In recent years, the Crypto market has seen a lot of new players. The market which started with Bitcoin, and was shortly followed by Ethereum has now more than 10,000 Cryptocurrencies.
While some of these currencies bring with them actual technological breakthroughs, others-not so much. We have Cryptocurrencies, Memecoins, Altcoins, Stablecoins, and fan tokens. While some have utility, others have no greater purpose other than being an alternative for investment.
But as we mentioned before, there are a few Cryptocurrencies that are bringing in radical technological changes. In today’s article, we’re going to look at different Cryptocurrencies with low gas fees.
What is a Gas Fee?
The gas fee is the amount that is paid to miners for processing a transaction. The gas price is set by the user and it represents how much they are willing to pay per unit of gas.
The gas Fee is the fee paid for transactions on the Ethereum blockchain. It is a small fraction of ETH and can be paid in Gwei or Wei. Gas Fees may differ depending on network traffic, and it also depends on how much effort it takes to process your transaction.
Gas is a unit of measurement for the amount of computational power required by a transaction or smart contract to execute. The more complex the transaction or smart contract, the more gas it will consume. The fee for Gas is paid in Ether and is deducted from the person initiating the transaction. It is calculated based on a number of factors such as block size, complexity, and storage needs.
A gas Fee is a unit of measurement for the amount of computational effort that it takes to execute a transaction on the Ethereum blockchain. It is usually measured in Gwei (giga- Wei). The gas fee is paid in the blockchain’s native token, and this cost depends on how much data needs to be processed by the network. The higher the gas fee, the more expensive it will be to process a transaction.
Best Cryptocurrencies with Low Gas Fee
Built on top of the Polygon Protocol, the Matic token has one of the lowest gas fees in the entire Crypto market. The polygon protocol is an L2 scaling side chain of the Ethereum ecosystem and increases the blockchain’s flexibility, scalability, and power.
Transactions on the Polygon network take less than a second to complete and the gas fee for the network is a mere 1$. Additionally, minting NFTs on the Polygon network is free of cost, and this makes it one of the best blockchains to work with.
When it comes to the lowest gas fee, Nano takes the prize. With an average transaction time of 0.14 seconds, Nano is a third-generation that relies on something called ‘Open Consensus Voting’ to achieve this.
The result is blazingly fast block times and 0 transaction fee and this makes nano the cheapest network in existence. However, the downside to the Nano blockchain is that it supports very limited smart contracts using something called nano scripts.
The Bitgert blockchain is arguably one of the fastest blockchains in existence. The Bitgert blockchain can execute around 100,000 transactions a second and it has a gas fee that is very near zero.
And unlike the nano blockchain, the Bitgert blockchain supports more advanced smart contracts like the Ethereum blockchain and has BRC20, and ERC20 supported tokens.
Well unless you’ve been living under a rock, you’ve probably heard of Binance. Binance is the world’s largest Crypto exchange and has the highest liquidity. Other than that, Binance is also a leading innovator in the Cryptocurrency space.
As such, they have their own blockchain as well as Cryptocurrency. The Binance smart chain supports ERC20, BRC20, and a lot of other tokens. The gas price on the Binance smart chain is maintained at around 2$ and this makes the Binance chain really cheap to work with.
Stellar is one of the hottest cryptocurrencies. The Stellar blockchain is incredibly fast, and payments are verified and settled within a few seconds at most. The average transaction costs are also jaw-droppingly low, coming around to 0.00001 Lumen, which is Stellar’s token.
This means that you are going to pay roughly $0.0000035 for each transaction based on Lumen’s current pricing. That is one of the main reasons why Stellar is fast becoming a popular choice for people who want to transfer large sums of money online. It’s also the reason why Stellar’s number one on this list.
Lastly, we have Solana. Solana is a third-generation, powerful Cryptocurrency, and blockchain which supports a whopping 65,000 transactions per second. The Solana blockchain’s gas fee costs just about a cent.
But unlike Nano or other Cryptocurrencies, Solana does not compromise Security. Solana also supports much more advanced smart contracts that are powered by the programming language Rust.
These are the gas fee on cryptocurrency networks. It doesn’t mean you have to pay exactly that amount. Some exchanges charge a fixed amount of fees for transferring your crypto, they may be higher or lower than the network fees. And also cryptocurrency prices fluctuate wildly. The fees will be generally around those numbers mentioned above.
And in the case of wallets, you can customize the fee you are going to pay for the transfer. Customizing in the sense, that cryptocurrency nodes process the transactions which have higher fees first. Lower fees mean slower transactions. So it is up to you. If can wait for a bit more time to receive your crypto, you can pay lesser fees.