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Author Topic: Difference between Minerfee and Sevice fee.  (Read 184 times)
Malvika_sitlani
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October 15, 2019, 11:42:36 AM
 #1

 I don't understand the difference between miner fees and service fees. Can anyone help me to understand that how can I calculate these fees while trading?

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October 15, 2019, 11:50:08 AM
 #2

What site is referring to this and what is the context?

Some places like Bitpay have what they call a network fee. They add money to pay for the original miner's fee and more to pay their fee for moving it again. I'd regard that as their problem myself.

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October 15, 2019, 12:11:02 PM
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 #3

Miners fee goes to the miners, this is needed for the successful confirmation of your transaction on the blockchain while services fees, is the fees charged by the platform providing you with the service you're using. If you're using a decentralized exchange or trading via peer2peer platforms, you can easily calculate this charges by first taking notes of what the platform would charge for executing that transaction plus current miners fees charged by miner to confirm your transaction.

Although if you're using a centralized exchange for trading, you don't have to bother amount miners fees to complete your transaction on the platform as you'll just have to pay for their service fees (trading fees) not putting into consideration the fees you paid to transfer the coins from your personal wallet to the exchange.





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LTU_btc
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October 15, 2019, 11:14:56 PM
 #4

Can you be more specific with your question? Ok, minerfee is clear, but about which service fee you are exactly talking about?
User above explained well about miner fee very well, so I will not repeat it again.
If you're talking about service fee on centralized wallets - biggest part of fee goes to cover miner fee and remaining fee goes to service - this is how they earn money.
If if you're talking about trading fees - almost all exchanges have fixed trading fees, for example 0.1%. This is how exchanges earn profit.
How you can calculate fees - well before sending fees on every wallet or making trade on exchanges feescare shown, so it's not difficult to calculate.




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vladimirhf
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October 16, 2019, 10:24:08 PM
 #5

I don't understand the difference between miner fees and service fees. Can anyone help me to understand that how can I calculate these fees while trading?

exchanges have fees for trades and withdrawals. usually when you request a withdrawal you will pay a fee that will cover the exchange fee + miner fee.

check this out, there is a detailed explanation and also a comparative table of exchanges fees

https://medium.com/cointracker/2019-cryptocurrency-exchange-fee-survey-49db9b38cb5b
100bitcoin
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October 17, 2019, 12:27:03 AM
Merited by ETFbitcoin (1), Coin_trader (1), Coolcryptovator (1)
 #6

I don't understand the difference between miner fees and service fees. Can anyone help me to understand that how can I calculate these fees while trading?

Miner Fee: Fee that goes to the Miner for adding your transaction in a Block.

Service Fee: Fee that goes to the Service Provider, e.g. BitMex or Binance, for using their service.

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October 17, 2019, 01:25:57 AM
 #7

I don't understand the difference between miner fees and service fees. Can anyone help me to understand that how can I calculate these fees while trading?
Very simple, miners fee is fee taken by miners when you do transaction.
Service fee is website (online wallet) or exchange thats making transaction for you and taking extra fee for their job.

The more explanations the better Smiley
Wexnident
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October 17, 2019, 02:45:30 AM
 #8

Service fees can be different depending on the exchange you are currently using. Service fees can be defined as the amount you pay to the service provider in exchange for them sending your coins to another address. Miner fee, on the other hand, is the fee that is given to the miners for including your transaction into the block. You basically pay both of them when you send coins to another wallet.

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vlasrodz
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October 17, 2019, 06:15:53 AM
 #9

I don't understand the difference between miner fees and service fees. Can anyone help me to understand that how can I calculate these fees while trading?

im neewbie in this
but
as for me

Miner fee - its fee for your mine process, not?
And the same for service fee, that general fee for any transactions
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October 17, 2019, 08:10:10 AM
 #10

im neewbie in this
but
as for me

Miner fee - its fee for your mine process, not?
And the same for service fee, that general fee for any transactions

Refer to this explanation dude:


Miner Fee: Fee that goes to the Miner for adding your transaction in a Block.

Service Fee: Fee that goes to the Service Provider, e.g. BitMex or Binance, for using their service.

That is the simplest explanation for the question.


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Malvika_sitlani
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October 18, 2019, 11:42:57 AM
 #11


Miner Fee: Fee that goes to the Miner for adding your transaction in a Block.

Service Fee: Fee that goes to the Service Provider, e.g. BitMex or Binance, for using their service.

Thank you so much for the cleared and simple answer will keep all these things in mind while trading.

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October 24, 2019, 10:59:53 AM
 #12

Miner fee is the fee that is decided by the blockchain where you do a transaction and service fee is the fee which is decided by the exchange which you are using for creating an order.

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