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    Author Topic: Fees and payments  (Read 851 times)

    • jseverson
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    December 06, 2017, 07:59:27 AM
     #21
    Quote from: Youghoor on December 05, 2017, 10:57:15 PM
    False, credit cards are usually taking 0% fees of whatever you buy, the only "fee" that you have to pay is the Anual Maintenance, and yes, that is extremely expensive.

    What? Credit card companies take fees out of every transaction. You're the buyer so you probably don't know this, but the seller doesn't get the full amount of money charged to you. They may charge you $100, but only $98 or $97 gets credited to their account. To avoid losses this way, sellers may simply increase the price to $105, and may just opt to give a discount for cash purchases. OP is saying you're already paying the "hidden" fee that sellers charge to offset the credit card charge plus the Bitcoin transaction fee. You're paying more for using Bitcoin rather than credit card in this specific scenario.

    Either way, Bitcoin fees are too high right now, proven by the fact that microtransactions are nearly unviable. Segwit and the Lightning Network claims to be capable of solving this problem, so we'll see. I wouldn't be opposed to paying extra if it were only a few cents anyway.

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  • heureca
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    December 06, 2017, 08:11:07 AM
     #22
    Quote from: thecodebear on December 05, 2017, 03:12:26 AM
    One of the big features of Bitcoin is that it is cheaper than paying with credit cards. Of course currently the Bitcoin fees are very high since it needs scaling so its only cheaper right now if you're buying a couple hundred dollars or more worth of stuff.

    Anyways, businesses have hidden the credit card fees from consumers by pricing them in to products and eating the fees. With Bitcoin though, the sender pays the fee. Even if the fee is a lot lower than credit card fees, you're still spending more when using Bitcoin because the the sender pays the fee. This needs to change since businesses already price in fees. I've never bought anything with Bitcoin, so maybe this is already done by newegg and overstock, etc, but do you think retailers will subtract the fee paid from the price of the item when buying with Bitcoin? Do retailers do this now? If this doesn't happen, even if fees go way back down, this would be a terrible user experience if you have to pay a fee on top of the cost of a product when compared to paying with credit card where the fee included in that same sale price.

    I think that BTC is not effective for payments and its fees is rather high. Debit cards are comfortable to use in local regions. However using debit cards for money transfer between contries is not so cheap comparing with criptocurrencies Smiley
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  • thecodebear (OP)
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    December 06, 2017, 01:03:52 PM
     #23
    Quote from: jseverson on December 06, 2017, 07:59:27 AM
    Quote from: Youghoor on December 05, 2017, 10:57:15 PM
    False, credit cards are usually taking 0% fees of whatever you buy, the only "fee" that you have to pay is the Anual Maintenance, and yes, that is extremely expensive.

    What? Credit card companies take fees out of every transaction. You're the buyer so you probably don't know this, but the seller doesn't get the full amount of money charged to you. They may charge you $100, but only $98 or $97 gets credited to their account. To avoid losses this way, sellers may simply increase the price to $105, and may just opt to give a discount for cash purchases. OP is saying you're already paying the "hidden" fee that sellers charge to offset the credit card charge plus the Bitcoin transaction fee. You're paying more for using Bitcoin rather than credit card in this specific scenario.

    Either way, Bitcoin fees are too high right now, proven by the fact that microtransactions are nearly unviable. Segwit and the Lightning Network claims to be capable of solving this problem, so we'll see. I wouldn't be opposed to paying extra if it were only a few cents anyway.


    THANK YOU!

    I feel like you're the only person so far that actually read my post haha.

    And yea fees are too expensive right now anyways for any cheap purchases, though for large purchases Bitcoin works great right now because even $5 fees are a lot cheaper than credit card fees on buys of a few hundreds dollars or more. But yeah I'm basically just thinking about when LN or something comes online that makes purchases of all sizes feasible. If fees are just a few cents people might not care too much, but still it would make more sense for merchants to treat them the same as credit card fees and minus the fee from the price.

  • madentopere
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    December 06, 2017, 03:57:25 PM
     #24
    Quote from: SamReomo on December 05, 2017, 10:35:05 PM
    It is very sad but true. if someone is trying to buy something low priced then the Bitcoin fees are way more than credit card fees. However, if you someone is trying to buy something high priced then Bitcoin fees are way cheaper than the credit card fees. When it comes to Bitcoin, the consumer is the one who will pay the fees even if the seller is negotiable.

