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Are you new to cryptocurrency, or have you been into the system for a long while? I am sure you must have come across people saying statements such as "high transaction cost" or "low transaction cost" or fee, vice versa, as the case may be, most especially when referring to bitcoin and Ethereum blockchain. So in this article, I will be bisecting and dissecting what transaction cost or fee is, why its value increases/decreases for the popular blockchain of the likes of bitcoin and Ethereum.


AREA OF FOCUS
1. What is transaction cost?
2. Why do transaction costs rise or fall?
3. How does Bitcoin transaction cost works?
4. What are the possible time when a transaction cost is high or low?
5. Summary


1. What is transaction cost?

A transaction cost or fee is the amount that you pay a payment processor to transfer your money from one location to another, like from one bitcoin wallet to another or from your credit card to a business.



2. Why do transaction cost rise or fall?

Understanding why a transaction cost of bitcoin rise or fall, requires a basic knowledge of the economics law of demand and supply, which states that "as the supply of goods and demand for that goods changes relative to one another, then the price that purchasers have to supplier, or that supplier can charge to purchaser changes. This means, when demand is high compared to supply, the price will be higher, while when demand is low compared to supply, then the price will be lower. In other words, what this statement means is that, when the demand for bitcoin is higher, so will its transaction cost increases, but when its demand is lower, then so will its transactions cost also decreases.


3.  How does a bitcoin transaction works?

For bitcoin transaction to be processed, it has to be confirmed within a block of the transaction on the blockchain, of which there are so many transactions that can fit within a single block on the blockchain, whereby a single block on the blockchain is created roughly every ten minutes, which contains an average of 2000 transactions.


4.  What are the possible time when a transaction cost is high or low?

Bitcoin tends to have a low transaction cost mostly during periods of low demand, and sometimes weekends because fewer people are trying to use the bitcoin network. However, during periods of high demand for bitcoin, like the bull market or the decentralized finance (DeFi) rally, transaction costs can get quite high as more people compete to purchase the limited transaction space on the blockchain.


5. Summary
I remain your young crypto enthusiast...😍😍 "Muenalo"

I'm new here. But I spent a lot of time here and learned a lot. For example, when I came here I thought about how to use it, where to write a topic, all this. And so I spent a lot of time getting all the rules and regulations here.
https://bitcointalksearch.org/topic/m.7955645

There are many ways to make money with cryptocurrencies. The four most popular ways are:
1: you can mine cryptocurrency
      This is where you use your computer (s) to mine for Bitcoin i.e. use. The computational power of your computer (s) to help verify certain transaction on the block chain and be rewarded with Bitcoin or other coins
2: you can lend them
      This is where traders who need margin and leverage borrows your coins to trade with. They have to give them back to you with a percentage (%) commission.

3: you can buy already established cryptocurrencies

4: you can buy new IOCs
      Recently there have been a flurry of new INITIAL COIN OFFERINGs where if you get it right, you can invest $1000 and turn it into $10000 or even $100000 in a relatively short period of time.

First, get a Bitcoin mining rig. This cryptocurrency is mined by a special device based on the same algorithm, this is usually called an application specific integrated circuit (ASIC) chip.

This particular device is priced quite expensive but the mining process can be done quickly. Keep in mind that it is very difficult to get this particular device because the demand is very high.

At this stage, beginners who want to own Bitcoin by mining must also ensure the availability of electricity so that the mining process is not disrupted, and must have a large data storage device.

Second, have a Bitcoin wallet. This digital wallet will store Bitcoins that have been successfully obtained by mining. This digital wallet will also manage the source of the Bitcoin from where. Because, every Bitcoin has a secret code that comes from a unique combination of characters.

This digital wallet is also like an account card, which can later receive Bitcoin from someone by mentioning the secret code.

Third, cooperation with other miners. There are many big miners around the world and mining Bitcoin itself is not always profitable. Therefore, the solution for beginners who want to own Bitcoin is to work with other miners in multiple mining pools.

After successfully getting Bitcoin, it will usually be divided among members according to the power given. On this principle, members have to pay a fee of around 0% to 2% to the mining operator for every Bitcoin earned.

Fourth, have a mining program on the computer. Once you have a dedicated device, a digital wallet, and have joined or collaborated with other miners, it's time to mine a mining program on your computer.

This program will later connect you to the Blockchain and Bitcoin network. In general, there are many free programs that are used to mine Bitcoin. This program can be run on almost any operational system and each has its advantages and disadvantages.

The last or fifth principle of how to mine Bitcoin is to start mining. Once you have the previous four principles, you can start mining and earning Bitcoins.

First, get a Bitcoin mining rig. This cryptocurrency is mined by a special device based on the same algorithm, this is usually called an application specific integrated circuit (ASIC) chip.

