How to get the general population to pay more in transaction fees?


Transaction fees pay for two completely different things which should not be confused. One is the marginal cost of verifying, propagating and storing the transaction; the other is the amortized cost of hashing to secure the network.

Addressing the first need is relatively easy (though not yet solved because the receiver of the reward is not identical to those who have to pay the cost); a miner will not include a transaction if its fee is below the marginal cost. Hence senders who want their transaction included will pay at least the marginal cost (as will be determined by historic equilibrium).

The second need is more subtle. For the sake of discussion we can assume the marginal cost to be 0. Then a miner will always want to include any positive-fee transaction, however low, since it costs him nothing and he gets the fee. But if everyone does this, tx fees will race to the bottom, the total profit to be made from mining will shrink, the network hashrate will decrease...

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You can get realtime transaction fees calculated for you at If you are interested in how those numbers are calculated, read below.

First, when we quote a "Bitcoin transaction fee", we will usually quote one of two numbers:

Consumers care about the total fee. This is the total fee that you're paying in a transaction, such as 10,000 satoshis or 0.0001 bitcoins. This is probably the most important number for consumers as they only care about the fees associated with their particular transaction. Miners care about the fee per byte (or kilobyte). This is the total fee divided by the number of bytes in a transaction, such as 40 satoshis/byte or 0.0004 bitcoins/kilobyte. This is the most important measurement for miners. The reason is that they use this to decide whether to include your transaction in the blocks they attempt to produce, as they can only include about 1 million bytes of transactions in their blocks. As such, they prefer to include...
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Transaction fees paid (last 100 transactions)

Note that the "lowest" Bitcoin transaction fees paid figures can be misleading, becuase these "low fee" transactions usually cost far more due to their fees being paid "off blockchain".

The table above shows live data on the transaction fees paid via Monero vs Bitcoin. Note that transaction fees will increase if you increase the "priority" of the transaction. A higher priority will increase the fee so that it successfully competes with other transactions to become part of the next block on the blockchain.

The transaction fee also increases if you are sending funds that you were originally sent via lots of tiny transactions. This is because the size of the transaction data will be larger.

Monero has an adaptive block size, so most of the time you will not have to increase the priority of your transactions and pay higher fees to get your transactions processed. However, Bitcoin currently has a fixed...

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Anyone who’s travelled internationally and used a credit card to buy something knows about those pesky foreign transaction fees that are applied to every purchase.

An international transaction fee is charged to you, the consumer, by your credit card company whenever you buy something in a foreign currency. And while most of these charges are applied to travellers, they can also be added to your credit card bill when you make a purchase online from a foreign vendor.

In other words, anytime a credit card is used to make a purchase and the transaction needs to be processed into the local currency of the seller, you’ll incur a foreign transaction fee.

How much should you expect to pay in fees?

The average international transaction fee will be around 3% for purchases made in US dollars. 1% of that fee may go to the payment processor, whether it’s Visa or MasterCard, and the other 2% might go to the bank that issued your credit card, such as Chase or Bank of...

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If you’re reading this post I assume that like many others, you sent a bitcoin transaction and was kind of confused as to why it’s still listed as “unconfirmed” or “pending” after a few hours or so.

I mean Bitcoin transactions are supposed to be instant right?

In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network.

Here’s what happens when you send Bitcoins to someone

Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. Once the transaction is verified it then “waits” inside the Mempool (i.e. in some sort of a “limbo” state).

It’s basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. Until it is picked...

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by Balaji S. Srinivasan (@balajis), Veerbhan Kheterpal (@veerbhan), and Christian Papauschek (@papauschek)

To send a Bitcoin transaction you typically need to include a transaction fee. In general, the larger the fee, the more quickly the transaction will be written to the Blockchain by the distributed group of transaction processors known as bitcoin miners. However, exactly how large a fee you need to get rapid transaction confirmation can be hard to predict in advance, because everyone else sending a Bitcoin transaction at the same time is effectively competing with you for the speed of inclusion into the Blockchain.

One solution is to use, originally developed by one of us (Christian) at For those who are manually sending transactions, you can use our web interface (pictured below) to determine how much you’ll likely need to send in fees to get a transaction through in a given amount of time:

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Before you leave the country, you’re going to want to make sure that you can access your money while abroad without paying outrageous fees.

It’s your money — you shouldn’t have to pay to use it.

By doing a little extra legwork ahead of time, however, you can easily avoid foreign transaction and ATM fees, as well as set yourself up to make money by taking advantage of travel-friendly rewards programs.

Open a Bank Account without Foreign ATM Fees

A quick way to rack up enormous fees is to pull money out of a foreign ATM from an account that charges foreign transaction fees. A lot of accounts will hit you with an extra fee of up to $5 for each withdrawal — this is in addition to the ATM fee itself, which can get spendy ($6 in Thailand, for example).

Moving your spending money into a checking account without foreign ATM fees will save you hundreds of dollars each year, because you’ll always want to pull out money in the local currency when you arrive...

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Please let me clarify.

the fees listed below are current as of the date of this post.

