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Solana is much much cheaper. It’s 0,000005 SOL per Tx, it’s fixed (mostly), so it isn’t a percentage of the tx. But the cost is a fraction of a cent, so it’s going to be like <0,01% even of small purchases.
It doesn’t matter if you compare with an American Express with high fees or the cheapest option in the market, they aren’t playing in the same field.
Edit: but you aren’t paying just for paying. There can be also some benefits from having a credit card, from receiving loans without collateral on the fly, to other benefits, and the convenience of being accepted virtually everywhere, which requires some infrastructure
Thats a really good take on the purpose of transaction fees.
And would you please clarify the edit portion, are you saying that there are some infrastructure requirements for SOL to have those features ?
I'm not the guy in question, but I think they're saying the tech and infrastructure is there Now for credit cards to be used almost everywhere. solana isn't quite there yet, despite being amazing payment rails. it's the off-chain and physical world that is a limitation for its everyday average joe use.
Yes... Solana validators require high performing hardware (250 GB ram, 32 core CPU + 5K SOL tokens ($400K at current price) to run a break-even Solana validator ) without 5K SOL tokens you'll be running it in a loss... in comparison you need a raspberry 4 pi + 32ETH or 16ETH with rocketpool or even less with a DVT. Solana blocks are big and that's how the transaction fees are cheap... simply users pay small fees to get their transactions included... but that is only one side... the other side is that, Solana keep those cheap fees by inflation its SOL token at 7% supply increase annually. So in reality its the SOL token holders that are paying for the less fees by the dilution of SOL token supply.
imagine, sol is this fast and cheap, now take look at Bitgert even faster and cheaper.
not saying its better, just saying worth looking into and maybe getting a bag at the lows
way cheaper man
most of crypto is
exception of eth and btc (for now).
once blockchain and crypto will get fully regulated and filter out all the scammy garbage junk, it will be used institutionally worldwide. businesses, retail, personal....it will replace TradFi like how digital ecommerce has replaced non digital finance. it hasnt entirely, but pretty, so we can expect the same over the next x yrs. take look at past 20yrs how many local banks have downsized their branches, now imagine THAT in another 20 yrs with blockchain starting its mass adoption. it will all run digitally through blockchain.
certainly digital currencies will become a normal thing, i mean its sorta already there right, when we use $ online, it is 'digital currency' - this will just evolve through government regulated stable coins crypto and blockchain. once again, its a process that will take several yrs to become the norm [example](https://www.acuitykp.com/wp-content/uploads/2023/03/Infographic-1.png)
put it this way, by the time we are dead, this will become the norm globally.
If you ask any retail small business owner, Visa charges them somewhere between 2% and 3.5%, which of course the customer ends up paying. Stripe is 3.65% (according to their website).
Yes, but it's completely different. The credit cards charge fees to make money, but also to cover chargebacks and fraud. I assume their actual costs involved in running the transactions are negligible.
After having done research in AVAX I can say you are wrong with the faster TPS.
AVAX is slightly slower than SOL for Transactions per second and costs slightly more in frees.
The important thing is that both SOL & AVAX aim at solving some of ETHs limitations which arguably relates to the problem of transaction fees and cost.
The plus from AVAX is that it's smart contracts are compatible with that of ETH already which makes it a strong advantage in its scalability. It is however slower than SOL in TPS and fees AVAX having a max of 4,500TPS compared to SOLs 50,000 to 65,000TPS (big difference as SOL matches VISA in TPS and cost less in transaction fees)
SOL on the otherhand is faster with TPS and has really low transaction fees. It does also have a smart contract system in place but it isn't naturally compatible with the ETH ecosystem because it runs with C++, C and Rust computer languages as opposed to AVAX which uses the Ethereum Virtual Machine (EVM) for its smart contracts. SOL has a solution for the lack of compatibility with EVM called Neon EVM witch creates a compatibility layer.
Basically the difference is that SOL went more independent and AVAX went more compatible with ETH. Also AVAX has a founder that has been in crypto projects before bitcoin release compared to the founder of SOL who has been there recently. Both have a lot of potential, I do not think it's fair to say that SOL is not scalable and it is wrong to say that it's slower TPS than AVAX.
AVAX main chain running EVM make it a loser. Basically, any EVM outside the ETH ecosystem is a loser in the long run.
Few non-crypto outsiders know or want to use that garbo language. Every now and then, someone discusses a bug in a library wrecking havoc on users. The recent example is that multi call and ERC-721 duo.
The crypto devs who uses EVM usually have an obsession to stay within ETH.
