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Litecoin Transaction Fees

Bitcoins Transaction Fee Crisis Is Overfor Now

Bitcoins Transaction Fee Crisis Is Overfor Now

Sign up or login to join the discussions! What goes up will probably come down eventually Bitcoins transaction fee crisis is overfor now The median fee peaked at $34 in mid-Decembernow it's less than $1. The median daily transaction fee on the bitcoin network fell to $0.79 on Sunday, a six-month low . That represents a dramatic 97-percent decline from the peak of $34 reached on December 23. The median daily bitcoin transaction fee was more than $10 from mid-December until mid-January but has been declining steadily since then. The high fees of the last few months have been a crisis for the bitcoin network . Bitcoin fans once touted the network's near-zero fees as a selling point. But as fees soared in late 2017, businesses started backing away from the network. Skyrocketing fees are fundamentally changing bitcoin Video game maker Valve stopped accepting bitcoin payments for its Steam platform in December, writing that "it has become untenable to support Bitcoin as a payment option." That same month Bitpay, a company that accepts bitcoin payments on behalf of merchants, announced that it was setting a minimum transaction size of $100though the company quickly cut the minimum to $5 in response to customer outrage. Stripe, a major credit card processor, stopped accepting bitcoin payments for customers in January, arguing that thanks to high fees, there were "fewer and fewer use cases" for the payment network. But fees have fallen in recent weeks. Yesterday, the median bitcoin fee fell below $1 for the first time since September. The question is whether these fees will stay lowor if it's a temporary reprieve. The bitcoin community is racing to implement new technologies that could allow bitcoin payment volumes to continue expanding without a return of crippling fees. To a Continue reading >>

Transaction Fee For Bitcoin/litecoin Explained.

Transaction Fee For Bitcoin/litecoin Explained.

Transaction fee for Bitcoin/Litecoin explained. Transaction fee for Bitcoin/Litecoin explained. When you send money to a Bitcoin or Litecoin address (or most other crypto currencies) then you need to pay a transaction fee. In this article I will explain what the transaction fee is, why you need to pay it, why the height of the transaction fee can differ, why the fees are different with Bitcoin and Litecoin and how the size of the transaction fee is calculated. When you initiate a crypto payment then you send money from your address to another address. Because it needs to be clear that you actually have received money on your address so you are able to spend it and that the money that you want to spend has not been spend yet, the transaction needs to be verified (or 'confirmed') by a third party. That third party is a computer that does this calculation and is called a 'Miner'. There are millions of miners which sole purpose is to calculate the validity of transactions. Of course these miners need to be rewarded for their efforts and that is done in two ways: All verified transactions are placed in a so called 'block'. if the miner is the first to create a new block, it receives a number of free coins. the number is different per crypto currency. For Bitcoin that is 12.5 BTC at moment of this writing The miner receives a small amount from the sender of the bitcoin transaction. And that is the transaction fee. Why do I need to pay the transaction fee? Up to about the end of 2015, you did not need to pay the transaction fee and miners would pick the transaction for calculation anyway. It was more like a courtesy to do so. However, since the number of transactions grew, the last transactions a miner would pick to calculate were the transactions without a fee. And these tra Continue reading >>

Does Exodus Have Fees To Send Or Receive?

Does Exodus Have Fees To Send Or Receive?

Does Exodus have fees to send or receive? The use of any digital asset network ( Bitcoin, Ethereum, etc. ) requires a small fee to send a transaction. This fee does not go to Exodus, but is paid to the network to ensure transactions are delivered reliably and quickly. Digital asset networks require a small fee to make it hard for any one user to flood the network with junk transactions causing others to have to wait. If sending transactions were free, one bad user could damage the network speed and reliability for everyone. Each small fee users pay to send transactions goes back to the network to help incentivizea secure network. Popular networks are crowded and thus more expensive. Today, Bitcoin is the most popular network and has the highest fees of any digital asset supported by Exodus. Bitcoin fees are calculated on the amount of traffic the network currently has and the size in bytes of the transaction. Keep in mind thesefees are not based on the amount of Bitcoin transacted - This is a common misconception carried over from the traditional fiat banking industry. A transaction's size is dictated by the number of inputs and outputs. The more inputs you have, the more expensive the transaction. One of the easiest ways to think about this is with change and dollars. One dollar is the same as 100 pennies, however, it requires more work to count 100 pennies and give it to someone for payment than it does to hand over a one dollar bill. Alice receives 0.01 bitcoins every day for 100 days. Bob receives a payment of 1 bitcoin once. Both Alice and Bob now have a 1 bitcoin balance. If Alice and Bob now try to send 1 bitcoin, Alice will have a much larger fee than Bob. This is because the bitcoin network has to do a lot more work for Alice to bundle all of her small change Continue reading >>

