3 AltCoins with low transaction fees

Tricks to navigate the high fees of BTC, ETH & coins in the ERC-20 network.

News like Elon Musk’s recent purchase of $1.5B of Bitcoin drove the cryptocurrency market into a buying frenzy, triggering a massive bull run that saw Bitcoin & Ethereum achieving historic ATHs more than $55,000 and $1,800 respectively.

Because of this, we are seeing a spike in Gas Fees for a simple action of sending & receiving Ethereum and other coins in the ERC-20 network.

Sending $50 worth of ETH to anywhere isn’t going to be worth anything when you are paying more than $30 worth of Gas Fees now as compared to over a year ago due to network congestion.

Fret not! All is not lost as there are AltCoins that you can consider using (or even investing in!) to navigate this known issue. From transaction fees as low as a few cents to near-instantaneous transaction speeds, you can continue riding on the market’s bull run easily!

Stellar Lumens (XLM)
Stellar Lumens (XLM)

What is it?

Stellar is a decentralized system powered by Lumens (XLM), their native token. It was created to support the digital representation of any currency — thus allowing people from all over the world to own, buy and sell the value of for example a U.S Dollar without so much as owning a U.S Bank account. People can then move money almost instantaneously at extremely low fees with a network able to support thousands of transactions easily.

Transactions are then verified through the Stellar Consensus Protocol and has a chain that is able to make the transaction between illiquid currencies possible!

Transaction fee and Block Time

As XLM verifies every transaction with their own Protocol, transaction fees are always priced on the model below:

Transaction Fee = (# of operations x base fee)

The base fee is 0.00001 XLM and the base reserve is close to 0.5 XLM.

At the point of writing (8 March 2021, 11:05AM), sending any amounts of XLM constitutes a standard transaction fee of 0.1 XLM ($0.04).

Block Time is an average of 3–5 seconds.

Litecoin (LTC)

What is it?

Litecoin is a P2P currency that enables instantaneous and near-zero-cost payments to anybody in the world. It is like PayPal without the expensive conversion & payment fees.

Being open-sourced, it is created solely for the purpose being a decentralized network with substantial industry support. Because of its frequent block generation as compared to Bitcoin, it is a future-proof network able to support more transactions per second resulting in faster confirmation times.

Transaction fee and Block Time

Litecoin’s transaction & relay fees are set be default to 0.001 LTC/kB

At the point of writing (8 March 2021, 11:05AM), sending any amounts of LTC constitutes a standard transaction fee of 0.001 LTC ($0.19).

Block Time is an average of 2–3 minutes.

Bitcoin Cash (BCH)

What is it?

Bitcoin Cash is basically the child of Bitcoin. It was created in 2017 from of a fork of Bitcoin and the main difference between both of them is actually more philosophical.

It aims to solve the the slow transaction times and high fees encountered by its parent by enabling more transactions per block through increasing the block size.

Transaction fee and Block Time

Bitcoin Cash transaction fees are set at 0.00005 BCH for any amounts.

At the point of writing (8 March 2021, 11:05AM), this would be $0.25.

Average block time is about 9–10 minutes.

I hope the information I provided here would be a good solution for you to move your cryptocurrency with ease without incurring heavy fees — especially if you are a small player in the market!

Read my previous article on how you can get started on investing in Cryptocurrency

The Surmountable Hill of Invesment

Need more information about Crypto, Blockchain & even unrelated, Fitness & Gaming?

Follow me for more interesting content!

Medium: https://medium.com/@changteck12

LinkedIn: Goh Chang Teck

Reddit: sixminseasypace

**Disclaimer: What I am providing is not financial advice. The thoughts expressed here are meant for your own research purposes. Always, ALWAYS conduct your own research into the variety of options out there before you come to a final decision

--

--

--

A Cryptocurrency, Blockchain, Fitness & E-Sports Enthusiast interested in sharing digestible, free content to the world!

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

BSC PANCAKE DEFLATIONARY DEFI TOKENS ARE ON THE RISE!

NFT lending — moving beyond blue-chip projects

Crypto’s Killer App is Litter-ally Under Our Feet (1 of 5)

ZB Market: BTC, ETH & BCH technical weekly analysis

AUC Introduction

Central Bank Digital Currency: Do We Need It?

https://api-public.sandbox.exchange.coinbase.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Chang Teck Goh

Chang Teck Goh

A Cryptocurrency, Blockchain, Fitness & E-Sports Enthusiast interested in sharing digestible, free content to the world!

More from Medium

Staking — the Quiet Volcano in the Blockchain Realm

Adventure Go Q2 2022 Progress Update

Jungle kingdom : Solving the problems that exist in traditional game platforms.

Seedling’s Project Lead interviewed by Cherry Labs