Minimum fee bitcoin exchange rates
Older people will be more familiar with it, but younger folks who are used to free services are now feeling it. All the costs the seller used to incur in a centralized business is now passed on to the buyer.
I know this is like 2 months later but changelly has gotten even worse! Well take a look at the following screenies and explain it please… because i almost fell into the hole… image. On the first screenshot, yes Changelly does not give a good rate when dealing with cash. I assume they have higher fees, to compensate for the chargebacks they get.
No one is forcing you to give Changelly cash. Second screenshot show a fair exchange rate. There are very high fees at every credit card to BTC gateway. I do not think this a specific issue with Changelly.
If you want to get the best BTC rate, you should set up an account at an exchange that offers a fiat gateway, and wire the fiat from your bank account to the exchange. There are many options, and the one you want will depend on your fiat currency. Obviously this is a lot more work than using Changelly. You are paying for convenience. All in all, I do think a guide for new users on how to get the best exchange rate is a good idea.
I understand that they might be charging higher fees for using fiat through changelly. Changelly is dissapointing in its fees Crypto. That's how much it'd cost me to send 0. And this is actually quite cheap compared to a few days ago, when transaction fees were even higher, making Bitcoin barely usable for microtransactions.
And cheap transactions, especially for small amounts of BTC, are supposedly one of Bitcoin's biggest advantages. Yes, you can now tip strippers with Bitcoin. The transaction fees are raging due to several factors. One is the size of the block in Bitcoin's blockchain, which is limiting the number of transactions that can go through at any given time.
Bitcoin's network is powered by miners, people and companies who use a tremendous amount of computing power to create new bitcoins.
And when there's too many transactions to process—which currently happens very often—miners will prioritize transactions that pay a higher fee. The situation improved with the recent SegWit upgrade of the Bitcoin software, but it will take a while—weeks or months—before users start seeing benefits of SegWit.
Another reason is Bitcoin Cash, a competing cryptocurrency that split off from Bitcoin on August 1. Since the two cryptocurrencies are similar, it's simple for miners to switch from mining Bitcoin to Bitcoin Cash. And for reasons explained here , sometimes it's more profitable to mine Bitcoin Cash than Bitcoin. Whenever miners start switching to Bitcoin Cash, Bitcoin's network becomes slower, and transaction fees rise; we've seen this swing happen a couple of times before and it's likely to keep happening for a while.
This is not good for Bitcoin. A few bucks or even a few dozen bucks per transaction isn't a deal breaker for investors, but for someone who wants to use Bitcoin as payment—which is kind of the point of Bitcoin in the first place—that's far too expensive.
The good news is that the fees are likely to get better. The bad news is that it won't happen very soon. SegWit has paved the way for a further upgrade called the Lightning Network , which should vastly reduce fees, but the software, or even its specifications, aren't ready yet.
This will reduce strain on the network and make transaction fees lower, but switching to SegWit2x requires a so-called hard fork, meaning that Bitcoin is once again splitting into two, which could bring new trouble.
Luckily, Bitcoin users aren't completely without options right now. One thing you can do is wait until the network is less strained at night, during the weekend , which is when transaction fees will go down. You can also check this service to see which transaction fees are currently the most economic for you.
At the time of this writing, a Bitcoin fee of satoshis per byte will be enough for your transaction to go through in about 30 minutes Bitcoin transaction fees are expressed in satoshis , which is one hundred millionth of a Bitcoin, per byte size of the transaction, which is typically a little over bytes.