Transaction fee

When bitcoin are sent in the blockchain, from one address to another, there is a small “Transaction fee”, that goes to Miners (the computers who solve the mathematics formulas in order to assure that the bitcoin network is functioning and secured).

So, when a customer buys something on EroShop, besides the amount asked by the star, the buyer has to pay a little transaction fee that goes to miners, not to EroAward. This transaction fee is suggested by our shopping cart, and sometimes by the wallet that the customer uses to send the payment, but it’s up to the customer how much (s)he wants to pay for a faster/slower transaction.

Normally, this fee is very small, around 0.10-0.30€, but when the number of transactions in the bitcoin network increase, this fee may also increase a bit, sometimes reaching at 1-2€. There is a competition between miners to get the transactions with the highest fees to validate them first, so, the higher customer pays the transaction fee, the faster is validated by the miners and the faster the bitcoin amount reaches to the content creator.

The star can access the bitcoin after the transaction has a minimum of 6 confirmations, and only then can deliver the service/product to the costumer.

Although Bitcoin is THE BEST FORM OF PAYMENT ever invented by humans, it is true, that for micro-payments, 1-10€, SOMETIMES, the transaction fee can seem “big”….This issue will be improved soon at EroShop, by introducing Lightning Network payments, where for micropayments, can be paid fees of less than 1 cent per transaction (0.0001 €)!

But, for average amounts of bitcoin sent, the transaction fee is fair and not a problem.

Let’s take 1 example, the Coinomi wallet, where we try to send 5€ to one star on EroShop:

For 5€, if we pay an extra of 0.14€ as transaction fee, we get a Normal Priority, which means that in less than 1 hour, the bitcoin reaches the star’s wallet from EroAward (minimum 6 confirmations) and (s)he can deliver the service to the customer.

We also have the possibility to pay a Custom fee, even as low as 0.047€, but if the fee is too low, the bitcoin may take 6-24 hours or even few days to reach the star’s wallet (minimum 6 transactions). So, if we want almost instant payment, we should use the Normal or High fee, and 0.14€ isn’t a problem for amounts like 5-500-1000€, especially that on EroShop, THERE ARE NO LIMITS on how much money a star can be paid (like for example on OF or the majority of camsites & clip stores, where customers need special approvals to be able to spend more!!!!) and our payments are almost INSTANT and reach directly the Star’s wallet (no more intermediaries)!!!!

The Star can check on her/his btcpay.eroaward.com account when a transaction has minimum 6 confirmations and is considered Settled, and soon we will also send automatic notifications by email.

Let’s take one example of a transaction speed “low” (very small transaction fee):

The Creator can see the date and hour when the invoice was created, and the time when it was “Settled” (minimum 6 confirmations):

So, if the customer wants to quickly receive the item, has to pay a normal or high transaction fee, which in both cases, as showed above, are very small. On twitter.com/coinyfees you have a live estimates of the aproximate fees.

#OpenYourBook #CultureIsSexy

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