Why Bitcoin Transactions are cheap?

richardson
Posts: 42
Joined: Fri Apr 07, 2017 5:54 am

Why Bitcoin Transactions are cheap?

Postby richardson » Fri Apr 07, 2017 6:01 am

Hello, folks! I'm new to the Bitcoin world and was wondering why Bitcoin transactions cost lower than the transactions of fiat currency?
Last edited by richardson on Wed Apr 12, 2017 11:36 am, edited 1 time in total.

rooney
Posts: 72
Joined: Thu Apr 06, 2017 8:49 am

Re: Why Bitcoin Transactions are cheap?

Postby rooney » Fri Apr 07, 2017 7:02 am

Bitcoin being decentralized plays a huge part in Bitcoin transactions being cheaper than the fiat currency ones. Since the cryptocurrency doesn't need to go through a clearing house (Master card, Visa card) or monitored by the government or private regulatory authorities, the rates are set individually by each exchange company. The reason as to why these companies charge lower fees is just to attract more clients to expand their business.

zach
Posts: 134
Joined: Wed Apr 19, 2017 7:18 am

Re: Why Bitcoin Transactions are cheap?

Postby zach » Sat Sep 09, 2017 11:18 am

Because Satoshi wants to minimize the burden of fiat money transaction’s cost.

lahm
Posts: 122
Joined: Wed Apr 19, 2017 7:28 am

Re: Why Bitcoin Transactions are cheap?

Postby lahm » Sat Sep 09, 2017 11:19 am

It performs all operation digitally, that’s why its cost is low

kevin
Posts: 80
Joined: Thu Apr 06, 2017 8:09 am

Re: Why Bitcoin Transactions are cheap?

Postby kevin » Sat Sep 09, 2017 11:20 am

I don’t know, but its good

Kennedy
Posts: 81
Joined: Fri Apr 07, 2017 12:55 pm

Re: Why Bitcoin Transactions are cheap?

Postby Kennedy » Sat Sep 09, 2017 11:20 am

No idea

karim
Posts: 127
Joined: Wed Apr 19, 2017 7:31 am

Re: Why Bitcoin Transactions are cheap?

Postby karim » Sat Sep 09, 2017 11:21 am

Transactions are done digitally, I don’t think so it needs any charges, yes companies charge more.

katie
Posts: 56
Joined: Tue Aug 22, 2017 12:49 pm

Re: Why Bitcoin Transactions are cheap?

Postby katie » Sat Sep 09, 2017 11:21 am

Bitcoin is not in control of any government or any other authority, that’s why its price is not too much high.

itsbriskbaby
Posts: 63
Joined: Wed May 03, 2017 7:34 am

Re: Why Bitcoin Transactions are cheap?

Postby itsbriskbaby » Sat Sep 09, 2017 11:22 am

You should be relaxed because of its price. it’s good that it has a low price.

katharine
Posts: 60
Joined: Tue Aug 22, 2017 12:47 pm

Re: Why Bitcoin Transactions are cheap?

Postby katharine » Sat Sep 09, 2017 11:22 am

Thank God! It has low transaction cost.

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