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Topic: In crypto everybody pay high tx fee, no matter rich or poor people (Read 346 times)

qwertyup23

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Quote from: Broly46 on February 12, 2021, 06:07:33 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.

I think this is a misconception on your part to assume that there is a standardization of denomination of transaction fees.

In BTC, regardless of the value that you transact/send, the transaction fees will always remain the same depending on the price of BTC. In addition, if you want to make your transactions faster, there are services that offer additional payment for faster confirmation, just like in ETH. So it does not follow that if you transact a large amount of ETH or BTC, the fees would be proportional to such.

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You don't have to pay them though, you can wait it out so that you will be able to save yourself from spending too much in transaction fees. That's the goal of crypto, to make the playing field level and equal.

Pejoh Asu

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When I know bitcoin from several wallets like Xapo and Coinbase at that time the transaction fee was not more than $ 1 even when many wallets provided free shipping services, but after 2017 when the market soared I once sent bitcoins with a fee of more than $ 100, now the transaction fee around $4 for normal and still expensive in my opinion, I hope the bitcoin transfer fee is no more than $2.

TerryTale

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Spend 5.8 eth 5.818454 Ether ($18,802.39) on a failed transaction that never can be recoverable.

Very expensive, would do it again!

A failed transaction at minting a Stoner Cat NFT resulting in 5.8 ETH "lit on fire", inspiring a song NFT that was itself subsequently sold for 5.8 ETH!

Link
https://etherscan.io/tx/0x3fa19306a5dfc227537fdaf90b6883104dd0458cf9fbe3410a3254e5ca0e3618

TerryTale

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Spend 7,676.619078292762408538 to send ($100,000.00) Tether USD (USDT)
Value:
0 Ether ($0.00)
Transaction Fee:
7,676.619078292762408538 Ether

Link
https://cn.etherscan.com/tx/0x2c9931793876db33b1a9aad123ad4921dfb9cd5e59dbb78ce78f277759587115

The Sceptical Chymist

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Quote from: bitmover on February 12, 2021, 06:20:20 AM

This is false.

Pretty much all of what OP wrote is false, and not just the part about ETH transaction fees. In the stock market nowadays if you're using an online broker like TD Ameritrade or Robinhood, there are NO trading fees--and that's a huge change from the way it used to be. I remember having to pay $8/trade about 16 years ago, and way before that traders had to pay a percentage of the amount they were trading--and that could end up being a ton of money and definitely did not discriminate against the poor.

Get your facts straight, OP.

matchi2011

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Quote from: jrrsparkles on March 05, 2021, 09:41:36 AM

Cryptocurrencies are currency and you can set uo your own fee but if you are willing to make the transaction fadter then you need to pay the fee required by the network. But OP is saying there is no partiality in cryptocurrency space which is absolutely true, your money so you are the real owner no middle men too.

It's your money so you are in control every details are being explained and if you are not such a hurry you can avoid this
high transaction fees.

You can select your fees and wait till miners process your request, it will take some time unlike with those fast transactions
where you need to pay what the miners are requiring you.

ven7net

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

To some extent, you are right. Probably the rich, due to high commissions, limit the participation of the poor, for example, in trading in both the stock and crypto markets. But even if the so-called poor appear there, they lose their main earnings on commissions. I also drew attention to this and believe that the rich deliberately, through high commission prices, limit the access of people with less money to trading markets where they can make good money or even limit the ability to buy a particular asset. All this tells us that the rich already have a plan to get their hands on the crypto market and all the promising and trending crypto assets.

jrrsparkles

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CaVO32

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Quote from: Cling18 on March 05, 2021, 09:04:01 AM

I guess you still lack knowledge about crypto transactions and their fees. There is no certain or exact amount to pay and we could actually set it on our own base on the speed of the transaction that we want. You could set lower gas fees if that's bothering you. It isn't like 10% of every transaction that we make.

