Hi there
I am looking for a platform to create my own cryptocurrency together with a couple of friends so we can check out how it “feels” to create and send cryptocurrencies. How much fee do I have to pay to first create a new currency and how much fee do I later have to pay to send some coins of my new currency to a friend?
Thanks & regards
Felix
You just need 0.5XCP which is less than $0.5 at the moment.
But you can also get testnet (“fake”) BTC and check that out for free.
You can search for testnet and Counterwallet in FAQs on this site, there are how to videos too.
Do I understand correct that I have to pay $0.5 not for setting up my own new cryptocurrency (i.e. one time act) but for each and every time that I send some of my new coins to someone else?
I would have expected it to be less… The cost of the underlying bitcoin trx should be close to zero since bitcoin trx fees are optional and 1 satoshi as minimum trx amount is also neglectible.
Or do I understand you wrongly?
To create (issue) a new token, it’s 0.5 XCP.
To send, buy, sell, it’s just as you assume, the cost of BTC transaction.
But Counterwallet has default settings that use 5430 satoshis for the minimum, and pays a 0.0001 BTC tx fee. You can set your own instance with different settings or use another client, but if you set lower settings your transaction will probably not get any confirmations because most miners discard txt with less than 5430 satoshis (or it will take many hours). That’s outside of Counterparty control.
Try it out on testnet (use Counterwallet on testnet) or check any of the recent transactions on blockscan.com and compare with fees for the same transactions on blockchain.info or another BTC explorer.
For CP testnet you can use testnet.blockscan.com.
Hi.
Are these fees still valid or have they increased? I just created a numerical asset and was charged 0.00032076BTC
Thanks
That’s per KB, and the fees are now calculated dynamically based on the Bitcoin Core’s recommendations. There are few newer topics on fees on the forum