Bye Bye Localbitcoins wallet! | Bitcointalksearch.org

xIIImaL

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Quote from: audaciousbeing on June 23, 2017, 04:52:55 PM

Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

1$ is still a fair one to me unlike one exchange wallet I used some time ago that for every deposit, they just deduct 0.002btc no matter the amount of bitcoin received into the wallet which when converted to dollars is far above what you have there. And thankfully the crypto space is full of several organisations trying to offer their services in which I just switch and I am happy you did same.

It is incorrect information bro. They added a deposit fee as 0.00056 btc for each deposit. This shows ridiculous thought from the localbitcoins team. There are huge number of users from forum have account and do trading in localbitcoin comparatively with blockchain users.
They should atleast reduce the fees to 0.0001 for one deposit, Still they can get the profit with this deposit as well.
Please refer below for more information.
https://localbitcoins.com/blog/new-bitcoin-network-fee-model/

aTriz

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Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

You were using them as a wallet provider? That's seriously not a good idea because even though they might be legit now they could be shut down by government or just go scam one day and claim that they are hacked.

i mean they are one of the most trusted platforms out there for p2p trading and probably the most popular one as well. But considering the same could be said about Cryptsy and Mt Gox and now, poloniex for their side of the crypto world, i think it is clear that if you don't hold your priv keys, you don't own the coins.

This new rule is going to mainly affect small buyers, and will benefit sellers. Right now sellers are eating all the fees, the 1% escrow fee as well as blockchain fees. buyers are paying 0. Although I do think that buyers should pay some of this as well, $2 is just riduculous. They are basically charging the blockchain fees twice, and pocketing the change Tongue

A better model would be to have escrow fees paid 50/50.

audaciousbeing

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Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

1$ is still a fair one to me unlike one exchange wallet I used some time ago that for every deposit, they just deduct 0.002btc no matter the amount of bitcoin received into the wallet which when converted to dollars is far above what you have there. And thankfully the crypto space is full of several organisations trying to offer their services in which I just switch and I am happy you did same.

CyberKuro

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Quote from: Taki on June 20, 2017, 04:20:53 AM

Quote from: LeGaulois on June 19, 2017, 10:31:45 AM

Look like now all users who were doing small transactions will simply stop to do it and maybe stop to using them due to this change.
Deposit fees seems ridiculous, or I missed something in the story. I never used Localbitcoin and I doubt I am planning to use in a near future

Me too. In current moment I use Blockchain wallet and even if the fee value for the slow transactions is like 0.7$ there I plan to move all my earnings directly on the exchanger that I use. Anyway I don't hold coins too long, I just need that money, cause of I am unemployed. I am sure that strategy will help me to stay away from almost all kind of transaction fees.

With high fees of bitcoin transactions, micro payment isn't fit to bitcoin these days, small amount to send or receive in or out of an exchange (localbitcoin) should prevent any further similar transactions which flood the network.
I believe we can't avoid all kind of transaction fees obviously, simply because people should pay fees to send bitcoin, or at least pay fees in order to cash out - convert to fiat currency and send to your bank account .

richardsNY

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It's insane how people keep complaining about services that are starting to charge fees for something that used to be free before, or start to increase their existing fees. It says a lot about what type of people here account for the major part of this forum. I know it's difficult for people here, but just place yourself in the position of Xapo, Coinbase, LocalBitcoins, etc -- it's a freaking business that is solely in the game to book positive results, and not to nurse faucet farmers and other related cheapskates....

wantjokull

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It is sad that such a big trading platform is charging so much fees. But who knows it is fair if we look from the business perspective of local bitcoins wallet service. They have trusted services and trusted transactions always. So sometimes it is good to pay high fees of my transaction is in safe hands. But believe that it will reduce soon otherwise everyone of us will start loosing local bitcoin and they might end up with decreased user base, which is not healthy for any business.

mrayazgul

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There are always people that are going to actively judge another person's company and/or service. They will until the end of time try to tell these people how to run a business that they are not a part of in any way and do not own in any way.

Skarner21

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Massive price drop coming...

Such a good news. I never used localbitcoin wallet before.. but looks like their offer is good due to high price increase and high miners fee increase..
And hoping that other wallet too are doing the same thing so that all transaction are fair..
Transferring my bitcoin in localbitcoin for me i don't think its safe if we transfer our bitcoin there just to save for fee..

raymond541

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charged fees for deposit really absurd.I never used Localbitcoins I saw some people also complaining about others exchange that they also charge fees for deposit.charge fees on deposit means people will demotivate to deposit on Localbitcoins.also I think many people will leave and find another source.this will be very bad move for Localbitcoins.

onrise

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Many users will switch now from Localbitcoin. They are excessively started to charge which is way beyond the fees even charged by miners. Also they have started to charge for internal transfer within other LB address which is not a good deal.

Tazmo

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what are your thoughts on breadwallet?

