Transaction Speeds- Complete Review
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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.
A cryptocurrency’s speed varies 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 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 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 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 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 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 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.
- 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 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.
- 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 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.
- Monero transaction speed on average is 30 minutes.
- It has one of the most dynamic block size.
- It can theoretically handle 1,000tx per second using a modern hardware and if the bandwidth will allow it.
- 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.
- 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 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 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 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 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 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 transaction speed average is 5 minutes
- Records of transactions are entered onto the Ethereum blockchain.
- 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 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.
Here are some tips on how you can speed up your transactions:
Setting up your gas
Increasing the gas limit and gas price, especially if you’re mining Ethereum, will speed up your transactions. Higher payment will push the transaction up and will most likely ensure to be counted in the subsequent block in a mining pool.
If you’re using MyEtherWallet, you just have to set the gas limit and gas price up. This is especially true when transferring funds to an ICO. Make sure not to set a really high gas limit, it’s useless to do so and may result in the disqualification of your transaction.
Using a faster crypto
Every so often, you may want to opt for a different cryptocurrency. If you’re always receiving and transferring coins, it is best to go for something that has a much faster network. For instance, Litecoin’s transactions are still quite fast with blocks calculated every 2 and a half minutes. Though fees are increasing and even with normal fees, your chances of getting into a block are higher.
Generating new transactions
This method can cost you, but there are reports that it’s an effective way to speed up the transaction. If you see a lagging transaction, you can simply send out your funds again with a higher miner’s fee to its receiving address in order to send it to the preceding block. Sending a successive transaction will result in both transactions to be counted in the subsequent block since the fee will pay for both transactions. But it’s not without any risk as you can encounter a technical error.
Increasing the fee via your wallet
A coin wallet will normally recommend an ideal fee. However, you have an option to choose a higher level fee which can speed up your transaction. Bear in mind that a higher fee is not an assurance that your transaction will be counted in the succeeding block.
Using a transaction accelerator
There are mining pools out there that provide services to automatically accelerate your transactions. This will increase your Bitcoin fee but pool members have preferences and your transaction will be prioritized actively and will be placed in the next block to be mined.
Using a transaction accelerator will basically put your transaction to the miners’ attention directly, as long as it comes with a BTC fee of 0.00001. You can apply this tip for transactions that have remained unconfirmed for 48 hours.
The popularity of cryptocurrency is undeniable and making transactions should be very fast. Bitcoin may be the most popular crypto but when it comes to transaction speed it’s falling behind some of the newest players on the market. There are some that are focusing on improving their transaction speed and because of this have become more successful.
If you’re a beginner on cryptocurrency and would like to learn more about this digital currencies, make sure to check out our page for more contents like this.