Cryptocurrencies have exploded into popularity in recent years. Now what was previously regarded as a currency used by individuals on the fringes of society has become a mainstream asset. Because of this, the number of crypto enthusiasts has increased exponentially.
Bitcoin and other cryptocurrencies are favored because they allow individuals to transfer funds worldwide instantaneously. Thanks to the blockchain, transactions can be processed and verified immediately with no mistakes.
But to make all of this possible, you will need to pay network fees to miners on the blockchain. These fees act as an incentive for miners to process said transactions and without it, the entire system would come to a halt. Which is why people search for a crypto wallet with the lowest fees.
However as the blockchain became increasingly crowded over time, this resulted in higher charges and slower response times. To correct this situation, developers created their own altcoins aimed at rectifying this situation.
And this would serve to open the door for new and exciting tokens such as Ethereum, Litecoin, Cardano, and many others. So with that in mind, let’s take a look at the various altcoins you can use to avoid paying crypto wallet fees.
So, before we get started keep the following in mind.
Cryptocurrencies are decentralized and unregulated. This feature is what allows users to instantly transfer large amounts of money worldwide without any hassle. But it is this exact trait that makes crypto wallets a favorite target of hackers and scammers.
Funds stolen from crypto wallets are notoriously difficult to track due to the decentralized nature of the economy. Because of this, your chances of recovering any lost tokens are slim to none. So if you intend to regularly transact in crypto, be sure to invest in a cold wallet to store the bulk of your holdings offline.
Using cryptocurrencies may be illegal in your country. Governments and monetary authorities worldwide have expressed their concern with regards to the unregulated nature of crypto assets.
So be sure to check with the authorities before you begin using cryptocurrencies to avoid breaking the law. Tezro does not and will never condone the illegal use of crypto assets.
1. Nano — Zero transaction fees
- Zero transaction fees
- Ultra-fast transactions (under a second per transaction)
- Highly scalable
Nano is a token that charges zero transaction fees and completes transactions in under a second. This makes it possible for you to quickly transfer funds to other wallets without having to pay any network fees.
Nano makes this possible by making use of what is known as a blockchain lattice, which is the result of every individual operating their own blockchain. As a result, the Nano blockchain is technically limitless in scalability meaning that any increase in transactions on the network will not affect transfer speeds.
2. Litecoin — Trusted crypto with low transaction fees
- Pay only $0.0075 per transaction
- Transactions settle in under 3 minutes
- Accepted by many businesses
Litecoin (LTC) was technically created to overcome challenges posed by Bitcoin’s blockchain namely the delay in transactions. While transfers made on the blockchain are not free, Litecoin has one of the lowest chargest around.
Recent tests show that Litecoin transfers can be completed in under 3 minutes. And as an added plus, the token is also one of the most widely-accepted around, which makes it a great choice for businesses.
3. Cardano — Low transfer fees and smart contract support
- Charges around $0.04 per transaction
- Fast transfer speeds
- May support smart contracts in the future
A relative newcomer, Cardano (ADA) impressed crypto enthusiasts with its lightning fast transfer speeds. Although it charges around $0.04 per transaction, the token’s responsiveness makes it worth a look.
Also, don’t forget that Cardano is slated to be capable of accepting smart contracts in the future. And this is something that would definitely increase its utility as a cryptocurrency.
The decentralized nature of cryptocurrencies allows us to circumvent financial institutions and speed up the rate in which funds are transferred.
Plus, as with all cryptos, you should be careful with them and only invest what you’re prepared to lose.