Can making a wallet make you rich?

[hack3rcon]

Hello,
Thank you so much for all replies.

How about the transaction fee? Any wallet with the zero transaction fee?

[PowerGlove]

How about the transaction fee? Any wallet with the zero transaction fee?

Transaction fees are about incentivizing miners to include your transaction in the next block, therefore it wouldn't make much sense to have a wallet that supported "zero transaction fees".

Although it's not a consensus rule, there is a policy rule of 1 sat/vB minimum relay fee configured into most nodes. Miners can bypass this minimum (only consensus rules confine them, not policy rules) but if you broadcast a transaction to the network without fees then most nodes will just ignore it.

[libert19]

If it gets popular then yes, projects will pay you in their token to get listed.

[sunsilk]

Most wallets earn from commission through additional from the fee that they're asking to their users. It's aside from the network or transaction fee, they're adding a bit from there.

I have a feeling you have no idea what you're talking about. Unless it's a custodian service (which is not really a proper wallet, since it's not your keys it's working with), a wallet doesn't charge extra fees. So all the fees are miner fees and the wallet developer earns nothing off it.
Custodian services do ask you to overpay for the fee and many make money off that, but, as I said, those are not really wallets (although I know that many tend to use even exchanges as wallet services).

Yeah, thanks.

I've forgot to say and add that it's mostly on the custodial wallets. I've used a handful of them in the past years and had a comparison to the current network fee and to those wallets that I've used before and there's really sort of an additional to the base fee.

Although the market wasn't really that bad at all during those times and those fees weren't that much. Eventually, I've stopped using them and sticked to the non-custodial ones.

[NeuroticFish]

I've forgot to say and add that it's mostly on the custodial wallets. I've used a handful of them in the past years and had a comparison to the current network fee and to those wallets that I've used before and there's really sort of an additional to the base fee.

Although the market wasn't really that bad at all during those times and those fees weren't that much. Eventually, I've stopped using them and sticked to the non-custodial ones.

Then sorry if I was too harsh; as I said the "equation" is much different in case of custodian services. Also those usually get together with other services offered, squeezing some more cents here and there (like maybe getting tx fee for transferring funds between addresses of the same platform, but nothing actually done on-chain, hence all the fee money kept).

Just nowadays we advise everybody move off custodial platforms. Now the trend seems to be to oppose as much as possible the KYC and also be aware that "not your keys, not your coins", which all mean going away from custodial wallets.

There are very few niches available imho for a new custodian wallet. Maybe LN. It will not be easy for OP to start such a platform. He may even need backing from a financial institution and then he may become employee, which is far from the "getting rich" idea.

[sunsilk]

I've forgot to say and add that it's mostly on the custodial wallets. I've used a handful of them in the past years and had a comparison to the current network fee and to those wallets that I've used before and there's really sort of an additional to the base fee.

Although the market wasn't really that bad at all during those times and those fees weren't that much. Eventually, I've stopped using them and sticked to the non-custodial ones.

Then sorry if I was too harsh; as I said the "equation" is much different in case of custodian services. Also those usually get together with other services offered, squeezing some more cents here and there (like maybe getting tx fee for transferring funds between addresses of the same platform, but nothing actually done on-chain, hence all the fee money kept).

Just nowadays we advise everybody move off custodial platforms. Now the trend seems to be to oppose as much as possible the KYC and also be aware that "not your keys, not your coins", which all mean going away from custodial wallets.

There are very few niches available imho for a new custodian wallet. Maybe LN. It will not be easy for OP to start such a platform. He may even need backing from a financial institution and then he may become employee, which is far from the "getting rich" idea.

No problem, it was my bad I haven't reviewed what I've said before that post.

The sad thing that I've noticed is that, there are still plenty of users with those custodial wallets and they're trusting it more than the non-custodial. I think the ratio compared to us that knew the differences of those isn't that big.

But still, we'll never know what can happen to those funds if something goes wrong with those wallets or services that these people are trusting. Especially these days, it seems becoming common to see exchanges halting withdrawals and it's possible to happen with these custodial wallets.

[NeuroticFish]

The sad thing that I've noticed is that, there are still plenty of users with those custodial wallets and they're trusting it more than the non-custodial. I think the ratio compared to us that knew the differences of those isn't that big.

Maybe my use of the word "trend" is an overstatement. Still, from a couple of years ago when basically everybody (ok, don't take it ad-literam) had their coins at exchanges and other custodian wallets, the things are changing. Of course, some are lazy, careless or incapable to take care of their money (after all, it does require a bit of skill) and they still have their coins in others' hands.
But the charts about the funds leaving exchanges or the charts on how many hardware wallets are being bought do show a direction I like. We cannot expect wonders overnight, but the direction is good.

But still, we'll never know what can happen to those funds if something goes wrong with those wallets or services that these people are trusting. Especially these days, it seems becoming common to see exchanges halting withdrawals and it's possible to happen with these custodial wallets.

True, there are plenty of topics on this matter here on bitcointalk. And if not all the people from the forum read/care/comply, then what could we expect from the outsiders?!

[Maus0728]

How about the transaction fee? Any wallet with the zero transaction fee?

As far as I know, back in the day, some early blocks were able to broadcast zero fee transactions^[1], but those people could perhaps known to be miners and are not an average bitcoin joe. Plus, opting for zero tx fee would just harm miners in general.

You can just use Electrum for you to be able to have more control over your transaction fees though, or you could perhaps wait until the mempool^[2] gets cleared before sending bitcoin.

[1] https://bitcointalk.org/index.php?topic=5267378.0
[2] https://jochen-hoenicke.de/queue/#BTC,24h,weight

[webtricks]

Hello,
Thank you so much for all replies.

How about the transaction fee? Any wallet with the zero transaction fee?

Note: Wallet (non-custodial) doesn't charge the transaction fee, you are paying the network fee.

There are plenty of wallets which will let you sign and broadcast transactions with zero transaction fee, with or without below relay fee! error. @PowerGlove has beautifully explained above what relay fee means. But when you are making wallet, the main stress should be on usability. A good fee suggestion algorithm and low/high fee warnings according to it are the desirable features from the wallet. If that system is in place then the wallet can let the users select any fee (even zero if they want).