Fast And Low-Cost Cryptocurrencies – Where They Are Today?
The cryptocurrency industry was built on a promise of decentralization and having full control and transparency of your money. The idea of Bitcoin has been attracting a lot of attention, from hardcore libertarians to even the so-called socialists.
Many of them might disagree on many political opinions, but they have a common ground about the need for fiat alternatives. While, once again, they might have different opinions about fully public cryptocurrency like Bitcoin, many of them seem to believe that an alternative mechanism to fiat is much needed to change our modern society.
And talking about fully public cryptocurrencies, Bitcoin might not fulfill the criteria to become the fast and low-cost cryptocurrencies that everybody is looking for. It might be very secure and very decentralized, but Bitcoin still suffers from high transaction fee problems as well as transaction speed.
There are actually some very promising altcoins with very high levels of speed, as well as low transaction costs. They used to be quite popular, but it looks like they are not the main crypto headlines anymore. Where are they today?
Litecoin still remains relevant in the cryptosphere, although it must be admitted that they have fallen from the top rankings recently. They used to be one of the most popular altcoins in this industry but now they are struggling to get back to the top 10 ladders. Litecoin is fast, although not very fast. Its transaction fee is also very cheap, and its blockchain very rarely gets clogged.
Compared to Bitcoin and even Ethereum, it has an advantage when it comes to speed and costs. However, just like other older-gen cryptocurrencies, it does not get enough attention from crypto whales due to its inability to compete in the smart contract space. Unlike Ethereum or NEO or Tron or Binance Chain where they have been used for some of the most popular DeFi projects, Litecoin is not capable of issuing DeFi-related tokens. It might be able to steal some crypto headlines again once the DeFi trend dies down, but there’s no guarantee that it will
NANO (previously known as RaiBlocks) used to be one of the most hyped altcoins in late 2017. Its price went up by over 80x within one single month before the crypto winter in 2018 has humbled it down again. NANO is considered very fast by most crypto traders, with transaction speed less than 1 second and zero transaction costs.
Despite it being very good at making transactions, NANO hasn’t been able to bounce back to the top of crypto market cap rankings due to its inability to get adopted and to compete in the DeFi scene. When many altcoin prices went higher in August, NANO was not able to pump that much. There’s not much improvement over the coin’s technology either.
This is perhaps one of the most promising “fast and low-cost” cryptocurrencies on the planet. XRP, backed by Ripple, has been trying to push the banks to adopt its technology to replace SWIFT for remittance. It’s been somewhat successful in convincing some banks and financial institutions to partner with Ripple’s RippleNet technology that utilizes XRP as its bridge currency to move fiat across the border.
XRP is still the fourth-largest cryptocurrency, only surpassed by Bitcoin, Ethereum, and the stablecoin USDT (Tether). That being said, XRP has not been able to steal the attention of majority crypto traders in the year of 2020. While some other altcoins have been enjoying the splash of new money, XRP struggles to go higher. Ripple actually has a plan to utilize XRP other than just to convince banks for remittance, but we still don’t know if it will be able to do so or not.
XRP, NANO, Litecoin and some other strong candidates for fast and low-cost cryptocurrencies (i.e., DASH and XLM) were used to be the top headlines of the crypto market back in 2017 and even in 2018. However, it’s very hard for them to be the main relevancy of the space again if they are not able to keep up with the trend. Unfortunately, most of these coins rarely have smart contract capabilities, and the trend of the crypto space has to come back to talk about TPS (transactions per speed) before they become relevant again.