The focus of this blog post is speed. First, which is the fastest exchange. Then, what cryptocurrency can offer the the quickest transaction times. I will then purchase using an instant exchange. Throughout this blog, interesting cryptocurrencies have been invested in to create a portfolio. The running portfolio for this blog will be summarised and fastest cryptocurrency added.
- The fastest exchange
I decided to base this decision on 4 criteria;
- No login as this slows the process for completing an exchange, increases user adoption and reduces security risks. This is a primary criteria for these reasons to being the fastest exchange.
- Number of user actions. I have looked at the steps on each site and separated them into each action a user needs to take to exchange from any one currency to the another (including click, scroll, and paste address). I felt that although not absolutely necessary, would be an interesting criteria to reduce time making it the fastest exchange.
- Any standards relating to speed published online.
- Any known information about verification time. Again this improves security to make it the fastest exchange.
Four exchanges without a login were reviewed as the fastest exchange.
10 user actions with 1 page reload.
Although it doesn’t explicitly identify a wait time for transactions to process, I completed a transaction to test this. The transaction was processed and seen in my wallet within 10 seconds (to my surprise). Perhaps this may have been slower if using bitcoin or another altcoin with longer verification times, however the fastest exchange that I have found so far.
11 user actions and 2 page reloads.
Supports Segwit and most addresses
Transactions on Shapeshift can take between 30 seconds to 48 hours to verify. This is quite a large variability, however it is based on network congestion.
12 user actions and 3 page reloads.
On their site suggests the use of their own Godex system, however limited further information.
Transactions on Godex offer an estimate for transaction time. For most that I entered while looking through the site, they varied from 5-30 minutes. The site also indicates that it is the fastest exchange on their homepage which may need revisiting / justifying.
14 user actions and 1 page reload.
Limited standards information available.
White paper reports transaction times to be “as little as 5 minutes”. Although similar to Shapeshift, it is likely to vary significantly.
Although most were promoted as the fastest exchange, there were some which presented as simpler to use. In summary, due to ease of use through the lowest number of interactions required, alongside Segwit (Bech 32), and a quick transaction experience, I would suggest FlypMe the fastest exchange.
B. The Fastest Currency
Transaction times have been taken from a number of websites to verify the reliability. There will always be variability for a number of reasons (1). Taking some of the transaction speeds below five seconds, below is a summary (2):
- EOS 1.5 sec
- Bitshares 2 seconds
- STEEM 3 sec
- XRP 4 sec
- Stellar 5 sec
- Bitcoin 78 min (for comparison)
Based on above, EOS appears to be an interesting currency to explore further and will be added to the portfolio summary below using the fastest exchange.
C. Summary of the portfolio on the 12th of September 2018
FlypeMe -64% change since 1st of May (see blogpost)
Ethereum -69% change since 4th of June (see blogpost)
Kucoin -53% change since 23rd of June 2018 (see blogpost)
EOS Purchased using fastest exchange
If $100 was invested each, it would now be worth $ 212.40. I want to report honestly and strongly believe this dip could continue as banks and global regulation continue to maintain their position on cryptocurrencies.
I am not a professional trader, the information above is not trading advice and please do further research.