Our banks usually charge a fee based on a percentage of the transaction amount we are sending. For example, 0.5% for inter-bank transactions. 0.1-1% for transactions across different cities, and for transnational transfers, on top of the commission fees, there are additional cable charges too.
For cryptocurrencies, transaction fees are based on the size of the transaction in bytes, not the amount transferred. For instance, an average Bitcoin transaction takes up 250 bytes, the transaction fee will be around 0.001-0.0015 Bitcoin. If you’re sending Bitcoins to multiple addresses in one transaction, then the transaction will be a larger byte size, hence you may want to pay a higher transaction fee, in order to attract miners to process your transaction.
Yet, from a cost perspective, it is highly advantageous to utilize blockchain technology for cross-border transactions.
Watch the video here!
Huobi Pro will post a question in our Tweet via our Twitter account ( each time we put up an episode of Blockchain 101 post on our Twitter account, we will randomly select 20 people who answered in the format [UIDxxxxxxxx, correct answer] and retweet our post will be entitled to 1 HT each. Note that the UID entered MUST be a valid Huobi registered account.
What are you waiting for? Fastest fingers first! Grab your HT now!