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Another update from noise.cash has been posted yesterday. It's about setting a minimum payout.
Some of you didn't get the sense or understand how it functions. Some understand it immediately and were happy with the update.
On my part, I didn't understand it even I read it twice. But browsing the comment section helps me to realize the thought.
It's about setting a minimum amount so that consolidation fees will be less.
If we will sum it up, it's for our good. But as usual, some users didn't get the right idea, so instead of appreciating it... They post negatively about it.
In this article, I want to share how I appreciate the update and want to interpret it with you too. Just like one user earlier, he doesn't know how it will affect our wallet. So I explain it to him. And yeah, he gets the point and the advantage of it. And end up setting the minimum payout to $0.10.
Now let's break it down to the basic parts.
Did you already try to send a bch to some wallet using bitcoin.com wallet? If you did... I know you notice that it has a transaction fee.
This transaction fee varies depending on the tips that we received. If we received tips starting from $0.01, $0.02, or $0.03 you will see that it gets a higher transaction fee. See the image below for example:
On this transaction, I use my earnings in noise.cash. And we all know that in noise.cash, tips started from $0.01-$0.10... Depends on the person who gives.
So I want to send $4 to my other wallet... The fees for that transaction will be $0.44. It's too high. Almost 4 posts in noise.cash before I regain the fee.
Now let's move to my read.cash wallet. In read.cash, @TheRandomRewarder give tips starting from $0.25, $0.30, or $0.40. It's bigger than what we received in noise.cash. And unlike noise.cash, the transaction fee here will be less. See the picture below for example:
Just like the previous transaction, I'll try to send $4 to my other wallet. And as you can see, it only costs $0.01 to do the transaction. It's so cheap compared to the previous one which demands $0.44.
Now, why is it dissimilar?
One girl named @sc explained to me before one illustration regarding the topic. I already posted it on my noise.cash account.
Some of the users didn't understand the thought. But still, end up doing the said needs.
So today, I'll try to explain it the best that I can so that you will get the idea.
Take your literal wallet for example. Put some coins on it starting from 1, 2, 5, and 10... Add it more as time goes by.
What do you feel? It's heavy, isn't it? Why? A lot of coins on it. Coins are so heavy if you carry them.
But what if you put paper cash?
Make it 20, 50, or 100. Is it still heavy? No, it isn't. Why? Paper is lightweight, unlike coins.
Now, what's the connection?
It's similar to our cryptocurrency wallet. If we put tips like $0.01, $0.02, or $0.03... It became so heavy... Heavy to the point that we pay more of the transaction fees. Unlike if we put tips like $0.10, $0.20, or $0.30... The transaction fee will be less and it's so lightweight on our part.
So just like the update... I change my minimum payout to $0.25.
And this morning... I received $0.25 as a tip instead of $0.01, $0.02, or $0.03.
This will help me to earn more than paying a lot of transaction fees. That's a great update indeed. Noise.cash admin know how to help us in our everyday necessities. Good job admin! 👍🏽 More power to your sites! ✨
Thanks for reading and I hope it helps those who are still confused with the new update. 😉
Btw, I put a special edition on the title because this topic was not supposed to be written here. I plan to post this on noise.cash but that's too long for that site. So I use this site for article purposes. That's all. And I thank you. 🤭