    Bitcoin should deduct less fees in order to be more usable, and it will be even more great if the fees become less than 1% overall. Who knows that in future there might not be such high fees as of today, and there might be chances when someone could buy low-priced things with Bitcoins without rethinking about the fees.

    it’s one of bad things with bitcoin specially  these days you can’t start project using exchange amount of bitcoin and it’s risky to pay using bitcoin .


    fee also will be big problem in future

  • Jigsawman082076
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    March 24, 2018, 02:40:21 AM
     #25
    All of the fees and payments issues depends on the individual or organization using bitcoins for their transaction, fees will not be an issue to organization who wants their transaction remain hidden in the eyes of the government such as sending millions of dollars to the other side of the world in which the banks cannot do. That's why many organizations today prefer to use bitcoin rather than banks because of the anonymity it provides to its users in making the transactions.

  • babarian
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    March 24, 2018, 03:24:16 AM
     #26
    in fact the cost for the cost of using bitcoin and credit card is bigger bitcoin fee, but for some people it is not a problem, because the fluctuation of bitcoin price is big compared to credit card

  • james23
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    March 24, 2018, 03:42:20 AM
     #27
    Quote from: thecodebear on December 05, 2017, 03:12:26 AM
    One of the big features of Bitcoin is that it is cheaper than paying with credit cards. Of course currently the Bitcoin fees are very high since it needs scaling so its only cheaper right now if you're buying a couple hundred dollars or more worth of stuff.

    Anyways, businesses have hidden the credit card fees from consumers by pricing them in to products and eating the fees. With Bitcoin though, the sender pays the fee. Even if the fee is a lot lower than credit card fees, you're still spending more when using Bitcoin because the the sender pays the fee. This needs to change since businesses already price in fees. I've never bought anything with Bitcoin, so maybe this is already done by newegg and overstock, etc, but do you think retailers will subtract the fee paid from the price of the item when buying with Bitcoin? Do retailers do this now? If this doesn't happen, even if fees go way back down, this would be a terrible user experience if you have to pay a fee on top of the cost of a product when compared to paying with credit card where the fee included in that same sale price.
    Bitcoin it can use for payment and fees it is very reliable to use and makes transactions more easily

  • Verona25
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    March 24, 2018, 06:22:47 PM
     #28
    At the legislative level, Japan was the first to recognize the crypto currency. The law officially fixing the status of a payment instrument for crypto-currencies was adopted on April 1, 2017, and this was no joke.

  • Miraz69
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    March 30, 2018, 08:26:55 PM
     #29
    A great advantage of using Bitcoin is that it does not have to pay an additional fee when it is paid. In this case, Bitcoin will be more preferential to customers than Debit Card.

  • MCJamison1987
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    March 30, 2018, 08:36:07 PM
     #30
    Still there are businesses that promoted least fees or free transactions as a primary feature of Bitcoin.

  • franklinrooservelt
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    March 31, 2018, 10:07:24 AM
     #31
    Fee and speed is a weak of BTC

  • juiceannabel
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    March 31, 2018, 11:17:29 AM
     #32
    bitcoin transactions fees are quite high, but that is because of bitcoin price itself is high.
    on 2009, bitcoin price was less than $1, so the fees low too.
    but now, bitcoin price around $6k, no wonder that the fee is high.
    bitcoin value is the greatest among all cryptocurrencies.

  • loggin
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    March 31, 2018, 11:46:15 AM
     #33
    Quote from: thecodebear on December 05, 2017, 03:12:26 AM
    One of the big features of Bitcoin is that it is cheaper than paying with credit cards. Of course currently the Bitcoin fees are very high since it needs scaling so its only cheaper right now if you're buying a couple hundred dollars or more worth of stuff.

    Anyways, businesses have hidden the credit card fees from consumers by pricing them in to products and eating the fees. With Bitcoin though, the sender pays the fee. Even if the fee is a lot lower than credit card fees, you're still spending more when using Bitcoin because the the sender pays the fee. This needs to change since businesses already price in fees. I've never bought anything with Bitcoin, so maybe this is already done by newegg and overstock, etc, but do you think retailers will subtract the fee paid from the price of the item when buying with Bitcoin? Do retailers do this now? If this doesn't happen, even if fees go way back down, this would be a terrible user experience if you have to pay a fee on top of the cost of a product when compared to paying with credit card where the fee included in that same sale price.

