bitcoin fees are insanity

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#1

due to the ever increasing price of bitcoin and the associated surge in transaction volume (along with blockchain limitations), fees for bitcoin transfers have risen dramatically, fluctuate wildly, and are quickly reaching ridiculous-land.

to illustrate, for the past month bitcoin payouts, which average around $5 - $10, have incurred fees which range anywhere from 50% - 150%! :eek:

as a result, we regretfully can no longer offer “fee-less” bitcoin payouts. as well, we had to take down our automated bitcoin payment system, as transfer fees are dynamically calculated and impossible to know ahead of time.

despite all this, we would still like to offer the option of bitcoin as payment [as bitcoin is quite the hot commodity/investment these days]. if you’re willing to cover the transaction fee, submit a custom request for the amount you’d like to redeem for. prize claims will respond through a support ticket to inform you the value of bitcoins you’ll actually get (after fees), and you will have the choice to proceed or decline the transaction. be aware that fees may change from the time of the initial quote to the actual transaction due to the dynamic nature of transfer fees.

we suggest that bitcoin cashouts be saved for larger amounts, as transaction fees can be anywhere from $3-5 to $10-15.

#2

[QUOTE=bean;51383]due to the ever increasing price of bitcoin and the associated surge in transaction volume (along with blockchain limitations), fees for bitcoin transfers have risen dramatically, fluctuate wildly, and are quickly reaching ridiculous-land.

to illustrate, for the past month bitcoin payouts, which average around $5 - $10, have incurred fees which range anywhere from 50% - 150%! :eek:

as a result, we regretfully can no longer offer “fee-less” bitcoin payouts. as well, we had to take down our automated bitcoin payment system, as transfer fees are dynamically calculated and impossible to know ahead of time.

despite all this, we would still like to offer the option of bitcoin as payment [as bitcoin is quite the hot commodity/investment these days]. if you’re willing to cover the transaction fee, submit a custom request for the amount you’d like to redeem for. prize claims will respond through a support ticket to inform you the value of bitcoins you’ll actually get (after fees), and you will have the choice to proceed or decline the transaction. be aware that fees may change from the time of the initial quote to the actual transaction due to the dynamic nature of transfer fees.

we suggest that bitcoin cashouts be saved for larger amounts, as transaction fees can be anywhere from $3-5 to $10-15.[/QUOTE]

add ethereum auto cashouts or something, fee hasn’t been jacked up there yet

also sign my profile plz k thx love u beanie boo <3333

#3

That is crazy fees!

How much is eth fees joni?

#4

[QUOTE=Ihtbooboo;51385]That is crazy fees!

How much is eth fees joni?[/QUOTE]

Technically the fees for all cryptocurrencies are specified by the sender… you can even set no fee if you really want but it’ll likely take a while to be confirmed. You can still get away with pretty low fees on eth and get fast confirmations,

for example, this random transaction:
https://etherscan.io/tx/0xef22d2ba76defaa0d9cf4469d081ac4106cbd3b8847668af5d68c5966058ce62

submitted 2 mins ago with less than a penny in fees ($0.00874) currently and it already has 9 confirmations… gdax, coinbase’s exchange, requires 50 confirmations for eth before it’s accepted. So that transaction would be through with virtually no fees in 10 minutes.

That is a somewhat large transaction though compared to the avg cashouts here, around $84… Still, I haven’t seen any fees over 50-70 ish cents for any transactions, even small ones (although personally I have purposefully raised the gas price in my eth wallet to 60 gwei from the standard 21, because I have money to waste and like fast sht)

#5

transaction fee on coin base is up to $17

#6

well yeah but that’s partially because coinbase is [SIZE=“2”]r[/SIZE]etarded

the average tx fee on all transactions is currently floating at around $7-8

if you use an actual wallet liek electrum or sum shiz, you can change the fee to almost nothing and get it confirmed after a while. U gotta be okay with waiting though.

edit:
actually btc & eth tx fees seem to have spiked since just yesterday or today… avg btc tx fee is $27 rn and for eth it’s just over $1, it’ll probably go back down pretty soon though https://bitinfocharts.com/comparison/transactionfees-btc-eth.html

#7

bitcoins are crashing now though, just went down 2k usd

#8

that wasn’t a crash at all, cryptos are volatile af, going from 16-18k to 14k isn’t that much rn, dats only liek a 12-22% ish decrease, which isn’t that uncommon from time to time with cryptoshts. i think the recent sht was cuz of sum sht with nicehash bein h4x0r3d, but idrk i’m not really in the scene rn

#9

[QUOTE=LiMiTx;51389]well yeah but that’s partially because coinbase is [SIZE=“2”]r[/SIZE]etarded

the average tx fee on all transactions is currently floating at around $7-8

if you use an actual wallet liek electrum or sum shiz, you can change the fee to almost nothing and get it confirmed after a while. U gotta be okay with waiting though.

edit:
actually btc & eth tx fees seem to have spiked since just yesterday or today… avg btc tx fee is $27 rn and for eth it’s just over $1, it’ll probably go back down pretty soon though https://bitinfocharts.com/comparison/transactionfees-btc-eth.html[/QUOTE]

Converting them to chain link, not interested into holding onto bitcoins, unless there is a major crash then ill buy more

#10

Smart move for you guys. They really have gotten out of hand.

#11

How much is eth fees joni?

How much is eth fees joni?