The Fastest Cryptocurrency Transaction Speeds for 2018
The development of blockchain technology and cryptocurrency in general have everything to do with the inadequacies of the current financial system. Consumers are sick and tired of the long wait times associated with transactions or payment validations along with sky-high transaction fees. Blockchain and cryptocurrency have been able to overcome these issues within a rather short timeframe.
For example, blockchain transactions are able to be validated 24 hours a day, seven days a week. They often process within seconds or a few hours at most. When you compare this to the waiting periods of 3 to 5 business days for most cross-border transactions, blockchain technology is leaps and bounds better than what more traditional financial systems currently use.
Also consider the fact that a “financial middleman” is no longer needed. This lowers the transaction costs considerably. The inherent decentralization of cryptocurrency means that there is no central hub where the transactional information is stored. This ensures that there is no single company or group that controls cryptocurrency. Due to this fact, cyber criminals can never bring a digital currency to its knees.
