depending on the number of confirmations. Below are some of the cryptocurrencies that trade at high speeds with less amount of time.
Nano, previously known as Raiblocks was launched in 2017 and it is one of the fastest trading cryptocurrencies and it also scales to a very high degree. Nano cryptocurrency takes between 5-10 seconds to complete a transaction.
NEO cryptocurrency is another quick and high speed transaction platform. NEO crypto can process up to a speed of 1000tx/sec and it only takes 15 seconds to complete a transaction between traders.
Ethereum, currently one of the most preferred and best performing cryptocurrency in the market, is also very fast. It takes between 14-15 seconds for this crypto to successfully complete a transaction. It handles a speed of up to 12tx/sec.
Dogecoin is one of the oldest cryptocurrencies in the market. Although its development project has been dormant, it is also very fast and takes about 1 minute to complete a transaction.
PIVX cryptocurrency is best known for its privacy and security features. Apart from that, it is also fast and it only takes 1 minute for a transaction to be processed.
Monero cryptocurrency is also famous and preferred for its anonymity and privacy features, because it is a purely community driven coin. When it comes to the speed, it takes only 2 minutes to process a transaction.
Dash is also another oldest crypto in the market. It is popular for its masternode governance concept. Even though it’s old, it is fast and it takes an average of 2 minutes and 39 seconds to complete a transaction. It has a processing speed of up to 56 tx/sec.
Unfortunately, Bitcoin, which is the world’s most popular and the first fully functional cryptocurrency does not lie under the category of fast transaction cryptocurrencies. With all its advantages and popularity, Bitcoin is slow when it comes to processing a transaction. It takes about 10 minutes for a transaction to process. But this is only because bitcoin traders have to wait for about 6 confirmations before a transaction can be considered successful.
In conclusion, the above were just but average transaction time and speed for various cryptocurrencies, and usually apply for transactions with one confirmation. In general, it is advisable that the trader waits for more than just one confirmation, to be sure.
Some cryptocurrencies e.g. Bitcoin, require between 6-12 confirmations. So what this means is that if the confirmation will have to be more than one, then the transaction time will be a bit longer.