Dogecoin has been one of the biggest investments in 2021, even though it is mostly based in jokes. At some point in this year’s May, it had delivered a huge return of approximately 27,000%. That is higher than many of the lesser currencies in the past decade for context. While there are a couple of good reasons why investors invest in this currency instead of Bitcoin and Ethereum like many others do, the most important one is that it has much lower transaction fees which in case if the two big cryptos in the market – that is Ethereum and Bitcoin – is not true.
After all, a new medium for transactions is going to be much more efficient than the already existing infrastructure it is attempting to replace. Following are 7 of the lesser known cryptocurrencies that are still some of the best in their field but with much lower transaction fees.
The cryptocurrency Stellar is not as famous as other big names and has been under the radar for a while now. Though Stellar with its currency, XLM, can single handedly outperform and undercut much more popular cryptocurrencies. Payments on Stellar’s network can be verified super fast and in mere seconds. This is where a cryptocurrency such as Dogecoin takes approximately 20 minutes to do the exact same thing Stellar does but this is not the best part yet. As of July 2021, the transaction fees on Stellar are about 0.00001 of Lumen (native token of Stellar) on average. Considering that each Lumen is about $0.36, the transaction fee is approximately $0.000004 a transaction.
What’s more, the developers of Stellar have claimed that their platform is able to handle up to 3,000 transactions in one second. All of these amazing performances can give Stellar a great chance in order to become a medium for future payments.
Ripple XRP is another one of cryptocurrencies with exceptionally low transaction fees even though it is quite well-known. Ripple has an open source, decentralized blockchain network. On average, each transaction takes about 3 – 5 seconds in order to be validated and settled. This will even speed up substantially given the right circumstances. Ofc course, it does take a little longer to complete some foreign payments across the border. The amazing part is that Ripple does all of this for only a small fee of 0.00001 XRP which is about $0.00265. that is based on the info we got from BitInfoCharts, July 2021.
It is also worth mentioning that Ripple has partnered with a couple of financial institutions so that it can test RippleNet, its network in terms of cross-border payments. Some of these financial institutions include American Express, Bank of America, and even Royal Bank of Canada.
Even though it is more famously known for the use of smart of contracts rather than its payment prowess, Ethereum Classic is much, much better than Dogecoin. It is not incredibly fast or really special in any way. It can handle about 15 transactions a second which is not bad but not too great either. It also takes approximately 5 to 7 and a half minutes to complete most transactions which even though is not too fast, it is still faster than many cryptos out there. According to BitInfoCharts, the transaction fee for Ethereum Classic is less than a penny (0.000074 ETC ($0.0029 USD)).
Ethereum Classic’s entire future relies heavily on its ability to upgrade smart contracts. In other words, these are the protocols that aid in validation, facilitation and enforcing the negotiation of a smart contract.
Nano is quite a unique cryptocurrency in this list because it is unlike the rest of the cryptocurrencies on the list that had low transaction fees. In fact, Nano has no transaction fee. That’s right! It’s free. To further make things interesting, not only are transactions free on Nano, but they are also verified and completed in under one second. This means more than a thousand transactions can be done in the exact same time needed to complete one transaction in a cryptocurrency such as Dogecoin in most cases.
Rather than being a cryptocurrency that relies on a single blockchain where people or miners compete with one another in order to add blocks to it, Nano users operate a blockchain each and they add to their own blockchain rather than adding to one central network.
Another one of really special and unique cryptocurrencies that are not as well known is Neo. Now, Neo is kind of similar to Nano in the sense of it having no transaction fees and facilitating transactions on its blockchain that do not require any money. In other words, it is free. Another unique feature of this cryptocurrency is its dual token adoption. Besides its native coin, NEO, it also uses GAS from Ethereum. GAS is charged for the operation of smart contracts and storage of tokens. Even though Neo is not all that high tech, it has a great community who supports it and a great development team that constantly updates their platform.
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