Cryptocurrencies are a hot thing at the moment, but if you want to send your funds from one wallet to another it can come with huge fees. Bitcoin is one of the most popular cryptocurrencies of the world but has very high fees due to the immense power that is required to mine bitcoin. That’s why I made a list of the cryptocurrencies with the lowest fees at the moment.
1. Nano $0.00
Nano is a very special cryptocurrency and if you are familiar with nano you wouldn’t be surprised to see it on the number one spot. The reason it is so special is because it has no fees and it is the fastest in the sense of time to confirm a transaction, with a transaction confirming in under a second. They pull this of by their special Open Representative Voting blockchain where there is no mining or staking.
Warning: some exchanges do charge a small fee when you withdraw your nano
2. Stellar $0.005
Stellar is a platform where for example stablecoins can be used. But stellar has it’s own coin named lumens which has very low fees and confirms transactions very fast (4 seconds). Stellar also doesn’t have mining or staking, the transactions are confirmed by the nodes, hence why it is so cheap and so fast.
3. Digibyte $0.009
The third coin on the list is Digibyte. It is a proof of work coin which means it is mined, but has very low fees but the confirmation time is relatively long compared to the previous two options (5 minutes). None the less Digibyte is a great option for transfering funds if your exchange supports it.
4. Monero $0.02
Monero is a coin that has been around for a while now, it is a coin that mainly focusses on privacy. The fees are low but the confirmation time is very slow (30 minutes). The focus on privacy is a nice thing but the downside is that it causes small exchanges to not list the coin.
5. Litecoin $0.13
Litcoin is a fork of bitcoin and was the second cryprocurrency after bitcoin. The project is very popular but has much higher fees compared to the previous coins. Litecoin uses Proof of work but the confirmation times are relatively fast (2.5 minutes)
6. Bitcoin Cash $0.14
another fork of bitcoin, Bitcoin cash had another vision than bitcoin. Fees are much lower than bitcoin and the confirmation time is much faster because BCH can handle more transactions per block due to the bigger block size.
7. Cardano $0.14
Cardano is the youngest coin in the list. The fees for cardano are low and the big upside of cardano is for people who want to hold their cardano for a while. Because you can stake cardano and thus earn cardano while you aren't using it for anything.
8. Ripple $0.16
XRP is a coin that is charged by the SEC, the upside of this is that the coin is very safe and it won’t just go away. Downside of this is that it defeats the purpose of cryptocurrencies, because now it is being controlled by a third party so this means it’s centralized. Still the fees are relatively low and the confirmations happen very fast (4 seconds).
9. Dash $0.27
Yet another fork of bitcoin, this coin has been around for a while now and it’s very popular. Opposed to bitcoin which uses proof of work, you stake your dash with Masternodes. Fees are quite low but it does take around 15 minutes for you transaction to be confirmed
10. Ethereum Classic $0.54
The last coin on the list is ethereum classic, the name speaks for itself: it is a fork of ethereum. Like the ethereum network, ethereum classic is known for it’s smart contracts but the fees are much lower and the confirmation is faster. None the less it could be that we see this turn around when ethereum 2.0 launches wich means eth is staked instead of mined (wich hopefully means the fees are lower.)
Closing word
if you think I have missed a coin or have suggestions for a next article be sure to let me know!
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(fees are based on the fees from binance date: 1 july 2021)
Sources:
Oh wow It's great to see that BCH has low fees as well, it is such a relief because we are deeply involved in it over here
The rest of the coins I can purchase them, and hodl