4 Reasons Why Bitcoin Transaction Fees Are At An All-time Low

4 Reasons Why Bitcoin Transaction Fees Are At An All-time Low

4 Reasons Why Bitcoin Transaction Fees Are at an All-Time Low Filed Under Blockchain , Cryptocurrency & Litecoin Late Thursday night I was struck with the sudden inspiration to begin trading cryptocurrency . I created a Coinbase account to access the small amount of bitcoin that had been gifted to me during the holidays and I was pretty disappointed. I had 0.002 of a bitcoin, roughly $25, an amount that I believed would cost more to transfer than its worth. After all, bitcoin transactions fees were at their peak as much as $50 or more . See also: Bitcoin Is Dropping, and Experts Cant Agree Why I went through with it anyway and moved the fraction on a token to my Binance account anyway. What did I have to lose? Thats when I received this in an email: You paid 0.00023846 BTC ($2.35 USD) in network fees. I was pleasantly surprised to see just how little that was, a reflection of just how much transactions fees have dropped since their dizzying heights. The world of cryptocurrency is difficult to pin down into absolutes, but there are a couple of factors that are more than likely working together to drive bitcoin transaction fees downwards. Graph displaying the amount of bitcoin transactions over two years. According to Blockchain.info there are roughly 190,000 daily bitcoin transactions. At the peak of the cryptocurrency market surge in December 2017, there were almost 400,000 daily transactions, and fees skyrocketed . Bitcoin is a software that requires thousands of computers to operate concurrently. Theres a limit to how much data these machines can process at once. The price for transactions increases when theres a lot of traffic demand, sort of like Uber s surge pricing. The revolution will not be televised. It'll be sent to your inbox by us. This is what is known as Continue reading >>

How To Use Shapeshift | Fees And Information

How To Use Shapeshift | Fees And Information

You can specify a precise amount of coins to receive (useful for using Litecoin to pay a Bitcoin invoice, for example). Just click "Need Specific Amount" when placing your order. The exchange rate you get is determined at the moment your deposit is received. It may vary slightly (better or worse) from the rate you see on the homepage. Be careful not to send more than the Deposit Limit. If you do, it will be returned automatically to the address you sent from. Super tiny deposits (<$0.10) may also be returned to you, without a fee attached. Small deposits are processed with zero confirmations. Larger deposits wait for at least 1 confirmation. You can reuse deposit addresses. If you do, the converted amount will be sent to the same output address as before. ShapeShift is primarily intended to be used as an API . One advantage of ShapeShift is that there is no "price slippage." This means you get a specific exchange rate for your order, which does not change based on the size of your order. With ShapeShift, what you see is what you get. The exchange rate shown is exactly what you'll receive, minus only the " miner fee. " There is no exchange fee, or service fee. Example: Exchange rate shows 1 BTC = 90.0430 LTC. If you deposit 1 BTC, you will receive 90.0420 LTC. Continue reading >>

Transaction Fees - Litecoin Wiki

Transaction Fees - Litecoin Wiki

2.2 What do I do if I have change that is below 0.001 (current dust threshold)? The following sections describe the transaction fee rules in Litecoin-Qt and Litecoind as of 0.8.6.1. Earlier versions may have different rules. Limit of free transactions the client will relay to other nodes per minute Minimum fee per KB for non free transactions (creating) Minimum fee per KB for non free transactions (relaying) Minimum output to avoid an additional mintxfee charge per smaller output Size of the block reserved for highest-priority transactions (regardless the fee) Maximum size of a transaction to be eligible for highest-priority Once you've calculated the size of your inputs and outputs, you need to use the minimum fee per kilobyte to figure out the fee. Example: If your inputs and outputs add up to 560 bytes, that is under 1 kilobyte, meaning the fee is (mintxfee * 1) (currently that is 0.001 LTC). Important Note: Because of Litecoin's dust mitigation, if you have any outputs that are under 0.001 LTC (DUST_THRESHOLD), you will be penalised with an extra 0.001 fee for each output. Input 1: 5 LTC to Address A (60 bytes) Input 2: 5 LTC to Address A (60 bytes) Output 1: 4 LTC to Address B Output 2: 0.0005 LTC to Address C Size: 200 bytes (Note: these are all made-up numbers just for an example) Now that we know where the coins are going, and the values of those, we can calculate the fee and change: 1. The transaction gave us 0.9995 remaining Litecoins 2. The size was 200 bytes. That adds 0.001 to the fee because it's within 1 kilobyte. 3. There was an output below the 0.001 threshold. This adds another 0.001 LTC penalty fee. 4. 0.9995 (Change) - (0.001 * 2) (Fee) = 0.9975 Change All we have to do now, is add another output to the change address, that could be Address A, or an Continue reading >>

