Bitcoin, Difficulty making small transactions.

in #blockchain • 6 years ago

Hello friends, this time I have come to discuss a situation that I have seen on the web lately and that has also affected me considerably.

This is about the commissions that have to be canceled by the satoshis transaction, being the minimum unit that represents the Bitcoin cryptocurrency, which is defined in 0.00000001.

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Currently, the use of cryptocurrencies is becoming very common in the international market, among them are Litecoin, Ethereum and most famous "BITCOIN" created by "Satoshi Nakamoto" which is in circulation through the network by half of digital wallets among which is COINBASE, LOCALBITCOIN, BLOCKCHAIN, among others.

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Here we can see that to make a transaction, to another page has a commission cost of 85739 satoshis, which at the rate equals 13.69 $. You must pay an additional amount of 13.69$ regardless of the amount that satoshis you will spend to another account or affiliate page.

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In this case we can appreciate that the value to carry out a transaction towards another page has a commission cost of 63424 satoshis, which at the exchange rate is equivalent to 10.32 $ for each transaction made. It is still a high cost for a transaction, but it is below the commission cost of Coinbase.

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In the case of this wallet has two aspects that influence the cost of the commission, the first is that it depends on the size of the transaction and the level of network traffic at the time and the second is that it depends on whether a regular or priority transaction, which has a higher charge to expedite the transaction.

To all this, these wallets have the policy that if they are transactions between users of the same wallet the commission payment is not applied.

After all the above, we can conclude that:

  • It is not feasible to make small transactions, due to the high cost of the commission, at least in the first two mentioned wallets.

  • Have a single wallet which you can exchange your satoshis for the currency of your country.

  • Group several friends, who have these wallets, so that the satohis is passed to a single account and that account makes the transaction, minimizing the cost of the commission, by dividing the cost among all those involved.

  • Expect to change the policies of the wallet on commissions and install a fixed rate on the value of each transaction.

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6 years ago in #blockchain by
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     6 years ago 


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