Steem has NO FEES, repeat NO FEES!
With all the turmoil surrounding other cryptocurrencies transaction fees I think it is a good time to mention that Steem is the only cryptocurrency (that I know of) that has no transactions fees.
Yes, I could send 1 million dollars of Steem or SBD and the fee will be $0,00!
I believe this is one of the best features of Steem and is currently going unnoticed by the rest of the crypto community who keeps discussing what cryptocurrency to use to safe on fees!
This Graph appeared on DashNews yesterday…where is Steem!?!
As you can see Bitcoin fees are just ridiculous now. If I wanted to pay one of my $5 VPS I would have to send around $6.25... That is a 25% worth of FEE!
I started using Bitcoin as a storage commodity, sort of like Gold and Litecoin and Steem for everyday transactions. I still use Litecoin as it is more accepted than Steem but I believe this will change in the future.
It's not about the fees to choose a coin as money, it's about the interoperability of coin with fiat market. Right now the only coins that have active markets are BTC and ETH which people actually buy and sell in fiat so anything else cannot be used conveniently as money. Can you explain to a business partner that they should open an account in Steemit, get the money, send it to poloniex, exchange it to BTC and then convert it? No, the person would think you just don't want to give the money.
Good point. That's why I'm just buying right now. They gonna build the infrastructure when they comprehend what is all about.
Right, let's buy even more!
Yes, with that I agree with you and it is why I use LTC that has FIAT ramps.
However, like LTC was added to coinbase and soon Bitstamp, Steem could be added too in the future... eliminating BTC out of the equation.
You are right LTC is also one of the important and near future markets. But BTC will never go out of equation, it's the main reserve similar to gold. You don't use gold to pay your phone bills but use it as a stable monetary unit to store wealth.
Imagine banksters rage when they see how this is funcionating. Everything they learned throughout studies, interests, fees, et cetera. All going to toilet. This is just another good example for crypto - yes.
i think ethereum has potential.
It does, but fees are still high specially for smart contracts.
Yes i agree with you so i'm finding lower exchange
Why doesn't Steem have fees? How do the miners processing the blockchain get paid?
What if I told you, that there are no miners? hehe.
Steem used Delegated Proof of Stake, block producers get paid regardless of the fee.
I like the Matrix reference!
Could you maybe explain that like I'm 5?
So it is fees going to the stakers. Steem no fees is not true. How would transactions be processed? That's like saying Ether when POS comes out Casper no fees. Their are since stakers get some reward of the total staked. Steem is same way.
Have you never made a transaction?, before stating something completly wrong you should have at least tried it... if you did, you would see that you wont get charge anything, nothing, nada..
Block producers get "block rewards", at a predifine inflationatory rate... this is diferent from fees... with Ethereum, Bitcoin, etc... block producers get the block reward + fees
Users are still paying for it through inflation. Steem has over 9% inflation per year. That's much more than BTC or ETH. Look I am super bull on Steem too but don't say there is no fees. The fees (rewards to stakers) are in the higher inflation. Users still pay through Steem inflation paid to stakers.
I am gonna have to disagree with you. If I send money on Steem I dont get charge a Fee, period.
So steem has no transaction fee, that is a fact. Inflation is not a fee on transactions.
Is not about being bull on Steem or not, if I send a transaction on BTC, ETH, MONERO, ETC I get charged "transaction fee", this does not happen on Steem.
mmm I could keep going, but I think you get the point..
Holders still pay one way or the other through inflation. Its not free. You can call it however you want. Its like DASH gives their mater nodes 8-9% annually but the inflation is more than that. There's no free lunch is what I am saying. Steem has higher inflation so in fact. The net difference in fees + inflation is what you should be calculating to get absolute numbers. Demand for token is more important than those numbers. Steem has a reasonable inflation rate now so I am not here to criticize it. If more and more people demand the token compared to the (fees) you are indirectly paying out to the stakers and user rewards then price will con't to rise. Inflation and fees are same as expenses. This is money flowing out of the system not in. Its same net effect.
Steemit is a nice idea. Having said that it doesn't seem to be very user friendly. Thinking it will really hack of less computer savvy users to the point they fall away pretty quickly unless it becomes easier to use. Steemit is likely to be a quick burn out/flash in the pan type a thing.
good point @hedge-x. I finally understand one of the reasons that creators defined inflation so high.
thanks @chitty, I didn't know steem had no fees in transactions.
There is no inflation on BTC like on fiat currencies. After all bitcoin is mined there won't anything left to mine. There fore to call BTC "inflation" is not accurate.
Steem uses DPOS instead of POW.
Wow, so steem is the best coin to make transactions :D :D
I think so, too. Hhhh..
Seem and eth seem the better one at the moment
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This is why I didn't get into crypto currencies until steem came along. It's a great system.
The main reason I haven't touch my BTC is because the fees can go as high as 60% of what you're paying. At the same time I'm thankful because if it wasn't for BTC fees being so high I wouldn't have looked for alternatives like LTC, DOGE and STEEM.
Not unless if you're going to cash-out.
I think that's already outside of Steem blockchain. Once STEEM gets exchanged into Bitcoin, that's where transaction problems start. But even though it has its own problems, we could still thank Bitcoin for being this old man with a lot of connections (wallets and exchanges in many countries).
Yeah right