In crypto everybody pay high tx fee, no matter rich or poor people

[Broly46]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

[1713277716]

1713277716

[1713277716]

1713277716

[1713277716]

1713277716

[1713277716]

1713277716

[bitmover]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

This is false.

Ethereum transactions fees are not a % of your transaction.

The user set the Gas Price according to his needs (fastest, fast or slow).

I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

If you are sending 1000, 100 or 0.1 Eth the fee is the same.

[Broly46]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

This is false.

Ethereum transactions fees are not a % of your transaction.

The user set the Gas Price according to his needs (fastest, fast or slow).

I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

If you are sending 1000, 100 or 0.1 Eth the fee is the same.

Yup you can, set very low fee, and make the title sound like this “in crypto everybody pay low tx fee, no matter rich or poor people”. Btw at this price of crypto, everybody could only pay higher price, of course at least 10x more than one year ago in trading fee alone, price was low year ago.

[avikz]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

Lol! Since when ETH transaction fees are fixed on a percentage? It entirely depends on the network. So there's no guarantee that everyone is paying same fees! You can indeed set a manual fee for your transaction. But if the fee is too low the transaction may not get confirmed.

Also it is not correct to compare a regulated stock market with a decentralized digital currency system. In stock market, brokers act as a middleman and they decide the fees dor each one of us! In ETH, no one other than the network controls the transactions and fees! The miners can't have manual preferences! These are the basics bro!

[Broly46]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

Lol! Since when ETH transaction fees are fixed on a percentage? It entirely depends on the network. So there's no guarantee that everyone is paying same fees! You can indeed set a manual fee for your transaction. But if the fee is too low the transaction may not get confirmed.

Also it is not correct to compare a regulated stock market with a decentralized digital currency system. In stock market, brokers act as a middleman and they decide the fees dor each one of us! In ETH, no one other than the network controls the transactions and fees! The miners can't have manual preferences! These are the basics bro!

In addition, brokerage in stock market is a big mess. Poor broker get to pay high fee, rich broker get to pay very low fee, (yup brokers are not all identical, some are rich broker some are poor broker) in trading, poor trader pay high trading fee, rich trader pay very low fee. In stock market poor fund pay high fee, rich fund pay low fee. In crypto, miner all get the same pay, tx fee is same across to all traders too, it’s the communism in crypto market.

[youdacapt]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

I do not know about stock market, but i know well enough to be sure that etherum or blockchain transaction fees does not work the way you have explained them. You deciding to use the fastest gwei for transaction does not mean i would do the same; i can opt to wait until later when the fees are low before doing any transaction which betrays the ideology you have detailed.

The best way to put this is that; in crypto there are no discrimination; people pay transaction charges either rich or poor unlike stock market.
Thats it, i fixed it for you

[HeRetiK]

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

You are aware of those neo-broker apps such as Robinhood? Now after what happened with GameStop and other meme stocks I wouldn't touch them with a 10ft pole but they do not charge any trading fees. Granted they make money by selling your order flow (true to the old adage "if you're not the customer, you're the product"), but it shows that your statement is not remotely true these days. Trading fees used to be incredibly high and opaque, but over the last few years they've become increasingly transparent and cheap, even without resorting to a broker that treats you as livestock.

[dkbit98]

You got this totally wrong buddy, and we don't have to pay same transactions fee for sending coins but we can adjust them manually.
However, research has shown that most people just use default fees for transaction and they mostly pay more than it's needed especially in bitcoin network, that is just making miners more happy.
Your math is also wrong and transaction fee can be the same no mater if you are sending 1000, 100, 10, 1 or 0.1 bitcoins, but you are right that stock market is more oriented for rich folks unlike crypto market.

[BITCOIN4X]

Transaction fee are not a percentage of the total asset we own. Everyone can control how much they want to transact. High and low fee will only affect your transaction speed and all of these are option. There is no difference between rich or poor in crypto, but for anyone willing to pay high fee, transaction take priority. Blockchain has been fair for everyone and even for small transaction. But in the case of ethereum today, it would be difficult to broadcast transaction if we didn't have enough fee. 100 GWEI is the current fee standard. But if you have enough time to wait for the process, then go for a lower fee than today's standard fee.

[Ucy]

Interesting.

Fees in crypto world is supposed to be fairer than stock market.

Anyway, I guess the Ethereum fee model is based on about 0.01% fee per eth transaction? . If fees really cost that much, that would mean the fee for transferring the 1000 ETH is about $17,500.

Well, one of the reasons for the invention of Bitcoin/crypto is cut out the middle men in order to help make fee cheaper than traditional banks.. .And the fee market is supposed to be competitive.   Been abit long i transacted on Ethereum, so I don't really know how the fee really works now. I imagine it will be possible to adjust the fee percentage to maybe down to about 0.0001% and you still get a reasonablly fast transaction. Hope that is possible. It should be.

