I think you need to learn a thing or two about Tx fees before you tell them what's good practice or not. Fee is determined by coin maturity and data size (not by Tx amount).
PS - this belongs in the trading discussion or service discussion forum, not marketplace since you're not selling anything.
Topic: Beware Coin.Mx -- Processing withdrawals without a transaction fee! (Read 1789 times)
August 29, 2014, 01:46:36 AM
So I just withdrew some bitcoin out of my account with coin.mx, and it's been about an hour and the transaction has yet to be confirmed. I checked the blockchain, and noticed that they sent a transaction of 10 BTC (some to my wallet and some to another) with no transaction fee, whatsoever! Isn't that just bad business? The probability of the transaction either being delayed, or getting stuck, is much higher is no fee is included. I chatted with customer support about the issue, and this is what they said:
Me: Hi, I just wanted to comment that when I withdrew BTC from my account the transaction was sent, but with no transaction fee for the miners. That's not good practice, as it can seriously delay a transaction, or even cause the transaction to freeze. Although a transaction with no fee will usually get picked up by some miner eventually, there is no guarantee, and it's been 45 minutes and the transaction has yet to receive a confirmation. I would suggest you make sure that a small fee is sent with each BTC withdrawal.
Agent: The fee of the miners was determine on the blockchains the exchange can't control
Me: Actually, when one sends a transaction, one has complete control over the amount of the included fee, and can choose to include a fee or not. It's really basic stuff... I'm surprised that a company of this stature would do that.
Agent: Once it's complete on transaction history, it means that the btc is now on the blockchain for confirmation. This is something that is beyond our control since the transaction is already on the blockchain.
Me: Yes, it is at this point, beyond your control; however if a very small fee (even .0001 btc would suffice) is included to begin with, the probability of the transaction quickly, and successfully confirming is much higher.
Agent: If you have some concerns you can free to email [email protected]
Agent: thank you
Me: Ok, well if I don't get a confirmation on my withdrawal within the next few hours, I will do that.
Agent: alright thank you
It's pretty amazing that coin.mx would send that much coin with no fee, and then claim that they have no control over whether or not they send a transaction fee. In my opinion, this is very unprofessional. It's been an hour and I still have not received a confirmation... What should I do next? I am assuming it will come through eventually, but I'm rather irritated because if they bothered to send even 0.0001 btc than I probably would have spendable coins be now.
Me: Hi, I just wanted to comment that when I withdrew BTC from my account the transaction was sent, but with no transaction fee for the miners. That's not good practice, as it can seriously delay a transaction, or even cause the transaction to freeze. Although a transaction with no fee will usually get picked up by some miner eventually, there is no guarantee, and it's been 45 minutes and the transaction has yet to receive a confirmation. I would suggest you make sure that a small fee is sent with each BTC withdrawal.
Agent: The fee of the miners was determine on the blockchains the exchange can't control
Me: Actually, when one sends a transaction, one has complete control over the amount of the included fee, and can choose to include a fee or not. It's really basic stuff... I'm surprised that a company of this stature would do that.
Agent: Once it's complete on transaction history, it means that the btc is now on the blockchain for confirmation. This is something that is beyond our control since the transaction is already on the blockchain.
Me: Yes, it is at this point, beyond your control; however if a very small fee (even .0001 btc would suffice) is included to begin with, the probability of the transaction quickly, and successfully confirming is much higher.
Agent: If you have some concerns you can free to email [email protected]
Agent: thank you
Me: Ok, well if I don't get a confirmation on my withdrawal within the next few hours, I will do that.
Agent: alright thank you
It's pretty amazing that coin.mx would send that much coin with no fee, and then claim that they have no control over whether or not they send a transaction fee. In my opinion, this is very unprofessional. It's been an hour and I still have not received a confirmation... What should I do next? I am assuming it will come through eventually, but I'm rather irritated because if they bothered to send even 0.0001 btc than I probably would have spendable coins be now.
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