Bitcoin Vs Bitcoin Cash Transaction Fees

Question

Bitcoin has been advertised every bit a very low cost and fast method of sending people coin around the earth, And then if I demand to ship someone $one thousand USD, the cost/fee of using WU is less than $20 USD (Using credit carte – UNFORTUNATELY, WU doesn’t work. They deny me sending $1000 and give me no reason. I will never apply WU again.) but if I use bitcoin, what volition exist the minimal cost? Since I need to buy the bitcoin in the first place, and that other person need to sell it to get the cash, the conversation fees and the transaction fee would be more than $100 in the end? and if send someone $yard in bitcoin, in that location is a chance that when she/he gets the cash next mean solar day, my $1000 volition be less than $1000? If that is truthful, how tin I trust bitcoin?

MCCCSMCCCS nine,959 5 aureate badges 26 silver badges 55 bronze badges · Answer 1 · 2017-09-02 16:34:41Z

If you pay enough fee, which is ~ 5 dollars currently (only paying 10 dollars volition guarantee fast confirmation), your payment will get confirmed in an 60 minutes. Proficient luck!

Actually it’s possible to send with lower fee by using a SegWit address, but don’t take the risk if you don’t know what you’re doing, set up its fee 8-10 dollars. Rescuing the low fee transaction is difficult unless y’all’re an skillful.

answered
Sep 2, 2017 at 16:34

MCCCSMCCCS

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There is also a fee for me to purchase 1000USD bitcoin in the first identify. And I think information technology’due south well-nigh 4%, or 40 dollars. I don’t know about the receiving end, but I gauge it’s probably the same, and so that is some other forty dollars. 40+twoscore+10=ninety dollars.

Sep 2, 2017 at 19:46
@Atmega328 That’southward non transaction fee, that’s your exchange fee. Different exchanges have different fees. Bitcoin’s transaction fees don’t depend on the value of Bitcoins you lot sent. (Fees of a 100k dollar transaction may be equal to a 100 dollar transaction)

Sep three, 2017 at 7:43
Regardless, if I demand to send someone yard USD cash using THE “promising” bitcoin system, I still demand to pay about $100 out of my pocket to practice just that, which is ridiculous and not counting the hassle for me and receiver. I can do that with paypal for less. two.9% or $29, which is still expensive. And so is there a place where I tin buy bitcoin for complimentary? I highly doubted. Or do I really demand to pay a fee to sell bitcoin as well? I am pretty certain information technology’southward the case, so bitcoin is only ridiculous.

Sep 3, 2017 at 10:13
yup, in your agreement and insisting model of paying to get in and out, bitcoin doesn’t brand sense as a use case. You amend permit it be, cause there a limiting factors surrounding y’all. The vast majority of people take better use cases for bitcoin (many are property), and they discover ramps to go in, and even live on bitcoin, and hope with the ongoing develpment (segwit, lighning) to become into a futurity with even cheaper payment oportunities. Heady roads ahaead!

Sep iv, 2017 at ix:42

pebwindkraftpebwindkraft 5,056 2 gold badges 12 silver badges 34 bronze badges · Answer 2 · 2017-09-02 19:26:15Z

have a look hither: https://bitcoinfees.21.co/ this tells me currently, that you tin pay 120-150Satoshi/Byte, to get confirmation within six blocks (on average i hour). And then if yous have a standard tx (less than 500 Bytes), yous can go with 500×100 Satoshi= 50.000 Satoshi = 0.0005 Bitcoin = +2 Dollars. If your tx has ii inputs, and two outputs, then you have like 750 Bytes, so make it +three Dollars.

answered
Sep two, 2017 at 19:26

pebwindkraftpebwindkraft

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There is also a fee for me to purchase 1000USD bitcoin in the commencement place. And I recollect it’s almost 4%, or 40 dollars. I don’t know about the receiving cease, only I judge it’south probably the aforementioned, so that is some other twoscore dollars. forty+40+10=90 dollars.

Sep 2, 2017 at 19:47
that doesn’t make sense… if yous choose the most expensive seller for bitcoins, then maybe you are working with the incorrect team. That is not bitcoins fault. Take a look at other opportunities, or fifty-fifty bisq. And if United states is the problem, cause y’all can’t get “cheaper” access to bitcoin, why not search abroad? I accept never had to pay ~forty Dollars to buy bitcoin – wtf!!! I am in Europe though…

Sep 4, 2017 at 9:39
3.99% is Coinbase.con fee.

Sep 6, 2017 at 0:44