When businesses choose a cryptocurrency they wish to accept as payment, they tend to consider several factors. The popularity of the coin, of course, plays a key role here, yet it may not be the most important aspect to take into consideration. Instead, what you need to look for in crypto is the speed of transactions. Quick transactions translate into fast payments. As a result, cryptocurrencies with fast transactions can help businesses to greatly facilitate the payment process for their clients and enhance the shopping experience. NOWPayments offers you to feature over 100 different cryptocurrencies as payment. Here are the top 10 fastest coins you can use.
Key points:
- Many cryptocurrencies boast excellent transaction speed.
- Cryptos with quick transaction times include XRP, Stellar, Tron, and others.
- NOWPayments helps businesses to receive payments in over 100 different cryptocurrencies.
XRP
XRP has been around for more than five years and has deserved praise from many crypto investors. It is the native asset of the Ripple Labs’ ecosystem. XRP is an extensively utilized cryptocurrency which is particularly popular among financial institutions. For instance, XRP is used as part of remittance systems which are similar to SWIFT.
The efficiency of XRP makes it a perfect choice for international money and security transfers. XRP is also quite common among merchants that accept crypto payments. The XRP network can process 1,500 transactions in a span of four seconds. As a result, XRP transactions take no more than 5 seconds. In the future, the team behind XRP is planning on matching the throughput of Visa. Apart from fast transactions, XRP is also great for businesses that do not want to waste money on transaction fees since it has extremely low gas fees.
Nano
XNO is the native cryptocurrency of the nano project. Nano is a cryptocurrency which is designed to address the issue of efficiency and performance. This is why it is ideal for payments and other day-to-day financial transactions that millions of people make. The coolest feature of nano is the absence of gas fees for its on-chain transactions. Basically, it is absolutely free to send and accept nano transactions. It is an open-source and decentralized-based cryptocurrency. XNO transactions take simply several seconds to get completed.
As in the case with any other blockchain, nano transactions do not involve intermediaries since the network they occur on is decentralized. Nano has many use cases in the sphere of payments since it is a preferred payment method for thousands of merchants around the world. Nano is perhaps the best choice when it comes to fast cryptocurrencies with zero fees, it simply does not have any competitors here.
Dash
Dash is another cryptocurrency that seeks to become a user-friendly payment solution for users. It is a scalable payments-focused cryptocurrency that has many fans and investors, as well as businesses that support it by using Dash in their operations. The main advantage of the DASH crypto is its native network. The Dash blockchain has practically instant transaction confirmation. Dash is based on Bitcoin and compatible with many key components of the Bitcoin ecosystem.
At the same time, Dash is much superior to its predecessor because it uses a two-tier network structure which features significant improvements in transaction speed, privacy, and governance. The InstantSend technology used by Dash allows it to offer nearly instantaneous transactions. As a result, DASH is the go-to crypto for merchants that use it as an alternative to credit cards. Simultaneously, DASH has an advantage over the traditional payment methods since it does not have a single centralized authority.
Fantom
Fantom is a network which is designed primarily to host various digital assets and decentralized applications. Still, Fantom’s native cryptocurrency FTM is a great payment material for merchants that want to have a quick crypto payment method. Fantom markets FTM as a solid solution for payments thanks to the rocket-fast transaction confirmation speed.
Essentially, on average, FTM token transfers take around 1 second and cost about $0.0000001. The total supply of the FTM token is 3.175 billion FTM. 2.1 billion are currently in circulation, while the remainder is reserved for staking rewards. Moreover, FTM exists on its native mainnet token, as an ERC-20 token, and as a BEP-2 token. This means that FTM can be used as a versatile payment solution by merchants. So, do not hesitate and deploy your FTM payment gateway to allow your clients to pay in a fast manner and without spending fortunes on fees.
Stellar
Stellar is an open network that makes it possible to create, send, and trade digital representations of all forms of money: dollars, pesos, bitcoin, and pretty much anything. It is designed so all the world’s financial systems can work together on a single network. Stellar has many use cases. For instance, it hosts USDC, the rapidly-growing USD stablecoin. Apart from supporting other currencies, Stellar has its native built-in token, called the lumen. Stellar Lumens (XLM) fill a special role in the network.
By design, Stellar requires that each account holds a small number of lumens at all times. Thanks to advanced technology, the XLM token can be transferred anywhere and to anyone. Stellar has a massive following around the world, so its native crypto is a fairly popular coin among investors. Many of them are interested in spending their holdings on products and services. You can turn XLM holders into your potential customers by simply featuring XLM payments.
Avalanche
AVAX is the native token of the Avalanche platform. It is used to secure the network through staking, pay for fees, and provide a basic unit of account between the multiple subnetworks created on the Avalanche platform. Avalanche utilizes its Proof-of-Stake protocol allowing it to solve all scalability, security, and decentralization features. The transaction finality on Avalanche is incredible one second. This influences the speed of AVAX transactions making them nearly instant.
