Are you really excited about trading cryptocurrencies online? What is the fastest way to buy in with US dollars or euros, yuan or pounds, or whatever you are using? Read this post or watch the original video from YouTube to find out!
Thank you very much to 
Once I have got my money on Bittrex, then I can very easily trade all of these top currencies there.
What I am going to do is a speed test. I am going to test each of the Bitcoin, Ethereum, and Litecoin. They are three currencies that Coinbase allows me to instantly change my US dollars into. Would you upvote this post if you would like me to do more of these speed tests, testing different wallets and exchanges, to see what is the fastest?
I want to know what is the very fastest way for me to get my US dollars into any altcoin because I can instantly change to Bitcoin, Ethereum and Litecoin, but if I want to have more buying options, I like Bittrex so far as the fastest I have used to be able to change my currencies.
I've got three different stopwatch programs, the Google stopwatch, the time and date stopwatch and another stopwatch. I am going to change the US dollars I have in Coinbase into Bitcoin, Ethereum and Litecoin, then I am going to send them over to my Bittrex wallet. I will time each one of these transactions, and show you in this post exactly which one is the very fastest to change and send over to Bittrex. I am on Coinbase and if you are using other wallets, this will potentially have the same impact.
I want to buy one currency I am really excited about on Bittrex. I have sold everything else and I bought this one currency. I've got a course up explaining what I think is the number one crypto investment opportunity at the moment. I am grateful for everyone who has already enrolled in it. The course made over $5,000 in sales on my University in the last two weeks, and I am extremely grateful for that.
What I want to be able to do is buy this currency as fast as possible.
Buying Bitcoin, Ethereum and Litecoin on Coinbase
Now, I am going to buy $400 of Bitcoin, of Ethereum, and of Litecoin. I am going to send them to www.bittrex.com and see which one is the fastest to arrive. That way, I can just use the fastest currency to deposit in the future, instead of potentially getting stuck with Bitcoin. Some Bitcoin transactions have taken as long as eight hours recently, and I don't want that.
I am going to start my test with Bitcoin because I think it will be the slowest. I will buy $400 of Bitcoin here on Coinbase.
I may do a test with Poloniex as well in the future, but it has been going really slow the last few days.
What I do now is type $400 in the amount field and as you can see there is a fee on Coinbase. There is a $4 fee to change US dollars into Bitcoin, plus an exchange rate difference. Coinbase is effective, however, it does have significant fees.
As soon as I hit the "Buy Bitcoin Instantly" button I get my Bitcoins almost instantly. It can take a minute or so to appear in my wallet. What I will do for this test is just not take into account for Coinbase's individual time variations.
I will buy $400 in Ethereum now and this only gets me 2.36 Ethereum, when it used to be a lot more of Ethereum for the same amount.
Then, I am going to buy $400 of Litecoin.
Then we are going to test all of these transactions against each other to see which one actually gets deposited the fastest. As soon as they are all ready to go, I am going to send all of them at the exact same time over to Bittrex.
Now my wallet is going a little bit slow on Coinbase, I just spent $400 on each of the three cryptocurrencies and usually it is instant. I'll just start the stopwatch to see how long it takes before I can actually send them out.
You can see now in the image below why I want to do a speed test like this because of how impatient I get with using stuff. I am used to everything working, and it took a whopping one minute and twenty-seven seconds for my balances to all transfer properly on Coinbase.
So if you look below, I have got all the balances I just bought into Bitcoin, Ethereum and Litecoin.
Sending Bitcoin, Ethereum and Litecoin to Bittrex
What I will do now is send each of these different transactions over to www.bittrex.com and start three stopwatches, one for each currency. I will stop the stopwatch for each deposit I receive and I will compare all the results for you to show exactly which one is the fastest.
It might take anywhere from 10 to 40 minutes for the whole test to complete.
In order to get my deposit address on Bittrex, I hit the plus sign, then I go up to my Coinbase wallet and I follow the instructions it gives me to put that exact address in the exact correct wallet.
Now, one of the things I could potentially screw up doing this is if I send Bitcoin to my Litecoin address, or send Litecoin to my Ethereum address for example. I could potentially lose all my Bitcoin that way, so I recommend that you test this on the smallest amount possible.
I have transacted now in hundreds of thousands of dollars online and so far everything has gone smooth. I always double check my addresses at the beginning and at the end to make sure they look right, and I do it slowly to make sure I have got everything pasted correctly.
I am going to send all of them now over to Bittrex and start the stopwatch for each one to see which one goes the fastest.
What happens after sending Bitcoin, Ethereum and Litecoin to Bittrex?
I just finished sending out all my deposits and it is nerve-wracking in that short period of time when I actually sent everything and it shows that everything has been sent, Bitcoin, Ethereum and Litecoin, but nothing has happened yet in my Bittrex wallet.
My money is kind of out on the Internet somewhere in the blockchain and I have got nothing in Bittrex.
So far we have got 00:03:50 for Bitcoin, 00:02:28 for Ethereum, and 00:01:37 for Litecoin. Currently, there is no action on anything yet, all of them have been sent on Coinbase's side and they are all pending. There is no action on any of them in the first couple of minutes.
Of course, it is quite normal if you are sending out for transactions to take a little bit of time and there is not even a pending deposit showing up yet in Bittrex.
If you are new to this, or even if you've sent hundreds of transactions, maybe there can be a little more comfort with how long this whole process takes in seeing the results of this test.
Now, naturally, the exact wallet you use, the exact state of the blockchain, all of these things can make a big difference, so there is no hurry, in terms of this being an absolute result. This test is done on May 23, 2017, and conditions can change. I hope this is useful though for providing a look at how fast all these are.