I don't know if the OP is just inexperienced with eth network because his analogy was not right. And I hope by now, he realized what he stated was wrong. And take a look at the useful links provided by some users here. I understand that if you don't have the actual experience in using eth network, you will have wrong approach in terms of gas fees. And right now, a lot of eth users are still complaining about gas fees. I have had eth transactions a long time ago, so I don't have recent experience that I can share it with here.

Cling18

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MRKLYE

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I mean... If you look at fee-less chains like HIVE or something then this doesn't stand up at all..

The classic popular cryptos are getting expensive and bloaty.. But some of the latest and last generation networks solved this a while back.

Ewox

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I think you’re wrong or maybe you lack knowledge when it cones to the cryptocurrencies transaction fees, it does not necessarily be that high when you can set your transaction fees to the lowest price but of course it’s not thr fastest and will take some time for you to receive it.

jaysabi

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

This isn't even close to being true. Trading fees are set by brokerages and it's not dependent on wealth or income. Most major brokers don't even charge trading fees anymore. If you're trying to make an argument that trading fees more negatively affect less wealthy investors, that's potentially true, but then that's no different than crypto either in your example. So you've completely failed to make a coherent point here.

Stedsm

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Quote from: Broly46 on February 12, 2021, 06:07:33 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.

Smells like you were talking about a possible HYIP here? Grin

I believe that the ETH gas fee will still remain high because it is now the most highly used smart-chain on which almost 80% of tokens work. Such tokens show in their Roadmap that they'll be creating their own Blockchain soon, but that hardly happens and they continue to use Ethereum chain, which is why they'll need to pay the fee in ETH. Why not demand these token makers to start making a different Blockchain of their own? They'll need miners to mine their blocks is all they're worried about, probably?

Now, about sending ETH payments in batches, I believe I know a few services which do allow such type of payments, but I hardly know about the fee structure they use in order to move the tokens ahead. I saw multisender app was used recently by AME distribution address to send those tokens through multisender app and they paid more than 0.09 ETH but I believe they must have saved some fees on that transaction for sure.

skarais

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It is highly unlikely that people will be able to make ERC20 transaction if they can only cover transaction fee. Today's high fee are ridiculous and hard to accept. $20+ for a transaction with an estimated time of under 30 minute, something ERC20 fans didn't expect.

Although we are free to set our own fee but about fee, who is to blame for this increase in transaction fee, whether we blame the ethereum CEO or should we blame ERC20 trader or users who want to make transaction with high fee ?

SirLancelot

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Quote from: Broly46 on February 12, 2021, 06:07:33 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.

Firstly, you don't pay any fees to "own" Ethereum or any crypto. Yeah to transact Ethereum you have to pay fees and the fees is completely dependent on fast and urgent you need the transaction to confirm.

By the way if you transact 10 ethereum or 100 ethereum you pay the same fees almost and that is one reason why people prefer to make bigger transactions specially given how costly the transactions are on ERC-20 right now.

I don't know if its possible but with Bitcoins people used to send mass payment to avoid higher fees, is that possible in Ethereum I really don't know but it saves a lot of fees.

Amejoaquim

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In my opinion what are you say is wrong, i think you should know better about ethgasstation.

You can set your own gas price, from "Cheap" to "Fastest" if your not in a hurry then you just need to pick Cheap for the gas limit.

TimeTeller

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Quote from: Kovinskii on February 17, 2021, 05:47:51 PM

Quote from: bitmover on February 12, 2021, 06:20:20 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 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.

This is false.
Ethereum transactions fees are not a % of your transaction.
The user set the Gas Price according to his needs (fastest, fast or slow).
I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei
If you are sending 1000, 100 or 0.1 Eth the fee is the same.

I agree, Ethereum doesn’t have fixed percentage fee for the transaction, but sometimes when you give not enough Gas your transaction returns but your coins vanish. You just read an announcement that there was not enough Gas for transaction, that’s it.

I think by now the OP already realized that he made a mistake with his statement regarding eth fees.
Seems that he is still a newbie in eth platform. But anyway, he will understand it better once he actually does an eth transaction.
As it depends on the activity of the network, it is always best to check the eth gas tracker sites before you make your tx like https://ethgasstation.info/.

