Topic: Taking advantage of network fees. (Read 201 times)
Sometimes the fees rise up, but if you're not in a hurry, you can set a lower fee and wait longer for a transaction to get confirmed. You can also pay more if you want a confirmation within 10 minutes. If you're asking about what can be done about the fees, there are some things that can be helpful, and you can read about them here. I, however, never used those. I find the fees to be okay most of the time, and when they're quite high (say, above $5 (which, I should say, wasn't the case for about half a year), I try to wait it out or make a bigger transaction, so that the fee is not that high proportionately.
Sometimes we do not understand the important of network fees, Can we really share out thought and talk about the important of network fees to other wallet that is not Blockchain, this usually courses delays in confirmation and People do neglect it, And yet alot of people do complain on the delays ok there transactions.
I don't understand exactly what you are trying to say but if you think the fees go to the wallet developers then your information is not accurate.You can send transactions with a fee close to zero (1 satoshi), but it will take a longer time to be included in one of the blocks and therefore you will have to wait longer.
But if you use a well-programmed wallet and track network activity[1], you will be able to pay the lowest possible fee based on the estimates time to get confirmations.
About fees you can read ---> https://en.bitcoin.it/wiki/Miner_fees
[1] https://mempool.space/
It's about priority. The higher the fee, the higher priority that you'll be getting for your transaction and that's what the miners are going to prioritize.
If you don't want your transaction to take that long, you pay a bit higher for the fee. But if you're good and patient enough, you don't have to pay that much fee. These days, the fees are not really that much compared before.
If you don't want your transaction to take that long, you pay a bit higher for the fee. But if you're good and patient enough, you don't have to pay that much fee. These days, the fees are not really that much compared before.
Understanding the network transaction fees is not hard that much, to be short, imagine you are paying this amount of fee to the workers to get your works done, whenever you try to transfer money you will need to pay some fee to the back but the money will be used to pay the bank emploees and workers, but whenver you are talking about bitcoin things are different and the fees are not fixed and the fees are calculated accordin to the networkd situcation, if the notwork is crowded you will need to pay more money to get your transaction in confimed blocked faster.
Sometimes we do not understand the important of network fees, Can we really share out thought and talk about the important of network fees to other wallet that is not Blockchain, this usually courses delays in confirmation and People do neglect it, And yet alot of people do complain on the delays ok there transactions.
If transactions must be confirmed by something real which can be miners, stakers, nodes, validators, banks, etc. it should have transaction cost as part of income for such entities. If not, how transactions can be confirmed, done and how network on which transactions will be moved around will work.Each network has its own capacity, block size, block time, etc. all of them affect the transaction fee for us. In general, with same capacity, if a network has higher demand, more waiting transactions, we will have to pay more expensive for our transaction as transaction fee.
Some days as weekends when less transactions are waiting on network, so we might have cheaper transaction fee.
Sometimes we do not understand the important of network fees, Can we really share out thought and talk about the important of network fees to other wallet that is not Blockchain, this usually courses delays in confirmation and People do neglect it, And yet alot of people do complain on the delays ok there transactions.
In the absence of a third party intermediary miners volunteer their time to confirm transactions and get rewarded with the fee after solving some computational arithmetic. Delay in this transaction is caused by queue of other transactions that are yet to be confirmed and if one wishes to fast track their transaction the transaction fee can be modified with a higher fee to aid fasten the transaction. Any one can volunteer to work as a miner provided there is steady light and a high sensored computer that can aid in the mining process 
Kinda simple. Without getting a bit too technical, you need network fees to prevent network spam as much as possible, and at the same time to give a little bit more incentive for miners to actually secure the network.
And yes, it's kinda a flaw if you're thinking about making real life transactions because having instant send with near-zero fees is necessary. But we're talking about the Bitcoin base layer here; for instant and cheap payments, we're going to use layer-2 solutions like lightning or centralized platforms such as CashApp/Coinbase.
And yes, it's kinda a flaw if you're thinking about making real life transactions because having instant send with near-zero fees is necessary. But we're talking about the Bitcoin base layer here; for instant and cheap payments, we're going to use layer-2 solutions like lightning or centralized platforms such as CashApp/Coinbase.
I understand that there can be some wallets that are not charging any transaction fees but I am not so sure how sustainable they can be or if what they are doing can be secured and safe. Top blockchain networks are charging fees as a way of doing business within their ecosystem though of course if you are referring to the incredible Ethereum gas fees right now I understand that things can be so disgusting there...that's why I already stopped doing ERC-20 transactions months ago until things can get fixed back to normalcy. Transaction cost is a big reality whether we are using legacy financial infrastructure or the one which is blockchain-inspired.
This is what makes a cryptocurrency decentralized. Just like Bitcoin, we have miners who process our transactions and they are getting rewards for solving complex computer computations.
And about the delays of different networks, it is indeed on the traffic, for example, the network is clogged because a lot of users are doing transactions at the same time, for example, is Ethereum right now, high transaction fee because there's a lot of transactions.
And about the delays of different networks, it is indeed on the traffic, for example, the network is clogged because a lot of users are doing transactions at the same time, for example, is Ethereum right now, high transaction fee because there's a lot of transactions.
Sometimes we do not understand the important of network fees, Can we really share out thought and talk about the important of network fees to other wallet that is not Blockchain, this usually courses delays in confirmation and People do neglect it, And yet alot of people do complain on the delays ok there transactions.
It's a little bit confusing to me you post,
Do you actually wanna know, why we have to pay the tx fee when we spend our coins?
well, if you don't pay fees then why do miners spend their mining energy nd electricity energy to add your transaction to the next block? you know Bitcoin is not physical it is held in on Blockchain and when you send your coins to someone then it will be recorded on the blockchain and the miners do that job for you. they confirm your transaction that's why your receiver does able to know that you sent him some coins.
now come about fees, fees are not too large if you send large money then fees are really too small on regards your sending amount. the problem comes when you want to spend a small amount, Long story short, for a small amount you can use LN service, that's all.
Sometimes we do not understand the important of network fees, Can we really share out thought and talk about the important of network fees to other wallet that is not Blockchain, this usually courses delays in confirmation and People do neglect it, And yet alot of people do complain on the delays ok there transactions.
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