Source: Wit Olszweski
- Among cryptocurrencies, Stellar (XLM) has the highest number of transactions per second, recorded at about 7,193,933 per day or 83.26 transactions per second.
- Bitcoin (BTC), the first cryptocurrency by market capitalization, ranks fourth with 222,930 transactions per day or 2.58 transactions per second.
Forexsuggest.com, an American platform for stock and cryptocurrency traders has introduced a new study. According to the data presented in the report, Stellar has the highest number of transactions per second of all cryptocurrencies, recorded at round 7,193,933 per day, or 83.26 per second.
The report says Stellar is a decentralized, open network aimed at secure exchange between banks, payment systems and individuals, neither banks nor businesses, almost instantaneously. Bitcoin is stored and exchanged through the Digital Ledger blockchain, a concept that is encryption-based, secure and accessible to everyone.
The higher the transaction rate, the more transactions can be done at the same time. This is an important factor if your network is overloaded, and low transaction speeds can also lead to user delays if too many transactions are processed at the same time.
Ripple with its XRP token ranked second in the number of transactions per second. The company is capable of conducting about 26 transactions per second, which is 3.2 times less than Stellar, and 10 times more than Bitcoin. Ripple is a cryptocurrency payment system platform focused on non-refundable currency exchange transactions.
In third place is Vitalik Buterin’s masterpiece Ethereum (ETH), which at the same time is the second largest cryptocurrency by market capitalization. Ethereum is a cryptocurrency and platform for creating decentralized blockchain-based online services based on smart contracts. It is implemented as a single decentralized virtual machine. It is funny that according to the report, Ethereum classic, the split version of the Ethereum blockchain, ranks last in this report with a transaction time of 9360 minutes.
The cryptocurrency king Bitcoin (BTC) ranks fourth in this top with 222,930 transactions per day or 2.58 transactions per second. By comparison, VISA processes about 17,000 transactions per second (capable of handling up to 65,000 transactions per second)
Increasingly, people are comparing cryptocurrency to Visa and Mastercard from very different points – from throughput to the number of transactions processed per day. At the end of past November, news broke online that Bitcoin was catching up with Mastercard in terms of transaction volume
At this point, it is too early for cryptocurrencies to compete with traditional payment systems, because the gap is still huge. Any attempts to put bitcoin system on the same level with Visa and Mastercard look like speculation and fraud, something like cheating new investors, because people who already work in digital money sphere understand its real possibilities and do not need such comparisons. The blockchain industry is still very young; in the future, it will be able to compete with the traditional economy.
Also read: Ripple transactions consume less energy than VISA and Mastercard: Deutsche Bank report
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