Review - Bitcoin transactions on freewallet.

So I do a little cloud mining on Minergate and for ages they have restricted withdrawals of bitcoin to freewallet. Freewallet is primarily a mobile app that is a multi-wallet option for your coins. They do have a website that you can check out if need be. Anyway, in the past, Their network fee for transfers out of freewallet were quite high. For the most part, they basically made small transactions uneconomic. My last withdrawal from them previously was in late march:

March BTC.jpg

As you can see the network fee was 0.0004 BTC. Even at todays very sad BTC price of $6,766 USD that equates to $2.70. Not worth moving small amounts around at that price.

Today, I had a look as I wanted to work out how to convert my cloud mining income into STEEM here. I tried a transaction and here is how it turned out.

today BTC.png

In this you can see the fee is much smaller - It converts to $0.0265 USD. To get this fee I had to select "low priority" transfer (which stated a delivery time of around 1 hour) This massive drop in fees for BTC transfers should drive transaction volumes and make the crypto market in general more accessible for everyone.

I was amazed at this fee drop, this will allow me to transfer my BTC income into STEEM every week, and build my account value here.

I thought it would be valuable to share this with you all, as I had basically turned my back on freewallet, thinking that at my very small scale of crypto involvement, fees would cannibalise any profits. Now, transactions are so much cheaper and faster, surely more people can get involved at a small scale to begin with.

Have a Great Day,

John.