need some help with coding digital led *video*

lets go step by step.

please remember this is a digital led.
I'm using w2812 leds

if i wanted to control the speed of the color transitioning of this mode how would i do so?

#include <Adafruit_NeoPixel.h>

#define PIN 8
Adafruit_NeoPixel strip = Adafruit_NeoPixel(60, PIN, NEO_GRB + NEO_KHZ800);

void setup() {
  strip.begin();
  strip.show(); // Initialize all pixels to 'off'
}

void loop() {
 rainbowCycle(20);
  }

void rainbowCycle(uint8_t wait) {
  uint16_t i, j;

  for(j=0; j<256*5; j++) { // 5 cycles of all colors on wheel
    for(i=0; i< strip.numPixels(); i++) {
      strip.setPixelColor(i, Wheel(((i * 256 / strip.numPixels()) + j) & 255));
    }
    strip.show();
    delay(wait);
  }
}

// Input a value 0 to 255 to get a color value.
// The colours are a transition r - g - b - back to r.
uint32_t Wheel(byte WheelPos) {
  if(WheelPos < 85) {
   return strip.Color(WheelPos * 3, 255 - WheelPos * 3, 0);
  } else if(WheelPos < 170) {
   WheelPos -= 85;
   return strip.Color(255 - WheelPos * 3, 0, WheelPos * 3);
  } else {
   WheelPos -= 170;
   return strip.Color(0, WheelPos * 3, 255 - WheelPos * 3);
  }
}