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About Crypto Worlds Gas

Posted by Craig Reaser on November 14, 2020 - 6:05am


Right now, Bitcoin and other crypto currencies still have substancial fees which are paid to miners.  These fees can be particularly expensive for the transfer of small amounts like a few hundred dollars or less.  In the crypto world these fees are called "GAS" because they are considered transportation expenses.  The newest player in the alternative currency world is a cloud based digital currency called CLOUDCOIN- which is 100 % FREE OF GAS FEES on a direct peer-to-peer (computer to computer) basis.  But before you get too excited, unless the person receiving the alt-currency has someone who will accept it in trade directly, they will still need to work with an exchange such as Bitcoin.com to convert it into their local currency.  While Cloudcoin itself does not have a gas fee, there are still exchange fees involved...Just as there are exchange fees involved with fiat currencies, such as with dollars to pesos.  So while there will likely always be fees associated with converting from one currency to another, the first big step has been taken by Cloudcoin by eliminating its own gas fees.