Second, have a Bitcoin wallet. This digital wallet will store Bitcoins that have been successfully obtained by mining.
This digital wallet is also like an account card, which can later receive Bitcoin from someone by mentioning the secret code.

Third, cooperation with other miners. There are many big miners around the world and mining Bitcoin itself is not always profitable. Therefore, the solution for beginners who want to own Bitcoin is to work with other miners in multiple mining pools.

After successfully getting Bitcoin, it will usually be divided among members according to the power given. On this principle, members have to pay a fee of around 0% to 2% to the mining operator for every Bitcoin earned.

This program will later connect you to the Blockchain and Bitcoin network. In general, there are many free programs that are used to mine Bitcoin. This program can be run on almost any operational system and each has its advantages and disadvantages.

This mining program serves to connect you to the Blockchain and crypto coin network. In general, there are many free programs used to mine cryptocurrency. This program can be run on almost any operating system with its respective advantages and disadvantages.

Bitcoin Cash has blocks that can store 8 MB of data, allowing for faster and more frequent transactions with lower fees. Bitcoin Cash may be newer and less popular than its predecessor, but its scalability means it has incredible potential for growth and puts it in the running for the best cryptocurrency

Cryptocurrency is a secure technique, in which everyone can invest or participate, and it has a cryptography technique in which there is no single power holding the entire cryptocurrency system, and no one can change the trade ratio. It is also based on the concept of decentralization in which blockchain is significant, in which everyone can connect and new blockchain from peer to peer groups

Nope.

Do I feel sorry for people who can't afford to see their net worth temporarily affected by a billionaire egomaniac?

Yup.

In the next 5 years, more people will buy crypto and a number of countries will accept crypto by regulating them. Right now only 1% of total world population involve in investing into the coin, can you imagine if 10% of the world start buying crypto in the next five years. It will push the price of crypto well beyond your imagination. Coin price which price 20 cents now, in the next 5 years will rise up to USD50 or even USD100. The adoption of crypto currency cannot be avoided. The mil lineal or younger generation will tech savvy and crypto is like new way of investing, spending, transfer money and all sort of thing that crypto being created for a function in real life. The early you invest, the better your return in five years. Buy now, hold for five years and see your investment giving return 100X or 1000X

1. When and why did you become interested in cryptocurrencies?
I previously found out about Bitcoin. Also, during winter of 2020 I really began to get my hands on Bitcoin. To be more exact. Without knowing a lot in those days about what Bitcoin truly implied, I was thinking in context to save some for the annuity, in spite of the fact that my retirement would be a long time after that point. I felt some way or another its enormous potential and I disclosed to myself that it would be a smart thought to hold some for a long time. So I can say that from the outset I was keen on holding BTC, feeling it would be an incredible choice.

1. When and why did you become interested in cryptocurrencies?
During 2014 or 2015 I think that I first heard about Bitcoin. And during winter of 2015 I actually started to get my hands on Bitcoin. To be more precise, I found a faucet (then others) and I kept using them until I earned from them about 0,1 BTC (it was actually a bit more than that... maybe 0,11 or 0,12). Without knowing too much back then about what Bitcoin really meant, I was thinking in perspective to save some for the pension, although my retirement would be decades after that point. I felt somehow its huge potential and I told myself that it would be a good idea to hodl some for many years. So I can say that at first I was interested in hodling BTC, feeling it would be a great decision.

I used to surf the darkweb in highschool where I learned about the silk road, and in turn learned about bitcoin.

I bought $50 worth at roughly $3 bucks a pop. Almost 17 coins worth around $600,000 today.

I sold them all for $100 to buy modern warfare 3 and some snacks with some left over for candy.

Now don't get me wrong, the mountain dew voltage and dorito fueled madness of MW3 multiplayer was fun, but I don't know if it was half a million dollars worth of fun.

Just imagine how many double XP boosters I could've bought with the money?

I used to surf the darkweb in highschool where I learned about the silk road, and in turn learned about bitcoin.

I bought $50 worth at roughly $3 bucks a pop. Almost 17 coins worth around $600,000 today.

I sold them all for $100 to buy modern warfare 3 and some snacks with some left over for candy.

Now don't get me wrong, the mountain dew voltage and dorito fueled madness of MW3 multiplayer was fun, but I don't know if it was half a million dollars worth of fun.

Just imagine how many double XP boosters I could've bought with the money?

Bitcoin quick Update

BTC again trying to break the resistance area of $58,400. There are a lot of positive news. We are expecting a breakout this weekend or most probably on Monday. The breakout will turn the market sentiments bullish. BTC is Trading in the range for a long time and on-chain analysis shows a lot of BTC moved out from exchanges. The breakout will be huge. Hold your BTC bags and enjoy the rally.

