Hello everyone, hope you all are doing good? This is the beginning of an exciting new series, which promises to be informative and also educative, do well to follow all the parts, as you will definitely gain 1 or 2 useful information from the series. In today's article we would be understanding what multiple transfer in a single click means, how can it save transaction fees, as well as other benefits of multiple transfer in a single click. Do well to enjoy the read.
I can still recall when I was still the financial secretary for a chess club. Since I'm a graduate of Accounting, I was tasked to sending competitions' rewards to the winners. A part of my role, which I always didn't like, because, I will have to send rewards to the 20 winners' bank accounts, one after the other. I always wondered, why can't this annoying task be done, with just a single click and to my amazement, it can now be done in the world of cryptocurrency now.
Now, what does multiple transactions in a single click means? It simply means the ability to send coins/tokens to many people at once. With just a click, we now have the ability to send a coin to as many people as possible.
As an organizer of events or airdrops, this feature is a blessing, as you can be able to compile winners of events or lucky winners of your airdrop and send their reward to them, with just a click.
How Does It Save Transaction Fees?
Different blockchains have their different transaction fees. First thing first, transaction fees are fees you pay the blockchain whenever you are performing a transaction. Steem blockchain, is an amazing blockchain, as it requires no(zero) transaction fees. You sent 5 steem to your friend, with no transaction cost, whereas, in some blockchains, you may be asked to pay 1 steem , 0.5 steem, or 0.1 steem(not steem, the native currency of the blockchain. Just to make you understand better, I used steem). My point is that, you will pay a fee for any transaction process. As I said earlier on, different blockchains or even crypto exchange platforms and their different transaction fees.
Now, I guess you understand what transaction fees mean and that for every transaction process, you are to pay a fee. So, imagine, you organized an event for 100 winners. That means, when you are sending their rewards, you will pay 100 transaction fees, because for every transaction process, you must pay a fee. Now, let's take for instance, that the transaction fee is 0.002 ETH($2)-(this amount is help you understand the illustration better, that isn't the real value), that means, to reward all the winners, you will be paying 0.2 ETH($200). Can you see the huge amount in transaction fees you will pay? Whereas you can reward your 100 winners at a cost of 0.002 ETH($2), isn't that mind blowing? As I said earlier on, for every transaction process, you are to pay a fee. Now, you rewarded 100 winners with just a click, hence, one transaction process, thus, you only would pay the fee once, instead of, 100 times. From illustration, this unique feature, has saved you a whopping $198.
Other Benefits
- Saves Time and Energy: From experience, I can confidently tell you that this amazing feature saves our valuable time and energy a whole lot. Imagine, sending rewards to 100 winners, you input their address, their amount, click on pay, the page loads, you agree to the fees or adjust it, then you input your password and then send. Imagine, doing this process 100 times, you will be completely fatigued out and your time gone.
- Reduce Chance Of Errors: It helps to reduce the chances of making an error, by it saving time and energy, because we know when we are tired and rushing to complete a task, we sometimes unknowingly make errors. Let's say you still make an error while using this feature, it will identify and notify you of the error. It is just mind blowing!
I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks.
