BTC Fees

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  • HomerSimpson
    Too lazy to set a custom title
    • Sep 2005
    • 13826
    #1

    BTC Fees

    I haven't messed up much lately with bitcoins... And I just wanted to transfer some of I have from different wallets into a single one..

    So what I have found out is that the fees for smaller transactions are quite big.

    For example: If you want to send 1mBTC ( 0.001 BTC) that equals to $2.8 you would have to pay between 0.00147615 BTC ($4.13) and 0.09215589 BTC ($258.036)

    So, fees for buying a coffee that costs $2.8 would cost you $4 and $258. That's fucking insane! And then people say PayPal has high fees and BitCoins are cheap to use !??!?

    Here's a good article about it
    https://breadwallet.com/blog/skyrock...tcoin-economy/
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    • Barry-xlovecam
      It's 42
      • Jun 2010
      • 18083
      #2
      Good that you pointed this out.

      Churning means excessive trading by a broker in a client's account largely to generate commissions. Churning is an illegal and unethical practice that violates SEC rules and securities laws. While there is no quantitative measure for churning, frequent buying and selling of securities that does little to meet the client's investment objectives may be construed as evidence of churning.

      Read more: Churn Rate Churn Rate
      Same end result -- this is why Bitcoin is not a currency -- assuming his numbers are correct.

        Comment

        • Barry-xlovecam
          It's 42
          • Jun 2010
          • 18083
          #3
          Currency turnover:



          enlarged image: https://s24.postimg.org/dbp2g0aj9/cu...nover-1200.jpg

          Highlights from the 2016 Triennial Survey of turnover in OTC foreign exchange markets:

          Trading in foreign exchange markets averaged $5.1 trillion per day in April 2016
          http://www.bis.org/publ/rpfx16fx.pdf

          Money is in motion always. What is the point in owning digital currency unless it's exchanged in the same wallet? A closed loop. If I am getting this right?

            Comment

            • Phoenix
              BACON BACON BACON
              • Nov 2002
              • 35475
              #4
              i think of these coins as just buy and hold then liquidate when the time is right.
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                Comment

                • Brian mike
                  #Alberta51
                  • Oct 2014
                  • 8735
                  #5
                  very interesting ... Im using bitcoin there and there but did not see it this way at all.

                  Thanks to point this out
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                    Comment

                    • Kafka
                      Confirmed User
                      • Oct 2002
                      • 466
                      #6
                      There is a chain-split (BIP 148) coming on august 1. That should give an improvement of the Bitcoin network. It is recommended that your wallet supports this new chain and you should hold your private keys locally. Just to be safe. If your wallet does not support the new chain your Bitcoins can become worthless because it will use the old nodes.

                        Comment

                        • Barry-xlovecam
                          It's 42
                          • Jun 2010
                          • 18083
                          #7
                          I thought Bitcoin (and other digital currencies) intention was to be a transactional currency?

                          I am working on a new payment processing scheme outside of the credit card networks because of the costs and the hassles. So apparently? it is better to select one low volume digital currency and move the play money within the same wallet, that is if a wallet functions as a 'banking system' more or less -- then pay the fee once to cash out to hard currency (like dollars or euros).

                          I am looking at this as a transactional currency not a get rich scheme.

                            Comment

                            • Barry-xlovecam
                              It's 42
                              • Jun 2010
                              • 18083
                              #8
                              OK, assuming the above is correct;

                              Each wallet within a digital currency is like a real world bank.
                              Each bank (wallet) has a "per transfer" charge to move its 'digital currency' to another wallet (bank) -- this charge is variable based on the byte length of the blockchain that this 'digital currency' is part of.

                              As an example: Each Bitcoin 'mined (created(printed))' or fractional unit of the digital currency, is a part of its own unique blockchain?

                              So, if want to move or withdraw fragments of 'Bitcoin' in aggregate the withdrawal (cash out to real money) might entail many blockchains and variable 'withdrawal fees'. So, it is not a set amount ...

                              Once you are in it might be expensive to get out ;0)

                                Comment

                                • Barry-xlovecam
                                  It's 42
                                  • Jun 2010
                                  • 18083
                                  #9
                                  No comments? to the top again^

                                    Comment

                                    • Barry-xlovecam
                                      It's 42
                                      • Jun 2010
                                      • 18083
                                      #10
                                      Crickets ... Last bump ...

                                      So, I guess the best thing to do is find a minor (miner?) digital currency with its own wallet and adopt his operation for a porn wallet. The cost of converting from, then converting back to a real national currency cannot be too expensive. This way the customer absorbs the costs of using a credit card and jumps through any hoops.

                                      This is a 2nd alternative for people (buyers) not in the ACH or EFT/(SEPA) areas.

                                        Comment

                                        • fris
                                          I have to go potty
                                          • Aug 2002
                                          • 55708
                                          #11
                                          a lot of exchanges that will let you do many payment methods, even itunes cards, pizza cards, etc for btc which could be a way around privacy
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                                            Comment

                                            • Barry-xlovecam
                                              It's 42
                                              • Jun 2010
                                              • 18083
                                              #12
                                              It's not about privacy so much. Too many issues with the credit card associations and their banks and processors.

                                              99% of the people are going to buy in with credit cards or bank transfer to the coin wallet same way cashing out for the sellers.

                                              I would never use Bitcoin -- people wont understand it and how it can be fragmented -- they will just think of the near $3000 price or the next value fluctuation -- Bitcoin has become its own worst enemy -- if it wants to profit by being a transactional currency.

                                              The main thing it the cost of buying in and cashing out.

                                              did you read what this article has to say? https://breadwallet.com/blog/skyrock...tcoin-economy/

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