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How Bitcoin Mining Fees Work
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Hi , So i discovered bitcoin 5 month ago from freinds of mine so i'm new to bitcoin and i noticed That when i send Transaction Using my blockchain.com mobile wallet the fees has gone up To 3$ for 1 transaction , it wasn't that high 5 month ago and i think that's too expensive for 1 transaction is there any solution to try please ?!
Want to buy Bitcoin? Fees matter. Here's a survey of fees charged by top U.S. exchanges.
I've seen a lot of questions lately from folks asking where they should buy bitcoin. In my opinion, two things matter in answering this question, security and the fees (deposit, trading, withdrawal, etc.) charged by the exchange. Here's a brief sample of fees charged by some of the most secure U.S. exchanges: Exchange Fees ((MakeTaker) / Withdrawal): Binance - 0.10%(M&T) / 0.0005 BTC Kraken - 0.16%(M) / 0.26%(T) / 0.0005 BTC Gemini Active Trader - 0.25%(M) / 0.35%(T) / Free (if 10 or less per month) Coinbase Pro - 0.50%(M&T) / **Variable I personally use Gemini since I only trade in bitcoin and ether, and if that also describes you I would recommend them since there are no withdrawal fees, unlike Binance, Kraken, and now Coinbase**. Anyone have any comparable (or better) options that they've used? Edit: I do not personally use or endorse exchanges like RobinHood where you do not actually own the bitcoin you purchase. **Edit: 9/17/20 - Coinbase Pro just announced it will now charge variable fees on all withdrawal transactions. Smh. Coinbase will never learn.
Considering if 1 BTC = $10,000 then $1 = 0.000089 BTC = 8900 Satoshi Now, if 1BTC = $100,000 (Expectation) then $1 = 0.0000088 BTC = 890 Satoshi Now, this means transferring $1 will cost in terms of fee will be 100 satoshi ( let ) which is equal to 1070 satoshi today, then transferring payments will have huge fees.
Can anyone simply explain what Cash App's Bitcoin fees are and how they're generated? They claim they are "market based" and can and do change with each transaction, but that is not what I have observed - rather, I've seen consistent fee patterns (2.77% at $100 purchase level, 1.7% at $725 purchase level), etc. After a lengthy exchange where I kept pushing for a simple explanation of the fee structure, Square support basically told me to go away and refused to provide any further information. Just curious if anyone here has any more detailed info than the BS they make available in their self-service portal.
I was wondering why the creators of bitcoin how can it be said that satoshi and a group of people can say that transaction fees go to miners when that is a lie and a lure. If you analyze blockchain you will see that the miners earn per block mined because with each block the first transaction goes to the miner or to the pool and as fees go to addressers that were created a long time ago for the block pathoshis the developers had to change this and put the fees for the complete nodes the software and the block chain was designed for this but the ones who are making money dishonestly are the developers and I think I'm wrong it's very difficult to see the rates on bitcoin-cli .... Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx eeee I really will have to go back to the drawing board I am extracting the data via bitcoin-cli but I will have to do it via hex dump and analyze structure by structure thanks guys for the attention
I was helping a customer merchant to integrate with Bitcoin. We sent some btc to each other so he would understand it. We send like $5. The fees were between $3-5. I understand that the fees are not depending on the amount, but if the fees are high like this then smaller scale transactions are basically a non-starter with Bitcoin. The buyer pays the fee of course, but it makes no sense to buy a thing for $10 and pay $5 in Bitcoin fees for a $15 to the consumer. I haven't kept up with the fee market for a while so this was a surprise. I know segwit can bring the cost down a bit but I dont think it will be enough (I don't know if we used segwith or not - was using BRD wallet). Lightning is not close to being user-friendly enough to be realistic today (I think). What are the options here if you want to sell say $5-$20 items using crypto? Would it be better to look at other crypto (Bitcoin Cash/ETH etc?) and not use Bitcoin at all?
Quick example. You have a single UTXO of 10 BTC and you make a transaction where you send 8 BTC to another address and you don't create a change transaction. Therefore the miner can take 2 BTC as a mining fee. Now let's assume for whatever reason the miner doesn't do this and only adds to the Coinbase transaction the block subsidy of 6.25 BTC. Assume no other transactions in the block except for the Coinbase transaction and your transactions sending the 8 BTC. My question is what happens to those 2 BTC that are left unclaimed. Do they stay in the mempool so that whoever mines the next block can then take them as a fee?
"Bitcoin fees are extremely high right now. We have temporarily changed the min. withdrawal in http://FreeBitcoin.io to 0.0003 BTC This is because we have users withdrawing 0.0001 BTC and we pay 0.0001 BTC just in fees to send it! Once things calm we would change it back."
Bitcoin is sometimes advertised as a way to make cheap payments, which makes mining fees confusing at first. In reality, mining fees are needed and incentivize miners to secure the network. Without miners, the network could be attacked and would be vulnerable to 51% attacks. Mining fees also represent users’ willingness to pay to use Bitcoin. Predicting bitcoin fees for transactions. Fees are displayed in Satoshis/byte of data. Miners usually include transactions with the highest fees first. Bitcoin Fee Estimator / Calculator. BitcoinFees is a simple and very accurate Bitcoin fee estimator. The tool is displaying a chart of current mempool transactions ordered by fee value. This makes it easy to choose the optimal fee for your transaction based on confirmation time. Just pick a time period and use the suggested fee. Learn about bitcoin fees... Bitcoin is made up of blocks.Blocks are a set of transactions, and currently restricted to be less than or equal to 1,000,000 bytes and designed so that on average only 1 block per ~10 minutes can be created. The groups the create blocks are known as bitcoin miners.These miners can pick which ever transactions they want in the block they create. 5. How Bitcoin Wallets Deal with Fees. Bitcoin wallets attempt to recommend a reasonable fee, based on the current and recent levels of activity on the bitcoin network. Some wallets and services manage fees poorly and overbid fees, which in turn drives up the fees for everyone else as well.
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