The Cheapest Crypto Network Fees: Winning More in BitKong
In the crypto world, network fees are crucial, affecting how much you earn and spend on transactions. For iGaming players, not having cheap networks available for deposits and withdrawals can be a deal breaker when choosing to start playing at a new site.
In this blog post, we'll go deep into the concept of network fees, explore the cheapest crypto networks, and show you how to make the most of your crypto gaming experience by saving as much as possible in your transfers. If you want to earn more by not wasting one satoshi of your winnings on fees, you're in the right place!
What are Network Fees in Crypto
Before we dive into the specifics, let's understand what network fees in crypto are all about. In the cryptocurrency world, when you perform a transaction, it needs to be verified and recorded by a validator running a full node on the blockchain of your choice.
This is called a network confirmation. Network fees, also known as transaction fees, are the charges you pay to validators for this verification process. These fees are essential for maintaining the security and efficiency of the crypto networks. Now this was a very general explanation of network fees, but if you want to know more about transaction fees, you can read this related article.
Crypto Fees Comparison
Now, let's compare the fees of different crypto networks. Each network has its own fee structure. If you are a regular player, finding the cheapest option can significantly affect your earnings.
Some networks have higher fees due to their popularity and network congestion, while others are designed to offer more cost-effective transactions.
These blockchains are like ledgers or records where all the transactions with these digital currencies are permanently written.
Now, each blockchain has its own rules for how much it costs to make a transaction. This cost is known as a transaction fee, and it helps ensure that the transactions are processed securely and quickly. The way these fees are calculated can be different for each blockchain.
For example, Bitcoin, one of the most well-known cryptocurrencies, has a limited supply and extremely high demand for transfer confirmations that can sometimes cause higher fees when many people try to use it simultaneously.
Other blockchains, like Ethereum, introduced the idea of "gas fees" when using smart contracts (which are like automated programs that run on the blockchain). These gas fees are like the cost of running these smart contracts and can vary based on how complex the contract is and how busy the network is.
Some new solutions have been developed to address the issue of high fees on specific blockchains, like Binance Smart Chain and Polygon. These networks use different technologies to process transactions more efficiently, lowering user costs.
Which Is the Cheapest Crypto Network
Among the generous list of crypto networks, some stand out as the most cost-effective options. Let’s go over the most accomplished networks in terms of
Polygon: Polygon is a Layer-2 scaling solution for Ethereum that provides quicker transaction times and reduced gas fees compared to Ethereum’s main net. On Polygon, transaction fees are notably cheaper than those on Ethereum. This difference in gas fees compared with Ethereum has to do with the fact that gas fees on Ethereum are calculated in ETH, while on Polygon, they are charged in MATIC.
Binance Smart Chain: Binance Smart Chain is a blockchain network that works seamlessly with the Ethereum Virtual Machine and shares the same gas fee system as Ethereum.
Even though they are perfectly compatible, Binance Smart Chain offers lower gas fees than Ethereum, primarily because of its superior transaction capacity. Gas fees on Binance Smart Chain can vary from a few cents to a few dollars. Just as on Ethereum, gas fees can be tracked through BSC’s own scanner, BscScan (https://bscscan.com/).
Bitcoin Lightning Network: this off-chain solution intends to decongest the transfer burden on Bitcoin’s blockchain by offering a way to make transactions back and forth between two users without confirming each one on Bitcoin’s network. Once a Bitcoin Lightning channel is opened, you can send and receive BTC quickly and without the need for confirmations, and you would only need to pay a transaction fee when you open and close that channel.
Dash: Dash, short for "Digital Cash," has always been popular among casino players and investors alike. With an average transaction fee ranging from $0.002 to $0.003, Dash is much more affordable than Bitcoin.
But that’s not all. Dash also offers faster transaction speeds. Being a fork of Litecoin, which is itself a fork of Bitcoin, Dash has gained wider acceptance among merchants and exchanges, making it an increasingly attractive choice for all crypto enthusiasts.
Litecoin: Litecoin was initially created with a focus on payments. The LTC developers' intentions was to maintain low transaction fees.
On average, the transaction fee stands at around $0.0070 per transaction, with a settlement time of approximately two minutes. As one of the oldest cryptocurrencies in the market, Litecoin has gained considerable popularity. Its similarities to Bitcoin have also contributed to a consistent demand for the coin ever since its inception.
Nano: NANO is a decentralized open-source payment protocol designed explicitly for fund transfers.
Unlike traditional blockchains, where nodes compete to add blocks to a shared blockchain, NANO uses a distinctive block-lattice data structure, where each node operates its own blockchain. However, what truly sets the NANO network apart is that it offers completely fee-less transactions.
These networks provide an excellent choice for gamers looking to maximize their earnings while minimizing costs.
Which Networks Does BitKong Support
Winning big at a casino is way more satisfying when a player can withdraw the entirety of their winnings. That's why BitKong has been working for seven years to support multiple crypto networks known for their cheap transaction fees, especially for small transfers.
Unlike other crypto casinos that spend more on marketing than development, at BitKong, our players can make BTC deposits and withdrawals using Bitcoin Lightning Network. And the list of networks to choose from does not stop there. We support Polygon, Litecoin, Binance Smart Chain, and Dash for those seeking alternatives to reducing transaction costs.
