Topic: In crypto everybody pay high tx fee, no matter rich or poor people - page 3. (Read 346 times)
February 12, 2021, 02:48:59 PM
ETH fees don't work like that, although I get your point. But I think stock market trading fees have been restructured several times already in favor of those traders that aren't big enough just yet. Here in my country, they get 0.05-0.1% trade fees 0er successful trade, and the giant dudes aren't exempted from that. As for crypto, by default, users would pay almost the same amount of fees at a given time. Then again, the flexibility of fees in crypto makes it so that a user can choose to pay more or less in feea which, stock market trading fees don't have.
February 12, 2021, 01:53:45 PM
On the early day of bitcoin, it’s usual for people to send 1000 bitcoin and pay 10 bitcoin in tx fee? This is how miner have the incentive to mine the bitcoin, if people were paying 0.1 bitcoin/0.01 btc to send 1000 bitcoin, I think all miner would have been quit the mining.
Back in the day fees were much much lower because fewer people were using Bitcoin. Transaction fees were a handful of sats, regardless of whether you sent 0.1 BTC or 10,000 BTC. That's possible even today, when you manage to catch a calm day or are patient enough.
Being "rich" or "poor" has nothing to do with it: The cost of a transaction is only depending on the amount of inputs, rather than the monetary value. If you have a lot of inputs because you got your coins from faucets for example, sending 0.1 BTC may be much more expensive than sending 10,000 BTC if the latter has been consolidated into a single input.
February 12, 2021, 12:04:15 PM
Cryptos are decentralized, meaning, taxations are not implemented in every transactions. Governments has no control to most of the cryptos. There are indeed fees in this technology but those fees are only observable when making a trade or by transferring crypto to USD or by simply selling it. It also varies depending on the exchanger or the third party network (in some cases). And such thing is just a normal thing unlike with taxations in fiat wherein governments are the one who are in charge of the taxes garnered from every person. And I think this simply shows the difference of the two currencies ; fiat and cryptos.
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The transaction fee is very high for everybody, no rich people could get low transaction price privilege on crypto, nor poor people, yup they’re all equal. I don’t think the rich people can find any loophole on the transaction fee and take advantage of them just like how they did on stock market.
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I never thought that transaction fee has been percentage based because it never is. Transaction fee may be higher if you're transacting higher amount but it has never been a percentage basis on the amount of you'd like to transact.
If you even do that, most likely it'll send in an instant but it'll also be the same if you transact with enough eth fee for a high speed transaction. Also, fee for Ethereum is depends on gas rate which can be set to high, med, or low depending on how fast you want your transaction.
If you even do that, most likely it'll send in an instant but it'll also be the same if you transact with enough eth fee for a high speed transaction. Also, fee for Ethereum is depends on gas rate which can be set to high, med, or low depending on how fast you want your transaction.
Transaction fee is never percentage based, it can be as low as 1 gwei gas price. But you know it’s crypto market, nobody would follow the rules, they would break any rule just to win, yet they couldn’t break the rule “everybody gonna pay high transaction fee”, everybody want it fast.
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I will agree with this because if we withdraw it in one transaction, the exchange will check your account before they allow the transaction continues. I think the exchange already has their fee, and even if you want to send 1000 eth, I think the fee will not change, but I do not know for sure. Maybe if I want to withdraw that amount, I will tell you. But if you use another wallet, maybe the fee will be adjusted to the network transaction fee before you can withdraw your ethereum.===
Big exchanger wouldn’t risk to send 1000 ETH on one transaction too, they know what they’re doing, yup, send them small and frequently, many exchange impose very strict daily transfer limits.
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February 12, 2021, 11:56:45 AM
If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.
In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.
If your comparisons are talking about the fairness that the crypto market versus the stock market. Yes, with an anonymous, uniform and fair distribution for all owners wanting to buy or transfer. There is no other disadvantage between holders or traders. It all depends on how fast or slow it is. Roughly, you have to pay a higher fee for a fast transfer. It still bears a bit of an imprint like internet banking apps for fiat transfers. In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.
