Faucet and platforms who promise to give free Bitcoin for watching ads, playing  games and visiting a site are indeed the worst way to earn bitcion, which I can never recommend such to anyone closer to me.. They are time consuming, and pays shit at the earn..
As for me, I will advise you to focus on this forum for the least 5months, and I bet you, what you will earning here per week will be more than what those faucet will pay in a year..

Are you new to cryptocurrency, or have you been into the system for a long while? I am sure you must have come across people saying statements such as "high transaction cost" or "low transaction cost" or fee, vice versa, as the case may be, most especially when referring to bitcoin and Ethereum blockchain. So in this article, I will be bisecting and dissecting what transaction cost or fee is, why its value increases/decreases for the popular blockchain of the likes of bitcoin and Ethereum.


AREA OF FOCUS
1. What is transaction cost?
2. Why do transaction costs rise or fall?
3. How does Bitcoin transaction cost works?
4. What are the possible time when a transaction cost is high or low?
5. Summary


1. What is transaction cost?

A transaction cost or fee is the amount that you pay a payment processor to transfer your money from one location to another, like from one bitcoin wallet to another or from your credit card to a business.



2. Why do transaction cost rise or fall?

Understanding why a transaction cost of bitcoin rise or fall, requires a basic knowledge of the economics law of demand and supply, which states that "as the supply of goods and demand for that goods changes relative to one another, then the price that purchasers have to supplier, or that supplier can charge to purchaser changes. This means, when demand is high compared to supply, the price will be higher, while when demand is low compared to supply, then the price will be lower. In other words, what this statement means is that, when the demand for bitcoin is higher, so will its transaction cost increases, but when its demand is lower, then so will its transactions cost also decreases.


3.  How does a bitcoin transaction works?

For bitcoin transaction to be processed, it has to be confirmed within a block of the transaction on the blockchain, of which there are so many transactions that can fit within a single block on the blockchain, whereby a single block on the blockchain is created roughly every ten minutes, which contains an average of 2000 transactions.


4.  What are the possible time when a transaction cost is high or low?

Bitcoin tends to have a low transaction cost mostly during periods of low demand, and sometimes weekends because fewer people are trying to use the bitcoin network. However, during periods of high demand for bitcoin, like the bull market or the decentralized finance (DeFi) rally, transaction costs can get quite high as more people compete to purchase the limited transaction space on the blockchain.


5. Summary

With the transaction cost of bitcoin been high or low at times, there are still exchange such as Coinbase who offers free transaction rate for its user from one person to the other on the same exchange, and there are still some other ways to lower your transaction fee while carrying out transaction during a bull market.

So Thank you...

I remain your young crypto enthusiast...😍😍 "Muenalo"



And that brings us to the question of the day

Q... What is the silliest transaction fee you have ever paid to transfer your bitcoin?
Please, share your experience in the comments section below... Thanks

As far as I know, must restrictions by citizens of developing countries are as a result of it's government rules and policies, just as mine Nigeria who banned bitcoin few months ago, followed by China and the rest..
Because only if they are able to create a conducive environment for it's citizens, people will be able to afford even if it's the least fraction of bitcoin..

I'm back again.. your one and only young crypto enthusiast Muenalo... I hope you guys missed me?😍😍.. Alright.

Today I will be talking about the trending issue that has been the headline on all crypto news for the past 3 days now, which is, "El Salvador's adoption of bitcoin as a legal tender".

So, first of all, I will like you to grab a bottle of fresh juice, sit down tight, while I bisect and dissect this trend to the best of your understanding. Alright 😋😋.

AREA OF FOCUS
1.What is El Salvador?
2. Why is El Salvador adopting Bitcoin?
3. What does El Salvador stand to gain?
4. What does the bitcoin community stand to gain?
5. Summary



1. WHAT IS EL SALVADOR?

El Salvador is a country in Central America, having a land area of 8124 square miles and a population of over  6.4million persons. Officially called the Republic of El Salvador, with Spanish as its official language. Bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador. The name of its president is Nayib Bukele.


2. WHY IS EL SALVADOR ADOPTING BITCOIN?

Since El Salvador happens to be a country that relies heavily on money sent back from workers abroad, and it's citizens outside the country, and according to a statistical data that was given by the World Bank in 2019 which shows how over $6billion was sent by El Salvadorans living abroad through remittance firm to their family and friends living at home, of which the total sum was equals to one/fifth of the country's GDP.
So, President Nayib Bukele, been a good leader, and a man who has the interest of all El Salvadorans at heart, while thinking on a quicker and cheaper way for El Salvadoran living abroad to be able to send money to families and loved ones at home, came up with the idea of cryptocurrency, which offers a quick and cheap way to send money across borders with fewer charges, of which is the reason for this adoption proposal today that is causing trend..


