Jump to content
NERD

Transaction fee for transferring XRP - WTF?!

Recommended Posts

Observing the difference in transaction fees for transferring BTC vs XRP from Trex exchange to my Ledger nano. I transferred almost 67k XRP and the friggin Tx fee was only 5.00000000 XRP ($0.90 USD fee at the time of the transfer). 

I was like WTF am I seeing things?  buahahahaha. I can’t wait for my next XRP purchases before Swell. 

Share this post


Link to post
Share on other sites
28 minutes ago, Trippy said:

That's a huge amount. When using the jatchili client you pay close to nada.

I was thinking the same, but only because I've gotten so used to the damn near non-existent tx fees.

Share this post


Link to post
Share on other sites
2 hours ago, Duke67 said:

Transaction fees today can be as low as 0.000015 XRP. That's the exchange who sets your fees, not the Ripple network!

Either choose better service provider or get a few scripts that will allow you to connect Ripple network directly.

Yeah, that's their charge for providing exchange service(s). 

Share this post


Link to post
Share on other sites
4 hours ago, Duke67 said:

Transaction fees today can be as low as 0.000015 XRP. That's the exchange who sets your fees, not the Ripple network!

Either choose better service provider or get a few scripts that will allow you to connect Ripple network directly.

Okay here I was thinking I was already paying a super low fee compared to BCH Tx fees and I was doing it in an efficient manner. I see this is now an issue I can improve upon. Thank you all. 

I am purchasing BTC ETH & LTC locally with cash, trading stuff for the crypto. After I get home I move the crypto from my mobile device’s wallet apps to my Trex acct wallets, then use BTC to buy the XRP. For LTC and ETH I sel that off in Trex to my BTC wallet then repeat the process to get XRP. Finally I move that XRP off the exchange to my Ledger nano S, because I feel it’s a safer HODL move than leaving up on the exchange.

I feel I need to be taught something. I feel like I am under the tutelage of the XRP ninjas right now. What’s the most efficient method to go about adding XRP to my hoard while minimizing my expenses in the process?

Thanks. 

Share this post


Link to post
Share on other sites
Okay here I was thinking I was already paying a super low fee compared to BCH Tx fees and I was doing it in an efficient manner. I see this is now an issue I can improve upon. Thank you all. 
I am purchasing BTC ETH & LTC locally with cash, trading stuff for the crypto. After I get home I move the crypto from my mobile device’s wallet apps to my Trex acct wallets, then use BTC to buy the XRP. For LTC and ETH I sel that off in Trex to my BTC wallet then repeat the process to get XRP. Finally I move that XRP off the exchange to my Ledger nano S, because I feel it’s a safer HODL move than leaving up on the exchange.
I feel I need to be taught something. I feel like I am under the tutelage of the XRP ninjas right now. What’s the most efficient method to go about adding XRP to my hoard while minimizing my expenses in the process?
Thanks. 
Until, possibly, that new exchange comes out ur stuck with depositing fiat....buy xrp, and then transfer it from exchange to.ledger.

Share this post


Link to post
Share on other sites

I have been reading that the Fee grows with the load on the ledger:

"Every transaction must destroy a small amount of XRP as a cost to send the transaction. This is also called a transaction fee. The transaction cost is designed to increase along with the load on the XRP Ledger, making it very expensive to deliberately or inadvertently overload the peer-to-peer network that powers the XRP Ledger."

So I think that the Fee could get much higer incase more Banks will use XRP. 

Anyone aware of this?

 

Share this post


Link to post
Share on other sites
32 minutes ago, Remque said:

Anyone aware of this?

Yes it is widely known.  Ripple have a crack team and scaleabilty is one of the prime ingredients to the XRP magic.  The fee should not become an issue.  If it ever did it would be adjusted as required.  

Share this post


Link to post
Share on other sites

×