Taki

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Here I fund a thread to you. It may be interesting if you still didn't find your dream wallet: https://bitcointalksearch.org/topic/m.19666043

iqlimasyadiqa

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Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

This is the usual thing happening right now. All the wallets are experiencing the same thing, we have difficulties in doing bitcoin delivery.
So increasing the cost is the best alternative today to be able to provide comfort and speed for bitcoin users.

asu

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It's just maid by fees because it covers the miners fee.... As of now blockchain oveoad and jist accepting now higher fees loke 0.001BTC above....

ivanst776

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Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

Fees on both sides? It doesn't make sense really, it's absurd paying fees for such things.

Generally the fees are increased in every wallet mostly (except poloniex exchange which still has 0.0001BTC fee).

I would suggest to not use that exchange/wallet or if you can't then use as less as possible.

MFahad

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Quote from: Graphics on June 20, 2017, 11:29:44 PM

The new fee structure really sucks! High sending fees... ok. But a depositing fee?!

Do you know a real alternative? With auto semi-mixing on depo/send? Because in my eyes, this is the main reason to use localbitcoins.

The best way to have that type of control is to actually get off your butt and start your own. The lbc startup cash was around $87,000 if I recall, to cover the possible legal issues, time between TX's and other costs. Let us know what the ORL is and we can stop by and enjoy your low fees that will result in lagging and hanging TX's that someone else will come along and tell you how you should be doing business with your business.

Graphics

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The new fee structure really sucks! High sending fees... ok. But a depositing fee?!

Do you know a real alternative? With auto semi-mixing on depo/send? Because in my eyes, this is the main reason to use localbitcoins.

cengsuwuei

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#SWGT PRE-SALE IS LIVE

because this now bitcoin sending fee is high
so all wallet and exchanger incraese fee sending, because is not incraese sending fee service can close , because if fee sending low is very long time confirmation or maybe without confirmation

mattermaster

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Changing your wallet from localbitcoins to another will not give you any cheap foretells because occassionally, every wallets provider aim to increase their fee soon.
There was only a one wallet "Xapo" , that was totally confirming our transactions without fee, but alas! They now charge every transaction with high fee. So, just be where you are.

sweetdesirez

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I got the email from localbitcoins regarding their upcoming fee change. Was scanning the whole of localbitcoins website and every article I find to figure out how much they would consider to be a small transaction, but could not figure it out. Anyone has any idea?

arpon11

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Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

Most of the wallet providers online are doing the same thing Coinbase xapo and even the almighty Blockchain.info are doing the same charges and I do believe is all connected to mining fee and their own charges.

Taki

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Quote from: LeGaulois on June 19, 2017, 10:31:45 AM

Look like now all users who were doing small transactions will simply stop to do it and maybe stop to using them due to this change.
Deposit fees seems ridiculous, or I missed something in the story. I never used Localbitcoin and I doubt I am planning to use in a near future

Me too. In current moment I use Blockchain wallet and even if the fee value for the slow transactions is like 0.7$ there I plan to move all my earnings directly on the exchanger that I use. Anyway I don't hold coins too long, I just need that money, cause of I am unemployed. I am sure that strategy will help me to stay away from almost all kind of transaction fees.

232drialf

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Just had my first transaction too. I can't believe it. I got an email a few weeks ago I think regarding this but I thought it won't suck so hard.

They are having an idiot system for sure. If you sent to an internal address, only after you entered all the details the system finds out that is an internal address. So they still ask for fee for that transaction at first.

But this, why should I use localbitcoins anymore? Going to paxful from today!

Slow death

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Quote from: maikohoney on June 19, 2017, 10:10:03 AM

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

Humm I have a good time that I do not enter the localbitcoin, but I planned to go back to it, but I was shocked when I see that in the last days someone is trying to get into my localbitcoin account

And now I see this news, I think I'll give up going back to localbitcoin

abhinav_thakur01

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I also got an email about this. In Europian and countries having higher currency value, it may work out . But in countries where the value of a dollar is multiple times that of a dollar, it might not work out well. You have said you are switching wallet while localbitcoins is a trading website. So I recommend you to use it for trade purposes only or use blockchain wallet.

Iranus

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Xapo is doing a similar thing. Of course this is not a "wallet" in the conventional sense, more like an account, so this is just a way of them making the fees simpler for you instead of making it confusing when you're faced with unusually high sending fees from accepting loads of small transactions. You'll probably find that LocalBitcoins is not making profit (or at least not a lot) from setting those fees.

When you're using a proper wallet instead of an online wallet, just make sure not to accept loads of dust transactions anyway. LocalBitcoins is trying to remove your incentive to do this.

LeGaulois

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Look like now all users who were doing small transactions will simply stop to do it and maybe stop to using them due to this change.
Deposit fees seems ridiculous, or I missed something in the story. I never used Localbitcoin and I doubt I am planning to use in a near future

maikohoney

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New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets Tongue

Topic: Bye Bye Localbitcoins wallet! (Read 765 times)