When Bitcoin was created, it promised a payments revolution — a new ability for people to exchange money without the need for something or someone in-between such as a government or bank. Payments could get processed almost instantly instead of several days. Plus, it would be secure and cheaper.
Unfortunately, so far, Bitcoin has not been fast enough and its volatility make it a not so realistic global payment option. Just this year we have seen the price rise from about $29,000 in January to more than $64,000 in April. It then halved in the next months.
Some think Bitcoin has a store of wealth, like a digital gold. Others believe second-layer solutions might improve its speed and allow it to be more viable as a payment.
Bitcoin has successfully led to many cryptocurrencies being created– more than 11,000 to be exact. Some are pure payment currencies that seek to be faster than Bitcoin. Others could transform entire industries. In this article, we will focus on the pure payment cryptos.
These five coins are all faster than Bitcoin
Since speed is the top limiting factors for Bitcoin, it is not surprising that new cryptocurrencies want to be faster. At around 7 transactions per second (TPS), Bitcoin is among the slowest cryptocurrency. To give some better context: Visa reports it can do almost 24,000 TPS.
Here is how how other cryptocurrencies stack up.
1. Ethereum (ETH) can do 25 TPS
The first crypto to use smart contracts. Ethereum’s fast network is used by many other coins and applications.
2. Zcash (ZEC) can do 27 TPS
Zcash prioritizes privacy. It is accepted by certain third-party payment providers and advertises itself as a great way to send money to family and friends.
3. Dash (DASH) can do 35 TPS
This digital coin became popular during Venezuela’s economic crisis. The Dash app works on some devices and has worldwide ATMs.
4. Monero (XMR) can do 1,000 TPS
Monero is a privacy-centered payment system. It prioritizes anonymity by hiding the wallet addresses of its users.
5. Ripple (XRP) can do 1,500 TPS
Ripple is a global payment system that ranks inside the top 10 most popular cryptos. However, it has been hampered by increasing SEC lawsuit focused on whether its crypto should be sold as a security.
Author: Steven Sinclaire