Bitfinex - Our Fees

Bitfinex - Our Fees

Maker fees are paid when you add liquidity to our order book by placing a limit order under the ticker price for buy and above the ticker price for sell. Taker fees are paid when you remove liquidity from our order book by placing any order that is executed against an order of the order book. Note: If you place a hidden order, you will always pay the taker fee. If you place a limit order that hits a hidden order, you will always pay the maker fee. The Bitfinex OTC Desk allows traders to make large trades directly with a counterparty without having to hit the public order books. For instant to access liquidity or more information, log in and visit The OTC Desk . There is no trading fee for OTC trades brokered by the the OTC Desk . For other OTC trades there is a fee of 10 basis points on both sides. Note: Deposit errors (e.g., depositing BCH to a BTC address and vice versa) are subject to a $150.00 fee. Deposit errors may be recoverable by us. However, not all error deposits are recoverable; recovery of a deposit made in error is not guaranteed. Please exercise extreme care when depositing funds. *A Small Deposit Fee is applied on deposits less than a 1000 USD equivalent. Many small deposits create an excess of tiny wallet inputs that can accumulate, requiring wallet input consolidation maintenance and eventually delaying customer withdrawals. In an effort to keep withdrawals flowing smoothly for all customers, avoid sending many small deposits. Instead, batch smaller deposits together into larger amounts. Continue reading >>

Understanding Default Minimumfees

Understanding Default Minimumfees

Litecoins New Minimum Transaction and Relay Fees Per Kilobyte (kB). Currently, Litecoins minimum transaction and relay fees are set by default to 0.001 LTC/kB. However with the recent increase in Litecoins price, the Litecoin development team has decided to lower them: Minimum transaction fee: 0.0001 LTC/kilobyte Now lets talk about what each of these two fees mean. The default setting for a minimum transaction fee for Litecoin core is currently 0.001 LTC. One common misperception of the minimum transaction fee is that 0.001 LTC is the lowest fee you can pay for it to get processed by the miners. However, if you look closer youll noticed that the fee is actually 0.001/kB (emphasis on the kB). The kB here actually refers to the amount of blockspace your transaction will take if it gets recorded. This means that the transaction fee is dependent not on the # of LTC youre sending, but rather on how much space its taking up in the block. This means your actual transaction fee can be lower than 0.001 LTC. Below is a formula on how you might be able to accurately estimate what minimum fee you should send for your transaction: 0.001 LTC x size of the data of the transaction to be recorded in the blockchain. If a standard Litecoin transaction is around 200 bytes (where you received LTC from 1 address and sent LTC to 1 address), then you should set your minimum fee to 0.0002 LTC. You can do this by clicking the send tab in Litecoin Core then choose on the bottom left next to transaction fee. Click Custom and Pay only the required fee 0.001 LTC/kB. You can also do this with many other Litecoin wallets as well. Its important to note that the data size of your transaction isnt dependent on the number of Litecoins you send. Rather, its dependent on how many transactions you received Continue reading >>

Litecoin (ltc) Just Got Better And Bigger

Litecoin (ltc) Just Got Better And Bigger

As the days go by, the more I am convinced that Litecoin (LTC) will emerge victorious in the race for top crypto coin. Just recently, the Litecoin team released Litepay , a payment system that allows users to spend their cryptos, or convert them into fiat from any part of the world, instantly and at very low fees. Now the team has made things even better by making upgrades to the Litecoin core framework. The new core V0.15.1 is designed to make Litecoin even more efficient to use. One of its key defining features is the drastic reduction in Litecoin transaction costs. In specifics, Litecoin transaction costs have been cut to 0.000001 LTC per transaction. This makes it almost free to make transactions. This is a big deal and is guaranteed to shake up the market. For starters, it is likely to spell doom to the smaller altcoins that the use transaction costs as their value proposition. Why is that? Well, you need to understand that Litecoin (LTC) is a top 5 cryptocurrency, and also happens to mirrors many aspects of bitcoin, including security. As such, the higher trust levels that it has in the market is guaranteed to drive in investors looking to take advantage of this drop in transaction costs while enjoying impenetrable levels of security. Look at this way, assuming you have $100k to invest, would you rather risk it on some unknown coin promising zero transaction speeds, or would you put it on Litecoin, a top 5 cryptocurrency that offers the same value proposition, and is more stable? The choice is pretty obvious. In essence, this increased fundamental strength of Litecoin after the drop in transaction fees is likely to see its trading volumes increase drastically in coming days. Then there is the fact that this drop in transaction costs, gives Litecoin even greater v Continue reading >>

Will Bitcoin's Lightning Network Kill Off Altcoins Focused On Cheap Transactions?

