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Sick of paying high fees with Bitcoin and Ethereum, come check out HIVE where transactions are FREE! by jrcornel

View this thread on: hive.blog |  peakd.com |  ecency.com
hive-148441 · @jrcornel ·
$25.41
Sick of paying high fees with Bitcoin and Ethereum, come check out HIVE where transactions are FREE!
# Transaction Fees are climbing on Bitcoin and Ethereum - HIVE will never have this issue...

The drawback of higher prices is often higher network transaction fees...

One thing that sometimes gets overlooked when bitcoin starts going up in price is the fact that network transaction fees tend to go up as well.

As I type, the transaction fees on bitcoin are the highest they have been in roughly a year.

If you are moving large amounts of money/btc, then the higher transaction fees aren't a big deal, but if you are moving small amounts, the higher fees can really eat into things...

Here's the average btc transaction fees over the last year:

![image.png](https://cdn.steemitimages.com/DQmPcL3qyM5khvvLAnC9kn6yrSPZR4yEaBUNeQBUHWx59Xp/image.png)

(Source: https://cryptonews.com/news/bitcoin-and-ethereum-users-complain-about-rising-ridiculous-6560.htm)

That is the rolling 7 day average bitcoin network transaction fee and as you can see, we are getting to levels not seen in roughly 10 months.

# It's not just Bitcoin...

People like to point to this as a reason bitcoin can't scale, but it's not just bitcoin that is seeing rising transaction fees.

Ethereum is seeing a similar rise in transaction fees as well.

In fact, on a percentage basis, the rise in ethereum fees is almost the same as bitcoin's:

![image.png](https://cdn.steemitimages.com/DQmdqFvr14PYbZTZk7sckVe5cgVv1XVdCzhFUs44oMqNbT6/image.png)

(Source: https://cryptonews.com/news/bitcoin-and-ethereum-users-complain-about-rising-ridiculous-6560.htm)

This somewhat flies in the face of those claiming this is a BTC specific issue, it's clearly not.

As transactions flood in and the mempool gets overcrowded people are willing to pay higher and higher fees to have their transaction take precedence over the others. This causes fees to keep climbing.

Eventually there is an equilibrium point where people are no longer willing to pay the higher fees so the network slows way down and the backlog of transactions gets worked through.

The bad news is that if there are people depending on transfers/transactions going through, they have no choice but to pay the higher fee or wait a long time to get their transaction confirmed.

# This is where HIVE comes in...

While this is an issue for using bitcoin for every day payments due to the high fees, it still doesn't impact the very large transactions as the higher fees are likely still well below what it would cost to move that amount of money through legacy financial systems.

That being said, it's times like these were HIVE needs to really advertise/promote the free transaction benefit. With free transactions, HIVE will never have this problem...

It's one of the real competitive advantages HIVE has, and now is the time to really push that narrative...

"Sick of paying high fees with bitcoin and ethereum, come check out HIVE where transactions are FREE!"

Stay informed my friends.

-Doc
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 129 others
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vote details (193)
@artgirl · (edited)
So how do you get your fiat from HIVE? Which wallet do u use that don't have fees for one to get the Hive converted to fiat? Or are you talking about any crypto to HIVE only?
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@blazing · 
Free and instant always ;)
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@jrcornel · 
Promote it.
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@carloserp-2000 · 
btc rates are currently over $5, this is absurd for those people who need to move small amounts of btc (like me). I guess this is what HIVE should be working on...it can be a kind of "low rates" promotion that will attract many people
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@jrcornel · 
I agree. It's a good selling point right now.
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@ddn688 · 
Yeah
Hive is cool
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@mtl1979 · 
Other coins have network fees, Steem and Hive have resource credits... There is no such thing as free transfers, but there is very low cost transfers. As usually I'm not going to advertise how low cost transfers my own cryptocurrency has...
👍  
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vote details (1)
@jrcornel · (edited)
In theory sure. But if I am holding 100 HIVE and I want to send you 50 HIVE, it costs me nothing. As you pointed out, it burns some of my resource credits. Though I did not pay for them. I was allocated them based on the size of my holding.
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@mtl1979 · 
Network fees and resource credits still serve the same purpose, to stop people from sending infinite amount of transactions in short period of time. Although it is only a problem with coins that have short block time and unlocking time. Unlocking time being the time between sending the coins (to oneself) and being able to send them again.
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@mtl1979 · 
Resource credits and HIVE Power are linked like Ethereum and gwei... You get resource credits allocated by balance of HP and you get gwei allocated by conversion rate of ETH-gwei depending on network utilization.

You can run out of resource credits just like a transaction can run out of gwei even if same transaction would succeed at any other moment using same "fee".
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@munawar1235 · 
This is the reason we love HIVE!
👍  
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vote details (1)
@jrcornel · 
It is one of its selling points for sure.
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@steemit-life · 
This is one of the MAJOR selling points to the HIVE Blockchain. The sheer amount of volume that we could have if more people knew this, would be staggering! I think that this will bring not only more content creators/curators, but developers for apps as well. As well as people buying HIVE for remittances to send abroad. We definitely need to capitalize on this in the future, included in the marketing of this platform...
Thanks for your time @jrcornel-
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@jrcornel · 
Yep, need to scream this from the roof tops... any ideas how we can make people aware?
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@carloserp-2000 · 
Social networks is the main window to show this! I think writing a publication that explains in detail all the money a person can save in commissions when working with "hive" would draw attention!
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@steemit-life · 
Yes! lol...I think that if we had some sort of HIVE Representatives/Ambassadors, that would be great! A group, or team of people willing to get as much press as humanly possible. Maybe a representative of each category: Blockchain, Entertainment, Sports, Cooking, Education, Healthcare, Music etc...They could even be chosen/voted by the community. Devote a piece of the rewards pool to just that aspect...With their main objective to do marketing/advertising. That's the most effective way, I think, to do it.
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@taskmaster4450le · 
You hit the nail on the head.  There was a post by @bitrocker the other day that discussed how he moved BTC between exchanges using HIVE.

The cost was 3.9 cents versus $5 if he moved it on the BTC network.

https://leofinance.io/crypto/@bitrocker2020/quick-tip-using-hive-to-transfer-btc-between-exchanges-and-save-on-fees

Posted Using [LeoFinance](https://leofinance.io/@taskmaster4450le/qafulx)
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@jrcornel · 
Yes, it's not really comparable at the moment. This is something that HIVE needs to capitalize on.
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@jrcornel · 
One thing to keep in mind though is the commission to sell btc for hive and then buy back btc with hive at the other exchange... plus the price you execute the trade at... I personally wouldn't recommend doing this if you are simply trying to move btc from one exchange to another.
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@teenagecrypto · 
Money is always good and transferring it is easy. How's your day going.
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@jrcornel · 
Except when the fees are high, which is where HIVE comes in.
properties (22)
authorjrcornel
permlinkqahqcj
categoryhive-148441
json_metadata{"app":"hiveblog/0.1"}
created2020-05-17 19:33:57
last_update2020-05-17 19:33:57
depth2
children0
last_payout2020-05-24 19:33:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length60
author_reputation2,133,450,396,741,846
root_title"Sick of paying high fees with Bitcoin and Ethereum, come check out HIVE where transactions are FREE!"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id97,430,469
net_rshares0
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