Fees for sending bitcoin

We don't charge a fee to send bitcoin out from your bitcoin wallet on any amount over 0.0001 BTC.
(Sending over 0.0001 bitcoin is free) The TX fee paid to the bitcoin miners is paid for you by Coinbase

If you send less than 0.0001 BTC, then there will be a mandatory TX fee added to pay the bitcoin miners. We won't pay the bitcoin TX fee when you send less than 0.0001 BTC.

Sending bitcoin from one Coinbase wallet to another Coinbase wallet is always free (no fee) no matter how little bitcoin you send.

There is no fee for receiving bitcoin.

Fees for sending and receiving fiat currency (USD, EUR, CAD, etc) to your Coinbase account.

Fee's for buying/selling bitcoin -- converting fiat currency to bitcoin

There maybe a minimum fee of up to...

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I really detest the smart ass comments that get made when these type of post appear.

A story . . .

A couple of days ago I get a call from my staff that a customer wants to talk to me. I have a chat on the phone and he is asking if I can cash out 3 bitcoin for him. As one of the few bitcoin accepting businesses in town I try to help out where I can so agree to meet him a few hours later.

So we meet up. He tells me he has been working in China for a Bitcoin mining company, shows some pics of the miner premises and we have a nice chat about bitcoin. He's a marketing guy and bitcoin is only one interest for the company he works for.

So we do the trade. I told him upfront that I'd give him the cash only after 1 confirmation. When I look at the transaction on my phone I was surprised to see he had only paid a fee of 0.0001 bitcoin. When I pointed out that was a bit low and we may end up waiting for a while, he clearly had no idea what I was talking...

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This page in your Payments Report displays a summary of account transactions that have occurred since the last settlement period, up until the most recent report update. The report is updated periodically throughout the day.

A transaction can be an order, a refund, or an Amazon-initiated charge or credit. Recent transactions may not be included in the list displayed on the page. To check for recent orders, use the Manage Your Orders area in your Seller Account.

You can modify the transaction summary view using the filter and search options.

Filter view by: Use this option to choose the type of transactions to display:

All transaction types: This is the default. Order Payment: Buyer payments and seller fees Refund: Order refunds Chargeback Refund: Refunds buyers initiate through their credit card company A-to-z Guarantee Refund: See A-to-z Guarantee Service Fees: Fees for services such as FBA storage Shipping...
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Knowing that my bank charges foreign transaction fees could have saved me some money. Oskar Krawczyk / Unsplash

The INSIDER Summary:

I recently traveled to Europe for 10 days and used my debit card to pay for most of the purchases I made while there, not realizing that they charge foreign transaction fees. I ended up incurring 20 fees that added up to $25.59. I could have avoided this by taking large sums of money out of an ATM a couple times throughout the trip and using cash to pay for purchases. Or I could have opened up a debit or credit card that doesn't charge foreign transaction fees before leaving for my trip.

I was recently in France for 10 days visiting my sister.

I'm generally very good at saving my money and being frugal — plus I scored a round trip flight from NYC to Paris for only $464 — so I figured I could treat myself a little on the...

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Don’t you hate having to pay money to get paid? I get that it’s part of the way that the world works, but it doesn’t mean that I have to like it!

There are a few different payment receipt methods available. I thought your agency or business might benefit from learning the pros and cons of each. Here are four different payment options to choose from and some of the nuances of each.

1. Regular Check

The cheapest method to get paid is via individual check. You don’t have to pay anything to receive funds (unless you have a dishonored check), which is a perk.

On the flip side, it’s also usually the slowest way to get paid. Depending on the size of the company you’re working with, they might do their accounting on a certain set schedule. They could issue you a check immediately upon receiving your invoice (rare) or it could take a few weeks to see funds (more common from what I’ve heard from others).

You also run the risk of not getting paid or...

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Traveling outside of the country doesn’t have to be expensive. There are ways to save on everything from plane tickets and food to hotel accommodations. One easy way to cut costs when you’re abroad is to avoid paying unnecessary fees. For example, if you can avoid a foreign transaction fee, you can save between 1% and 3% on international transactions. Here are five ways to dodge foreign transaction fees and international ATM fees.

Check out our credit card calculator.

1. Get a Credit Card Without a Foreign Transaction Fee

If you hate paying foreign transaction fees, you might want to find a credit card that doesn’t charge you for making purchases overseas. Many major credit card issuers offer these kinds of cards, including Chase, Capital One and Discover.

Credit cards without foreign transaction fees can save you money even when you’re not traveling. You can be charged an international transaction fee while you’re shopping domestically if the merchant...

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If you’re planning a trip overseas, you probably think you have everything covered. You’ve booked your tickets, found a friend to watch your dog and learned a few phrases in the local language. All that’s left to do is pack!

But have you considered how much it will cost to use your credit card while traveling abroad? Foreign transaction fees can add up, so the Nerds want you to understand what they are and how to avoid them. Here’s what you need to know.

Foreign transaction fees explained

A foreign transaction fee is the most obvious type of fee you could face if you use your credit card at a non-U.S. retailer. Foreign transaction fees are assessed by your credit card issuer and are usually charged as a percentage of the purchase that you’re making, with 3% being common.

While 3% might not seem like much, remember that this fee will apply every time you use your card. If you jet off to Europe for a month and charge $5,000 on a card that carries a 3%...

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