Blockchain networks charge fees for users transactions. Commissions are needed to pay for miners` work — they mine new coins and verify transactions. The higher the commission, the more likely the transaction will get into the nearest block, and the less time the user will wait for the coins. Cryptocurrency transaction operators traditionally charge users a fee for withdrawing crypto from an exchange or wallet, but some of them offer free withdrawal. In our short article, we will tell you about how valuable this offer is and whether it is always worth using it.
Why is there no single commission in Bitcoin?
Bitcoin does not have a clear set of transaction fees. Each day this figure will be slightly different — its specific size depends on a number of factors. When there is a surge of interest in bitcoin in the market, the demand for transactions with this asset may exceed the supply. The number of free nodes ready to process transactions ceases to cope with the flow of incoming transactions. This is how a backlog arises in Bitcoin when transactions accumulate in the network`s mempool, waiting for their turn for confirmation for hours, and sometimes even days. At such moments, you can only promote the transaction by paying a higher fee. So, in December 2017, at the peak of bitcoin’s rate growth, the network fee became $55.
So though it may seem like the fees in Bitcoin are insignificant, this is far from always the case. For example, when the halving occurred in Bitcoin on May 11, the miners’ reward was halved and they were forced to raise transaction fees. As early as April 26, only $0.62 had to be paid for a transaction, and by May 11 it was already $ 2.48 — 400% more! This happened because commissions became the main source of income for miners.
Is it good that some services pay network fees for you?
What we’re trying to tell you is that blockchain fees can be expensive. For example, now many are complaining that fees have grown dramatically in Ethereum, since many DeFi services are deployed upon this network.
So it is understandable why most services do not want to pay commissions for you, and those of them that promise their users a free withdrawal, set the lowest commission while sending cryptos. In this case, users have to wait a long time for the transaction to get confirmed. Perhaps many of them would prefer to pay the normal commission themselves.
Bitzlato pays commission for you and delivers crypto quickly
There is one service where the network commission will be paid for you, and the coins will be delivered quickly. Bitzlato P2P exchanger gives its users free withdrawal vouchers that allow them to withdraw any cryptocurrency quickly. That’s because Bitzlato pays fees enough for the transaction to enter the nearest block.
You can get vouchers in several ways:
- Follow Bitzlato`s social networks. Vouchers can be obtained for participating in contests and various bounty programs.
- Leave honest reviews about Bitzlato with a link to the site on various forums and in the socials, then write to the exchanger’s support service and pick up a pretty bunch of vouchers.
- Take part in the Prime Time promotion: make a deal at a certain time and get a free withdrawal voucher.
- Participate in the Wednesday Voucher Day promotion and receive vouchers.
How do I use a voucher?
The voucher is a link, and in order to use it, please select the appropriate menu item when withdrawing cryptocurrency both in the web and Telegram versions of the exchanger. Yeah, it’s really that simple.
Telegram group: https://t.me/bitzlato_talk
Bitzlato representative in Kenya: https://t.me/reggie_bz
Find Bitzlato’s brand new educational platform for P2P cryptocurrency trading on https://explore.bitzlato.com/en/