Cryptocurrencies like Bitcoin and Ethereum are known for their exuberant transaction fees, especially when there’s a lot of traffic on the network. For instance, on July 3, 2022, the average gas fee on Ethereum was USD 1.57 per transaction, and that’s the lowest it has been since 2020. However, just a couple of months ago, on May 1, 2022, the average fee touched a whopping USD 196.638. These high fees, coupled with their unpredictable nature, can be a real issue for traders. Fortunately, there are plenty of other cryptocurrencies out there that offer way more affordable transaction fees. Here are 5 such coins you can explore.
Stellar (XLM): Stellar is an open-source payment technology founded by Jed McCaleb. What’s interesting is that McCaleb is also the co-founder of Ripple, another currency exchange and remittance network. It’s probably one of the reasons why the two networks have so many similarities. The platform is designed to transfer financial resources swiftly and reliably at a minimal cost. In fact, every transaction costs just 0.00001 XLM. That’s about USD 0.000010077, considering that XLM was trading at USD 0.1028 at the time of writing. (Image: Shutterstock)
NANO (XNO): Nano is another cryptocurrency designed to facilitate secure, practically instant payments. It was launched as RaiBlocks (XRB) in 2014 and rebranded to Nano in January 2018. The network uses a unique block-lattice data structure, wherein each node operates its own blockchain. This is unlike traditional blockchains where nodes compete with each other to add blocks to one common blockchain. However, what’s most unique about the NANO network is that transactions are completely fee-less. That’s right, you can make transactions at zero costs. (Image: Shutterstock)
Cardano (ADA): Cardano was founded in 2017 by Charles Hoskinson, who is also one of the co-founders of Ethereum. It is a community-driven blockchain that uses peer-reviewed research to avoid the pitfalls faced by other cryptocurrencies, such as scalability and interoperability. At the time of writing, it was the eighth-largest blockchain by market cap. Its transaction fees are much higher than the previous two coins listed here but are still quite low in comparison with ETH and BTC. It usually ranges between 0.15 and 0.19 ADA, that’s about USD 0.078 at current prices. (Image: Shutterstock)
Litecoin (LTC): Litecoin is often referred to as ‘Bitcoin lite’ due to the similarities in its protocol. It was founded by Charlie Lee in October 2011, making it one of the oldest coins around. The cryptocurrency was designed to offer a near-instant peer-to-peer exchange of value at affordable costs. This is one of the reasons it has extremely low transaction fees of around USD 0.007. However, unlike the other coins on the list, processing times are a bit slow, with every transaction taking an average of 2 minutes to go through. (Image: Shutterstock)
Tron (TRON): Tron is an open-source blockchain network that is designed for entertainment and content creation. It was established in March 2014 by Justin Sun with the aim of decentralising the web. Tron is one of the only Ethereum killers that has registered single digital losses in the last 6 months, the rest have all suffered losses upwards of 40 percent during the same period. The network has also launched its own stablecoin, USDD, which has quickly shot to the number 9 position in terms of market capitalisation. Add this to the fact that the TRON has zero transaction fees and you get a nifty way to send funds over the blockchain. Want to save on transaction fees? Crypto exchanges like WazirX are a good option. They offer transaction fees as low as 0.2 percent of the trading amount, or even lesser sometimes. Also, enjoy super-fast KYC processes and best-in-class security when you buy your favourite crypto on WazirX. THIS IS A PARTNERED POST. (Image: Shutterstock)