Join 79,067 users and earn money for participation

Manage Transaction fee

4 335 boost
Avatar for Alther
Written by   482
1 month ago

In cryptocurrencies and other than crypto we are familiar with the problem of transaction fees. Where transaction costs become the main thing in a transaction. Whether it's about financial problems or not, there's always something called transaction fees. Where the need is as a support for the smooth running of everything that is done.

Transaction costs in the financial system that we know are more systematic centralization where financial problems are regulated by the prevailing circulation based on the financial management system that we use. And usually, this is found in the banking system.

Whereas the crypto-financial system, which is different from the bank financial system, takes a decentralized system. Where there is no single center that regulates this. So that it can be interpreted that users can type in the problem of transaction fees used, both large and small.

Transaction fees in crypto are also divided into several parts. From the problem of network fees, wallet fees, and also exchange fees.

The network fee is known as a transaction fee for the issue of miner fees. Where this is taken for the sake of smooth running transactions as well as security issues and also to ensure that no transactions are used twice in other words double transactions. So it can be taken in short as the cost of verifying and validating.

Then the problem of this wallet fee depends on the wallet platform used. Fees are charged as development costs as well as financing on the platform. Wallet fees tend to vary depending on the number of fees charged. Some are cheap and some are expensive.

And the third exchange fee .. become one of the most expensive fees if studied in depth. Because the exchange fee is usually charged at a fixed rate so it will be higher than other fees. However, the global formation is certainly different from each exchange platform regarding the transaction fees that are imposed. Some are cheap and some are expensive. Exchange fees are more expensive because the level of security risk and speed issues are the main goals pursued in an exchange platform. Not to mention, the amount of tax they pay is borne by the exchange registered in an area.

Responding to these three things and the condition of the price issue which is increasingly valuable when viewed from the transaction costs of each type of coin also fluctuates and varies. So you get which level of the coin has the highest transaction fee and which one has the cheaper transaction fee.

Currently for the condition of bitcoin and ethereum are the most expensive coins seen from the average value of the transaction fees charged. And the cheapest fees can still be seen on several existing coins, such as nano coins, stellar, ripple, #bitcoincash, doge, litecoin, dash, and others coin.

There are things that need to be noted and need to be seen is the issue of tokens that move in a smart contract. Where the transaction fee is charged for transaction fees depending on the smart contract used. And currently, on average, smart contracts running on ethereum smart contracts still tend to be higher than other smart contracts.

For other things, you can also see #bitcoincash and doge coins. If you look at the average problem of transaction fees and the problem of the value of the coins on the DOGE coin market, they are even more expensive than #bitcoincash transaction fees.

So little can be taken from the attention of cryptocurrency users who may be on the side of seeing or paying more attention to the range of transaction fees incurred to be more likely to be looking for which is better to use when withdrawing or withdrawing. When talking about large volumes, it may not have a big impact because the value is greater than the transaction fee, but for withdrawals with small nominals, of course, it is more important to choose which one to choose and use when withdrawing.

17
$ 14.77
$ 14.68 from @TheRandomRewarder
$ 0.05 from @gertu13
$ 0.02 from @Infinity
+ 1
Avatar for Alther
Written by   482
1 month ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

This is perfect article for those who didn't know why their transaction loss much amount if they transfer little value.

$ 0.05
1 month ago

I lost my first transfer of BCH due to ignorance, but now it is way easier to convert my BCH, and the fees are very low!

$ 0.05
1 month ago

I learned the hard way once about fee. The first transfer I made from BTC took a week to be confirmed. After that do some more research and try not to send more in BTC. I was looking for ways to transfer it to LTC, which is faster and much less expensive to transfer. When the years continue to pass, the BTC fee will be very high and very few will be able to pay it. The miners will eventually have to live on just that.

$ 0.05
1 month ago