Kovinskii

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Quote from: bitmover on February 12, 2021, 06:20:20 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 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.

just_Alice

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

That's not exactly right. You see, the important feature of crypto is that your transaction fee not in any way depends on the amount of money you are sending (unlike transactions with bank cards). Transaction fees are mainly defined by how loaded the market is at the moment with numerous transactions and how much people paid for them.

Sure, if large txns take place at a certain time - to get your priority and make sure your txn is processed fast you're gonna have to pay a lot (like it is happening lately with Bitcoin), but if you're okay to wait - you're free to pay as much as you like, but it might take forever. With crypto, the rule "time is money" applies literally.

Febo

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

In crypto everybody pay high tx fee, no matter rich or poor people

In crypto it depend what cryptocurrency you use that fee you pay. Monero fees are 0.2 cent. And with more and more transactions fees will only decline. Crypto will be fine!

iv4n

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Fees are high, no doubt about that! But this is not the first time we encounter with high fees, that happened before, we had similar drama as we have now, but things calmed after some time! I think the same will happen again, after little disturbance we will see normal fees as before!

I agree with the headline: "In crypto everybody pay high tx fee, no matter rich or poor people"! Yes, in crypto we have to pay fees, but in crypto, we have a choice to spend more money for faster transactions, or to pay less and wait for transactions to get confirmed! At least we have some choice, and you can choose to pay really low and wait for days, or however YOU want it, there's no administrator to tell you your limits, what you can and what you can't do... you are free!

iamsheikhadil

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Quote from: kaya11 on February 14, 2021, 08:27:23 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

I never have paid 10 percent of my tx fees of my total eth when withdrawing. That is way too high. Where did you get these numbers? Just recently selling eth and all is fine. I have been charge less that 1 percent of my earnings in mining.

I don't think he actually got those numbers as in he is suggesting that this type of fees taking should be enabled like taking a fee percentage for every transaction based on its volume, which I don't think should be implemented because that would be a bad idea. However, OP should note that there are actually banks and other services and payment providers which offer transaction facilities based on fiat and charge on the basis of transaction amount, which leads to high charges and people start to slowly drift from such payment providers.

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

777Jolami

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

Yes, this is crypto - fairness, transparency is kept for everyone, regardless of rich or poor or any class of society. There are more options for people to speed up, which is also featured because gas will be the driving force to provide the miners with their benefit. Many people complain about the high gas fees for some platforms like ETH but that is really what is needed to create balance, enjoyable for everyone. It is featured and also independent raw material for this market. Congratulations for that.

Princejebs

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

How do you even come to conclusions with such transactions fees on Ethereum network. I am ignorant about stock market fee since brokers differ but I do know that stock market can be compare to cryptocurrency, this is why we are park of decentralization.
Ethereum fee depends on how busy the network is and trust me, u can send a 1000ETH with a fee below $40 during weekdays, you should do more research before coming to conclusions and misleading others.

Leviathan.007

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If you are talking about little transaction, such as -10 bucks transactions, yes, currently this won't be fair enough for people to send little amount of money using bitcoin network. Because, due to the current situation, the network is crowded and since transactions with higher fee will be confirmed first, you need to pay more amount of money to get you transaction confirmed. But for people who send huge amount of money using this network,everything is fine because they spend less than 10 bucks when they are transferring even more than one million dollars.

iamsheikhadil

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So you are against it or for it?

I think, in crypto no one really knows who's rich and who's poor because of decentralization and no regulation unless the person reveals their own portfolio to the world haha. Volume of transaction doesn't impact the transaction fee that will be charged for the transaction, and hence, everyone pays equal fee and one who pays the highest fee will get their transaction confirmed in fewer amount of time than others and I see it as a good thing

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Quote from: Broly46 on February 12, 2021, 06:07:33 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.

Well that's for fast transaction but why Rush if you can at least Use the lowest fee and wait for a while?
I can't see the logic for people that is wanting to rush withdrawal/transaction when they have options , Not unless this is an urgent then do as what you say.