As China bans bitcoin again while India unbans bitcoin again, this is getting played out. The energy consumption FUD is tired BS. The tweets, the misinformed articles, media FUD, etc. This is all getting boring. The fundamentals haven't changed, and the manipulation is getting boring. Seems like every rally, the same boring FUD comes in and scares the newest wave of recent buyers. It's cool if you bought within these recent few months, but stop fucking panic selling and wait for fuck sake. Don't like the current price, wait. Not giving you a good profit, wait. Fucking hold and wait.

Most debts are currently denominated in fiat currencies, adopting Bitcoin as a reserve asset has no effect on that.Hard money standards as occurred under the gold standard are stable if there are small periodic debt restructurings to avoid large debt build-ups. Bitcoin’s auditability and self-custody properties make it superior to gold in preventing debt build-ups.

Owner of a small coffeeshop here that uses a Clover mini along with a Clover flex for our point of sale system. From what I can tell, Clover doesn't appear to be crypto friendly. Not seeing any apps that can handle crypto payments in the app store. Any suggestions with Clover?

Any ideas of how I could accept crypto payments outside of Clover without making it too difficult on the baristas?

3. How did you get on the forum?
I decided to enroll since, this spot was not typical for most get-togethers. Business focus items and adventures including bitcoin are enabled here, basically all bitcoin organizations on the web root from assertions on Bitcointalk. I research a specific data and bitcointalk gathering is continually springing up on determination, that is the point at which my excursion begins here and I never lament to discover this discussion.

4.1. What prevents mass adoption of cryptocurrencies?
I fathom their perspective that they would not want to get a decentralized kind of money which is freed from control yet serious prohibitions will overall annihilate this potential. Many would like to move toward the banks to submit question of their lost cash and made to fill a structure, and being cheerful to get the cash back or discount. They need to see a face to make such gripe as well.

3. How did you get on the forum?
I chose to enlist since, this spot was not normal for most gatherings. Commercial center products and ventures including bitcoin are empowered here, essentially all bitcoin administrations on the web root from declarations on Bitcointalk. I was simply perusing a few surveys and proposals about various altcoins in the web when I discovered this network.

4.1. What prevents mass adoption of cryptocurrencies?
I comprehend their viewpoint that they would not have any desire to receive a decentralized type of cash which is liberated from control yet severe disallowances will in general demolish this potential. Besides, its instability is the thing that makes most speculators dread for their ventures. This sort of antagonistic word is deliberately gotten out by certain individuals which is seen each day in the crypto market.

Manchmal gibt's auch ne Grätsche...


Gericht erklärt Wechselunterricht für unzulässig.
Das Berliner Verwaltungsgericht hat stadtweiten pauschalen Wechselunterricht an Grundschulen für rechtswidrig erklärt. Das Gericht gab den Eilanträgen zweier Grundschüler auf Wiederaufnahme des Präsenzunterrichts im Regelbetrieb statt. Beide könnten in ihren Bezirken eine Vollbeschulung unter Beachtung der geltenden infektionsschutzrechtlichen Schutzmaßnahmen beanspruchen. Wechselunterricht dürfe nur angeboten werden, wenn die Sieben-Tage-Inzidenz an drei aufeinanderfolgenden Tagen den Schwellenwert von 100 überschreite, hieß es zur Begründung.
Der Senat habe "angesichts der rückläufigen Infektionszahlen nicht hinreichend dargetan", dass die Beschränkung des Schulunterrichts zur Erreichung der Eindämmung des Infektionsgeschehens erforderlich sei, erklärte das Gericht. Höhere Inzidenzwerte in der Gruppe der Schülerinnen und Schüler rechtfertigten nicht die pauschale Anwendung des Wechselmodells.

Quelle: Zeit Online


Und dann noch der Knaller des Tages:
Nach über einem Jahr Pandemie hat sich der Bund nun entschlossen, den Ländern bei den Luftfiltern für Schulen zu helfen.
Bundesbildungsministerin Anja Karliczek versprach... ja/nein, kein Batterie-Forschungszentrum für die Heimat, diesmal Luftfilter für Schüler.
Wahnsinn! Dafür werden die sicher noch wiedergewählt. Die Deutschen lieben ihre Faulen Eier.

Schule in Berlin: Pauschaler Wechselunterricht an Grundschulen rechtswidrig

Das Verwaltungsgericht Berlin gab damit den Eilanträgen zweier Schüler statt. Die beiden dürfen jetzt ihre Schule ohne Einschränkungen besuchen.

