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To many crypto enthusiasts, Bitcoin (BTC) and Ethereum (ETH) are the currencies of choice when trading. Among other aspects, their wider acceptability makes them convenient means of trading. So it is no wonder that two account for the lion’s share of the total transactions concluded in cryptos. However, though they’re handy means of trading, their network’s high traffic makes their transactions attract higher fees, a concern to the cost-conscious user.
What to do then when hefty charges make holding BTC or ETH untenable? Easy! Withdraw your funds. Well, perhaps not. Considering that You would still pay more for the withdrawals, it may not be the best course of action.
Swapping your funds for altcoins charging affordably, on the other hand, remains feasible. This article identifies five cryptos to consider when weighing that switch from BTC or ETH.
Top Five Best Digital Assets to Swap
In arriving at the following five assets, we base our assertions on three factors. These are
- The affordability of transactions
- The rate of settlements
- The security afforded to the users
Here are our top five cryptos to swap in when taking that shift.
1. XRP (Ripple)
XRP transactions take between 1 to 5 seconds. Hypothetically, the platform can handle a maximum of 1,500 transactions a second. Additionally, users will find the fees affordable. A single transaction attracts a millionth of a dollar’s cent. The integration of Cobalt will see XRP’s s transactions jump to 50,000 TPS.
XRP’s reliability is unparalleled. The platform has witnessed the completion of more than a billion transactions and the closing of 50 million ledgers. All these concluded without the emergence of even a single issue. Moreover, XRP has a robust architecture; successfully attacking it is nearly impossible. Again, it is the safest currency available. Its close relationship with Governments and financial sector regulators attests to this truth.
2. NEM (XEM)
The NEM platform accounts for transaction speeds of up to 4000tps. As such, it is one of the fastest cryptos to transact. However, transactions take a minute to confirm. Therefore, transaction sizes determine the fees in NEM. The maximum fee chargeable is 1.25 XEM. This fee applies to all transfers starting at 500,000 XEM. In USD terms, this would come to $ 0.05. Transactions below 500,000 XEM attract a 0.05 XEM fee per 10,000 XEM traded.
NEM’s adoption of the Proof of Importance protocol enhances its scalability. Further, it mitigates the issues inherent in using Proof of Work and Proof of Stake protocols adopted by other cryptos. The introduction of Catapult will further enhance the platform’s scalability and speed.
The Eigentrust algorithm in NEM’s network guarantees the integrity of the nodes. Furthermore, it guards against Sybil and loop attacks. Moreover, NEM negates any threats arising from smart contract usage by providing a customizable building block. Besides offering an alternative to its public chain, Mijin (its private Blockchain) enhances the network’s security.
3. VeChain (VET)
Transactions on VeChain take 10 seconds to complete. Block development also takes 10 seconds, requiring a single authentication of a successful trade. Based on this data, the chain can handle more than 10000 TPS.
VET transactions are affordable. One requires VeThor (VTHO) to conclude exchanges on the platform. The data sizes determine the amount of VTHO incurred in concluding a trade. For example, you’d spend 30 VTHO for a simple transaction and 1000 VTHO for a smart contract transaction. The value of VTHO is $ 0.000812 at the time of writing. As such, one would require 81 dollars cents to conclude a smart contract transaction.
VET incentives holding of VET. The platform autogenerates 4.32 VTHO for every 10,000 VET held per day. Thus the transaction costs remain stable. Vechain also has robust security. It is difficult to execute a 51% attack as this would require the cooperation of half of the Authority Masternodes, a virtual impossibility. Also, reputable organizations, rather than individual miners, run the nodes providing an extra security cushion.
4. Cosmos Network (ATOM)
The Tendermint Core allows Cosmos (ATOM) blockchain to attain lightning-speed transactions. The block has one-second block capabilities and the ability to handle 10000 TPS. Transactions on Cosmos ATOM are among the most affordable one could find. The Blockchain charges $0.27 per 1000 exchanges, a figure well within reach of many.
Cosmos ensures the security of its network by penalizing validators that compromise it. The penalty for such violations is the slashing of their staked ATOM tokens. In addition, the network has a minimum of 21 days waiting period, which helps scrutinize each validator’s action. During this time, the validator cannot un-stake their tokens.
5. Cardano (ADA)
Compared to other platforms mentioned above, Cardano’s transaction speeds are slower. An average transaction takes about five minutes to complete. However, users can expect faster speeds once the network fully develops.
Cardano’s Transactions attract a minimum transaction cost of 0.155381 ADA ($ 0.025360) and an additional 0.000043946 ADA ($ 0.000007) per byte of transaction size. Consequently, it is one of the most affordable cryptos to trade in. Furthermore, Cardano guarantees users’ security through smart contracts. Additionally, it incorporates a dummy transaction cost that makes it unprofitable to generate large-scale attacks. This way, it deters attacks on its platform.
Bitcoin and Ethereum continue to hog the maximum transactions concluded among other cryptos. The popularity of such coins (BTC and ETH) translates into higher transaction fees for their users and an off-putting situation for the cost-conscious individual. The big changes that trading in them draws dampens the enthusiasm for withdrawals. Switching to altcoins levying lesser fees is a viable alternative. Although the market offering is diverse, the five digital assets presented in this article offer the best bang for your buck. We have emphasized affordability, transaction rates, and user security in reaching that conclusion.