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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