3. WHAT DOES EL SALVADOR STAND TO GAIN

With the adoption of bitcoin as a legal tender in El Salvador, the Salvadorans working abroad can now with the use of crypto send money to their family and loved ones at home quicker and faster, bypassing remittance firm who charge huge amount per transaction across borders.


4. WHAT DOES THE BITCOIN COMMUNITY STAND TO GAIN?

With the implementation of the adoption of bitcoin as a legal tender by El Salvador's president, and his promise to offer citizenship to anybody who could show evidence that he/she has invested at least three bitcoin, is indeed a welcome development to the bitcoin family and cryptocurrency at large. Because with this adoption, this will expose many into cryptos, and by so doing, increase the volume of buy and sell of bitcoin, hereby causing a massive increase in the volume of market cap and the price of bitcion to almost  $100,000 per bitcoin. (Which is everybody's prayer)


5. SUMMARY
Just as El Salvador has taken the bold step to be the first country to adopt bitcoin as a legal tender, and has promise to teach its citizen the basic principles on the use of bitcoin, how I wish others will follow suit, and I bet you, digital currency will be the best currency on the planet.

Thank you..😀😀😍😍

I remain your humble, young crypto enthusiast "Muenalo"..

Wow.. I am so so happy for you bro. Because I ones had this exciting feeling few days ago when i got my first merit. So what you have to do now is work more on your activities, so as to rank up as a junior member soon..
So you are welcome...👍👍👍👍

I will suggest you go for "Trezor Model T" cold wallet, because "Trezor Model T" is an advance cryptocurrency hardware wallet that supports more than 1200 coins, which is designed to store and encrypt your bitcoin public keys, password and other digital tokens with confidence.

And here are some advantage of using Trezor Model T:
1. It supports more than 1200 coins
2. It is a simple to use cold wallet for securing your digital assets.
3. It gives you ability to take ownership of your data.
4. It protect your cryptocurrencies, password and other digital keys from hackers and theft.
5. It has a great customer service team available 24hours of the day, ready to solve your difficulties.


So, I think with my detailed explanation, I guess I have been able to answer your question? 🤔🤔... Alright..

And secondly, before I forget, you can get Trezor Model T cold wallet at a small price of $200..

So thank you.

Electrum is a wallet that stores bitcoin and not a place to buy, so what you will need to do is open an account at an exchange, send money there, then buy BTC there and send the BTC to your wallet.

So to do that, you will have to take the bitcoin address from your wallet and copy/paste it in to the withdraw option on the exchange and withdraw the BTC to the address.

But one important thing you should know is to backup/write down your seed words from your wallet, because that is your only way to recover your BTC if in case there happens to be a system crash or failure.
 

But since you are in UK, I will like to suggest you open an account at Coinbase or Binance to buy BTC.

But however, there are many other places to buy bitcoin around the world, which some are better than others, some expensive but easy, and some cheaper but slow which will require your KYC (know your customer) verifications.

So, I advised you to go for Coinbase, since you are in UK.

The quest to get rich over night is the reason many people fall to these scams. Because people are no more patient to earn a decent money gradually, and scammers have used that weak point of theres as an advantage to lure away there hard earn money in few seconds..

So I will like to advise people that whenever you see an investment that promises a huge return in few hours or days, just know it's a scam.

The two speakers above have wisely spoken base on experience and how the platform works, but I as a junior member and with the little experience I have had say that one way to get merit on this forum is to provide valuable content. Because "merit" just as the name goes, is a reward given for providing value..
So in summary, just strive to provide value and I am definitely sure you shall be merited.. Thanks

I really admire your passion and desire for this forum, but one thing I must tell you is that to attain that level of "Legendary member", it takes time, and consistent hard work day by day. But for the very fact that you have taken the bold step of opening an account as a newbie, you shall surely attain that height of a legend..

Yes.. bitcoin is indeed here to stay.......
But the news is how trader make there profit, that is, by buying when the price falls and selling when it rise.

So we need more rise and more fall for us to make some cool profit..

Actually when investing, one has to lose for the other to win, it is just like a double side coin, and that's why it's always advisable to make due research before investing into anything. But investing in bitcoin has never been a bad idea, because if the price falls today, it will surely rise someday. So it's left for you to choose your investment period (short term and long term). But I will advise you to go for long term investment when it comes to bitcoin..

