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The Fastest Cryptocurrency

Which cryptocurrency is the fastest? Now we’re not trying to establish which cryptocurrency is the fastest in terms of mining (or anything along those lines), but which one is the fastest in terms of transaction speed.

In other words, to rephrase the above question: Which is the fastest complete transacting cryptocurrency? Now in order to establish this, we have to consider two factors in our comparison, namely:

–          Block Target/Time

–          The Number of Confirmations Per Transaction

We have to take these factors into consideration for each cryptocurrency and then establish which one is the fastest in terms of transaction speed (while keeping security considerations in mind). Now how do we calculate the transaction speed? We take the Block Target/Time and multiply it with the Number of Confirmations Per Transaction.

Now it must be noted that each confirmation exponentially decreases the risk of a reversed transaction. The higher the number of confirmations, the better in terms of security, but this of course can impact negatively on transaction speed. So the ideal is to maintain a balance between security and speed. Therefore, firstly, let’s assume 4 confirmations per transaction should be an absolute minimum in terms of security, and secondly, let’s assume theoretically that all cryptocurrencies allow at least 4 confirmations per transaction. This is certainly not 100% true in all instances, but we don’t wish to lower the number of confirmations to the point where it becomes pointless in terms of a comparison, especially when security is largely compromised. If it makes any sense, any such comparison should cater to a higher instead of a lower standard, there must be a healthy balance between speed and security.

Now moving forward, our focus will only be on the cryptocurrencies that are listed here (as taken on December 5th, 2013). Furthermore, only those with readily available info pertaining to their block target/time were included. Ok, so let’s go ahead and list them from the fastest to the slowest without getting too technical about it…

cryptocurrency comparison transaction speed1

Now the above is by no means a perfect breakdown and/or comparison (especially considering the ‘spelling mistakes’ in red lol). In fact, we might have the cat completely by its tail (or balls for that matter lol). However, it should be pretty clear, even leaving the comparison aside, that FastCoin (FST) is the cryptocurrency that offers the fastest transaction speed in the world (while not compromising on security). This for one makes FastCoin (FST) the perfect e-commerce solution, something investors should take note of, especially at current price levels. Thus, the following claim made at their website seems to be grounded in fact:

“FastCoin is quickly becoming the biggest internet sensation since Bitcoin.  Merchants are quickly realizing the benefits of Crypto Currencies and FastCoin is one of the special Crypto coin’s which makes this technology practical to use in everyday commerce.  FastCoin is currently THE FASTEST Complete Transacting Crypto currency in the world, without sacrificing security!  Our engineers were able to develop a 12 sec per block transacting coin which is ideally suited for today’s time sensitive needs.  As the general public slowly realizes the benefits of Bitcoin, early adopters of Crypto currencies will quickly understand the value in the role that time plays, specifically when conducting everyday transactions” (FastCoin Website).

As a side note: We initially wanted to spell cryptocurrency, “crypto currency“, and cryptocurrencies, “crypto currencies“. However, it seems more people Google the words bonded than loose (whether correct or wrong lol).

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9 Responses to The Fastest Cryptocurrency

  1. Bigballs says:

    Hi and thanks for a very interesting article!

    As I seee it speed matters when it comes to payments. But is it only the block time combined with the confirmations that are the outcome of the speed? I have seen transactions done with e.g. Earthcoin that are finalized and confirmed within 3 to 30 seconds, but their block target is 60 seconds and the confirmations are five, so it would take 300 seconds. How is this possible and does your above summary considering only the two factors really reflect the true speed of transactions incl. confirmations?

    Very keen on hearing and discussing more about this.

    • Admin says:

      You’re welcome. Thanks for your comment.

      Yes, speed matters when it comes to payment, or to be more exact, both in terms of when payments are made and received. Block time multiplied by the confirmations provide an outcome both in terms of speed and security. It doesn’t help the transaction happens fast, but little security is offered.

      Yes, I could send payment within seconds, but just because it appears in the receiver’s wallet, doesn’t mean that he/she is able to utilize it. The receiver will have to wait for at least one confirmation (the length of the block time) before he/she will be able to utilize the currency received.

      However, the more the number of confirmations requested, the lesser the risks associated with double spending and more. I hope this makes sense.

      • Bigballs says:

        Thanks for replying so quickly. But can it be that the speed of crypto currencies do not always obey to the rule block transaction time x confirmations? As mentioned, some transations that I have seen were confirmed and available for further transaction within a significantly shorter time than what the calculation of their block chain x confirmation promises.

        • Admin says:

          You’re welcome. Block time should be seen as an average instead of an exact time, despite the number of confirmations.

        • Al says:

          If you use bitpay for instance your payment will be done in minutes. But they just verify that you signed the transaction at first so that’s proof enough to tell you OK I see you want to pay. BUT, I guess they wait to mark the order as complete and clear the payment. And you don’t notice any of this because its for ecommerce. However, when you buy at a brick andr mortar store this is impossible to do. The merchant can’t wait half an hour to make sure you’re not double-spending or anything so it can’t be done with bitcoin. It needs to be modified or you need to use.another coin or you need a third party to assume risks or put collateral because for half an hour the custome you can’t be completely sure the customer has paid

  2. JustHayden says:

    Coino has a translation speed of 50 seconds or less.

  3. Sarah Noel says:

    Thanks for your advice! I will try me best to keep it up.

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