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That's not true, it doesn't cost $5 to make a single transaction (unless your chores are really, really expensive). Mining fees are optional, although if you do
by gkoberger 9y ago
That's not true, it doesn't cost $5 to make a single transaction (unless your chores are really, really expensive). Mining fees are optional, although if you don't pay it, miners don't need to accept your transaction. Basically, you're paying for miners to do the work necessary as an incentive (much like you'd pay Visa or Mastercard).
- jondubois 9y agoIt is essentially true though because your transaction almost definitely won't make it into the next block unless you offer around $5 worth of Bitcoin... This means you may have to wait a very long time for the transaction to go through. Bitcoin transfers are slow and expensive so it only makes sense for large transactions. For small transfers you should use a different altcoins.