Bitcoin (BTC), Ethereum (ETH) NANO, XRP And Monero (XMR) Defeat Fiat Transactions In Terms Of Fees
The battle between fiat currencies and cryptos has begun for a really long time. Crypto naysayers and enthusiasts as well will want to find out the data below for sure.
Cryptos are outperforming fiat regarding transactions fees, and some of them are averaging a penny or even less.
Here are five of the most important cryptos and their transaction fees.
Bitcoin transactions fees have been quite expensive which made BTC an ineffective means for micropayments and daily purchases.
Now, the high fees are a bit more down to Earth so to speak. Back in December 2017, the overloaded Bitcoin network led to sky-high fees with an average of $52.
On October 15, the blockchain shows that $194 million in Bitcoin was moved for .00001464 BTC or $0.10. At the moment, the current transaction fee is $047.
Since December last year, transactions fees for ETH have declined as well, and the current average fee is $012.
Ripple’s XRP is popular for being really cost-effective.
Michael Arrington, TechCrunch founder and the founder of hedge fund Arrington XRP Capital reported that he was able to move millions using XRP and the transaction cost a few pennies.
We moved $50 million dollar worth of XRP into our company in 2 seconds and it costed 30 cents. There is no way to do that with fiat or Bitcoin.
— Steven Bull From the Diep (@DiepSanh) October 18, 2018
The average fee for XRP is currently $0,0007, says BitInfoCharts.
NANO processes transactions with zero fees, straight and simple.
— Nano (@nano) August 23, 2017
The team says that “Because the protocol is incredibly lightweight and running a node costs next to nothing, NANO’s transactions are processed with no fees. One transaction fits within a single UDP packet, and transactions are handled independently, eliminating any block size issue.”
Monero privacy-oriented coin masks users’ identities, and it recently announced that the average cost of a transaction if about $0.005 and $0.01.
Before, average transactions fees were between $0.20 and $0.25.
Note that the fee for a typical Monero transaction is currently approximately $0.005-$0.01! 🎉
— Monero || #xmr (@monero) October 18, 2018
Transferwise is a fintech company that reduces fees for traditional cross-border fiat transactions, and it charges $5,000 to move $1 million, according to tot heir pricing calculator.
Conventional wire transfers can reach even thousands in fees for $1 million. Case closed.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.