Quote

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.

That's the difference of Stocks in Crypto trading , that is same reason why i believe that many stock traders are now transferring in crypto as they are seeing the fairness and potential.

verita1

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At this time we can realize that ETH has high fees, some argue that it is due to network congestion. That is a setback that some of us suffer from who have to turn to other altcoins in search of saving the cost of fees. That could be a reason to invest in another altcoin that offers all the benefits of ethereum and a bit more.
While hodl bitcoin my P2P exchanges with ethereum are suspended and I have replaced it with dash.

wxa7115

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Quote from: avikz on February 12, 2021, 06:42:24 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

Lol! Since when ETH transaction fees are fixed on a percentage? It entirely depends on the network. So there's no guarantee that everyone is paying same fees! You can indeed set a manual fee for your transaction. But if the fee is too low the transaction may not get confirmed.

Also it is not correct to compare a regulated stock market with a decentralized digital currency system. In stock market, brokers act as a middleman and they decide the fees dor each one of us! In ETH, no one other than the network controls the transactions and fees! The miners can't have manual preferences! These are the basics bro!

This is one of the big selling points of cryptocurrencies, no matter how much money you send you are still only going to pay a fee that depends entirely on how busy the network is, this has its own set of problems of course, for example if you want to send a very low amount of money when the network is busy then most likely the fees are going to be higher than the amount of money that you want to send.

Many people do not like this but it is simply supply and demand, the amount of space in each block is limited, which means the supply is limited, and if the demand increases dramatically then is obvious there is going to be a competition among those that want to send a transaction to get it confirmed quicker and that means an increase in the fees.

salty

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Quote from: bittraffic on February 13, 2021, 02:13:13 AM

The only transactions that are higher these days are the ones in the defi platform. It's definitely high there than sending tokens to another wallet. It wouldn't be worth if you are making transactions on Uni while you only have few amounts. This is only for ETH though.

Making transactions using other tokens like BTC or Tron, ain't that high though. There are ways to make it cheaper, it's not so lengthy process but does the job as long as the person you make a transaction with allows it.

Yes, the commissions in the Ethereum network are too high. When sending from wallet to wallet, I paid $ 10 today. When making a swap, the fee is $ 25. Based on this, we can conclude that the ethereum network is really not for the poor. I can't comment on the relative stock market because I have never bought or sold anything there.

Broly46

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Quote from: AicecreaME on February 13, 2021, 01:34:21 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

Transaction fee depends on what platform you are going to use. There are platforms that has fixed transaction fee and there are also platforms that are basing your tf on bitcoin's current price value and the amount you are going to process. I think there's no specific percentage on ETH as well. You can adjust the transaction fee depending on the wallet you are using, but always keep in mind that too much low transaction fee can lead to slow and even unprocessed transactions.

In my experience, those platforms that has fixed tf process much faster than those of that you can adjust. The miners prioritized the transactions of those who paid higher. In simpler manner, you can refer to those who pay higher tf as VIP's. The higher the tf, the faster the speed of transactions to be processed.

Regarding stock market, there's no use to compare it to bitcoin since we know for a fact that stocks are centralized and are regulated by the government (especifically SEC) while bitcoin is decentralize in nature. There are brokers in stock market which has to be paid by the investors while in cryptocurrency, there are only wallets and networks.

===

Do you think it’s fine to compare with gold? Buying gold has always associated with large transaction fee, paper gold for instance are charged high fee for both bid or ask, paper silver are charged even higher transaction fee for the reason it’s highly volatile, 20% trading fee for silver trading alone, for clarify, yup if you buy 100 ounces silver you gonna pay 20%, if you buy 10 ounces it’s 20%, or 1 ounce it’s 20%, it doesn’t matter rich or poor people who buy gold/silver they all pay the high transaction fee.

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Quote from: bittraffic on February 13, 2021, 02:13:13 AM

===

Yup, they can be cheaper when doing it in a dodgy fashion, but the risk of getting scammed is also much higher, it’s always the trick used by con man to lure victims to their cheap bitcoin, as good as send the coin and get double in return. I’m sure tron are associated with scam too, some people have their fund locked on the tron network, and they can’t do anything.

