Bitshares reduces its blockchain fees

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So I just moved some of my wife’s Bitcoins an hour ago, and it set her wallet $13 lighter. Imagine that, $13 to move your money from one account to another. Insane!

In other news, the Bitshares committee just voted to reduce fees on the Bitshares blockchain. Yes, its that simple. Miners don’t decide the fees because they don’t burn electricity to keep Bitshares running. Instead, Bitshares uses Delegated Proof of Stake and witnesses confirm blocks every 3 seconds. Fees are decided by the committee, and can be changed by their vote. And every BTS you hold decides who holds office.

The changes will take effect on the 9th of January.

  • Transfer fee has been reduced from 0.2185 BTS to 0.01662 BTS, that’s about a cent
  • Order creation fee has been reduced from 0.01213 BTS to 0.00092 BTS, which is a teeny tiny hundredth of a cent
  • A Lifetime membership fee (which is not something most people need) has been reduced from 1457 BTS to 110.8 BTS keeping it at $100

You can read more about these changes at http://cryptofresh.com/p/1.10.7264

This is what the blockchain revolution is all about: moving money instantly at the lowest fees whether its a million dollars or a few cents! Amazing!

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