However, the one thing that irks most crypto traders is the relatively high transaction fee charged by popular cryptocurrencies. Thankfully, several cryptocurrencies charge a remarkably low transaction fee.
Stellar is one of the hottest cryptocurrencies to buy. The Stellar blockchain is incredibly fast, and payments are verified and settled within a few seconds at most. The average transaction costs are also jaw-droppingly low, coming around to 0.00001 Lumen, which is Stellar's token.
This means that you will pay roughly $0.0000011 for each transaction based on Lumen's current pricing. That is one of the main reasons why Stellar is fast becoming a popular choice for people who want to transfer large sums of money online. It's also the reason why Stellar's number one on this list.
IOTA doesn't charge any transaction fee at all. There are no miners on the IOTA network either, and each transaction can be completed without requiring any serious computing power. This also negates the need to pay any gas fee.
Now, with no transaction fee, what drives the price of this token The answer is simple: demand. As more transactions are completed on the network, it continues to get faster. More importantly, confirmation times are still relatively low, averaging between 10 and 12 seconds.
Just like IOTA, NANO doesn't charge a transaction fee. All transactions are validated and finalized in a second, making it a fantastic cryptocurrency for people who need to move large sums of money quickly.
Cardano is an incredibly popular cryptocurrency that is fast, incredibly scalable, and above all, eco-friendly. However, compared to the names above, ADA still charges a sizeable transaction fee, generally between 0.15-0.18 ADA.
The transaction fee, on average, is around $0.0070 per transaction, and it takes around two minutes to settle each transaction. Litecoin is also considerably popular as it's one of the oldest cryptocurrencies in the market right now.
Dash, which is simply an abbreviation for \"Digital Cash,\" is fast becoming a popular choice amongst crypto investors and users. The average transaction fee for Dash is between $0.2 and $0.3, which is significantly cheaper than Bitcoin.
More importantly, transaction speeds are significantly higher on Dash. It's a fork of Litecoin essentially, which is, in turn, a Bitcoin fork. Many merchants and exchanges now accept Dash, making it an increasingly appealing option.
Currently, the average transaction fee is a fraction of a cent, making it a fantastic option for sending or receiving money. USDT, the stablecoin issued by Tether, is also available on the TRON network, so you can easily send and receive sums with zero transfer fees and almost instant transfers.
Many consider EOS a direct competitor to Ethereum (a so-called Ethereum-killer) but with better performance. Technically, you don't have to worry about any transaction fees when sending or receiving EOS. However, it will use some key resources, such as CPU, RAM, and your network bandwidth to validate the purchase.
Digibyte is a fast-growing open-source blockchain platform that takes great pride in its decentralized nature. Blocks are mined every 15 seconds, allowing up to 1066 on-chain transactions in a second.
The transaction fee is also incredibly low, at $0.0005 per transaction. It's a proof-of-work coin, so it's also eco-friendly. However, it takes around five minutes to confirm a transaction on the blockchain.
Vertcoin uses a proof-of-work consensus to offer mining rewards and generate new coins. The average transaction fee for Vertcoin is around 0.0027 VTC, which makes it one of the lowest in the industry.
The average transaction on Ripple takes between 3-5 seconds to settle, and the average transaction cost is around $0.00265. More importantly, Ripple has legitimized itself by partnering with various major organizations, including the Royal Bank of Canada, American Express, and even the Bank of America.
While there are a number of reasons retail investors are sold on Dogecoin as the future currency of the world, one of the most-commonly cited catalysts are its lower transaction fees, relative to the Big Two in crypto, Bitcoin (BTC 1.98%) and Ethereum. After all, a new medium for transactions should be more efficient than the existing infrastructure it's trying to replace.
However, the reality is that Dogecoin's transaction fees are markedly higher ($0.74, as of June 8) than a number of other popular digital currencies. According to BitInfoCharts.com and various white-paper data, the following seven popular cryptocurrencies (listed in no particular order) all offer significantly cheaper transaction fees. And they happen to be more efficient at validating and settling transactions, too.
Under-the-radar cryptocurrency Stellar (XLM 3.39%), which I've chosen as one of my digital currency survivors, can easily undercut and outperform Dogecoin. Payments made on Stellar's blockchain can be verified and settled in mere seconds -- Dogecoin takes closer to 20 minutes -- and the average transaction costs 0.00001 of a Lumen, Stellar's token. Based on the Lumen's price of $0.36 on June 9, the average fee is about $0.000004 per transaction.
