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Brief: Gas Fees
The term ‘Gas’ is referred to a unit of the measurement of the computational power required to execute transactions on the network. Where the fee required for the same is known as the gas fee. Individuals processing crypto transactions need to pay gas fees in native cryptocurrencies (e.g. gas fees for Ethereum transactions will be charged in Ethereum only). For Ethereum, the gas fee is calculated in Gwei (a popular smaller denomination of ETH). When you receive Ethereum at an address, you will need to have some amount of Ether in that same address to withdraw or transfer the received Ethereum.
However, these fees keep fluctuating, but they may be ridiculous sometimes. As a merchant, gas fees can cause additional spending with lower profits. Ensuring security & reliability is also one of the options for charging crypto gas fees. Without them, the network may have fewer incentives for processing transactions, which may be a security concern.
So in my opinion, eliminating gas fees may not be a sensible option. But they may be reduced to some level using gas station services.
What is the Solution?
As shown above, utilizing gas station services can be an effective way to reduce the gas fees associated with cryptocurrency transactions. Incorporating gas station services into your cryptocurrency transactions can help you save money and improve the speed and reliability of your transactions.
However, this service is quite rare, especially while accepting crypto payments. As a merchant, you must find a crypto payment gateway with such services, which may be rare, but not impossible. Coinremitter’s gas station services help you reduce gas fees conditionally for selected cryptocurrencies.
Coinremitter’s Gas Station
Coinremitter’s gas station minimizes the gas fees on transactions. After enabling the gas station, Coinremitter will generate a unique wallet address, where you can deposit/fill in the compatible cryptocurrency as the gas station balance for further deductions. The gas station (or the unique address) will let the required amount be deducted whenever needed. This is how gas fees can be paid using the gas station.
Merchants may face extremely high transaction fees without enabling the gas station. As shown above, gas fees keep fluctuating frequently depending upon Ethereum’s base gas fees. Merchants may face inconsistencies as well as troubles by these fluctuations. A streamlined solution (gas station) is enough to fix this. The key advantage of using the gas station is merchants can spend significantly less on crypto gas fees.
Let’s have a look at the effect of the gas station on crypto transactions with Coinremitter:
Cryptocurrency |
Fees With Gas Station |
Fees Without Gas Station |
Ethereum |
0.007 |
0.01 |
USDT-ERC20 |
10 |
20 |
Binance Coin |
0.005 |
0.008 |
Tron |
10 |
12 |
USDT-TRC20 |
2 |
4 |
How to Consume Coinremitter’s Gas Station Services?
Coinremitter enables the feature of the Gas station after purchasing the premium plan. Also, this feature is limited to the cryptocurrencies listed above. Merchants having a Coinremitter account need to purchase Coinremitter’s premium plan after logging in. Merchants without a Coiremitter account need to follow an additional process of signing up.
After logging in and purchasing the premium plan, you need to go to the dashboard in order to enable the gas station. You’ll be provided with an option for the gas station in the left pane of the window. By clicking it, you can go to the window of the same. Now you’re a step away from enabling gas station services. Choose a cryptocurrency from the available ones and click ‘Enable Now’ to enable the gas station.
You can check/predict the crypto gas fees to be charged by the platform by using Coinremitter’s crypto gas fee tracker.
[Note: You must have to maintain the minimum gas station balance in order to avoid interruptions in services.]
[Exception: The gas station for Binance coin can be only enabled by purchasing the premium plan. However, merchants can continue accepting Binance payments with the free plan.]
Benefits of Coinremitter’s premium plan include but are not limited to the Gas station. Some additional benefits of Coinremitter’s premium plan are as follows:
With the premium plan, you can claim 24x7 support instead of the limited support with the free plan. With the free plan, the rate limit of crypto API access increases by a whopping 400% over the free plan. Merchants can generate unlimited addresses per wallet instead of limited ones. And last but not the least, the premium plan unlocks early access to the latest features. There are some other useful features like disabling auto-withdrawals, which can be consumed by purchasing the premium plan.
Points to be Noted
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Merchants constantly need to maintain the minimum balance, if not maintained, there will be no deduction in gas fees.
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After purchasing Coinremitter’s premium plan, the gas station can be enabled or disabled anytime. Also, you can also request the withdrawal of the gas station balance.
Why Coinremitter?
One must be wondering about emphasizing Coinremitter over other crypto payment processors. But what if I say Coinremitter is quite an effective crypto payment gateway with its free plan too? Yes! Let’s have a look at the benefits going to be consumed by every Coinremitter user in brief.
In the crypto universe full of expensive crypto withdrawals, Coinremitter charges the lowest withdrawal fees (i.e. 0.23%). Merchants can register on Coinremitter without going through the KYC process, without showing their identities, or without adding any bank account. Individuals can also request the listing of their cryptocurrencies and some other perks of Coinremitter include the affiliation program and defense-grade security features.
[Disclaimer: The information (e.g. numerical, features, stats) is subject to change. The author has included the information as of March 2023, the actual information may be different while reading this.]
Conclusion
Keeping a specific gateway aside, it’s advised to have support for the gas station, especially when you’re a merchant and accepting cryptocurrencies frequently. The reason for recommending Coinremitter over other crypto payment gateways is you’ve left almost nothing to spend for crypto gas fees. That may let you earn more profits for your enterprise.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.