Bitcoin Kit.com--Binance Deposit Speed Comparison
Bitcoin Kit has come up with a list of expected confirmation times for various popular cryptos including Bitcoin, Ethereum, Litecoin, Ripple, Stellar, EOS, etc. to just name a few.
The list shows the relative speed of deposits for several coins/tokens that is very useful for anyone looking to trade cryptos on a daily or weekly basis. According to the list, Nano, Stellar, and ICON are at the top of list. Nano is listed as the fastest crypto to deposit to Binance with an average deposit time of about 3 seconds.
https://www.bitcoinkit.com/fastest-exchange-deposit/binance
Bitcoin is listed with an average confirmation time of about 20 minutes, but I've had experiences where it took longer that this. Ethereum is listed at just under 8 minutes, and Litecoin is listed at about 10 minutes.
Anyone who is a huge Bytecoin supporter might be disappointed to find Bytecoin at the bottom of this list with an estimated confirmation time of over 16 hrs and Bytecoin requires over 500 confirmations when Nano only requires one confirmation.
I think this list is a somewhat unfair view of the speed of these cryptos though because certain cryptos will be much faster when depositing to different exchanges. I've made a few Bytecoin transactions to HitBTC before and I don't remember it taking that long.
Of course, security is the most important thing with crypto but speed is important as well if we want to have massive adoption. I don't think everyone in the world will be interested in using Bitcoin for every purchase if the speed of transactions aren't improved. However, Bitcoin's Lightning network has seemed to improve the speed of Bitcoin some. Personally, I could use another currency like Steem with high security and fast transactions that would be fine with me.
great blog and interesting update you always provide informative article which will help me to get my self keep updated so thank you for sharing and keep posting :))
They come up with something new. At least I didn't see this type of data on any crypto site. This can be useful in many things.
Thank you for sharing @the4thmusketeer.
this is what we actually want in our steemit platform your articles are always unique and informative and i always enjoy reading your blogs so thank you for sharing with us :)
Security is crucial but speed is also important. Bitcoin still has to improve on the speed front. In the meanwhile, there are many fast and secure options that one could go for.
Yeah, I think there will be a future for Nano, Stellar, or another very fast crypto. Bitcoin deposits take about 20 mins. according to this test, while Nano deposits take on average 3 seconds. That's a huge difference.
20 minutes and 3 seconds!!! Wow!
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