Berlin - Das Berliner Verwaltungsgericht hat stadtweiten pauschalen Wechselunterricht an Grundschulen für rechtswidrig erklärt. Das Gericht gab nach Angaben vom Montag den Eilanträgen zweier Grundschüler auf Wiederaufnahme des Präsenzunterrichts im Regelbetrieb statt. Beide könnten in ihren Bezirken eine Vollbeschulung unter Beachtung der geltenden infektionsschutzrechtlichen Schutzmaßnahmen beanspruchen. Wechselunterricht dürfe nur angeboten werden, wenn die Sieben-Tage-Inzidenz an drei aufeinanderfolgenden Tagen den Schwellenwert von 100 überschreite, hieß es zur Begründung.
Der Senat habe „angesichts der rückläufigen Infektionszahlen nicht hinreichend dargetan“, dass die Beschränkung des Schulunterrichts zur Erreichung der Eindämmung des Infektionsgeschehens erforderlich sei, erklärte das Gericht. Höhere Inzidenzwerte in der Gruppe der Schülerinnen und Schüler rechtfertigten nicht die pauschale Anwendung des Wechselmodells.

Investors expect higher inflation this year as the global economy gains momentum. This would lower the value of already issued bonds. The Federal Reserve and other central banks are committed to supporting global economies by buying bonds for as long as needed. Such a policy helped bitcoin gain in value strongly.

- We know there are concerns given global quantitative easing and a no-rules monetary policy. Fixed Income Instruments have done 40 years of really hard work. If bitcoin represents a new asset class, why not invest in it? Wood said.

In her opinion, we are in a deflationary environment, not an inflationary one. Still, there are indications that investors are looking for an additional asset class, including gold, Wood noted.

- The dollar index (DXY) saw a decline of 7% in weighted trading last year and a further decline this year, and this is another support for BTC. This should be a stimulus for gold, but bitcoin is benefiting from the incremental flow that could move to yellow at some point, she added.

While some cryptocurrency critics argue that bitcoin has no use, Wood disagrees. She added that all of these add up to trillions of dollars in market capitalization potential, from around 900-950 billion today.

- Bitcoin is a hedge against questionable monetary policy and overt segregation of wealth in some countries - she concluded.

Investors expect higher inflation this year as the global economy gains momentum. This would lower the value of already issued bonds. The Federal Reserve and other central banks are committed to supporting global economies by buying bonds for as long as needed. Such a policy helped bitcoin gain in value strongly.

- We know there are concerns given global quantitative easing and a no-rules monetary policy. Fixed Income Instruments have done 40 years of really hard work. If bitcoin represents a new asset class, why not invest in it? Wood said.

In her opinion, we are in a deflationary environment, not an inflationary one. Still, there are indications that investors are looking for an additional asset class, including gold, Wood noted.

- The dollar index (DXY) saw a decline of 7% in weighted trading last year and a further decline this year, and this is another support for BTC. This should be a stimulus for gold, but bitcoin is benefiting from the incremental flow that could move to yellow at some point, she added.

While some cryptocurrency critics argue that bitcoin has no use, Wood disagrees. She added that all of these add up to trillions of dollars in market capitalization potential, from around 900-950 billion today.

- Bitcoin is a hedge against questionable monetary policy and overt segregation of wealth in some countries - she concluded.

While some crypto critics say Bitcoin has no use cases, Wood disagrees. “It represents insurance against unhinged monetary policy and outright wealth segregation in some countries,” she said.

All of that adds up to trillions of dollars of market cap potential, up from about $900-950 billion now, she said.

Went on a long drive with my youngest daughter (22) last night and she asked me about Bitcoin. She then shows me her CB app and says she is DCAing into BTC. She blew me away at how much she knew about including the pros and cons of different cold storage devices and other topics. I have been mining since early 2018 but she never asked me much about it so I as surprised. I am the proud father of a hodlr.

Went on a long drive with my youngest daughter (22) last night and she asked me about Bitcoin. She then shows me her CB app and says she is DCAing into BTC. She blew me away at how much she knew about including the pros and cons of different cold storage devices and other topics. I have been mining since early 2018 but she never asked me much about it so I as surprised. I am the proud father of a hodlr.

Both Gold and Bitcoin are seen as stores of value, as protection from political and economic turmoil, and as safe havens from the unbridled expansion and subsequent devaluation of major fiat currencies like the US dollar. Both will continue to be used by investors to preserve least a portion of their wealth. But Bitcoin has some inherent advantages over gold, advantages unique to today’s fast-paced electronic world that will enable Bitcoin outperform Gold for a long time to come.

I'll start first. Baking. I love to make bread and cakes, but on my time.

I couldn't imagine having to wake up at 3 am everyday to start making bread.