Explanation of Bitcoin transaction fees

Bitcoin, the programmable money. The power of Bitcoin is very large because transactions can be accompanied by instructions that are executed in the desired way, making Bitcoin an environment where creativity is taking it to new horizons, but most transactions are simple: Input and output.

Here you will know how Bitcoin transactions work

You can know Bitcoin transactions as Bitcoin shipments. They are records stored in the chain of blocks (Blockchain) previously; we showed you how Bitcoin wallets work to store and move your bitcoins.

How do you send it?

The private key and the address are the only things you will need to make your Bitcoin Transfer. The private key is what you can consider your Bitcoin address that one person can use in order to let other people to transfer Bitcoins to them. Both keys are a sequence of letters and numbers, but the address (the public key) needs to have some pattern in order to let other people make a successful transfer, those patterns are the indicators that it is a Bitcoin address and not another type of cryptocurrency.

Their complex seeds help to prevent other people from finding the same string of characters that derive in the same private and public key as yours.

Why people need to wait too much time for the operation to be performed?

People don’t need to wait too much time to make their transactions. Bitcoin transfers a very quick process and it only takes some seconds. The confirmations only give security to the recipient that the money is his, due to attacks of type “Double Expense” or “Control of mining of 51%”

The Bitcoin protocol states that each block is mined in an average of 10 minutes. But you need to know that the system is considerate as a self-regulating so that the daily average of mine blocks revolves around 10 minutes.

Does the Platform make some extra charged for making Bitcoin transactions?

In the first time, it is not obligatory, but they are recommended in most cases, since doing so determines obtaining confirmations more quickly.

Shipments can be made without paying commissions since at the moment there are still miners who operate them, but they are becoming less and less.

Normally a simple transaction or composed of multiple inputs and outputs has a cost of 0.0001 BTC ($ 0.03) if you want to have a high priority.

It is also important to understand that the commissions paid are determined by the number of entries and exits that are placed in a transaction, not by the amount of money sent, among the most determining factors.

As the reward for mining in the form of Bitcoins decreases in profitability, the miners will apply commissions to Bitcoin transactions in exchange for providing computational power to the network so that the system is sustainable, although it is estimated that they never exceed those traditionally charged by banks and other entities.

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