So, AVAX can be easily used as an alternative to Visa and Mastercard. AVAX can be particularly beneficial for businesses that have many international clients. AVAX transactions are borderless, so their speed remains stable irrespective of the physical distance between the sender and the recipient. So, if you have been looking for a cryptocurrency with a great transaction speed, a large community, and a solid project behind it, AVAX is one of the best coins you can pick.
Solana
Solana markets itself as the fastest blockchain in the world and the fastest growing ecosystem in crypto. Solana’s scalability ensures transactions remain less than $0.01 for both developers and users. Solana is the epitome of speed. It has 400 millisecond block times which is an unachievable result for the majority of blockchains on the market. Basically, Solana is simply a next-gen network that currently beats the competition by a landslide.
Moreover, Solana is not planning on stopping there. As hardware gets faster, so does the network. This means that Solana is going to continue to evolve and demonstrate unbelievable performance in the future. Not only is Solana ultra-fast and low-cost, but it is also censorship resistant. The Solana network is spread over thousands of independent nodes. As a result, the transactions of the users always remain safe and protected from hacking. SOL is the native cryptocurrency of Solana. Solana processes over 2500 transactions per second. Thus, you can expect your SOL payments to go through in a matter of seconds.
Cardano
Cardano is a Proof-of-Stake blockchain platform. It was the first to be founded on peer-reviewed research and developed through evidence-based methods. Therefore, it combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies. Cardano aims to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for progress.
ADA is the native cryptocurrency of Cardano. ADA can be utilized as a secure exchange of value which does not require a third party to mediate the exchange. Every ADA transaction is permanently, securely, and transparently recorded on the Cardano blockchain. Cardano can process approximately 250 transactions per second, yet it is continuously working towards improving its throughput. As a result, ADA transactions take no more than 20 seconds on average. ADA holders can stake their coins to claim rewards. So, businesses that want to feature crypto payments can use ADA as a payment method that can potentially be used as an investment. You can stake the coins that you get as payment and thus grow your ADA holdings.
VeChain
VeChain is a blockchain project intended for solving actual economic problems. The VeChainThor is a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by its novel governance and economic models and unique protocol enhancements.
VeChainThor relies on an economic model that features the VeThor Token (VTHO) and the VeChain Token (VET). VTHO is generated via holding VET with velocity, which is established to allow any user with VET to make transactions at no extra cost if the user holds the tokens for long enough. VET has a fixed total supply of 86,712,634,466. VET is a coin which is perfect for payments since it has quick transactions and low gas fees. VET is a popular token, so there will not be a shortage of people able to pay with VET.
Algorand
Algorand is a network that runs on a permissionless, pure Proof-of-Stake protocol. It offers participation, protection, and speed to all users within a decentralized network. Algorand’s blocks get finalized in seconds, while Algorand’s throughput performance is on par with large payment networks. Algorand is the first blockchain to provide immediate transaction finality. No forking. Algorand uses a consensus protocol built on a Byzantine agreement allowing it to achieve consensus without a central authority. It also enables Algorand to tolerate malicious users as long as a supermajority of the stake is in non-malicious hands.
The ALGO coin is the cryptocurrency of the Algorand blockchain. The Algorand blockchain has been built to help create an open, borderless economy where everybody can participate. ALGO is an essential part of this economy, and the coin lets any business on the planet get their fair share of this economy by simply using ALGO as a payment method.
Tron
TRON promotes the acceleration of the decentralization of the Internet through blockchain technology. TRON also facilitates the use of decentralized applications. Over the past years, the TRON network has gained incredible traction. Currently, it has over 70 million users on the blockchain, where it has processed over 2.7 billion transactions.
In addition, TRON hosts the largest circulating supply of stablecoins across the globe, overtaking USDT on Ethereum in April 2021. The TRON network completed full decentralization in Dec 2021 and is now a purely community-governed DAO. TRONIX is the mainnet native token of the TRON Protocol issued by TRON DAO, known as TRX. The TRX coin is the basic unit of accounts on the TRON blockchain. It is a natural medium currency for all TRC-based tokens. TRX connects the entire TRON ecosystem with abundant application scenarios that power transactions and applications on the chain. TRX payments are one multiple use case for the coin.
How to accept fast crypto payments
Businesses can accept all of the aforementioned cryptocurrencies as payment using NOWPayments’ tools:
- eCommerce plugins: These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Crypto invoices and a PoS terminal: Businesses can use crypto invoices and a virtual Point-of-Sale terminal.
- Subscriptions: Some companies may deploy special subscription-based payments.
- API: NOWPayments’ versatile API enables businesses to create custom crypto payment solutions.
- Donations: There is also an option of deploying coin donation widgets, buttons, and links.
- Payouts: You can send mass payouts as a salary, bonus, reward, or rebate automatically to as many addresses as you wish.
Summary
Businesses looking for fast transaction crypto have a choice of at least 10 different cryptocurrencies. NOWPayments’ selection of coins includes more than 100 different cryptocurrencies all of which can be accepted as payment by companies and individuals.