02 Feb Crypto Coins for Small Payments: RaiBlocks (XRB), Litecoin (LTC), and Dogecoin (DOGE)
RaiBlocks (XRB), Litecoin (LTC), and Dogecoin (DOGE) are some of the best crypto coins for small payments.
Everybody loves Bitcoin, but paying a transaction fee that’s higher than the price of what you’re actually paying for isn’t very fun. We’ve put together a list of crypto coins that are good options for making those smaller payments, so you don’t have to.
RaiBlocks, now known as Nano, provides fast, easy, and, most importantly, free transactions.
Nano is a great coin for making small payments. Payments can range anywhere from content subscriptions to purchasing digital asset rights. Payments can also include sending XRB to friends and family, quickly and hassle-free.
Plus, Nano transactions can be done from practically anywhere, using the app downloaded onto your smartphone, or from your desktop computer.
Nano prides itself on providing instant transactions that aren’t charged a fee. With the ability to process more than 1000x the transactions than Bitcoin, Nano is looking like a pretty good option for making small payments.
I like Nano because it doesn’t charge a fee for transactions. That, to me, seems like the most important thing when it comes to making small payments. I can get on board with being charged a fee for a large payment (although, that’s with a lot of grumbling), but if what I’m buying is worth next-to-nothing, I don’t want to have to pay an extra fee on top of that.
Nano is also on the lower end of the volume spectrum, which bodes well for transaction times. The lower the volume means the fewer people are trading it. While this might sound contradictory, fewer trades would mean a lower chance of the network clogging, slowing transactions down. So, a low volume is a good thing to look out for when considering coins for small payments as well (or payments you don’t want to take too long to be processed). Nano has a 24-hour volume of $47 million currently.
Nano has seen a large amount of movement in the past week. The altcoin was the top performer on Wednesday, growing, at press time, 37.77% in the past 24 hours. It’s ranked as the 22nd highest cryptocurrency by market cap and is currently selling for $19.81. This makes Nano a relatively cheap option for those new to the crypto-sphere wanting to get in on crypto trading.
Litecoin is another coin that often comes up in the conversation when considering what’s best for making small payments.
Although I wouldn’t consider this the number one choice, based on its current price, Litecoin can’t be ignored – and if you already have it, then its current price doesn’t matter.
Litecoin is a good option for making small payments because it is so readily accepted in a number of places. Litecoin can be easily purchased and sold on many exchanges. The website lists a number of things that can be bought with Litecoin, from the bigger stuff like a plane ticket to the smaller things such as your next meal. Some of the merchants that accept Litecoin include Tealet, Egifter, Bitcoin Shop, and dozens more. (See complete list here.)
Much like Nano, Litecoin is another coin that totes itself as the ideal small payment coin due to its fast transaction times. This is certainly true and the main reason why I’m including Litecoin on this list. It’s fast – and that’s good.
There are fees associated with LTC transactions, however, these are relatively low. Low isn’t free, but low is still better than high.
Litecoin’s current volume is significantly higher than Nano’s at $471 million, but compare this to Bitcoin’s ($9.47 billion) and it doesn’t seem so bad anymore.
Litecoin is currently selling for $161.01 and has declined 4.18% in the past 24 hours. Litecoin is ranked as the 8th largest cryptocurrency by market cap.
Litecoin’s inclusion in the top 10 crypto coins, which no doubt has led to its vast acceptance by merchants, paired with its fast transaction times, makes Litecoin a good candidate for making small payments – especially if you already own it.
This one surprised me, but maybe that’s because I’m still having trouble wrapping my head around a coin that’s based on a meme. It’s been hard to take this coin seriously, but stranger things have happened.
Dogecoin was a top contender when browsing through discussions on the best coins for making small payments. Why? Because it’s fast.
Fast transactions definitely seem to be the theme of the day and that’s fair. Small transactions shouldn’t take long. With a current volume of $15 million, Dogecoin transactions have nothing standing in their way right now to slow them down.
Labelled “the fun and friendly internet currency”, Dogecoin is all about community. Unfortunately for that community, DOGE is down 2.93% in the last 24 hours, currently selling at $0.006054. Dogecoin is ranked at number 43 based on market cap.
There is good news though, for those still new to the crypto market. Dogecoin’s low price makes it a cheap coin to start your portfolio with. You might not ever make a profit on it, but if your goal is to make small payments with crypto, then Dogecoin is a pretty viable option.
Did we miss your favourite coin? Let us know!
Featured image: coinyoo