These networks have gained popularity for their efficiency in handling transactions with significantly lower fees compared to some traditional blockchain networks.
With Polygon's layer-2 scaling solutions, Litecoin's focus on quick and affordable payments, Binance Smart Chain's reduced congestion, and Dash's emphasis on speedy transactions, you can be confident that validators will process your deposits and transfers economically and efficiently.
At BitKong, we aim to upgrade your gaming experience by offering support for various networks with low fees and the highest security standards. Whether you're a crypto enthusiast seeking cost savings or simply looking for smoother and more affordable transactions, our platform caters to your needs.
How to Earn More by Spending Less on Crypto Fees
Minimizing crypto network fees is essential for earning more during your gaming journey. Here are some practical tips to reduce fees and increase your profitability:
- Consider merging multiple small transactions into a bigger one. This intelligent move significantly reduces transaction fees, especially on chains like Bitcoin.
- To further optimize fees, use Segregated Witness (SegWit) to ensure data brackets remain small and manageable. Since transactions are charged based on their size in bytes, smaller transaction data means lower fees.
- Timing is key, so try to avoid transacting during peak hours when fees tend to be higher. Instead, take advantage of off-peak hours to get the best rates.
- Be sure to check your crypto wallet for transaction fee adjustment features, as some wallets allow you to fine-tune fees to avoid slippage, the difference between the price you expect or ask for in a trade and the price at which the trade actually happens based on your preferences.
- Lastly, consider using Layer 2 solutions, such as Lightning Network for Bitcoin and Polygon for ETH, which process transactions faster and often come with reduced fees compared to traditional blockchain alternatives. By applying these tactics, you can earn more and spend less on fees, making your BitKong gaming experience even more rewarding!
By implementing these savvy tactics and leveraging suitable tools, you can make the most out of your crypto adventures and investments while keeping crypto network fees in check.
Use Gas Trackers like Etherscan to Find Networks with the Lowest Fees.
To get better deals on transfer fees and optimize your crypto transactions, you can leverage powerful scanning tools like BscScan and Etherscan.
These platforms allow you to set appropriate gas limits and gas prices for your transactions, ensuring that you don't overspend on fees. By using BscScan and Etherscan, you can stay informed about the current network conditions and make informed decisions to minimize costs.
Additionally, crypto wallets like MetaMask play a crucial role in providing transparent gas fee information before you proceed with any transaction.
With MetaMask, you can see the estimated gas fees for your transfer, allowing you to adjust the gas price and gas limit based on your preferences. This level of transparency will give you complete control over your transaction costs, ensuring that you get the best possible deals on transfer fees.
You can confidently navigate the crypto landscape by combining the power of scanning tools like BscScan and Etherscan with user-friendly crypto wallets like MetaMask.
Say goodbye to unnecessary transaction costs and hello to better deals on transfer fees, making your crypto journey more efficient and cost-effective. So, whether you're sending funds or engaging in crypto activities, make sure to utilize these tools to optimize your transactions and get the most out of your crypto experience.
Play Provably Fair Games in BitKong
Well, now we’ve been through how to improve your cost savings when playing at crypto casinos, but are there other ways of making sure you are getting the most out of your bets? Yes! You can make sure you are choosing a totally transparent casino.
Gaining that peace of mind is relatively easy. You just need to look for provably fair sites. You may be asking yourself, what is provably fair? Provably fair systems are a solution to eliminate the need to trust that a casino is producing the results for each bet randomly. When a casino is provably fair, you can check every play's transparency using a fairness calculator .
BitKong is certified by the Crypto Gambling Foundation as a provably fair casino. All of our games are provably fair, so you can choose to play any of them at all times and check the outcome of every bet using our in-game calculator or the external open source.
With provably fair games and the flexibility to choose low-fee networks, BitKong empowers you to take control of your gaming journey. Whether you're a seasoned player or new to the world of crypto gaming, these advantages ensure that you can make the most out of your winnings while enjoying an exciting and fair gaming experience at BitKong.
To Sum Up
Reducing how much you spend on network fees in the crypto world is essential for making the most of your earnings and gaming experience. At BitKong, we provide a platform that empowers you to choose networks with the lowest fees, giving you an edge in your crypto gaming journey.
On your account wallet, you will find support for plenty of crypto networks with low transaction fees, including Bitcoin Lightning Network, Polygon, Litecoin, Binance Smart Chain, and Dash.
By choosing these networks, players can deposit more and make the most of their gaming experience, increasing their chances of winning big. If you want to go deeper into transaction savings, you can fall back on powerful scanning tools like BscScan and Etherscan to optimize your crypto transactions and reduce fees.
But that’s not all you’ve learned in this article. Now you know that with crypto wallets like MetaMask, you gain transparency on gas fees before transactions, allowing you to make adjustments and personalize your costs based on your preferences.
By implementing these tactics and leveraging the right tools, you can confidently navigate the crypto landscape and make the most out of your crypto adventures while keeping network fees in check.
So, all we have left to do now is invite you to join us at BitKong, enjoy provably fair games, and explore the possibilities of taking your winnings to the top while taking advantage of the cheapest network fees in crypto. With a range of supported networks and cost-saving strategies, you are guaranteed to start your crypto gaming journey on the right foot!