There is a large number of alternative cryptocurrencies that users can choose from when Bitcoin (BTC) fees skyrocket. We have seen in recent days that Bitcoin fees have been quite high compared to recent years. Why? We have covered this in a recent article at UseTheBitcoin. The main reason is linked to BRC-20 tokens released on the Bitcoin network.
But which cryptocurrencies can users use if they want to get access to cheap and fast transfers in the crypto ecosystem?
Litecoin (LTC) is perhaps one of the most popular cryptocurrencies in the market. It was released just 3 years after Bitcoin and it has been running for over 10 years. Therefore, it is a relatively stable, recognized and accepted virtual currency.
Thanks to its design, it is possible for Litecoin to handle a larger throughput of transactions. Indeed, its blocks get verified faster than on the Bitcoin network, and fees are really close to $0.01 per transaction.
One positive thing is linked to the fact that the Litecoin community is quite close to the Bitcoin community. Therefore, it is a great alternative for users that want to pay low fees and use digital currencies.
Tron is another virtual currency that can be used by users that want to make on-chain transfers when Bitcoin fees are high. Tron has been used by developers from all over the world in order to release tokens and different applications.
If you have already had contact with the Tron ecosystem, this can be a great option if you want to send and receive coins in a fast way without overpaying. Furthermore, Tron offers the possibility to users to users to process transfers without being worried about fees.
Finally, Tron has also an advantage that other networks do not have. Tether (USDT), the largest stablecoin in the market, runs on the Tron network as well. Hence, if you want to manage TRC-20 USDT tokens, you can do so easily and in seconds with this blockchain network.
Lightnin Network (LN)
The Lightning Network (LN) is not a cryptocurrency. Instead, this is a second-layer scaling solution for Bitcoin that has been under development in recent years. If you are using Bitcoin on a day-to-day basis, you can also rely on the Lightning Network to process transactions off-chain.
The way in which the LN works is quite easy. Channels are open and communicated with each other. You can send funds to another user routing the transaction through multiple channels. The whole process is quite fast and does not require users to pay extremely large fees.
This is one of the best solutions for users that want to send and receive BTC easily without having to pay large amounts of money in fees. It is worth taking into account that the LN is growing and that it might be the easiest way in the future to transfer funds using Bitcoin rather than other virtual currencies.