Tonekeeper Wallet vs. Hive: A Comparison of Transaction Fees

Cryptocurrency has indeed emerged as one of the modalities of payment that is in demand in today’s society. Owing to blockchain technology, majority of the clients are now using wallets to hold and use their cryptocurrencies. Two of the simplest ways in which the cryptocurrency can be stored and traded include the use of Tonekeeper Wallet and Hive. While both the platforms have their special attributes and uses, there is a significant disparity between two about the transaction costs.

I have recently tried to use both the Tonekeeper Wallet and the Hive which I have been using for. Long time now for the transactions related to cryptocurrencies, and I found quite a big difference in the fees I have to pay. In using the Tonekeeper Wallet, I was to pay gas fees every time I made a transaction which I considered expensive. On the other hand when I was using Hive, I was allowed to withdraw funds gratis which would have otherwise cost me money.

image made on canva

Tonekeeper Wallet is an award-winning cryptocurrency wallet designed for safe storage and trading of a huge range of cryptocurrencies. It offers the user a safe environment with which to store his/her cryptocurrency and perform transactions on it, but the key disadvantage of this store is that every transaction entails the payment of gas fees. Gas fees are more or less the price involved per action in the blockchain network. These fees are not fixed and can also be influenced by the current traffic of the network and the transaction history of the specific transaction that is being made

When I was using Tonekeeper Wallet, I realized that no matter how little the transaction, I had to pay an amount known as the gas fee. These fees might appear to be small but when accumulated over time, these can be a huge amount of money particularly when one trades frequently. This was a disadvantage for me as felt that I was being charged for every transaction that I was undertaking.

On the other hand, I was also pleased to discover that I availed free withdrawals through Hive, while I have been using it for my cryptocurrency transactions. Hive is a decentralized social media platform that also has an in-built cryptocurrency wallet for users to store, and perform transactions on their assets. While comparing with Tonekeeper Wallet, it should be mentioned that Hive does not apply charges to the operations of withdrawing your token to other exchange so it will be cheaper to use if one or another type of the transaction fee matter.

The transaction fee of tonkeeper was higher while hive was free this made me realize the importance of using wallet that charges zero fee for transactions. Apart from cutting myself a better deal in terms of fees, I also had a sense of control of my finances and made a number of transactions without thinking of the cost. It also forced me to reflect on which of the platforms I would in the future prefer for conducting my purchases of cryptocurrencies.

Thus, the analysis of the criteria with reference to the comparison of the two platforms, namely, transaction fees of Tonekeeper Wallet and Hive, show that the cost of the transactions should be taken into consideration when deciding on the facilities to use for buying and selling cryptocurrencies. On the one hand, Tonekeeper Wallet is a reliable tool for managing and exchanging cryptocurrencies; on the other hand, the transaction fees in the form of gas have tradition to be rather high. However, different from other bitcoin exchanges, Hive offers free withdrawals of funds making it cheaper to be used in terms of transaction charges.

In conclusion, I have made the understanding about how transaction fees can be an essential factor when choosing a cryptocurrency wallet after using both platforms. That way, users can avoid spending money that through using a platform with free transactions they can have more money under their control. If you are an active trader or just use it occasionally, always bear in mind the fees involved in a particular exchange where you want to trade your cryptocurrencies.

Posted Using InLeo Alpha