===

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

Transaction fee depends on what platform you are going to use. There are platforms that has fixed transaction fee and there are also platforms that are basing your tf on bitcoin's current price value and the amount you are going to process. I think there's no specific percentage on ETH as well. You can adjust the transaction fee depending on the wallet you are using, but always keep in mind that too much low transaction fee can lead to slow and even unprocessed transactions.

In my experience, those platforms that has fixed tf process much faster than those of that you can adjust. The miners prioritized the transactions of those who paid higher. In simpler manner, you can refer to those who pay higher tf as VIP's. The higher the tf, the faster the speed of transactions to be processed.

Regarding stock market, there's no use to compare it to bitcoin since we know for a fact that stocks are centralized and are regulated by the government (especifically SEC) while bitcoin is decentralize in nature. There are brokers in stock market which has to be paid by the investors while in cryptocurrency, there are only wallets and networks.

Broly46

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Quote from: Gozie51 on February 12, 2021, 03:15:55 PM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee,

This is rather a confusing statement and reading post here, I think any others are confused too. From that above about stock market, how will both rich and poor not pay same fees in their transaction or stock market dealings? Are you not talking of shares because that is where I'm taking it from. A companies share for instance is priced at same price for rich and poor , so the fees for or charge ain't the same you mean? to pay for the broker? I think it should not have any difference except you explain more what you mean.

Yup, I’m totally fine to make it to laymen terms, the reason ETF is found, is all due to individual investor having to pay high trading fee on their small stake purchase, many small retail investors are resorting to ETF, to get indirect exposure on stock market, but it create another problem, there is small ETF and big ETF on the market, we are looking at big ETF beating small ETF, since big ETF has more fund they could get better trading fee advantage, big retail trader are rushing to big ETF and big ETF are blocking small retail to get into the big ETF, it create all sort of problem, only the rich can get better deal, but in the crypto, I don’t think it make much difference whether it is big or small.

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Quote from: ivankoh on February 12, 2021, 11:56:45 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

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.

===

There is no doubt about it, transaction fee are tied to the trader consent, in reality, many people depend on the custodian exchange or p2p to trade their crypto, where they doesn’t have much choice but to pay high fee, there is no doubt some of them going for OTC to get a lot of bitcoin, and they would want their bitcoin fast too, all of them will pay high tx fee, there is simply very few instance for people to pay low tx fee, if you transfer your crypto to your own wallet then yup you would prefer lower fee, what if you want to sell it to another trader? The only answer is as fast as possible, nobody want to wait to buy and sell it.

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Quote from: HeRetiK on February 12, 2021, 01:53:45 PM

Quote from: Broly46 on February 12, 2021, 11:24:39 AM

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.

===

That is very fortunate bitcoin mining has been profitable or barely above the mining cost for all these while, I can’t imagine miners would still be profitable to mine at 0.001% tx fee or even much lower fee, but the block reward was good that might off set the low tx fee reward. Yup the tx fee is not based on percentage, but trader has the need to fast speed transaction, when you sell your coin to another trader they would want it as fast as possible or they would quickly reject the trade or make dispute.

===

Quote from: dothebeats on 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.

===

This is nice you can get the point, I talk to some of my friends, they all agree trading fee on stock market is very expensive for small trader like them, they all resort to ETF where they could democratise the trading fee, of course big fund and big whales does have advantages over retail traders on stock market. I would say the same for tax benefit too, low income people paid the highest taxes while the rich pay nearly no taxes.

===

Quote from: el kaka22 on February 12, 2021, 03:03:15 PM

Quote from: avikz on February 12, 2021, 06:42:24 AM

Yeah that person has no idea how the fee works at all, by that logic some people who want to send 1 billion dollars worth in ETH would have to end up paying 10 million dollars in ETH fee and thats not true at all. Of course how big your transaction is does have to do with fee a bit, not a lot and only a small portion because you are moving a more of it than compared to what would be otherwise, but it is like maybe 3-4 dollar difference at most.