February 12, 2021, 11:24:39 AM
You are aware of those neo-broker apps such as Robinhood? Now after what happened with GameStop and other meme stocks I wouldn't touch them with a 10ft pole but they do not charge any trading fees. Granted they make money by selling your order flow (true to the old adage "if you're not the customer, you're the product"), but it shows that your statement is not remotely true these days. Trading fees used to be incredibly high and opaque, but over the last few years they've become increasingly transparent and cheap, even without resorting to a broker that treats you as livestock.
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On the early day of bitcoin, it’s usual for people to send 1000 bitcoin and pay 10 bitcoin in tx fee? This is how miner have the incentive to mine the bitcoin, if people were paying 0.1 bitcoin/0.01 btc to send 1000 bitcoin, I think all miner would have been quit the mining.
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You got this totally wrong buddy, and we don't have to pay same transactions fee for sending coins but we can adjust them manually.
However, research has shown that most people just use default fees for transaction and they mostly pay more than it's needed especially in bitcoin network, that is just making miners more happy.
Your math is also wrong and transaction fee can be the same no mater if you are sending 1000, 100, 10, 1 or 0.1 bitcoins, but you are right that stock market is more oriented for rich folks unlike crypto market.
However, research has shown that most people just use default fees for transaction and they mostly pay more than it's needed especially in bitcoin network, that is just making miners more happy.
Your math is also wrong and transaction fee can be the same no mater if you are sending 1000, 100, 10, 1 or 0.1 bitcoins, but you are right that stock market is more oriented for rich folks unlike crypto market.
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You’re not wrong you can set the gas price to 1 gwei price, it would still work, but nobody gonna do that, everybody want it fast, everybody rush to pay the highest price to send faster. Whether you’re rich or poor people, you gonna pay the same high price, rich people most likely going to pay the highest price on fee alone.
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Transaction fee are not a percentage of the total asset we own. Everyone can control how much they want to transact. High and low fee will only affect your transaction speed and all of these are option. There is no difference between rich or poor in crypto, but for anyone willing to pay high fee, transaction take priority. Blockchain has been fair for everyone and even for small transaction. But in the case of ethereum today, it would be difficult to broadcast transaction if we didn't have enough fee. 100 GWEI is the current fee standard. But if you have enough time to wait for the process, then go for a lower fee than today's standard fee.
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The 100 gwei fee isn’t remotely true, I’m not sure how to calculate the real transaction fee on DeFi market, they could be very high, some people are reporting they pay extreme fee on gas, a few hundreds worth of transaction fees alone. It’s always the concern on the crypto, —> high transaction fee.
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Interesting.
Fees in crypto world is supposed to be fairer than stock market.
Anyway, I guess the Ethereum fee model is based on about 0.01% fee per eth transaction? . If fees really cost that much, that would mean the fee for transferring the 1000 ETH is about $17,500.
Well, one of the reasons for the invention of Bitcoin/crypto is cut out the middle men in order to help make fee cheaper than traditional banks.. .And the fee market is supposed to be competitive. Been abit long i transacted on Ethereum, so I don't really know how the fee really works now. I imagine it will be possible to adjust the fee percentage to maybe down to about 0.0001% and you still get a reasonablly fast transaction. Hope that is possible. It should be.
Fees in crypto world is supposed to be fairer than stock market.
Anyway, I guess the Ethereum fee model is based on about 0.01% fee per eth transaction? . If fees really cost that much, that would mean the fee for transferring the 1000 ETH is about $17,500.
Well, one of the reasons for the invention of Bitcoin/crypto is cut out the middle men in order to help make fee cheaper than traditional banks.. .And the fee market is supposed to be competitive. Been abit long i transacted on Ethereum, so I don't really know how the fee really works now. I imagine it will be possible to adjust the fee percentage to maybe down to about 0.0001% and you still get a reasonablly fast transaction. Hope that is possible. It should be.
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I hope you’re right on your take on “lower transaction fee”, it’s no longer true today, high transaction fee has always been a concern on crypto, although you can adjust the gas price to whatever value you want, or whatever satoshi on bitcoin, you can even send 1000 bitcoin with one satoshi on transaction fee, but nobody gonna do that?
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