Quote:
Originally Posted by island911
Please, expand your understanding. I would like to know the transaction cost.
Because as I understand it, there would be maybe a $20 transaction cost on that $16 pizza. |
This is where you guys are sort of wrong.
IF you transfer BTC out of a secure wallet, this fee does exist. It is a verification that this Bitcoin is legit because it was essentially taken offline.
However... using other methods you can transfer chunks out of the secure wallet paying that fee, into a less secure provider like coinbase, and pay out of there without additional fees.
The analogy is this. It costs $30 to open your safe regardless of how much you take out and put in your wallet. So the smart man takes out enough to distribute for what he needs, but not so much that if his Wallet is stolen that he’s bust.
ATM fees are similar, it costs your $2.50 to take out your cash. ..so you take out more to pay that fee less often.