Cryptocurrencies are a great way for you to transfer funds worldwide seamlessly. However, high transaction fees are a major killer and can really erode your holdings.
So, we take a look at whether it is actually possible to use crypto without any of the transaction fees.
Can You Send Crypto For Free?
The short answer is no; there is no way for you to send crypto for free. This rings true for mainstream cryptocurrencies such as Bitcoin and Ethereum. Let’s use Bitcoin (BTC) as an example.
Firstly, because transaction fees are built into Bitcoin’s network, a user cannot send tokens for free. Fees are a service charge for processing a transaction, so you can’t do anything without them.
In the past, you could technically send cryptocurrencies to your wallet for free. A crypto exchange known as Blockfi previously allowed users to withdraw tokens once every month and would waive all charges.
And that had nothing to do with blockchain but was instead the result of the company subsidizing costs. But this is no longer possible as Blockfi recently announced that it would no longer allow free withdrawals.
So, you’re probably wondering, is there a way to use cryptocurrencies without worrying about transaction fees?
The answer is yes, you can. There are one of two ways to do so, so let’s take a look at:
Unlike mainstream cryptos like Bitcoin, some altcoins charge very low fees or none for transferring funds. You can find more about this here: blog.tezro.com/best-free-crypto-wallets/
Here are my top 5 picks of altcoins that you can try.
Nano — Zero transaction fees
- Zero transaction fees
- Ultra-fast transactions (under a second per transaction)
- Highly scalable
Nano (NANO) has the distinction of being the only cryptocurrency around to have no transaction fees. This gives the token a significant advantage over other tokens. And because transactions are processed at lightning speeds, sending and receiving payments with Nano is extremely easy.
Every individual user operates their own blockchain, which forms a blockchain lattice; the token is technically limitless in scalability. All of this means that you won’t have to worry about slowdowns in transaction speeds.
Litecoin — Trusted crypto with low transaction fees
- Pay only $0.0075 per transaction fee
- Transactions settle in under 3 minutes
- Accepted by many businesses
Litecoin (LTC) is payment-focused crypto that was originally developed as a counterpoint to all of Bitcoin’s existing weaknesses. It charges only $0.0075 per transaction and validates and settles them in under 3 minutes. All of which makes it an excellent token to transfer large quantities of money without incurring significant costs.
As an added plus, Litecoin is one of the most widely-accepted cryptocurrencies worldwide. And its history of solid, reliable performance makes Litecoin an excellent choice for those looking for a business-focused cryptocurrency.
Cardano — Fast-moving crypto that charges about $0.04 per transaction
- Charges around $0.27 per transaction
- Fast transfer speeds
- Plans in place to allow smart contracts
Interest in Cardano (ADA) tokens has been steadily growing. And one of the top reasons why is due to its fast transfer speeds. While Cardano’s transaction fees are relatively high compared to the other tokens on this list, the speed at which its network settles and validates transactions is something to behold.
Additionally, regular updates to Cardano’s network have helped boost demand for the token. And with the integration of smart contracts, we can only expect Cardano to remain a robust payments-focused cryptocurrency in the long term.
Ethereum Classic — Crowd favorite that charges around $0.00749 per transaction
- Low transaction fees
- Decent transfer speeds
- Has support for smart contracts
While most enthusiasts favor Ethereum Classic (ETC) for its smart contracts, the token is no slouch when making payments. It can handle up to 15 transactions per second and charges a competitive fee of $0.00749. All of which makes for a decent but underrated token.
Furthermore, Ethereum Classic has a solid mainstream following, making it widely accepted outside the crypto community.
All that aside, cryptocurrencies are still somewhat risky investments and should be treated with care. You must also understand all of the risks associated with it before you fully commit yourself.
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