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The Slowest and Fastest Crypto Transaction Times Are Revealed by ForexSuggest

A new report by ForexSuggest has brought to light the most popular cryptocurrencies of 2021 by way of transaction volume and speed. 

Stellar received the most transactions per second in 2021 with 83.26 transactions every second and 7,193,933 transactions a day. Stellar is not a bank or a business but is instead a decentralised open network that aims to connect banks, payment systems, and individuals with near-instant and secure transfers. Stellar currently has a market cap of $5.24billion.

Ripple has the second-highest transactions per second with 25.71 and 2,221,167 transactions a day. Ripple’s current market cap is $38.2bllion and was designed for enterprise use and aims to be a fast, cost-efficient cryptocurrency focusing on cross-border payments.

Ethereum ranks third on the list and is the second-largest cryptocurrency by market cap after Bitcoin, with a current market cap of $362.8billion. Ethereum is a decentralised computing platform that runs a wide variety of applications, including financial tools, games and complex databases.

The data for ForexSuggest also investigates the other end of the spectrum, identifying the coins will slower-than-average transaction speeds. In this way, we see how Filecoin, Bitcoin Cash and Ethereum Classic are the top three worst-performing coins.

Filecoin is an open-source peer-to-peer cryptocurrency network that’s used primarily to store files; hence the slower-than-average transaction speed. A user will pay a miner to store their files on the network. The miner then uses the Filecoin blockchain to commit to storing the file, something that’s routinely verified by the network. The user can then pay the miner in Filecoin to retrieve their files again.

However, it takes 100 minutes to complete just one Filecoin transaction.

Bitcoin Cash is Bitcoin’s spinoff version of peer-to-peer electronic cash. The mining power for this particular coin is much less powerful and consistent than that of Bitcoin, in addition to the coin being viewed as much more volatile. Because of this, Bitcoin Cash transactions take on average 150 minutes to complete.

Ethereum Classic, a split version of Ethereum’s blockchain is the slowest currency in the rating, with a 9,360 minutes transaction time.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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