So, big news in the Bitcoin world, may explain why there is so much traffic going on right now.
Link: https://elevenews.com/2020/10/26/whale-moves-over-88000-bitcoin-in-one-single-transaction-1-15-billion/
Word on the street is the transactions, valued at 1.15 BILLION, only cost 3.50USD to complete. This news may cause a bull run on BTC.
Keep your eyes peeled.
88.85 THOUSAND Bitcoin Moved
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I sent .077 ($1000 )btc on Incognito and it cost almost 9 PRV. Why is sending btc on Incognito so expensive?
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Sending BTC on Incognito is almost free. On Incognito, as in sending it from one Incognito account to another Incognito account. When you unshield your BTC, take it from the Incognito chain to an external chain, the costs of the external chain come in play.
Things are a bit wild at the moment on the BTC blockchain, that is the cause of a large number of pending transactions and high fees.
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Hopefully the transaction cost come down. Cause paying $ 13 to send $1000 is too expensive.
It is just that we are not in control of that. Not earning from it either. Let’s hope it is a temporarily spike.
If they send it via our network, no-one would even noticed )
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That is a fantastic link!
The team is definitely in control of the fees, and there is no need to pay high fees with BTC. The funds are sent from a bonded custodian, so no complex transactions needed. Not today, but within the last week I’ve sent btc for 1.1sat ($0.02?) and confirmed in the next block while incognito costs $5+ to move. It’s a profit center.
Now, I don’t know if they are charging the full gas costs for ethereum, that’s a bit different because you can only submit one transaction at a time, and it has to confirm and update the state before you can continue. I don’t fully understand the mechanics but if the users called a “claim” function on the smart contract, that would avoid the issue and even ethereum users could pick any fee they want.
I think the team’s rationale here is that there is an planned “exit fee” to leave incognito to encourage people to use the pdex and stay inside the ecosystem.
I don’t think they collect that transfer fee. Fees are earned by node owners. I’ve had a node for 10 months and have amassed Only 2.8 Satoshi in BTC transaction fees!
hey, this is what we use to estimate fees for BTC (using an API from the Bitcoin blockchain). this wasn’t designed to be a profit center.
the user pays the estimated fee, which is the real fee paid - although sometimes that may not be optimal. the same situation happens in reverse: sometimes estimations are off and transactions need to be retried with higher fees - we cover that always. the user only ever pays the original fee they were quoted.
we’ll be continuing to improve this flow. hope that helps!
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Looks like the team is using the BlockCypher BTC API for pricing?
API: https://www.blockcypher.com/dev/bitcoin/#tx
ESTIMATE: https://live.blockcypher.com/btc/
RESULT: https://api.blockcypher.com/v1/btc/main
BTC fees are skyrocketing this week: https://btc.com/stats/fee
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that’ right @Mike_Wagner.
current fee: 0.000589 BTC
https://live.blockcypher.com/btc/tx/f1f6fdea03bb90d29e10ea15bc2e4d763396421d2b9db22c93fc2aebdcd1dea5/
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