The first pending deposits
These are the first pending deposits showing up in Bittrex: Ethereum and Litecoin both win.
I believe Litecoin came in a fraction of a minute sooner, maybe 10 to 30 seconds sooner than Ethereum, but both Litecoin and Ethereum came in nearly instantly.
Right now, I have pending deposits on Bittrex for both Ethereum and Litecoin, but I've got nothing available currently for Bitcoin, it has been 8 minutes since I sent the Bitcoin transaction.
I hope the blockchain is not backed up by 10 hours or I'll be doing this for a while. So far it has been seven minutes since the Ethereum is pending, and six minutes for Litecoin. Both currencies are competing to be the first approved deposit in Bittrex. I'll let you know which deposit actually goes through first.
The bottom line is that you probably want to use Ethereum or Litecoin if you're buying on Coinbase to send your transactions over to another exchange because Bitcoin is significantly slower. Speed is one of the things that's providing the value of Ethereum and Litecoin.
With these two currencies in Coinbase, we have the ability to get these faster transactions. Even though Bitcoin is several minutes ahead of the other two, there is not even a pending deposit yet for it in Bittrex.
I'll keep you updated and show you which one actually confirms the fastest along with showing when the Bitcoin actually arrives.
This is going to be such a close race, I'm so excited to see who wins between Litecoin and Ethereum.
Litecoin and Ethereum currently are in a dead heat right now, 2/6 confirmations for Litecoin and 25/36 for Ethereum.
Still, nothing on the Bitcoin deposit at 14 minutes. We got 12 minutes on Ethereum and just over 12 minutes also on Litecoin. These two are very close right now, I literally am refreshing the page to see which one wins and I'm excited to share with you who the winner is.
Which currency is the winner?
I am very excited to announce that Ethereum is the winner.
Ethereum came in remarkably fast. My Ethereum is now available and my Litecoin is still pending deposit even though the Litecoin deposit time has just passed the Ethereum deposit time. It took a total of 13 minutes from the moment I hit "Send" on Coinbase until the moment my Ethereum was available in Bittrex.
Ethereum is currently the fastest way I see to send money online now, and part of the reason for that is Ethereum block stats is moving so rapidly, it's pushing transactions through at an amazing rate even in the middle of a spike.
The current winner is Ethereum, and I am now planning based on the results here to use Ethereum to fund my deposits on Bittrex because this will give me the very fastest deposit time.
Now, Litecoin is not far behind right now. Litecoin currently has two out of six confirmations and it is still making good progress. However, Bitcoin is not even showing a pending deposit yet. Bitcoin is 17 minutes in, and there's not even a pending deposit for it, let alone a confirmation.
The winner of this speed test is Ethereum, I will be buying and transacting primarily in Ethereum out of Coinbase now.
I will change my US dollars into Ethereum, and then I will send my Ethereum on Bittrex to buy the one currency I'm excited the very most about.
I'll show you in the next section how fast Litecoin comes in and I hope I won't have to wait all day to finish this up with the Bitcoin part.
Is Litecoin second?
I am very pleased to announce that Litecoin has come in at a clear second place. Litecoin is currently available in my balance on Bittrex.
Litecoin took 17 minutes from the time I sent the transaction until the time when the deposit was actually available.
There is no more pending deposit now because the Litecoin balance is available in my account. Unfortunately, the Bitcoin pending deposit still has not arrived yet, and I already sold my Ethereum into Bitcoin so that I can buy the other currency I'm really excited about.
These are the numbers so far, you have Ethereum four minutes faster than Litecoin to make the deposit.
The main way Ethereum was faster is that it got the necessary confirmations faster than Litecoin. Ethereum needed 26 confirmations to go through, while Litecoin needed six. Ethereum got the 26 confirmations faster than Litecoin got the six.
If something happens with the Ethereum network, Litecoin will be my second choice currently to make deposits. I am not planning to make any more Bitcoin transactions except if needed to buy and sell because it's so much slower. As you can see below, I actually sent Bitcoin first, and it has been 21 minutes now.
Ethereum completed eight minutes ago and the transaction for Litecoin completed a few minutes ago. Still nothing for Bitcoin.
How long do you think it's going to take for Bitcoin to go all the way through?
My prediction is an hour and a half, we'll see how long it takes.
As my dad would say, "Wrong again boy, wrong again." The Bitcoin transaction only took 23 minutes to confirm and it didn't go into a pending deposit at all, it went straight through as deposited.
You can see the results of the test: Ethereum is first, Litecoin came in second just a very short time behind Ethereum, then Bitcoin came last.
Bitcoin took 23 minutes from the time of send to be available to use, Ethereum only took 13 minutes, that means it's 10 minutes faster to use Ethereum, meanwhile Litecoin came in the middle with 17 minutes, 5 minutes faster than using Bitcoin, and about 4 minutes slower than using Ethereum.
Thank you very much for reading this post. I'm really excited to have shared this with you, would you please upvote if you enjoyed this test and if you found it helpful.
If you'd like me to test out something different like doing this same experiment on Poloniex where I've heard Ethereum goes really slow, but I haven't verified this for myself, please tell me that in a comment below.
I'm honored you've spent this time reading my post. I love you. I think you're amazing for hanging out with me and giving me this opportunity today.
I'll review the results with you one more time:
- Ethereum is the winner with 13 minutes 29 seconds.
- Litecoin is the second fastest with 17 minutes and 12 seconds.
- Bitcoin is last with 22 minutes and 52 seconds.
Thank you, I hope you have a wonderful day today! If you found this post helpful on Steemit, would you please upvote it and follow me because you will then be able to see more posts like this in your home feed? If you would like me to follow you, would you please read this post next?
Love,
Jerry Banfield