Benefit of non additional charge - page 2.

Cookdata

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Not Your Keys, Not Your Bitcoin

Quote from: Ethan151 on April 18, 2024, 03:44:26 AM

Have we ever considered the advantages of Bitcoin's insignificant fees? I utilized Coinbase in the UK to send some coins to my younger brother, and the transaction was completed successfully in less than 15 minutes which is like instant transfer. Previously, I had to wait three working days for Western Union to validate my transaction. With Bitcoin, the days of going to the bank and waiting in line have vanished, and I can now send something to him without incurring any additional fees. In the past, I had been using Western Union to do this, but the extra fees were ridiculous, so I didn't have to complain because I didn't know about bitcoin. I'm happier now that i could save some extra charges.

You might even check that your transaction and still found out that you have paid more than what is even required of you to send a transaction across the Bitcoin network. I mean centralized exchanges request more than what is needed to send a Bitcoin transaction. If the transaction is offchain(Internal transaction/sending between coinbase user to another coinbase User), you might be ash for any transaction fees as they are always free but external transactions always required a fee.

If you have your own personal wallet or hardware wallet, you can always send Bitcoin to anyone at any part of the world and when the mempool is less congested, you will be paying less than a dollar for a transaction for a single input and output transaction.

jrrsparkles

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Quote from: Lucius on April 18, 2024, 06:24:21 AM

I don't know anything about how long the WU transfer takes, although it seems to me that three days is really too much - but I don't think the fees are as big as you say. The calculator from the WU site says, for example, that for $100 sent from the US to the EU, the other party receives EUR 93.38, which means that the fee is $0.99 or even less.

In addition, fees for on-chain transactions these days amounted to over $10, and currently the priority fees are just under $5.

The validation time can be dependent on the payment method and I haven't used them for almost a decade even then the payments will be settled on the next working day itself.

The problem is fee will become higher when we send more money, for example if we send $1000 then the commission for WU will be around $10 to $40.

Lucius

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Quote from: Ethan151 on April 18, 2024, 03:44:26 AM

Have we ever considered the advantages of Bitcoin's insignificant fees? I utilized Coinbase in the UK to send some coins to my younger brother, and the transaction was completed successfully in less than 15 minutes which is like instant transfer.

Was this an internal transfer between two Coinbase accounts or were you sending BTC to your brother's wallet? The confirmation time for on-chain transactions can vary from practically instant (if you are lucky enough to have sent the transaction at the right moment), and you can wait 1 hour regardless of whether you have paid the priority fee.

Quote from: Ethan151 on April 18, 2024, 03:44:26 AM

Previously, I had to wait three working days for Western Union to validate my transaction. With Bitcoin, the days of going to the bank and waiting in line have vanished, and I can now send something to him without incurring any additional fees. In the past, I had been using Western Union to do this, but the extra fees were ridiculous, so I didn't have to complain because I didn't know about bitcoin. I'm happier now that i could save some extra charges.

I don't know anything about how long the WU transfer takes, although it seems to me that three days is really too much - but I don't think the fees are as big as you say. The calculator from the WU site says, for example, that for $100 sent from the US to the EU, the other party receives EUR 93.38, which means that the fee is $0.99 or even less.

In addition, fees for on-chain transactions these days amounted to over $10, and currently the priority fees are just under $5.

Doan9269

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Quote from: Ethan151 on April 18, 2024, 03:44:26 AM

Previously, I had to wait three working days for Western Union to validate my transaction. With Bitcoin, the days of going to the bank and waiting in line have vanished

Bitcoin has a lower transaction fee compared to fiat currency, most especially when it comes to making an international or cross boarder payments, bitcoin transaction is faster and cheaper with this, you can choose to pay at a particular fee been made customizable to your affordability, when and how to go about making such transaction will also depend on you, only that you cannot afford to make mistake it because they are irreversible.

Ethan151

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Have we ever considered the advantages of Bitcoin's insignificant fees? I utilized Coinbase in the UK to send some coins to my younger brother, and the transaction was completed successfully in less than 15 minutes which is like instant transfer. Previously, I had to wait three working days for Western Union to validate my transaction. With Bitcoin, the days of going to the bank and waiting in line have vanished, and I can now send something to him without incurring any additional fees. In the past, I had been using Western Union to do this, but the extra fees were ridiculous, so I didn't have to complain because I didn't know about bitcoin. I'm happier now that i could save some extra charges.

Topic: Benefit of non additional charge - page 2. (Read 241 times)