Why do we need commissions and who receives them?

[Omar Ommeish 4872]

The transfer fees go to the miners who mine Bitcoin, and the transfer fees vary from one currency to another, and I think that Bitcoin has the highest transfer fees due to the pressure on its network.

[Mella 3680]

I am known there are fees but this is not it just happen now it was many years with the rise of peole that are in Bitcoin the fees also are higher. We are go have to know that the fees will be higher a lot with the bitcoin use because it is works like this the higher fees are make the transactions faster.

[Onden 2098]

In my opinion, there is a commission for transaction fees and that is used by the exchange. I think this is natural because exchanges also need funds to operate their exchanges. In order to maintain the servers and operate the exchange, funds are required and funds are raised from commissions. I think if you don't want any commission you can go peer-to-peer.

[Nicole018 4548]

Commission is a certain amount of fee given to a intermediary or a a person who does certain task on behalf of their client. Is true that when people are not much aware of the steps of cryptocurrencies they would have to rely on such people in order to get some services and in addition they have to pay a certain fee to them called condition. This can be really tiring to the users because it reduces their profits to some extent. 

[mohamedpc1 2213]

Each currency has its own commission, but the commission for Bitcoin is large because the price of Bitcoin is very large compared to other currencies. In my view, the fees are taken by blockchain and wallet creators in order to develop wallets and the currency in the future. But you can transfer via Litecoin.

[Red-Jones 1150]

bitcoin is very slow and very volatile so it doesn’t serve as a payment method, the miners formed a centralized cartel where they started to have a lot of decision power and in the past there were fights over it, so don’t worry about the system commission that will not change, but worry about the electricity that miners are consuming and that the question remains every year: how sustainable will bitcoin mining be?

[BrolySSJ 7899]

Commissions can be considered to be a nuisance however they are all entirely necessary for all bitcoin transactions to take place. You are correct in your topic though that these fees are for transactions and it s necessary for the transactions to be confirmed. The miners who are responsible for carrying out the transaction, are involved in transferring the bitcoin from one address to the next and confirming each transaction a number of times before it is processed. Therefore it is the miners that are receiving the commission or the transaction fees. Hopefully in the future this will be cheaper, but it will always be there. 

[Goyaa 2414]

Every transaction requires a commission, if we transact on an exchange, of course there is a fee that we must pay on the exchange, this is a transaction fee. Every exchange needs a commission for them to stay afloat and maintain their money network, so I think that's a natural thing.

[wassim19 645]

Bitcoin needs these imposed fees due to the services it provides and for maintenance and safe transfer guarantees B, but thanks to this, popularity has emerged among alternative currencies.

[Zalaks007 543]

Commission is really important here in cryptocurrency world, because it helped in confirmation of your transactions and it also makes your transactions to be fast compared to how it was before. And this commission is used in paying the crypto miners for there work. 

[Guru2050 8284]

That commission goes to the miners of the coins, who put down huge expenses to mined crypto coins, these needs fees to keep running the system efficiently. And also the exchangers who serve as the banks in comparison, they provide an enabling environment for trading to take place fast, anonymous and smart.

[guatazoo 7150]

On 10/11/2019 at 6:44 PM, ranya said:

What happened to Bitcoin? When Bitcoin just appeared there were no commissions. Without commission, Bitcoin would have been better than fiat money. Because of commissions, you can not use Bitcoin when buying everyday goods. Where did the commissions come from? For confirmation of the transaction, miners without commission receive Bitcoins. Why do we need commissions and who receives them?

In crypto technology in order to do transaction and make sure the transaction go to the really destination, it required to be confirmed by miners, so miners get paid because they also use cost in confirming those transactions. 

[cryptovlek 2597]

You need fees to make a transcation. These fees are paying the miners and keep the network running. Miners have a big cost and have to pay many bills for their enterprise so they have to profit. It is an industry and not something to be taken lightly. You don't pay fees with credit cards but the merchant pays to the bank with a percentage for each transcaction. This is the same with all payment methods.

[iloveyobit 6599]

it cant be done because Without fees, Bitcoin transactions will not take place because those fees are going directed to miners who speed up transactions , the higher the fees the faster the transfers, and so on.

[Mwangi 5611]

Well  I have never used such and I am not interested in using bitcoin on an everyday stand but the truth is we need to look for the right idea that builds working perfectly and I think ripple might be the right thing to  me, so to me that we need to really keep on putting a good chance to build this space we have right now

[Irungu 4299]

Am not to good in understanding the commissions that you have stated but the truth is we need to work and put together the right effort to which we need to work well,there are so many ways to run from those commissions the right one is to work with other cryptos exchange them with other cryptos and their commissions are very limited,this is ripple that am talking about

[annayks 2314]

Fees are required and Bitcoin is run with fees. It is how the system was created and fees will remain as the only source of income for miners when all the Bitcoins will have been mined. The developers are creating the lightning network too that is expected to bridge this gap in the transactions and allow Bitcoin to become the best payments method.

[bogdanoff 3173]

The commissions or fees are received by the miners and this is an extra bonus for them for right now as the most rewards they receive are in Bitcoin but fees are also important. It seems that fees will be higher in the future as Bitcoin will be adopted more. 

[yonkii 3205]

I didn't know that when Bitcoin first appeared there were no commissions. I think it is an integral part of the Bitcoin blockchain and the transactions system. I've read a post how these fees are calculated and we can sometimes use very low fees but there are times when the network is used a lot and the system Bitcoin has is that some transcations that have higher fees are those that the miners will select first.

[VijithaVarghese 1994]

I think it's a tradition to pay to the miners as for faster transaction. I think this would be a chain in the bitcoin mining as a lot of extra charges would combine with the functionality of cryptocurrency instruments. I think this is great post.

[Brandonsaw 1973]

An exchange charges you commissions since they are providing you with their system so that you can exchange your cryptocurrencies for that reason they charge you commissions because if they give it for free they do not earn anything and they are the ones who work to give you a good exchange system for that reason  They charge commissions, I think so.

[Viscount 1357]

I think the commissions that you're talking about are the ones that miners receive when they complete a block. It is essential because the miners are the ones that are processing Bitcoin transactions and without them, Bitcoin will be nothing.

[Mosab73 333]

Every banking transaction of any kind, every commercial transaction, and any other transactions carried out by private or government companies or institutions must be in exchange for these services in percentages, bonus or commission for that any digital technology issued must have a commission in exchange for maintenance and development of digital currency and this includes currency  Bitcoin

[zhoutong 2188]

The fees are collected by miners and they are part of Bitcoin and how it is working. The only reason fees were very low in the first years was because the network wasn't used a lot. Once it started being used fees were necessary.

[Michar1 1693]

The cimissions are for the miners, and it is really that if there were no miners, they would not open bitcoins in circulation.
The fees are for them and are distributed among all, hence the high demand to mine bitcoin of course in addition to the profits that do so but without forgetting the expenses it contributes.

Edited November 14, 2020 by Michar1