Among all cryptocurrencies, Bitcoin is the one currency that has held prominence for the longest time until now. Since it is so popular, many people have invested in it and the transaction speed of this currency has been seen to be slow. A large number of investors and also the congestion in its network has slowed down its processing time.
But on the other side, there are many efficient digital currencies whose transaction processing speed is considered comparatively higher. Here in the current essay, I will be providing a list of digital currencies whose speed in processing transactions is higher and they should also be chosen by the investors as their foremost choice while investing and why countries should embrace bitcoin.
Why Transaction Speed Play’s Important Role in Virtual Currency Investments
If there is higher transaction speed some of the benefits that an investor can accrue are as below:
• The transaction will process quickly
• The less will be the transaction time, the lesser will be a fee charged for processing it
• There will be less congestion for processing transactions on the network
• The block formation time for adding data will also be reduced
The cryptocurrency that will be seen in the first place is Tron digital currency. This currency has its foundation based in Singapore and its foundation is also known with the same name. The fundamental reason for the cryptocurrency formation was to make a platform for accepting amusement apps. Its token is represented as TRX which has appreciably a high transaction speed. The best part about this cryptocurrency is that it does not charge any fee for processing the data and also it has the capacity of exchanging millions around the world.
The next we will be discussing is EOS. This platform was formed to make its base non-controlled and also to implement dApps on its network. It is formed to carry out extensive app support. In a similar manner as the earlier cryptocurrency, it also offers a cashless transaction and a seamless experience to its users. As this cryptocurrency claims to be in terms of scalability, speedier and provide enhanced services it is being compared to that of the Ethereum cryptocurrency. Coming to its transaction processing speed. It has the capability of processing over 4k transactions within a second.
Its founder is Anatoly Yakovenko founded this revolutionizing cryptocurrency in the year 2017. It also promotes dApps on its network. Also, the cryptocurrency is utilizing a different consensus mechanism which is the proof of history that claims to be resolving the scalability issues. This cryptocurrency is also said to be a powerful cryptocurrency as its convention focuses on decreased time consumption for processing exchanges on its network and can process over 50k per second with 5 minute confirmation time.
The very last one in the current topic is Cardano. Its token is represented as ADA. It employs the staking mechanism for making consensus among the validators for the validation of the exchanges that are occurring on its network. Its founder has also founded the 2nd largest crypto ETHER and it is being said that it will become a competitor of the two topmost cryptos in the business. It has the capacity of processing 1 million transactions within a second.
There are thousands of cryptocurrencies that are coming up in the digital world but the one thing that should be considered is the time taken for an exchange. I have provided the list of all those cryptocurrencies that should be considered in terms of speed in the crypto industry.