[Casdinyard]

Cryptos are decentralized, meaning, taxations are not implemented in every transactions. Governments has no control to most of the cryptos. There are indeed fees in this technology but those fees are only observable when making a trade or by transferring crypto to USD or by simply selling it. It also varies depending on the exchanger or the third party network (in some cases). And such thing is just a normal thing unlike with taxations in fiat wherein governments are the one who are in charge of the taxes garnered from every person. And I think this simply shows the difference  of the two currencies ; fiat and cryptos.

[Broly46]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

I do not know about stock market, but i know well enough to be sure that etherum or blockchain transaction fees does not work the way you have explained them. You deciding to use the fastest gwei for transaction does not mean i would do the same; i can opt to wait until later when the fees are low before doing any transaction which betrays the ideology you have detailed.

The best way to put this is that; in crypto there are no discrimination; people pay transaction charges either rich or poor unlike stock market.
Thats it, i fixed it for you

I would say if you have 1000 ETH, you wouldn’t send it all in one transaction, you would send it say 5 ETH at a time, to make sure you do not send it wrong, yup you would still pay the high fee no matter how you want to do. I’m sure sending 1000 ETH is gonna be cost a lot of money.

[Jemzx00]

I never thought that transaction fee has been percentage based because it never is. Transaction fee  may be higher if you're transacting higher amount but it has never been a percentage basis on the amount of you'd like to transact.
If you even do that, most likely it'll send in an instant but it'll also be the same if you transact with enough eth fee for a high speed transaction. Also, fee for Ethereum is depends on gas rate which can be set to high, med, or low depending on how fast you want your transaction.

[ipanks]

I would say if you have 1000 ETH, you wouldn’t send it all in one transaction, you would send it say 5 ETH at a time, to make sure you do not send it wrong, yup you would still pay the high fee no matter how you want to do. I’m sure sending 1000 ETH is gonna be cost a lot of money.

I will agree with this because if we withdraw it in one transaction, the exchange will check your account before they allow the transaction continues. I think the exchange already has their fee, and even if you want to send 1000 eth, I think the fee will not change, but I do not know for sure. Maybe if I want to withdraw that amount, I will tell you. But if you use another wallet, maybe the fee will be adjusted to the network transaction fee before you can withdraw your ethereum.

[Broly46]

You are aware of those neo-broker apps such as Robinhood? Now after what happened with GameStop and other meme stocks I wouldn't touch them with a 10ft pole but they do not charge any trading fees. Granted they make money by selling your order flow (true to the old adage "if you're not the customer, you're the product"), but it shows that your statement is not remotely true these days. Trading fees used to be incredibly high and opaque, but over the last few years they've become increasingly transparent and cheap, even without resorting to a broker that treats you as livestock.

===

On the early day of bitcoin, it’s usual for people to send 1000 bitcoin and pay 10 bitcoin in tx fee? This is how miner have the incentive to mine the bitcoin, if people were paying 0.1 bitcoin/0.01 btc to send 1000 bitcoin, I think all miner would have been quit the mining.

===

You got this totally wrong buddy, and we don't have to pay same transactions fee for sending coins but we can adjust them manually.
However, research has shown that most people just use default fees for transaction and they mostly pay more than it's needed especially in bitcoin network, that is just making miners more happy.
Your math is also wrong and transaction fee can be the same no mater if you are sending 1000, 100, 10, 1 or 0.1 bitcoins, but you are right that stock market is more oriented for rich folks unlike crypto market.

===

You’re not wrong you can set the gas price to 1 gwei price, it would still work, but nobody gonna do that, everybody want it fast, everybody rush to pay the highest price to send faster. Whether you’re rich or poor people, you gonna pay the same high price, rich people most likely going to pay the highest price on fee alone.

===

Transaction fee are not a percentage of the total asset we own. Everyone can control how much they want to transact. High and low fee will only affect your transaction speed and all of these are option. There is no difference between rich or poor in crypto, but for anyone willing to pay high fee, transaction take priority. Blockchain has been fair for everyone and even for small transaction. But in the case of ethereum today, it would be difficult to broadcast transaction if we didn't have enough fee. 100 GWEI is the current fee standard. But if you have enough time to wait for the process, then go for a lower fee than today's standard fee.

===

The 100 gwei fee isn’t remotely true, I’m not sure how to calculate the real transaction fee on DeFi market, they could be very high, some people are reporting they pay extreme fee on gas, a few hundreds worth of transaction fees alone. It’s always the concern on the crypto, —> high transaction fee.

===

Interesting.

Fees in crypto world is supposed to be fairer than stock market.

Anyway, I guess the Ethereum fee model is based on about 0.01% fee per eth transaction? . If fees really cost that much, that would mean the fee for transferring the 1000 ETH is about $17,500.

Well, one of the reasons for the invention of Bitcoin/crypto is cut out the middle men in order to help make fee cheaper than traditional banks.. .And the fee market is supposed to be competitive.   Been abit long i transacted on Ethereum, so I don't really know how the fee really works now. I imagine it will be possible to adjust the fee percentage to maybe down to about 0.0001% and you still get a reasonablly fast transaction. Hope that is possible. It should be.