The best way to prevent people from all these scammers are social enlightenment, forum discussions and sharing experience with potential victims of scam. Because one thing I know is that as people are getting aware of a particular type of scamming methods, so are scammers strategizing new methods to lure people of their hard earn money, and these things are mostly carried out on Facebook and telegram channels. So the best way to prevent scams is for people not to easily believe things too fast online, even when they appear to be too real to be true.

Thank you so much. At least with this experience of yours, and most importantly, you bringing it here to share with we newbies, you have indeed save many of future scams. And I am so grateful for that. And I won't mind if you keep informing us more on scams alerts, so that we newbies be be at safer hands.

I am sure many will be wondering or perhaps having the same motion as mine that why is it that whenever the price of bitcoin falls, other altcoins follow suit by falling. Even when these altcoins have different developers and it's different uses.
However, altcoins (which are coins other than bitcoin) normally follows the price movement of bitcoin, and as such, when bitcoin falls, these coins tend to lose more of their value, but that's not all, there may be also other reasons behind that fall and that's the main reason for me writing this article, to elaborate more on what correlation bitcoin has to other altcoins, which I will be sharing with you below.


1. Trading Pair:

With this I mean, since bitcoin plays an important role in all exchanges, been the first cryptocurrency, and a major trading pair, which other cryptos(altcoins) are been paired with, followed by the likes of Ethereum and USDT. When its value falls, there is a high tendency that the others will follow suit too, as the values of most of these altcoins rely on the current price of bitcoin.

For example:
    XRP/BTC

XRP/BTC  (which implies that the price of the XRP somehow rely on the price of bitcoin)

And secondly, when a new coin is listed on an exchange, that coin is either paired with Bitcoin, Ethereum, or USDT, which are major trading pairs. So when its value falls, there is a great probability the new coin will fall too.



2. Investors and traders of the crypto market:

With this, I mean that the activities of traders when the price of bitcoin rise and falls also affect other coins too. And here is how it works. When the price of bitcoin goes up, the price of altcoins are forced to go down, as the liquidity of those altcoins are been transferred to bitcoin, as traders sell their altcoins just to buy more bitcoins as the price climbs high in other to make more profit, and when the price falls, the traders sells his coin for a stable coin like USDT, BUSD, and USDC, since he knows that as the price of bitcoin falls, also will other altcoins do, causing a less in demand for those altcoins and drop in price.



3. The use of fundamentals:

By this I mean, since most coins rely on the price movement of bitcoin, even when they have their different developers, projects, and use cases. If bitcoin falls, they tend to lose value, but if bitcoin rises, they also tend to add a little value positively.


4. Bitcoin Dominance:

With this I mean, how much percentage bitcoin has of the total cryptocurrency market cap. Because bitcoin been the first cryptocurrency and a major coin has the highest percentage of more than 50% in the market cap. And this means that when the value of bitcoin dominance is rising or huge, it means that the buying power is on the side of bitcoin compared to altcoins, which usually causes a fall in the price of altcoins. But if the Bitcoin dominance is going down, it means that the buying power is on the side of altcoins, making their prices pump.


So In conclusion, these are how the price of bitcoin and other altcoins correlate. Hence, whenever the price of bitcoin is affected, there is a high probability altcoin will also be affected.
 

So thank you so much for finding out time to read this researched article of mine.

I remain your humbled junior member.
Thanks

Wow.. this is indeed a brilliant article, at least with this now, I have been able to understand how the trust system really works, and when and how to use it. Thanks

The first step is always the hardest step, and that's what many persons fail to understand, but for the fact that you have taken that first step to contribute to this forum, you shall achieve the same results those who did same long time ago did....

Building a new habit is a gradual process, and as such, it can never be built overnight. But thou there are several factors that one needs for the manifestation of a new habit, and they are to be ready, willing and take action to do those things to fuel that new habit.

I guess given your campaign to a higher rank individual will create more trust in those who will want to apply for it..

Yes.. you have a point there, because I can remember back in the days of my economics classes, that when the supply is greater than demand price falls, but when the supply is lesser than demand price increases. So same is news also applicable to bitcoin.

Because if you could remember back then in February when Elon Musk bought Bitcoin worth $1.5billion, and accepted it to be used as a means of payment for his electric cars, which resulted to much demand and led to it's value reaching $63000 per bitcoin.. 

And likewise, when that same Elon Musk  made a statement of stopping the use of bitcion for the sells of his electric cars, the price went the opposite, as it's demand decreased, resulting to it's price to fall to almost $35,000..

So, That's how it works...
News really matters...