New York – September 29, 2017 – Does transaction confirmation speed really matter? The answer is simple – it depends on the type of transaction. If you’re sending an international money transfer, paying your mortgage payment or making an online purchase, then a 30-second or a 30-minute confirmation will not likely make much of a difference. But, if you’re purchasing groceries or paying for a cup of overpriced latte or buying lunch at your favorite hipster joint, then transaction speed really matters. In fact, it will literally make the difference between being able to use the digital currency loaded on your smartphone for a particular purchase or simply not being able to. Let’s look at a few different fair-launch {real} cryptocurrencies and their respective transaction processing times. And what that actually means.
Is it usable? Fast transaction confirmations may be the most important factor in order for digital currencies to successfully replace the cash and credit cards in your wallet. With cryptocurrencies offering their users generally the same enticements to adopt (anonymity, decentralized banking on your phone, peer-to-peer worldwide network and very low fees), the time it takes to pay for a purchase may turn out to be the defining characteristic needed for digital currency to gain widespread adoption and usage worldwide.
Let’s take a look at the original disrupter – Bitcoin [BTC]. Bitcoin is a mined (transactions verified by specialized computers) cryptocurrency that launched in January 2009. An unknown developer with the pseudonym Satoshi Nakamoto created Bitcoin and its revolutionary blockchain technology which is a constantly verified open transaction ledger. Bitcoin and its blockchain technology are proving to be disruptive and may someday revolutionize banking and the entire global financial system. Bitcoin is the oldest and most well-known cryptocurrency and has a transaction confirmation time of 10 minutes. Bitcoin has a market capitalization of over $65 Billion, as of this writing. Learn more at bitcoin.org
Litecoin [LTC] was created in 2011 by former Google engineer Charlie Lee. Litecoin was created by forking and cloning Bitcoin which offered a faster transaction speed of 2 1/2 minutes vs 10 minutes for Bitcoin. The creator of Litecoin obviously saw the inherent value of making a faster and therefore more usable version of Bitcoin. Litecoin is referred to as the “silver” to Bitcoin’s “gold”. The other major difference between the two is that Litecoin uses a scrypt algorithm instead of Bitcoin’s SHA-256 which has allowed Litecoin to be mined using less powerful computer equipment than Bitcoin requires. Litecoin processes transactions 4X faster than Bitcoin. Litecoin has a current market capitalization just under $3 Billion. Learn more at litecoin.org
NewYorkCoin [NYC] launched in March 2014 by an unknown developer, similar to it’s older brother Bitcoin. NYC is open-source and a clone of Litecoin with a much faster transaction time of only 30-seconds. Every transaction on the NYC network is verified every 30-seconds. A vast improvement over Litecoin which enables the widespread use of NYC in virtually every purchase scenario. Named after one of the fastest paced cities in the world, NewYorkCoin which is literally ‘faster than a New York minute’ is worldwide, decentralized peer-to-peer currency of the internet. NYC appears to be the undiscovered “bronze” that compliments the silver and gold of Litecoin and Bitcoin. NYC is a virtually unknown digital currency that trades for a small fraction of a penny each and currently only trades on one small crypto-exchange online. Proceed with caution, but NYC definitely deserves a much closer look. NYC has a market capitalization of $500,000 (yes, 500 thousand!).
Learn more at www.nycoin.net
Digital currency on smartphones appear to be inevitable as more and more consumers around the world quickly embrace the idea of a “bank on your phone” with no central authority or corporate financial institution attached. Low fees and no chargebacks also make it very appealing to merchants. When the time arrives and cryptocurrency is widely used for all of your daily purchases, rather than just speculative investment, it will sure be much more convenient to use one like NYC with 30-second transaction confirmations vs it’s slower, older brother Bitcoin.
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Website: www.nycoin.net