So, let's say you want to move 100 dollars worth of ETH and it is 50 dollars (unfortunately), when you want to move 1 million dollars it is still 55 at most maybe 60 since time changed but that's it, it is not going to be huge difference, same for 100 bucks to 1 million and same for 100 bucks to a billion, it is just doesn't change at all. Stock market and crypto are nothing alike but people who do not know how things work will keep on writing these things to create misinformation.

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It’s totally fine, I would accept any criticism, I would thank you if you can point out my errors.

On your quote Of course how big your transaction is does have to do with fee a bit, not a lot and only a small portion because you are moving a more of it than compared to what would be otherwise, but it is like maybe 3-4 dollar difference at most.

That doesn’t sound very possible when you’re trying to trade your coins to another traders, when you use p2p exchange or you use any custodian exchange, the fee will be varies a lot, the more you trade the higher the fee, trading 1000 ETH definitely would incur higher tx fee, I’m sure it would be the same on OTC too.

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee,

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Quote from: avikz on February 12, 2021, 06:42:24 AM

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Quote from: Broly46 on February 12, 2021, 11:24:39 AM

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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Quote from: Casdinyard on February 12, 2021, 10:59:52 AM

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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Quote from: Jemzx00 on February 12, 2021, 11:06:58 AM

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.

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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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Quote from: ipanks on February 12, 2021, 11:23:14 AM

Quote from: Broly46 on February 12, 2021, 11:05:32 AM

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.

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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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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

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Quote from: HeRetiK on February 12, 2021, 07:44:13 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 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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Quote from: dkbit98 on February 12, 2021, 08:44:35 AM

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.

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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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Quote from: BITCOIN4X on February 12, 2021, 09:20:21 AM

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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Quote from: Ucy on February 12, 2021, 10:26:59 AM

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.

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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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Quote from: Broly46 on February 12, 2021, 11:05:32 AM

I would say if you have 1000 ETH, you wouldn’t send it all in one transaction, you would send it say 5 ETH at a time, to make sure you do not send it wrong, yup you would still pay the high fee no matter how you want to do. I’m sure sending 1000 ETH is gonna be cost a lot of money.

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Quote from: youdacapt on February 12, 2021, 07:34:11 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

I do not know about stock market, but i know well enough to be sure that etherum or blockchain transaction fees does not work the way you have explained them. You deciding to use the fastest gwei for transaction does not mean i would do the same; i can opt to wait until later when the fees are low before doing any transaction which betrays the ideology you have detailed.

The best way to put this is that; in crypto there are no discrimination; people pay transaction charges either rich or poor unlike stock market.
Thats it, i fixed it for you

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

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Quote from: avikz on February 12, 2021, 06:42:24 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

In addition, brokerage in stock market is a big mess. Poor broker get to pay high fee, rich broker get to pay very low fee, (yup brokers are not all identical, some are rich broker some are poor broker) in trading, poor trader pay high trading fee, rich trader pay very low fee. In stock market poor fund pay high fee, rich fund pay low fee. In crypto, miner all get the same pay, tx fee is same across to all traders too, it’s the communism in crypto market.

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

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Quote from: bitmover on February 12, 2021, 06:20:20 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 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.

This is false.

Ethereum transactions fees are not a % of your transaction.

The user set the Gas Price according to his needs (fastest, fast or slow).

I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

If you are sending 1000, 100 or 0.1 Eth the fee is the same.

Yup you can, set very low fee, and make the title sound like this “in crypto everybody pay low tx fee, no matter rich or poor people”. Btw at this price of crypto, everybody could only pay higher price, of course at least 10x more than one year ago in trading fee alone, price was low year ago.

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Quote from: Broly46 on February 12, 2021, 06:07:33 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.

This is false.

Ethereum transactions fees are not a % of your transaction.

The user set the Gas Price according to his needs (fastest, fast or slow).

I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

If you are sending 1000, 100 or 0.1 Eth the fee is the same.

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