The fastest transactions has NANO

During the bull market, which we have seen last year, many traders have been struggling with the problem of sending/receiving the cryptocurrencies as quickly as possible to the exchanges or directly to wallet. Due to the large number of transactions at the time, several networks (Bitcoin) did face overload and the processing of the transfer was not just a short time. 

 

Litecoin, XRP, Nano 

The above-mentioned fact could have played a role, for example, in the Litecoin's price growth. At that time, transactions made with LTC was many times faster than with BTC. Similarly, it can be with XRP, whose transaction times are even lower. Besides, this is one of the reasons Ripple puts forward its demand (or rather the desire) to make XRP one of the basic names on Binance to trade against all the crypts on this trading platform. At present, however, Binance uses Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Tether (USDT) as the basic menu.  

 

And the winner is ... 

Let's look at Nano. Bitcoinkit.com updates the transaction times each hour to determine the fastest cryptocurrency from the point of view of exchanges. The information from this site can then be served, for example, by a trader focusing on arbitrage trading.  In the most up-to-date version, the NANO was given the first crossover. With the time of 3 seconds on the transaction (on Binance), the above XRP is overtaken, the transfer takes 10 seconds.   In the table below, you can see that if you want to convert almost instantly (within one minute), you have only seven cryptocurrencies.  

cryptocurrencies transaction speed table

BTC in 127th place 

Bitcoin moved up to 127th in the twenty-minute transaction time, with the second largest cryptocurency, Ethereum, ranked 54th in terms of market capitalization. The intention of this statement, of course, is not to criticize the speed of transactions in the BTC network. If we take into account that Bitcoin is supposed to serve as a store of value, this is not so important to us. Not to mention that the Lightning Network development team is working on improving scaling, fees, and speed.