As a gateway to the BitShares decentralized trading platform, we made the logical choice of building out our project on top of this battle-tested blockchain, which can process up to 100,000 transactions per second and has an average confirmation time of just 3 seconds.
On such a platform, all transactions are stored on the blockchain and as a result a fee is associated with each action to be processed permanently there. BitShares (aka BTS) is the official token that shares its name with the blockchain and all fees are paid with it. This is an often misunderstood, but vitally important fact to be aware of prior to using CryptoBridge. Please know that simply holding as few as 1 or 2 BTS can provide significant savings on fees while using our gateway.
Fees are required for the operations below:
- Staking fee (variable)
This fee is charged to create a a stake (also know as vesting_balance_create) on the blockchain. The value of the fee charged is determined by the BTS Committee. The current fee is approximately 61 BTS. As BCO price increases relatively to BTS, we are able reduce the number of BCO required to be converted to pay the staking fee to create a staking position on the blockchain.
- Trading fee (0.2%)
This fee is charged when each trade is completed on the blockchain.
- Gateway withdrawal fee
This is a fee that is charged to withdraw from the CryptoBridge gateway and to ensure that it is deposited on the destination blockchain. For example, the fee to withdraw BTC might vary or be adjusted to ensure that the transaction is confirmed when sent and not stuck in an unconfirmed state.
- Cancel Order/Place Order (~0.00009 BTS)
An overview of the fees charged to make various operations on the BTS blockchain is available at https://cryptofresh.com/fees
The good news is that the BTS Committee are now voting to reduce the fees for operations that take place on the BTS blockchain. As a result the staking fee should be reduced significantly by the end of next week. Allowing anyone regardless of the number of BCO that they own to create a staking position.
THE BTS-RFC to reduce the fees is available here http://cryptofresh.com/p/1.10.7264
With BitShares, all transactions are stored permanently on the blockchain and as a result a fee is associated with each action to be processed there.
The fees are minute when compared to the significant benefits of trading on CryptoBridge. When you trade on CryptoBridge you have full ownership of your BitShares private keys. CryptoBridge allows you to avoid the following significant risks:
- Thefts from outside attackers
- Performance Issues
- Withdrawal & Deposit restrictions
- Hardware failures
You can get started trading on CryptoBridge today!
Want to learn more?
- Start trading on CryptoBridge
- Introducing Staking
- Staking Tutorial
- Follow us on Twitter
- Join us on our official Discord