INSUBCONTINENT EXCLUSIVE:
Exchanges enable users to produce their own digital wallets to keep the cryptocurrency safeBeing the most popular cryptocurrency, people
tend to invest in Bitcoin
Also, because it's the earliest crypto coin, it commands more trustworthiness in the unpredictable market than those which came later
There are primarily two methods which Bitcoin trading is done
One is through mining and the other by purchasing Bitcoins from an online exchange
Mining is a complex task including deep familiarity with the technology and the capability to resolve intricate mathematical formulas
Trading it through an exchange is less troublesome
Nevertheless, a user is needed to pay some charges to be able to trade through an exchange.Transaction feeAll exchanges charge this fee,
their main income source for helping with a buy or offer transaction
The majority of the exchanges follow a repaired cost design, that is they charge an established quantity for assisting in each transaction
Still, the last commission paid to an exchange may differ depending on the volume of deal and other exchange-specific elements
Bitcoin investors should do research about various exchanges and pick the one that suits their interest best.Another model some exchanges
follow is the Maker-Taker model
This is a variable cost design in which the seller is the maker and the purchaser is the taker
The deal fee depends on the amount traded and the trading frequency of a user
For instance, if you are an active trader, you might certify as a maker and pay a lowered deal fee.Wallet feeExchanges allow users to
develop their own digital wallets to keep the cryptocurrency safe
Most wallets don't charge a fee for keeping the coins but withdrawing or depositing coins might welcome a charge.Network feeThe network fee
is utilized to pay miners for validating transactions so that they can be added to the blockchain (or the decentralised ledger) and the
Miners are a fundamental part of the transaction procedure and they purchase powerful computer systems to do their task
They guarantee the transparency and authenticity of deals
The cryptocurrency exchange has no direct control over network fees, which follows the idea of demand and supply
If the transaction is high, this fee will increase.