Will Bitcoin's Lightning Network Kill Off Altcoins Focused On Cheap Transactions?

Will Bitcoin's Lightning Network Kill Off Altcoins Focused On Cheap Transactions? {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. {{article.article.magazine.subscription_text}} Lightning flashes over Munich, southern Germany, on June 26, 2017. (MARCEL KUSCH/AFP/Getty Images) The transaction fees on the Bitcoin network have skyrocketed to new all-time highs of over $30 in the past couple of months, which has led some to suggest that there could now be an opening for a cheaper, less congested alternative to the worlds most popular cryptocurrency. Although on-chain transaction fees have priced some types of payments out of Bitcoin completely, various solutions to this issue are currently in development, with the Lightning Network being perhaps the most promising option. The Lightning Network is a system of smart contracts built on top of the base Bitcoin blockchain that allows for fast, cheap payments directly between two parties. On a technical level, the Lightning Network is built on payment channels, which were envisioned by Bitcoin creator Satoshi Nakamoto in the early days of the projects development. The basic idea here is that two people put some bitcoin into a multisig address and then sign transactions that alter the amount of bitcoin each party is able to redeem. The payment channel can be closed by either party at any time, and the last-signed transaction with the most up-to-date balances for both parties is the one that will be broadcasted and included in the Bitcoin blockchain. From a less-technical perspective, Continue reading >>

How To Not Pay Coinbase Fees (usd To Btc/eth/ltc) Steemcreated With Sketch.

How To Not Pay Coinbase Fees (usd To Btc/eth/ltc) Steemcreated With Sketch.

( ) Buying any coin using your credit card will bring a whopping 4% fee. Sold bitcoin after a spike and want to cashout? Another 4% if you are planning on using the PayPal option! Even the cheapest option being the Bank Account Transfer will run you 1.5% selling and buying! Now that may not seem like a lot, but if you are planning on making a sizable investment, this adds up. For me, that fee hit me for $75 during my first big investment. The solution to getting around this fee is simple enough; use GDAX. GDAX is the exchange owned by Coinbase and is already integrated with your Coinbase account. Go ahead, log into the GDAX exchange with your Coinbase credentials. BOOM! You are in! Deposits from your bank account are free (similar to how you would fund your USD Wallet on the Coinbase App). Transferring anything from your Coinbase account is also instant and fee. Now here's the good part; buying some coinage with your USD. What are the fees like? Only 0.25% taker fee and 0% maker fee on GDAX! Compare this to the 1.5% fee Coinbase would charge you to just buy Bitcoin. Now depending on your 30 day volume, you could be paying less but I'm sure you would already know this stuff if you were trading ~94,148.18 BTC in a months time. Transferring your bitcoin to your Coinbase wallet (or any wallet) is also free if you don't count the network fees. So let's recap. To save the most money when buying bitcoin, ethereum, or litecoin with USD, sign up for a Coinbase account and USE GDAX. Continue reading >>

Litecoin's Soft Fork - Charlie Lee's Plan For A 'fee Market' | Cryptoslate

Litecoin's Soft Fork - Charlie Lee's Plan For A 'fee Market' | Cryptoslate

Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Litecoin was born out of an early software branch of Bitcoin , but has since gained momentum as its own currency, and, at time of writing, holds the seventh place in terms of market cap. New blocks on the Litecoin network are discovered every 2.5 minutes, as opposed to Bitcoins 10, resulting in faster transaction confirmations and consequently lower fees. After Charlie Lee , Litecoins founder, recently announced that he had sold/donated all of his own LTC to avoid any conflicts of interest, many worried that this marked an attempt by the developer to distance himself from the project. It seems, however, that he has no intention of slowing down, after a tweet on Saturday laid out his proposal for a soft fork to the network. I'm proposing an upgrade to Litecoin with a soft fork that will let miners signal their min accepted fee in the block header. This will let a fee market develop without having us decide what the min fee is. Will also make it easier for users to estimate fees. More details later. Charlie Lee [LTC] (@SatoshiLite) January 6, 2018 Charlie Lees decision to sell all of his Litecoin sent shockwaves through the crypto community. In a series of follow up tweets, Lee explained how the creation of a fee market could further drive down the price of fees on the Litecoin network. The idea is to create competition by allowing miners to set the lowest fee they are willing to accept in the block header. At times where the mempool is clogged, miners could set higher fees due to demand. Conversely, when the mempool has a lower volume, they would compete to confirm lower-fee transactions. Some have voiced concerns that such a system could lead to mining cartels (i.e. collusion to impose high fees), bu Continue reading >>

Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution

Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution

Bitcoin transaction fees are proving to be profitable for so-called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions. They are paid in bitcoin in return for their services. On Monday, the total value of all transaction fees paid to miners hit an astronomical sum above $11 million on that one day, according to Blockchain.com data. A debate has been brewing among the bitcoin community surrounding transaction times and fees. Right now it takes an average time of 78 minutes to confirm a bitcoin transaction, according to Blockchain.com. But on Sunday the average time was as high as 1,188 minutes. Slow transaction speeds and fees has led to a number of splits in the original blockchain. In August, the blockchain was forced to split in two a phenomenon known as "hard fork." This led to the creation of a bitcoin spinoff called bitcoin cash. Another fork occurred in October , spawning yet another digital asset called bitcoin gold. These bitcoin offshoots have spawned because some within the bitcoin community believe that the size of blocks records of transactions on the network should be increased. A proposed update known as SegWit2x would have increased the block size from one to two megabytes, but this was dropped last month. Separating bitcoin from its altcoin rivals The boss of blockchain firm Ripple, whose digital currency XRP is the fourth-largest by market value, is skeptical about the use of bitcoin for payments and transfers. "I don't think bitcoin is well-positioned to solve the payments problem," Ripple's CEO Brad Garlinghouse told CNBC earlier this year. Garlinghouse said that his firm's cryptocurrency was "enabling transactions in seconds," adding that the cost Continue reading >>

Cryptocurrency Fees And Litecoin Soft Fork

Cryptocurrency Fees And Litecoin Soft Fork

Cryptocurrency Fees and Litecoin Soft Fork Are you overpaying in Bitcoin transaction fees? Are you underpaying and stuck in the mempool? Do you trust your wallet or exchange to choose the optimal transaction fee for you?In this article, well analyze how wallets determine cryptocurrency fees and discuss a Litecoin soft fork proposal to create a competitive and open fee market. When Bitcoin first started, there were no fees to send your coins. The blocks were not full and the block reward was a sufficient financial incentive for people to become miners. Satoshi Nakamoto said, I dont anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee. In todays world, with increasing transaction volume and limited space per block, you must pay a fee to incentivize miners to choose your transaction over others. Here is a look at the average Bitcoin transaction fees over the last 6 months. You can have an SPV (simple payment verification) client, such as a web wallet, estimate the fee for you based on the number of transactions currently sitting in the mempool. These dynamic fees work similarly to Uber. The greater the demand on the network, the more the price surges. While Litecoin also has limited block space, the blocks are generated every 2.5 minutes instead of Bitcoins slower time of 10 minutes. This allows for a tradeoff between speed and security. The Bitcoin Cash community argues that increasing the block size will solve the transaction fee problem, but there are potential drawbacks to larger blocks such as miner centralization. You can also analyze the transaction volumes and mempool yourself. But be careful, manually selecting a transaction fe Continue reading >>

How Bitcoin's Rising Transaction Fees Will Boost Litecoin

How Bitcoin's Rising Transaction Fees Will Boost Litecoin

As of February, Bitcoin transaction fees are up 1289% since March 2015 as Bitcoin transaction volume in 2017 approximates $250 million per day or about $180,000 per minute. That represents a 55% increase over 2016 and 173% over 2015. Bitcoin has added $10B to its market cap over the last year and currently processes three transactions per second. For Bitcoin users, as trade volume increases the very factors that have caused the volume to be so high; low transaction fees at high speeds will begin to decline. That's where Litecoin comes into play. It offers the same stability as Bitcoin with a smaller blocksize essentially making it the silver to Bitcoin's gold. Although many will argue the superiority of smart contracts or many other features of altcoins there will always be a huge market, especially in countries with unstable currencies, for a private, stable and easily transferrable asset. As we see instability increase in the world along with the rapid increase in cryptocurrency volume people will flock to Litecoin, and with a market cap of only 1.5 billion there is huge upside potential for Litecoin. Downvoting a post can decrease pending rewards and make it less visible. Common reasons: Continue reading >>

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