A crisp knowledge on Cryptocurrency Payment Transactions

The cryptocurrency is not only for securing future finances but also for payment transactions. These days many crypto holders using it for transaction purposes and it is trending. The amount getting transacted through cryptocurrency will shock you because it is nearly $12 billion! This amount of transactions are through Bitcoin, Ethereum, Litecoin, and other such blockchains used by millions for daily payment. The value and the number of cryptocurrency transactions are rising. The daily transaction through cryptocurrency has increased sixfold over the last five years. It is rising from 2,50,000 to 1.5 million! The cryptocurrency transaction is in the spotlight now.

Ethereum, when it was on the initial offer, had overtaken Bitcoin in a transaction in 2017. Ethereum tokens such as ERC -20 and ERC -721 are the most transacted ones on blockchain and the growth of these are higher when compared to Litecoin or Bitcoin. Due to the rise in cryptocurrency transactions, the average value of the Dollar has increased by four folds in the last five years.

Usually, the Merchants, who push the digital currencies for payments and they play a vital role here as the transaction numbers and the values are on the rise. This is why many crypto customers prefer to get adopted by merchants to get succeed in the transactions.

Recently many companies are allowing crypto payments and many businesses around the globe are not yet in the race. A survey conducted with crypto owners said that owners are waiting for more merchants to accept the cryptocurrency payments for purchases which are pointing at the demand for merchants who accept crypto payments.

Merchants have ample opportunity to get profited through cryptocurrency payments which is the trending wave in the commercial field. Accepting crypto payments can boom the merchant business to a higher level as there are many crypt users eager to spend through crypto.  If crypto payments are accepted, POS systems, as well as online checkouts, will be easier through CoinPayments. Over 2,000 coins are supported for auto-coin conversion and this feature can be made use of by merchants.

The boom in the transactions of crypto payments is because of the transaction speed and efficiency of blockchain technology. The best and foremost thing in the blockchain is its transaction speed. Most of the cryptocurrencies have a high transaction speed which proves to be efficient in the crypto world.

It simply means that the higher the speed, the better the efficiency. The data transfer from one party to the other and the transaction confirmation is super fast in blockchain technology which is why the users rely on such payments. The transaction speed in blockchain technology relies on some features such as block size, transaction fee, block time, and network traffic. The transaction on blockchain will be badly affected due to huge volume, network congestion, and high transaction fees.

Therefore, transaction speed is important in cryptocurrency and some particular factors should be considered.

  1. The transaction speed of the cryptocurrency will be affected if the network load is more.
  2. If you have any complex transaction, the transaction speed will be affected badly.

If these factors are under control, the transaction will be smooth. Experts predict that shortly the transaction speed will be such that, it won’t take any time, but immediate.

Which cryptocurrencies have high transaction speed?

There are many cryptocurrencies out there in the crypto market. Out of all, Bitcoin is the popular and expensive one. But the transaction speed of this coin is slow compared to others. Because of the high transaction speed, some of the cryptocurrencies are effective.

Let us learn some of the high-rated cryptocurrencies which have high-speed transaction rates.

Ripple or XRP: This coin is released in 2012 by Chris Larsen and Jed which is referred to as the nest digital asset for worldwide payments. The official website of Ripple says that it is providing smooth digital payments and giving a global economic opportunity. The payment with Ripple assures an open-source, decentralized, and peer-to-peer network that supports seamless transactions.

It is one of the fastest and the secure blockchains one can find in the crypto exchange which can process 1500 transactions in just 3-5 seconds. Also, at the same time, it records it in the blockchain ledger too.

EOS (Electro-optical system): EOS is on blockchain technology, decentralized used to host, develop, and run dApps. This EOS is designed to support decentralized large-scale applications. EOS used for seamless and free transactions. The new EOS offers rewards for the transactions which compensate the inflated transaction fee.

Studies say that EOS is claiming to be faster, secure, and with great other services. Many now started to believe that it is giving tough competition for Ethereum.

EOS can exercise 4000 transactions per second and the average transaction time will be 0.5 seconds!

NEO: A blockchain-based platform, open-source which is launched in 2014. NEO has its own cryptocurrency. Experts say that by 2023, this digital currency will reach to higher value and will be widely used crypto. This can exercise 1000 transactions and the average time of transaction is 15 seconds.

Cardano: This decentralized blockchain system is open-source. Its token ADA is ranked 3rd among all other cryptocurrencies. This offers more security and transparency in the transactions. This can process 1 million transactions per second.

Solana: This was launched in 2017 by Anatoly Yakovenko. This is a decentralized application of blockchain technology. The protocol of Solana reduces the transaction time of the network. This will compensate for the execution and transaction time. It claims that it can execute 50,000 transactions per second and the average time of each transaction is 5 seconds!

Not only these, but Steller, Tron, Cosmos, Ethereum, Bitcoin, Waves, Algorand, Avalanche, IOTA, etc. are on the list for faster transactions.

There are still many more cryptocurrencies out there that offer the fastest crypto transactions. The enormous potential of the internet is used for the high transaction speed, security, transparency, privacy, and immutability of blockchain technology. The advantages of cryptocurrency payments are great. This is why more and more merchants opting for the same. The future seems to be bright with cryptocurrency payments.