Another payments-focused cryptocurrency with exceptionally low fees is Ripple (XRP 2.93%). The average transaction on Ripple's open-source, decentralized blockchain takes approximately 3 to 5 seconds to validate and settle, which would substantially expedite the up to one week it can take some cross-border payments to complete. Ripple can do all of this for a fee of approximately $0.00265, according to BitInfoCharts.
Even though it's known more for its smart contracts than its payment prowess, Ethereum Classic (ETC 5.18%) can also run circles around Dogecoin. Ethereum Classic is capable of handling in the neighborhood of 15 transactions per second, and according to BitInfoCharts has a transaction fee of less than a penny ($0.00749, as of June 8). It's completing most transactions in 5 to 7 1/2 minutes, which is considerably quicker than Dogecoin, as well.
While it might not be the most obvious payment choice next to Ripple and Stellar, privacy coin Monero (XMR 2.05%) also offers substantially lower transaction fees, relative to Dogecoin. As of this past week, the average transaction on Monero's blockchain cost $0.059. That's 92% lower than Dogecoin's typical transaction fee.
What makes Monero so intriguing is its open-source protocol known as CryptoNote, which creates ring signatures that obfuscate the name of the sender of payments made in XMR (Monero's coin). Or, in English, it makes it impossible for an outside observer to know who sent a payment. Once a transmittance has been made, only the recipient will be able to see the stealth address, making the transaction anonymous and secure.
Nano (NANO 5.85%) is unique among the cryptocurrencies in this discussion because it has no transaction fees. That's right, folks: It doesn't get any cheaper than free! Transactions are also validated and completed in under a second, in most cases. This suggests over 1,000 transactions can be completed with Nano before a single Dogecoin transaction is confirmed by miners.
Ultra-popular cryptocurrency Cardano (ADA 4.12%) can also run circles around Dogecoin from an efficiency standpoint. It's verifying and settling transactions considerably faster, and its average transaction fee equates to roughly 0.16 to 0.17 ADA (Cardano's token), or about $0.27 at the midpoint.
Most eyes are on the rapid multi-point development of Cardano's blockchain. An upgrade last summer, known as Shelley, increased the number of nodes that network participants can run, which ultimately boosted average daily transactions well over tenfold. There's also the Goguen development, which incorporates smart contacts onto Cardano's blockchain. The launch of smart contracts in the coming months should really ramp up interest in Cardano.
Even though Litecoin (LTC 5.16%) and Dogecoin share some history (Dogecoin is a fork of LuckyCoin, which was itself forked from Litecoin), Litecoin is the far superior of the two, in terms of efficiency. The typical Litecoin transaction settles in 2 1/2 minutes, which is one-quarter of the time for Bitcoin and one-eighth the time for Dogecoin, on average. Its transaction fee of $0.0075 is also microscopic next to Dogecoin's.
Digital assets like Ethereum, which were more technologically advanced than the Litecoin cryptocurrency, attracted more crypto investors. Nowadays, LTC is still used for quick and cheap transactions, but a lot of Litecoin predictions state that the coin needs wider adoption and more partnerships to truly shine.
The blockchain cannot be altered once a block is closed. As a reward for being the first miner to correctly solve the hash associated with a transaction via the proof of work consensus mechanism, the miner receives 12.5 LTC.
Considering that Litecoin was developed to better online transactions it does not come as a surprise that it has the edge over Ethereum on this front. The cryptocurrency transaction fee is currently pegged at $0.04 a transaction. Litecoin can process an average of 56 transactions a second a feat that could improve further with the implementation of the Lightning solution.
Litecoin and Ethereum look similar at a glance. However, at a closer look, they differ a great deal Litecoin is ideally suited for tasks that involve transferring huge chunks of mine, given its fast transaction speeds and low transaction fees.
Securing your crypto assets is important. Cryptocurrency offers the advantages of having no middlemen like banks, but it also comes with the responsibility to secure your own funds. If they are hacked or stolen, there is no one you can complain to. The transactions on crypto are irreversible.
The use of any blockchain network (Bitcoin, Ethereum, etc.) requires a small fee to send a transaction. This is because some people, called miners or validators, spend reso