OnChainFX Market Data Reveals Top 6 Crypto Exchanges with Highest Fees on Daily Transactions
6 Cryptocurrencies With the Highest Daily Transaction Fees
The cryptocurrency field is currently crowded with most of the projects solving the same problems in different ways, different strategies, different platforms and different fees charged for their services. The latter however is one of the most key differentiators amongst the different altcoins.
The older blockchain generations however seem to be heavily suffering in high transaction fees. The list below shows the six most expensive blockchains to make transactions.
Average median fee: $0.016 USD
A coin that has for the better part of 2018 been in the top 30 coins places sixth on this list. Decred is a digital currency that aims to solve blockchain governance through an innovative consensus voting model that empowers stakeholders and allows for the seamless transition from one set of rules to another.
The fee is quite cheap compared to traditional competitors, however with a median fee of $0.016 in the last 24 hours, it places 6th on the list.
Average median fee: $0.018
Litecoin Foundation announced the implementation of the SegWit later in the year that will increase the speed of transactions and also reduce the transaction fees too. But as Litecoin investors wait, the transactions on the blockchain are getting a bit expensive.
The market is currently in a rally which is making Litecoin transactions median transaction fee increase significantly. The current rate of $0.020 USD on the higher side for some of the transactions on the Litecoin blockchain, you can still complete transactions for $0.018 or less.
Average median fee: $0.05
Ethereum is currently on its path to develop a faster platform with lower fees, but till that happens you will have to part with $0.05 USD for every transaction made on the platform.
It still springs cheap, but for such a huge blockchain working on millions of transactions per day, it becomes expensive discouraging global adoption.
Average median fee: $0.091
It comes as a shock to many that the pioneer cryptocurrency, Bitcoin is not leading the list, well its position THREE. Bitcoin’s transaction fees are understandable at some point due to the overcrowded number of transactions on its network and also being the earliest, the goal was to be cheaper than traditional methods.
However, for the network to gain global adoption, paying a fee of $0.091 USD for your cup of coffee may be too expensive in the long run.
Average median fee: $0.236 USD
Privacy coins have received criticism for their exorbitant fees in the past but it is so for a good reason: Privacy. Monero, the leading privacy coin in value, claimed the second spot on the daily rankings with a median fee of $0.236 USD per transaction made.
The development team at Monero is yet to offer any communication in regards to the high fees.
It comes as a huge surprise that Lisk topped the charts as the most expensive cryptocurrency project in the last 24 hours. The recent market rally has without doubt played a big part in the increase of the fee to $0.355 USD per transaction but something needs to be done.
High fees push away investors and this will see the Lisk development team work on decreasing the fees to affordable rates.