    You can always ask the payment after deducting the fee. So far, buyers have never objected about the fee for my services. It depends on a  lot on the services you are offering. If you are offering something unique with less competition, they will agree to all your terms.

  • shoujiuhaituo7
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    April 03, 2018, 03:41:59 AM
     #34
    If the amount you send is too small or your BTC is newly minted, then your transfer is no longer free. Each transaction is assigned a priority, which passes through the old and new levels of the currency, the number of bytes traded, and the number of transactions. In particular, for each input (inputs), the client will first to BTC multiplied by the number of these COINS in the block of time, then the deal will add up all the product divided by the size (in bytes), calculation formula: priority = sum (input_value_in__units * input_age)/size_in_bytes, calculation results if less than 0.576, then the deal will have to pay fees. If you do a lot of small input, and want to free to turn out, then you can add a large amount of large amount of BTC, currency age, it will raise the average priority, which can turn out BTC for free.

  • gordeevaverona
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    April 03, 2018, 04:37:57 PM
     #35
    Still, payment by bank cards will not be replaced by bitcoin, because bitcoin requires transactions and the card does not.

  • ostrovagaly
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    April 04, 2018, 03:06:07 PM
     #36
    Nevertheless, the payment by bank cards will be replaced by bitcoin, because bitkoyn requires something like a dumbass to translate the card does not have it any faster with the help of the pass card

  • GangNamSK
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    April 10, 2018, 10:01:02 AM
     #37
    Currently, bitcoin's transaction fees are low compared to banks. Participating in bitcoin via internet helps investors in paying very conveniently by the transaction fee is very low (may be called for free). This is very encouraging news for bitcoin investors in the cryptocurrency market.

  • Maslate
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    April 11, 2018, 07:53:41 AM
     #38
    Quote from: GangNamSK on April 10, 2018, 10:01:02 AM
    Currently, bitcoin's transaction fees are low compared to banks. Participating in bitcoin via internet helps investors in paying very conveniently by the transaction fee is very low (may be called for free). This is very encouraging news for bitcoin investors in the cryptocurrency market.
    I am happy now with the fees compared to the fees last year when bitcoin has really pump.
    This is the idea fee for me and with this fast transaction more people will benefit and they can adopt without a problem.
    Banks charge high fees and transactions are slowly especially on international transactions, bitcoin does the opposite.
     
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  • celcoid
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    April 13, 2018, 04:47:47 AM
     #39
    At the time of making your post,  bitcoin transaction fee was high,  but you can now literally buy a coffee with bitcoin and pay as low as $0.01 as transaction fee.  I think the cause of the huge fee was because of the huge growth in the transaction done daily,  bitcoin fee is now as low as that of ethereum.  The drop did alot of good for companies that accept btc. They are now back on business.

  • angrygroceries
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    April 20, 2018, 02:37:15 PM
     #40
    Quote from: thecodebear on December 05, 2017, 03:12:26 AM
    One of the big features of Bitcoin is that it is cheaper than paying with credit cards. Of course currently the Bitcoin fees are very high since it needs scaling so its only cheaper right now if you're buying a couple hundred dollars or more worth of stuff.

    Anyways, businesses have hidden the credit card fees from consumers by pricing them in to products and eating the fees. With Bitcoin though, the sender pays the fee. Even if the fee is a lot lower than credit card fees, you're still spending more when using Bitcoin because the the sender pays the fee. This needs to change since businesses already price in fees. I've never bought anything with Bitcoin, so maybe this is already done by newegg and overstock, etc, but do you think retailers will subtract the fee paid from the price of the item when buying with Bitcoin? Do retailers do this now? If this doesn't happen, even if fees go way back down, this would be a terrible user experience if you have to pay a fee on top of the cost of a product when compared to paying with credit card where the fee included in that same sale price.
    I suppose in a world without real community, a person's nation can be co-opted as an extension of oneself. Similarly that country's currency is an extension of the nation... And therefore a belief in the infallibility of one's currency translates as a belief in oneself.

    You only need to look at the popularity of cocaine to realise how addictive false confidence can be.

    And only look at the prevalence of anorexia or obesity being translated as being a "real woman" to understand that self delusion is far from unusual.
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