===

I hope you’re right on your take on “lower transaction fee”, it’s no longer true today, high transaction fee has always been a concern on crypto, although you can adjust the gas price to whatever value you want, or whatever satoshi on bitcoin, you can even send 1000 bitcoin with one satoshi on transaction fee, but nobody gonna do that?

===

[ivankoh]

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

If your comparisons are talking about the fairness that the crypto market versus the stock market.  Yes, with an anonymous, uniform and fair distribution for all owners wanting to buy or transfer.  There is no other disadvantage between holders or traders.  It all depends on how fast or slow it is.  Roughly, you have to pay a higher fee for a fast transfer.  It still bears a bit of an imprint like internet banking apps for fiat transfers.

[Broly46]

Cryptos are decentralized, meaning, taxations are not implemented in every transactions. Governments has no control to most of the cryptos. There are indeed fees in this technology but those fees are only observable when making a trade or by transferring crypto to USD or by simply selling it. It also varies depending on the exchanger or the third party network (in some cases). And such thing is just a normal thing unlike with taxations in fiat wherein governments are the one who are in charge of the taxes garnered from every person. And I think this simply shows the difference  of the two currencies ; fiat and cryptos.

===

The transaction fee is very high for everybody, no rich people could get low transaction price privilege on crypto, nor poor people, yup they’re all equal. I don’t think the rich people can find any loophole on the transaction fee and take advantage of them just like how they did on stock market.

===

I never thought that transaction fee has been percentage based because it never is. Transaction fee  may be higher if you're transacting higher amount but it has never been a percentage basis on the amount of you'd like to transact.
If you even do that, most likely it'll send in an instant but it'll also be the same if you transact with enough eth fee for a high speed transaction. Also, fee for Ethereum is depends on gas rate which can be set to high, med, or low depending on how fast you want your transaction.

===

Transaction fee is never percentage based, it can be as low as 1 gwei gas price. But you know it’s crypto market, nobody would follow the rules, they would break any rule just to win, yet they couldn’t break the rule “everybody gonna pay high transaction fee”, everybody want it fast.

===

.

I will agree with this because if we withdraw it in one transaction, the exchange will check your account before they allow the transaction continues. I think the exchange already has their fee, and even if you want to send 1000 eth, I think the fee will not change, but I do not know for sure. Maybe if I want to withdraw that amount, I will tell you. But if you use another wallet, maybe the fee will be adjusted to the network transaction fee before you can withdraw your ethereum.

===

Big exchanger wouldn’t risk to send 1000 ETH on one transaction too, they know what they’re doing, yup, send them small and frequently, many exchange impose very strict daily transfer limits.

===

[HeRetiK]

On the early day of bitcoin, it’s usual for people to send 1000 bitcoin and pay 10 bitcoin in tx fee? This is how miner have the incentive to mine the bitcoin, if people were paying 0.1 bitcoin/0.01 btc to send 1000 bitcoin, I think all miner would have been quit the mining.

Back in the day fees were much much lower because fewer people were using Bitcoin. Transaction fees were a handful of sats, regardless of whether you sent 0.1 BTC or 10,000 BTC. That's possible even today, when you manage to catch a calm day or are patient enough.

Being "rich" or "poor" has nothing to do with it: The cost of a transaction is only depending on the amount of inputs, rather than the monetary value. If you have a lot of inputs because you got your coins from faucets for example, sending 0.1 BTC may be much more expensive than sending 10,000 BTC if the latter has been consolidated into a single input.

[dothebeats]

ETH fees don't work like that, although I get your point. But I think stock market trading fees have been restructured several times already in favor of those traders that aren't big enough just yet. Here in my country, they get 0.05-0.1% trade fees 0er successful trade, and the giant dudes aren't exempted from that. As for crypto, by default, users would pay almost the same amount of fees at a given time. Then again, the flexibility of fees in crypto makes it so that a user can choose to pay more or less in feea which, stock market trading fees don't have.

[el kaka22]

Lol! Since when ETH transaction fees are fixed on a percentage? It entirely depends on the network. So there's no guarantee that everyone is paying same fees! You can indeed set a manual fee for your transaction. But if the fee is too low the transaction may not get confirmed.

Also it is not correct to compare a regulated stock market with a decentralized digital currency system. In stock market, brokers act as a middleman and they decide the fees dor each one of us! In ETH, no one other than the network controls the transactions and fees! The miners can't have manual preferences! These are the basics bro!

Yeah that person has no idea how the fee works at all, by that logic some people who want to send 1 billion dollars worth in ETH would have to end up paying 10 million dollars in ETH fee and thats not true at all. Of course how big your transaction is does have to do with fee a bit, not a lot and only a small portion because you are moving a more of it than compared to what would be otherwise, but it is like maybe 3-4 dollar difference at most.

So, let's say you want to move 100 dollars worth of ETH and it is 50 dollars (unfortunately), when you want to move 1 million dollars it is still 55 at most maybe 60 since time changed but that's it, it is not going to be huge difference, same for 100 bucks to 1 million and same for 100 bucks to a billion, it is just doesn't change at all. Stock market and crypto are nothing alike but people who do not know how things work will keep on writing these things to create misinformation.