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Bitcoin has a flat transaction rate for moving any amount of value. So yes, more expensive if the amount being transferred is low, and I mean really low.
by djtriptych 9y ago
Bitcoin has a flat transaction rate for moving any amount of value. So yes, more expensive if the amount being transferred is low, and I mean really low.
- dfox 9y agoBitcoin's transaction fees are more complex than flat per transaction. It depends on the size of transaction which then in turn depends on how many incoming payments you have to combine into the amount of BTC you want to send. This has somewhat surprising and unfortunate high-level effect that the smaller transactions you do, the higher are fees for your future ones. The same is true for all cryptocurrencies where you spend transaction outputs (all bitcoin derived ones) instead of moving abstract numbers between "accounts" (ethereum), where the transaction fee is essentially flat and often insignificant. I'm not sure how Monero and Zcash works in this regard. Edit: tl;dr: problem with bitcoin's transaction fees is that they are not flat, but instead depend on non-obvious technical details of the protocol.
- TD-Linux 9y agoWhile it is true that Bitcoin transaction sizes* vary depending on the coins available in your wallet (vs Ethereum only depends on the account), most of the volatility is based on the pricing of gas or bytes, not coin selection. Also, pertaining to the original article, it's unclear if either ring signatures or bullet proofs can be made to work with an account model. Is there any examples of this? *Bitcoin now measures transactions in weight, not size, a similar concept to Ethereum's gas (though much simpler)