The crypto industry is booming even if it’s yet to fully penetrate as a mainstream payment method as yet. However, blockchain technology provides added benefits like pseudo-anonymity and faster transactions that are cheaper and more secure.
For those who have caught on to its perks as a payment method, most continue to search for those cryptocurrencies that prioritize speed and cost efficiency. If you’re one of them, here’s a breakdown of 10 options for crypto payments that offer the lowest fees in 2024.
1. Nano
Among the cryptocurrencies that have managed to run on a zero-fee structure, Nano is currently carving out quite a niche for itself. This coin has become very popular among online entertainment services, particularly among new instant withdrawal casino platforms.
With the iGaming sector leading the charge when it comes to leveraging blockchain technology to provide more accessible and efficient payment processes, instant withdrawal casinos have been booming in popularity. These specialized online gambling sites offer perks like immediate payouts, lucrative player bonuses, no-KYC registrations, and a more private playing experience.
For those that support tokens like Nano, an added perk is that transactions are free. However, they may attract a minor processing fee from the platform itself but this differs from site to site. Nano also enabled instant transactions using its innovative block-lattice architecture. This approach eliminates the need for miners, keeping transactions free and energy-efficient.
2. IOTA
This one is designed specifically to complement the Internet of Things (IoT). However, as an added perk IOTA also offers zero fees. Its Tangle technology allows users to confirm transactions by verifying previous ones, creating a scalable and fee-less system.
Unlike traditional blockchains, IOTA’s Tangle structure requires users to verify two previous transactions before their own can be processed. This unique and creative system allows for faster and more efficient transactions. At the same time, this contributes to helping the network grow.
This fee-less system is particularly advantageous for IoT devices. It caters perfectly to microtransactions between machines. This is very common among IoT products, making IOTA a strong candidate for IoT-focused applications and industries.
3. Solana
Solana has now become iconic in the blockchain industry for its groundbreaking network that helped push the entire industry forward with its innovative solutions. While not able to provide zero-fee transactions, Solana is among the cheapest cryptocurrencies to use, Its fees per transaction average around $0.00025 per transaction.
That works out to nearly a quarter or a tenth of a cent, making it basically negligible as a fee to users. With a high throughput of over 65,000 transactions per second (TPS), Solana is the preferred choice for many decentralized apps (dApps) and DeFi protocols.
Solana’s famous architecture Proof of History (PoH) protocol combined with Proof of Stake (PoS), ensures scalability and minimizes congestion issues. Its ecosystem has grown rapidly as a result. However, beyond its virtually zero-fee structure, Solana has the advantage of being among the most popular and widely used cryptocurrencies.
4. XRP
XRP which is powered by Ripple’s payment protocol and was designed to revolutionize cross-border payments. Its fee structure caters to lower costs, generally allowing to charge fees under one cent per transaction.
This has made it an ideal choice for sending large sums across borders. It also makes XRP a popular option among financial institutions seeking to modernize their remittance processes. Its strong liquidity and established partnerships with major banks have contributed to it vastly expanding its global reach.
5. Stellar (XLM)
Stellar is another option for those looking for vastly cheaper cross-border payment solutions. Like with XRP, transactions with this cryptocurrency cost a fraction of a cent. This also makes it a great option for facilitating micro-payments. It can be used and actually is designed for use by both individuals and institutions, meaning it could one day emerge as a favorite of businesses if crypto payments ever become that mainstream.
It allows users to seamlessly exchange different currencies. This means it can also handle a variety of assets, complementing everything from stablecoins to fiat currencies. Its transactions can confirm finality within 3-5 seconds, making speed another important part of its overall utility.
This combination of low fees and fast settlement has made Stellar a go-to option for international payments. It’s also useful for microtransactions suited to small business transactions, and non-profit organizations working in underserved regions.
6. Cardano (ADA)
The scalable design of Cardano’s blockchain network has made it another that stands out among the best cryptos to use for payments. It features consistently low fees that are usually lower than $0.20. Built on a reliability approach that is driven by intensive research, Cardano’s architecture provides separation between how it settles transactions and how it computes them.
Despite this, it still features terrific security protocols while maintaining low-cost transactions. Recent updates have also integrated smart contract capabilities — making Cardano a proper competitor in the NFT and decentralized finance markets. Its utility extends to everyone from crypto traders and ordinary consumers to developers.
7. TRON (TRX)
TRON charges a minimal fee per transaction, often less than a penny. It’s widely known in crypto circles for its scalability. This has made it ideal for use in decentralized apps (dApps). It can take on approximately 2000 transactions a second, giving it one of the most robust frameworks around.
It’s widely used in the content creation industry and across various entertainment platforms. This has made it attractive to developers aiming to monetize digital content efficiently. By eliminating intermediaries in digital transactions, TRON offers a faster, cheaper way for content creators to engage directly with their followers.
8. Litecoin (LTC)
Litecoin averages fees between $0.01 and $0.02 which makes it useful for smaller transactions. However, where it shines is the fact that it can generate a new block in under three minutes. To put this into perspective, it takes around 10 minutes to do the same thing. This allows Litecoin to verify transactions much quicker.
Despite featuring a similar design to Bitcoin, Litecoin is able to do the same things, just faster and cheaper. This makes it useful for users who need to make everyday payments that are smaller and more frequent than larger purchases.
9. Algorand (ALGO)
Algorand’s blockchain is designed for speed, with transaction costs typically around $0.001, appealing for frequent transactions and smart contracts. It uses a Pure Proof of Stake (PPoS) consensus. This enables rapid transaction finality while minimizing energy consumption.
The network’s lower fees and speed make it an ideal choice for applications like decentralized finance (DeFi) and asset tokenization It’s also become highly useful for supply chain management purposes.
10. Dogecoin (DOGE)
Finally, we have Dogecoin. Despite its origins as a meme coin, Dogecoin maintains low transaction fees, usually around $0.01, which has helped it remain popular for small transactions and tipping.
The Dogecoin community’s active support and integration with various online platforms make it an accessible option for new crypto users. It also features a faster block time that can be under 1 minute at times and which allows for quick transactions. This makes it suitable for micro-payments and daily use.