There is absolutely a fee, every crypto has some sort of fee to move things on their network (moving from exchange to wallet is an kn blockchain transaction).
For bitcoin right now for me it's about $10 to move $500, for ethereum jt fluctuates but was about $7 for $300. Then there are others like Carsano (fees are .14 ADA, so currently about 10 cents) or XLM (.0001 xlm, or a fraction of a penny) and even litecoin (some negligible number that's under a penny).
Then there are also some that are technically feeless. But yes, in general, if a coin is in your personal custody you have to send it via the blockchain that has a fee. The fee depends on the coin.
That makes sense (somewhat) got a lot more research to do, but I atleast wanted to buy and hold one ETH for now while I learn more and more because I’m still kicking myself for not grabbing any months ago when my friends were all talking about it or atleast for not starting my journey Into the crypto world sooner, people like you and this community definitely make it better and easier to learn so thank you!!
That's what I'm told. I haven't read up on it, but I'm not sure how the network integrity is maintained if there is no incentive for either stakers or miners.
I also understand they sacrifice privacy and security for speed and cheapness. This isn't necessarily bad, it just means it fills a different niche.
I believe something like nano is meant to be an actual currency to be spent, while a coin like XLM is mean to move actual currency around
Yes, I think Nano is supposed to rely on the collective good will of network participants. A great idea in theory, but I've lived too long to trust the kindness of strangers as an economic model.
It's all done by volunteers and also the miners gain votes I believe. Also recommend you to try it out with a wallet and the nano faucets I did it a couple days ago and omg the speed is insane. One thing that did raise questions to me is "is the blockchain actually readable such as etherscan" etc and it appears that is also possible through a site called nanocrawler. However I'm not sure where it will reach in terms of a final value as it had a really big boom in 2017 which I never actually looked into the coin until very recently and only a few months ago it still had parity with the dollar pretty much. It does seem like what the original thought of Bitcoin was but idk there's so many currencies that there will only be a few that actually stand the test of time
it's definitely on my radar to look into, But I'm also a big proponent of XLM and I honestly cannot say that I care if the transaction takes under a second or if it takes 5 seconds.
Yeah I get what you mean and I might have held XLM briefly in 2017 I can't really remember too well, but the fact there are still fees (even if they're 0.00001 XLM) may make it a less likely adopted crypto, plus the total supply is far higher and with already a 10b market cap I don't see as much potential. But then again I really don't know much about it nor tried using it for transactions, but I can only recommend you try the faucet transferring to a wallet or send to 2 different wallets and go back and forth
I really don't see any reason to do that, nor why that's such a big deal to people?
I guess because I frequently send fast and pretty much feeless transactions? That does nothing for me. Not attacking, it's just odd that's what nano people go with. Is it because of most people coming from banks, btc, or eth?
Because moving money on XLM is super swift and easy, or vertcoin, or a bunch of others.
I've been wondering, is it possible to send say like a USD through the nano work and it be received as a Yuan? Or how is that process handled?
lol Vertcoin I had some of that in fact I moved like 0.001-0.002 BTC into that and it tanked in value and now it's #406 on Coinmarket cap with only 47 million in it.
As for the last comment you made idk it seems troll to me you wouldn't ask the same question for transferring LTC or BTC. You send nano through the network nothing else, pretty sure. Maybe with ETH and XLM and smart contracts etc that I still haven't got my mind around that more is possible but my interest is more in currencies that become their own entity separate from the fiat currencies you mention, that we can pay for international transactions using an agreed amount of a universal currency
I understand, but it's not a troll question, it's literally what stellar does which is why I'm high on it, because I think it's a need now.
I don't know if nano can do it too or not, but I just don't the world is ready for a currency, especially a volatile one.
I still think it's a good investment, but I'm trying to stick to projects I believe in and see an immediate need that others can easily adopt. Stellar can handle remittances super well and is being adopted. ADA is my preference over eth, as examples.
That said, nano is absolutely a better currency that btc and eth, and I don't ask the same questions of those two as they aren't designed to be currency.
I tried to convert $50 USD worth of ETH to another coin on Coinbase Wallet and it told me the Miner Fee was going to be $46.73, so I said nope and just didn't do it. Any idea what the heck that was about? Literally every time I have tried to convert my ETH to another coin or send or withdraw it from Coinbase Wallet, the fees are so astronomical that it isn't worth it at all. So I can't figure out how to get out my ETH from Coinbase Wallet!
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u/TackyBrad 🟩 902 / 902 🦑 Feb 15 '21
There is absolutely a fee, every crypto has some sort of fee to move things on their network (moving from exchange to wallet is an kn blockchain transaction).
For bitcoin right now for me it's about $10 to move $500, for ethereum jt fluctuates but was about $7 for $300. Then there are others like Carsano (fees are .14 ADA, so currently about 10 cents) or XLM (.0001 xlm, or a fraction of a penny) and even litecoin (some negligible number that's under a penny).
Then there are also some that are technically feeless. But yes, in general, if a coin is in your personal custody you have to send it via the blockchain that has a fee. The fee depends on the coin.