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Looking to transfer your BTC and ETH to other wallets but don't want to pay exorbitant miners and gas fees?
This article will give you some insights into coins that I personally use and that have low transaction fees, so let's get right into it!
Note: I use Coinhako Exchange to facilitate this movement around exchanges and wallets. There are other exchanges out there that might be cheaper, but due to convenience and the ease of usage, this will be the reference for this article.
Stellar Lumens
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 (16 June 2021, 12:00 PM), sending any amounts of XLM constitutes a standard transaction fee of 0.1 XLM.
Block Time is an average of 3–5 seconds.
Litecoin
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 (16 June 2021, 12:00 PM), sending any amounts of LTC constitutes a standard transaction fee of 0.001 LTC.
Block Time is an average of 2–3 minutes.
Bitcoin Cash
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.
The 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!
**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
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