Who has $82M in Bitcoins?
Keep in mind that some companies keep all their customers' BTC in one big "account".
$82,982,977 USD: $ 0.04 Transaction Fee
31–40 of 57 posts
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#32Having been recently charged a 4% worse FX rate than the going rate in an 5-figure international wire transfer, a world where the current financial transaction system is torn apart cannot come fast enough!
If you do this transfer often I recommend moving your currency to a brokerage and then doing a FX trade. You will often get close to BBG spot rate using IB.
Hell, even Transferwise would be < 1%
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#33Having been recently charged a 4% worse FX rate than the going rate in an 5-figure international wire transfer, a world where the current financial transaction system is torn apart cannot come fast enough!
With price fluctuations of Bitcoin, 4% could be a pretty good deal!
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#34This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…
> But if it can be solved, I think it would be a turning point for BTC.
Really? I find it hard to believe that the thing preventing widespread bitcoin adoption at the moment is transaction fees.
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#35This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…
I think because of the design of bitcoin $0.04 transactions are something they want to actively discourage. From what I understand of Bitcoin, the future will hold only large-scale transactions like this one, and as little sub-dollar transactions as possible. (because the network load of the system scales with the transaction quantity)
This, along with regulatory challenges, has hinted to me for at least a few years now that if bitcoin has any long term future at all, it will be as an exchange currency.
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#36This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…
I think this is a non-issue since you're not even able to make such small value transations with traditional banking tools.
There was once optimism that bitcoin would allow easy micropayments. This seems to be an issue with that, though I believe it's one that has been long recognized by those actually doing much with bitcoin.
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#37Having been recently charged a 4% worse FX rate than the going rate in an 5-figure international wire transfer, a world where the current financial transaction system is torn apart cannot come fast enough!
For this kind of transfer I recently discovered and have saved tons of money using TransferWise. Their model is to charge a moderate upfront fee (0.5% for £200 and up), but then after that they complete the currency conversion always at the exact mid-market rate. The fee may sound like a lot at first, but as you discovered, all the banks "hide" their fee in atrocious exchange rates, such as the 4% mark-up you experienced.
Some downsides are that they don't support every currency yet (cf. https://transferwise.com/support/customer/en/portal/articles...), and they can be significantly slower than banks.
Anyway, here, use my link and I get some money. (and you get a free transfer up to £3000): https://transferwise.com/u/85ec4
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#38If it was a credit card transaction, it'd be 2,406,506.
If grandma had balls she'd be grampa. Nobody moves 82 million with a credit card, that's not even what they're for.
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#39This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…
Transactions without fees will eventually be processed and normally within 24 hours in my experience. On top of that miners are currently processing transactions with fees of 1000 satoshis with no delay. That's about $0.004 with the current exchange.
Is this an artifact of current network dynamics or is it explicit in the protocol?
In other words, can I, today, send zero-fee transactions and reasonably (99.99% of the time or something) expect them to be processed by some _known_ deadline? (Be it 24 hours or a week or whatever)
Re: $82,982,977 USD: $ 0.04 Transaction Fee
#40Having been recently charged a 4% worse FX rate than the going rate in an 5-figure international wire transfer, a world where the current financial transaction system is torn apart cannot come fast enough!
If you do this transfer often I recommend moving your currency to a brokerage and then doing a FX trade. You will often get close to BBG spot rate using IB.
How would you go about setting something like that up?
I assume this comes with quite a few caveats?