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RE: Just transferred 39 Steem to BTC via shapeshiftio
Welcome to high bitcoin transaction fees. Support Bitcoin Unlimited to get bitcoin back to cheap and fast.
Welcome to high bitcoin transaction fees. Support Bitcoin Unlimited to get bitcoin back to cheap and fast.
I have an argument with my brother in law. He says cryptocurrencies are only good for money laundering. The high exchange fees are his argument that I can't beat.
How much would it cost to wire that money overseas vs sending it with bitcoin?
If I exchange for example Israeli NIS to Euro, I pay few percents. 4 percent is considered high.
No the fee is not fixed but the amount has no bearing on the fee. It doesn't matter if you send .0001 btc or 10000 bitcoin the fee could be the same. I say could be because the fee is based on the size of the transaction in bytes. The more inputs and outputs it has the more it costs. Most transactions will only be 1 or 2 inputs and 2 outputs though. Still even really large transactions aren't that expensive but would be a lot less expensive without the current artificial blocksize limit. A year ago just about any transaction could be done for under 3 cents.
Send 10000 with each. even at 1% instead of 4% that would be $100 with the transfer. with bitcoin it's still about $1 even with the current insanely high tx fees.
So the fee is a fixed $1 ?