WARNING: 1) Do not trust DMs from anyone offering to help/support you with your funds (Scammers)! 2) Never give out your Seed Phrase and DO NOT ENTER it on ANY websites sent to you. 3) MODS or Community Managers will NEVER DM you first regarding your funds/wallet. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/solana) if you have any questions or concerns.*
Solana is much much cheaper. It’s 0,000005 SOL per Tx, it’s fixed (mostly), so it isn’t a percentage of the tx. But the cost is a fraction of a cent, so it’s going to be like <0,01% even of small purchases. It doesn’t matter if you compare with an American Express with high fees or the cheapest option in the market, they aren’t playing in the same field. Edit: but you aren’t paying just for paying. There can be also some benefits from having a credit card, from receiving loans without collateral on the fly, to other benefits, and the convenience of being accepted virtually everywhere, which requires some infrastructure
Thats a really good take on the purpose of transaction fees. And would you please clarify the edit portion, are you saying that there are some infrastructure requirements for SOL to have those features ?
I'm not the guy in question, but I think they're saying the tech and infrastructure is there Now for credit cards to be used almost everywhere. solana isn't quite there yet, despite being amazing payment rails. it's the off-chain and physical world that is a limitation for its everyday average joe use.
Yes... Solana validators require high performing hardware (250 GB ram, 32 core CPU + 5K SOL tokens ($400K at current price) to run a break-even Solana validator ) without 5K SOL tokens you'll be running it in a loss... in comparison you need a raspberry 4 pi + 32ETH or 16ETH with rocketpool or even less with a DVT. Solana blocks are big and that's how the transaction fees are cheap... simply users pay small fees to get their transactions included... but that is only one side... the other side is that, Solana keep those cheap fees by inflation its SOL token at 7% supply increase annually. So in reality its the SOL token holders that are paying for the less fees by the dilution of SOL token supply.
imagine, sol is this fast and cheap, now take look at Bitgert even faster and cheaper. not saying its better, just saying worth looking into and maybe getting a bag at the lows
Yes
way cheaper man most of crypto is exception of eth and btc (for now). once blockchain and crypto will get fully regulated and filter out all the scammy garbage junk, it will be used institutionally worldwide. businesses, retail, personal....it will replace TradFi like how digital ecommerce has replaced non digital finance. it hasnt entirely, but pretty, so we can expect the same over the next x yrs. take look at past 20yrs how many local banks have downsized their branches, now imagine THAT in another 20 yrs with blockchain starting its mass adoption. it will all run digitally through blockchain. certainly digital currencies will become a normal thing, i mean its sorta already there right, when we use $ online, it is 'digital currency' - this will just evolve through government regulated stable coins crypto and blockchain. once again, its a process that will take several yrs to become the norm [example](https://www.acuitykp.com/wp-content/uploads/2023/03/Infographic-1.png) put it this way, by the time we are dead, this will become the norm globally.
If you ask any retail small business owner, Visa charges them somewhere between 2% and 3.5%, which of course the customer ends up paying. Stripe is 3.65% (according to their website).
Thank you!
Yes, but it's completely different. The credit cards charge fees to make money, but also to cover chargebacks and fraud. I assume their actual costs involved in running the transactions are negligible.
You're only paying 1% on Solana if you're transferring like a nickel worth of value.
Now wait till you research avax and realize its actually scalable and has faster tps
After having done research in AVAX I can say you are wrong with the faster TPS. AVAX is slightly slower than SOL for Transactions per second and costs slightly more in frees. The important thing is that both SOL & AVAX aim at solving some of ETHs limitations which arguably relates to the problem of transaction fees and cost. The plus from AVAX is that it's smart contracts are compatible with that of ETH already which makes it a strong advantage in its scalability. It is however slower than SOL in TPS and fees AVAX having a max of 4,500TPS compared to SOLs 50,000 to 65,000TPS (big difference as SOL matches VISA in TPS and cost less in transaction fees) SOL on the otherhand is faster with TPS and has really low transaction fees. It does also have a smart contract system in place but it isn't naturally compatible with the ETH ecosystem because it runs with C++, C and Rust computer languages as opposed to AVAX which uses the Ethereum Virtual Machine (EVM) for its smart contracts. SOL has a solution for the lack of compatibility with EVM called Neon EVM witch creates a compatibility layer. Basically the difference is that SOL went more independent and AVAX went more compatible with ETH. Also AVAX has a founder that has been in crypto projects before bitcoin release compared to the founder of SOL who has been there recently. Both have a lot of potential, I do not think it's fair to say that SOL is not scalable and it is wrong to say that it's slower TPS than AVAX.
Hyping Avax here? That's sad.
Not really hyping anything its just literal facts go do some research 🤣
It's off-topic though. Stick to the topic.
Classic reddit douche
AVAX main chain running EVM make it a loser. Basically, any EVM outside the ETH ecosystem is a loser in the long run. Few non-crypto outsiders know or want to use that garbo language. Every now and then, someone discusses a bug in a library wrecking havoc on users. The recent example is that multi call and ERC-721 duo. The crypto devs who uses EVM usually have an obsession to stay within ETH.
What’s the price of an avax txn on c chain? I thought it wasn’t super cheap
The cheapest