The transaction fee that you pay while making a transaction on the blockchain can be an important issue because most blockchains have been found not scalable. This means that there could be a network clog that spikes the fees that you pay to the extent that it may not be cost effective to send funds through a particular network.
It is important therefore that you know the fees that you pay in order to avoid paying too high a fee while using cryptocurrencies. The main concept behind these digital currencies is to make sure that third-parties such as those that contribute to high fees are eliminated.
However, as blockchains grow, the issue of high transaction fees arise because transaction times grow due to latency issues. Presently, the transaction fees on the Ethereum-based Tether could rise up to $50 at times. This defeats the essence of wanting to use such networks. So which cryptocurrencies ensure that you pay low fees?
You cannot talk about low transaction digital currencies without mentioning Nano. The reason is obvious: Nano is a zero fee cryptocurrency that has proven that not just low fee, but that zero fees is a possibility.
You may wonder at the efficiency of the network but this is nothing to worry about since Nano is among the platforms that deliver zero fees efficiently. So if low fees are the consideration when you want to send funds, Nano should be your best bet for instant payments.
Nano works well for instant transactions, remittances, banking infrastructure, microtransactions, online payments, trading and foreign exchange.
Bitcoin Cash (BCH)
Bitcoin Cash came into existence as a result of the challenges associated with the scaling of Bitcoin. By 2017, the BTC network had slowed considerably. This led to the consensus among some developers of the need to develop a more scalable cryptocurrency network that has more practical uses.
The 2017 fork led to the development of a variant of Bitcoin, which is Bitcoin Cash. It has a larger block size and so can process more transactions in a shorter time than Bitcoin. With fees as low as 0.00000264 BCH (0.0015 USD), Bitcoin Cash is one of the cheapest cryptocurrency networks to use.
Dash is one digital currency that fits low transaction needs. You can use Dash for low fee payment. Another advantage of using Dash is that it is a privacy coin that enables you to make transactions for less than one cent. Also, the coin has a large spread which means that you can use it to send and receive funds from any part of the world.
The transaction fee for Dash is 0.00000264 DASH) 0.0005 USD, so irrespective of the transaction, you can count on this digital currency for a low fee.
Bitcoin SV (BSV)
Bitcoin SV has been advertised as the original Bitcoin, despite the fact that it was forked from Bitcoin Cash. The network’s developers were at loggerheads with the parent network (Bitcoin Cash) for some time even after the fork which had the objective of increasing the block size. This enables BSV to process more transactions at lower fees.
With fees as low as 0.00000264 BSV (0.0006 USD), it is a cryptocurrency with low transaction fee. Other features of note are transaction time of 2 seconds, 11+ supporting wallets, 2G block size, 10,000 tx/second on Mainnet, 50,000 tx/second on testnet.
XRP is another low fee cryptocurrency, even though it is not as decentralized as many other options. Its low fee is the reason why RippleNet is behind the remittance infrastructure of a number of financial institutions. XRP transaction fee is 0.000012 XRP (0.0000 USD). Its near-instant delivery time (3 seconds according to Ripple’s website) makes it a good deal for low transaction fee businesses.
Stellar (lumen) is among the coins that are well integrated with fiat. This is why several financial services such as banks collaborate with the Stellar blockchain to deliver cheap and fast transactions internationally. With a transaction fee of 0.00001 XLM (0.0000 USD) and network speed of 4 seconds processing time, Stellar is a good option for low fee transactions.
Digibyte can process 1066 transactions per second. It is another cryptocurrency whose blockchain supports low fees of 0.00017644 DGB which is practically 0.0000 USD. Its 15 seconds block time implies that it is 10 times faster than Litecoin and 40 times faster than Bitcoin,
As its name implies, Litecoin is a lighter version of Bitcoin. So it is expected to be a low fees and high speed cryptocurrency. With fees as low as 0.00008022 LTC (0.0166 USD), Litecoin should be among the digital currencies that you should consider at times like this when BTC and ETH are struggling to scale.
Solana is promoted as the fastest blockchain and has been among the success stories of 2021. Solana has low fees and hosts decentralized applications (dApps) Transaction fees on the SOL network is 0.00025 USD.
One of the most attractive use cases for cryptocurrencies is being used as a means of payment. This implies that users would like to make as many transactions as possible without high fees affecting their choices. These are the coins that you should consider when the issue is low fees.
You can invest in or purchase any of these coins here.