Introduction:
Understanding the Structure and Fees involved is very important. I would like to put this topic at the very beginning of the Tutorial so that we understand the implication of each movement of Twinkles. This is a very special Topic needed for all to understand.
Sending Twinkles from one Wallet/System to another would attract Fees.
Just like moving currency from one country to another attracts huge fees, there is fees involved for movement of Twinkles as well or any cryptocurrency. The System need to run, the miners need to do the book keeping etc. So, Fees is a must.
Before proceeding further, let us understand where the Twinkles can flow and the Fees involved.
The Structure of our Two-Wallet System
Private Wallet: This Wallet, also called as PERNUM is part of the SafeZone/RainbowCurrency. It is protected from the outside world. Inside the SafeZone, this wallet would be used to pay to the Businesses for their goods and services using a centralised system.
Public Wallet: This wallet would be known to the outside world. Thus keeping the PERNUM private. It is part of the Ethereum Block Chain, with Twinkle Token loaded to it, Example: MyEtherWallet (MEW).
Our public wallet would be connected to multiple Cryptocurrency Exchanges. Our First Exchange being CryptoCoinStreet (CCS). In Future, all Exchanges can be connected to the same Public Wallet. It is NOT mandatory to connect to all Exchanges.
After understanding the overall structure, let us see where the Twinkles can flow and what are the Fees involved with it. Let us take example of PERNUM, MEW and CCS.
The Possible flows are shown in the following diagram.
There are two types of Functions that can happen:
- SEND Function which can happen in any of the above Arrows.
- TRADE Function which can happen only in the Exchange, currently CCS.
So, the TRADE Function can be only Arrow No. 5, while the SEND Function can be any of the above Arrows, including Arrow No. 5.
Before going to the TRADE Function, let us see the Fees involved with the SEND Function for each of the cases i.e. Sending Twinkles from one system/wallet to another. In almost all of the cases, the sender always bears the Fees.
SEND Function FEES as of 5th December 2017:
Arrow |
Sending System |
Receiving System |
Fees |
1 |
PERNUM |
MEW |
2 Twinkles |
2 |
MEW |
CCS |
In Ether |
3 |
PERNUM |
PERNUM |
Not Yet Possible |
4 |
MEW |
MEW |
In Ether |
5 |
CCS |
CCS |
1% in Twinkles |
6 |
CCS |
MEW |
(1% + $0.017) in Twinkles |
7 |
MEW |
PERNUM |
Not Yet Possible |
PERNUM: Trade initiated at RainbowCurrency.com
MEW: Trade initiated at MyEtherWallet.com
CCS: Trade initiated at CryptoCoinStreet.com
Please Note: Before initiating any Transfer, kindly understand the Fees.
- There is Fees for moving your Twinkles from Private wallet to Public Wallet.
- You pay fees for moving your Twinkles from Public Wallet to Exchange 1.
- If you want to Transfer your Twinkles from Exchange 1 to Exchange 2, that is not possible.
- You will have to pay fees for moving your Twinkles from Exchange 1 to your Public Wallet. And then
- You will have to pay fees for moving your Twinkles from your Public Wallet to Exchange 2.
- It is quite possible that by the time the Trade price rises to meet your selling price in Exchange 1, we may get Exchange2 to trade. So, take your decisions wisely.
Related Posts:
Creation of MyEtherWallet
Twinkle Custom Token Addition
Linking BLOCKCHAIN WALLET ID to PERNUM
Linking BLOCKCHAIN WALLET ID to CCS(CryptoCoinStreet)
Transferring Twinkles from PRIVATE WALLET to PUBLIC WALLET
Transferring Twinkles from MyEtherWallet to CryptoCoinStreet
Congratulations @smartshare! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
You published 4 posts in one day
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit