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KiXxnTRiXx

Miner fees and hidden charges?

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Hello Stakers and Stakets,

This post was actually inspired by a previous thread i just finished replying to.. It is relating to miner fees and fees in general each websites and apps charges its users when transfering coins outbound to a different wallet...

Ive always wondered why fees varies from site to site and aswell apps.. Some charges a reasonable fee that even makes me say "oh wow, not much than i thought it would be.. and others where i end up regretting it asking myself "wtf, why is it so high for such a small amount i am transfering out".. some sites even charge as much as 0.0005 btc for every outbound transactions you make no matter the value you send out.. At that point i ended up paying in fees 1/4 of the total btc i was sending to my wallet outside of their sjte.. wtf.. i havent used them for a while now and i am unsure if this is still a fact, but i question a few things..

1) Ate the fees being charged for outboubd transactions regulated at all?.. If so, who or what regulates it and how it works?

2) It is possible that some sites charges hidden fees but claiming its miners fee? If yes, how or where would you report it? Is it even worth reporting?

3) What has been the highest fee you personally had to pay for sending coins outbound either to your own walket or to a different site?

Please feel free adding any helpful comments relating to fees fot outbound transactions...

Thanks in advance for those contributing on this topic and good please keep tbem proactive..

Good luck everyone! 

Cheers.

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1) I don't know if it is regulated or not probably it is done by the miners itself ? 

2) Didn't understand what you asked . 

3)  Highest i had to pay after the rise of bitcoin was i guess 0.77$ which is quite not bad for a 10$ transaction in my head. 

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The highest transactional fees were at Coinbase when Bitcoin cost about 20k. For each transaction, you had to pay 150-200k satoshi. In my opinion it was a very big price.

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On 4/12/2019 at 5:20 AM, Kate said:

1) I don't know if it is regulated or not probably it is done by the miners itself ? 

2) Didn't understand what you asked . 

3)  Highest i had to pay after the rise of bitcoin was i guess 0.77$ which is quite not bad for a 10$ transaction in my head. 

Just wondering if some sites charges extra fees but not honest what the fee is for and would just say its part of the miners fee.. :/

On 4/12/2019 at 5:42 AM, barbaris said:

The highest transactional fees were at Coinbase when Bitcoin cost about 20k. For each transaction, you had to pay 150-200k satoshi. In my opinion it was a very big price.

Ya i deal with coinbase and it is around rougly 14+ k sats.. paxful charges 50k satd each time.. skems... xD

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Most sites nowadays other than desktop wallet and blockchain wallet has a fixed amount of fees allocated already for withdrawals.

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On 4/14/2019 at 9:17 PM, Etude said:

Most sites nowadays other than desktop wallet and blockchain wallet has a fixed amount of fees allocated already for withdrawals.

yeah... and as i mentioned, some of them are pretty skem on their fees.. i mean, they already charge the trader for each trade they make.. then charges the buyer insane fee to transfer out... that is just pure greed.. so ya ..l.. paxful!

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Posted (edited)
On 4/15/2019 at 10:39 AM, KiXxnTRiXx said:

Just wondering if some sites charges extra fees but not honest what the fee is for and would just say its part of the miners fee.. :/

Ya i deal with coinbase and it is around rougly 14+ k sats.. paxful charges 50k satd each time.. skems... xD

Sure, I would guess almost all sites do this, they regard withdrawing as a "service" and don't care how much you are withdrawing or how urgently you want it. However they don't have much choice, users are impatient and want their btc next block. Better to charge high fees (and pay the high transfer fees too) than try to explain to a customer why he didn't get his 0.005 within 15 minutes.

However it may work the other way around as well. If anyone has been withdrawing from Stake this week, I am sure the amount they charge is insufficient to cover the peak fees which means they are paying the difference out of their pocket.

Edited by allisonn

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I buy most of my btc through paxful & they charge a flat fee for every outbound withdrawal of 50k or .0005 btc which may sound rather steep but 99% of the time my withdrawals show up instantly where as other places I've withdrawn from who charge a much lower fee never seem to be very speedy and I end up waiting awhile for it to finally show up.  I can remember a time a little over a year ago I think was when miner fee's went through the roof I think I paid 200k a few times which was crazy but if you didn't pay you transaction would get stuck and you might wait for days,  I'm thankful it didn't stay that way forever.

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2 hours ago, allisonn said:

Sure, I would guess almost all sites do this, they regard withdrawing as a "service" and don't care how much you are withdrawing or how urgently you want it. However they don't have much choice, users are impatient and want their btc next block. Better to charge high fees (and pay the high transfer fees too) than try to explain to a customer why he didn't get his 0.005 within 15 minutes.

However it may work the other way around as well. If anyone has been withdrawing from Stake this week, I am sure the amount they charge is insufficient to cover the peak fees which means they are paying the difference out of their pocket.

Well  even with paying 0.0005 btc i dont recieved my coins that quickly.. lol.. not that i care too much if it came 15-20 minutes.. heck id wait even 30... there should be atleast the choice for paying that kind of fee if the person transfering wants or needs iit right away of not.. for us who do not mind waiting as well as transferinv low amounts, i would opt to wait rather than pay such high fees.. the power to choose is better than being forced to pay such high fees..

 

1 hour ago, 77kdub said:

I buy most of my btc through paxful & they charge a flat fee for every outbound withdrawal of 50k or .0005 btc which may sound rather steep but 99% of the time my withdrawals show up instantly where as other places I've withdrawn from who charge a much lower fee never seem to be very speedy and I end up waiting awhile for it to finally show up.  I can remember a time a little over a year ago I think was when miner fee's went through the roof I think I paid 200k a few times which was crazy but if you didn't pay you transaction would get stuck and you might wait for days,  I'm thankful it didn't stay that way forever.

thats where i get mine.. sometimes the deal that are posted by traders are so stingy that you almost leave with nothinf at all.. like the other day..  pay $50 get  $12  worth of btc.. then $3 for fee.. lol u start with $50 and end up with $9 in the end.. ofcourse i did not settle for such greedy deal... but as example, some would have and most likely did from not wanting to wait for a better deal.. they got screwed royally.. xD

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I remember when btc price was through the roof, I paid almost 0.01 in total just to consolidate my inputs, and this was at a low period.

Crazy thinking about it now but back then people thought it would just keep going up and not get much more efficient.

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14 hours ago, allisonn said:

I remember when btc price was through the roof, I paid almost 0.01 in total just to consolidate my inputs, and this was at a low period.

Crazy thinking about it now but back then people thought it would just keep going up and not get much more efficient.

0.01?. Errmerrgerdd.. well if that were to happen today at any sites.. I hope they get a virus.. the site and the ones that runs them.. but honestly, some sites are more greed6 than others and most are reasonable.. ..l.. paxful

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I personally choose the lowest fee possible, and yes, it could take 20+ hours for money to transfer, but since I am almost never in a rush, I don't really care how long it takes. So yeah, maybe there are hidden fees and things we don't know about which transactions miners give preference to, but so far, I have no complaints about the system ;)

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On 4/15/2019 at 7:17 AM, Etude said:

Most sites nowadays other than desktop wallet and blockchain wallet has a fixed amount of fees allocated already for withdrawals.

I feel like using a desktop wallet is much cheaper in terms of fees but less secure , but stake has the lowest fees of all ie ; 5000 Satoshi's other sites take a lot of fees. 

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I use coinomi as a wallet and the shipping is very fast and the transfer fee is quite cheap. for example I send 0.0001 bitcoin only pays a transfer fee of approximately 1000 satosi isn't this very cheap.

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49 minutes ago, pras111 said:

I use coinomi as a wallet and the shipping is very fast and the transfer fee is quite cheap. for example I send 0.0001 bitcoin only pays a transfer fee of approximately 1000 satosi isn't this very cheap.

Its good, but does the fee go higher as the amount sent becomes bigger aswell?.. which i think it would.. so if its 1k for each 10k.. sending out 500k would ultimately be 50k if thats the case.. which would pretty much be the same when sending out big amounts.. 

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Just now, KiXxnTRiXx said:

Itu bagus, tetapi apakah biayanya lebih tinggi karena jumlah yang dikirim juga menjadi lebih besar? .. yang saya pikir akan .. jadi jika 1k untuk setiap 10k .. mengirimkan 500k pada akhirnya akan menjadi 50k jika itu masalahnya .. yang mana yang akan hampir sama ketika mengirim dalam jumlah besar .. 

sorry friends mistyped, I mean 0.001 bitcoin or around 100k satoshi it costs 1k satoshi.

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On 5/12/2019 at 9:36 PM, KiXxnTRiXx said:

Its good, but does the fee go higher as the amount sent becomes bigger aswell?..

Nope it doesn't i have used this before and it is an android wallet and not a PC or online wallet , it is risky to hold bitcoins in your phone in my opinion only good thing is that there is , is the low fees . 

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today i made a deposit with 50k sat with 49k sat fees on it.

from a other wallet i made another deposit for 150k sat what costs me 90k fees. 

its insane, it was the first time for a really long time that i was holding btc, but for sure it was the last time.

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16 hours ago, neich said:

today i made a deposit with 50k sat with 49k sat fees on it.

from a other wallet i made another deposit for 150k sat what costs me 90k fees. 

its insane, it was the first time for a really long time that i was holding btc, but for sure it was the last time.

Wow that is huge you could save all that satoshis just use a wallet like faucethub or something like Coinbase they take 1 usd or sometimes 2 usd to send a transaction but never exceeds than that.

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I don't really care how long it takes. So yeah, maybe there are hidden fees and things we don't know about which transactions miners give preference to, but so far, I have really no complaints about the whole system.

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