Bitcoin transaction fees

Discussion in 'Approved Wallets' started by remnant, Oct 12, 2016.

  1. remnant

    remnant Active Member

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    Bitcoin transaction deep are very low compared to other industry players like Paypal and wire transfer as well as being fast. For instance, in the latter, they charge up to 3% of the total transaction which is comparable to credit cards. It becomes more expensive when you think about wire transfers. The low transaction fees (son cents) is tied to the size of the blockchain which has to increase in size for the fees not to rise. These arguments about which direction the blockchain size should take have split decision makers in the middle. The blockchain size of 1MB by Satoshi was an arbitrary one. What do you think?
     
  2. alexanderzx360

    alexanderzx360 New Member

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    BTC transaction fees are currently the lowest from any other payment. The thing with Paypal is that at the moment it's almost a household name, so being this trusted by the general audience no one really cares about which other e-wallets could have a a lower transaction fee.

    Another thing that people think is that BTC is still a very risky market, and it's too hard for a conventional user to learn how yo use it, which is totally wrong.

    I didn't know about why this low transaction existed, so thank you for informing me! Cheers
     

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