Which Cryptocurrencies Have the Lowest Transaction Fees?

Which Cryptocurrencies Have the Lowest Transaction Fees?
Photo by Alesia Kozik from Pexels

Most altcoins (alternative digital currencies) are just variations of bitcoin. The creators of new currencies take the existing bitcoin code and improve it at their discretion. It turns out the branching of cryptocurrencies, with a single "start" in the form of bitcoin. This process is called a "hard fork". A hard fork occurs when users of a currency cannot agree on how digital money works.

Bitcoin cryptocurrency

For example, this happened with Bitcoin in August. A distinctive feature of bitcoin is the speed and low cost of transactions. However, cryptocurrency has become so popular that the system can no longer cope with the volume of work. As a result, Bitcoin users could wait several hours, or even days, for the operation to take place.

The minimum commission is 0. The Bitcoin network allows you not to pay at all, such transactions will take more than 14 hours (depending on the total number of transactions).

The most popular commission is 1-10 Satoshi per byte. An average transaction of 200 bytes will cost $ 0.02 and will take one and a half to two hours. 

More than 100,000 transactions are made every day with such a commission.

Ethereum (Ethereum, ether) - the currency of "smart contracts"

It is not known why the creator of "Ether" - a Canadian programmer of Russian origin, Vitaly Buterin, called it that. Perhaps due to the fact that, unlike the same bitcoin, the amount of ether is unlimited. And perhaps due to the fact that ether is the first cryptocurrency in which the technology of "smart contracts" is used, which means that it can "take the form" of any object.

How do these smart contracts work? For example, you made a bet with a friend that Russia will win the upcoming football match between Russia and South Korea. Your friend wholeheartedly supports the South Korean team. You prescribe the terms of your bet.

What are cryptocurrency exchanges and how are they better than exchangers?

Naturally, over the vast sea of ​​cryptocurrencies, many services have emerged aimed at working with these currencies. Basically, these services are either exchangers or cheapest crypto exchange fees. There are already many hundreds of those and others on the market, but it is still unclear how one differs from the other.

In fact, for example, you can exchange bitcoins for Qiwi both in the exchanger and on the exchange (sometimes even at the same rate). And the reverse operation will also be available both there and there. What is the difference? Why do we need exchanges if there are tons of exchangers? Moreover, there are services for monitoring the best exchange rates:

  • CourseExpert;
  • BestChange.

What is the specialty of exchanges? In short, a profitable exchange is an exchange, and an operational exchange is an exchanger. If you want to save money and have time to sort it out, and also have the opportunity to wait until a profitable offer comes in, an exchange is better for you.