Topic: Fees and payments - page 2. (Read 784 times)
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.
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.
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 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.
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
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.
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.
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
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.
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.
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
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.
Fees using bitcoin is much minimal compared as compared to using banks in sending large amount of money, fees is just nothing compared to the benefits you got in bitcoin such as sending large amount of money in any place in the world free from tax and with great anonymity outside the prying eyes of government authority.
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.
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.
The current transaction cost is huge. But this fee is great if you send a little payment.
right now bitcoin is not exactly considered a payment method aka a currency. it doesn't matter what the fees are, even when they were 1 US cent it was not considered as a currency by majority of people.
that is sad because the only reason why bitcoin has value is because it is a currency, but since bitcoin price continues rising people want it more as an investment than a currency. nobody cares about the high fees when they make a lot of profit every day. when you buy $100 worth of bitcoin and your $100 is worth $130 in a couple of weeks, you don't mind paying a $4 fee even for purchases.
additionally the merchants mostly have bitcoin as a secondary option that is not used that often.
maybe in a couple of years with more stability, hopefully some solution for scaling and more adoption we can see shops and people treat bitcoin more as a currency. only then you can start thinking about the "hidden fees" you mentioned here and do some different calculation, so for example those who pay with bitcoin receive some sort of discount.
that is sad because the only reason why bitcoin has value is because it is a currency, but since bitcoin price continues rising people want it more as an investment than a currency. nobody cares about the high fees when they make a lot of profit every day. when you buy $100 worth of bitcoin and your $100 is worth $130 in a couple of weeks, you don't mind paying a $4 fee even for purchases.
additionally the merchants mostly have bitcoin as a secondary option that is not used that often.
maybe in a couple of years with more stability, hopefully some solution for scaling and more adoption we can see shops and people treat bitcoin more as a currency. only then you can start thinking about the "hidden fees" you mentioned here and do some different calculation, so for example those who pay with bitcoin receive some sort of discount.
Quote
So I'm saying payment software for Bitcoin should incorporate the fee into the price instead of having to pay the fee on top of the price
You forgot to consider that, basically with Bitcoin, you are supposed to set the fees yourself. How do you want a software knows what fees you agree to pay? If the fees were fixed then, for example, merchants could include the fees into the sales, let's 0.05 fees included (0.001BTC).
However what if the buyer is ready to purchase an item but he wants to pay 0.0005BTC because it may be enough
Well I mean that stuff would be set there right when you are making the transaction. So if it's online presumably the website would set the fee based on what the average fees are at that time, and it could deduct the fee from the price so the fee is incorporated into the price, just like with credit card fees.
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.
The same applies if you go to an international ATM to withdraw some money, they will fuck your ass with their five dollars fees.
And bitcoin fees are high too, but if you are usually sending more than 10 payments a day to different people, tell me, would it be profitable for you as a bussiness? I think that it would not.
The same applies if you go to an international ATM to withdraw some money, they will fuck your ass with their five dollars fees.
One of the big features of Bitcoin is that it is cheaper than paying with credit cards.
And bitcoin fees are high too, but if you are usually sending more than 10 payments a day to different people, tell me, would it be profitable for you as a bussiness? I think that it would not.
it's the fees and duration of transactions that will prevent bitcoin from evolving I think
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.
Most of the transactions now are getting bigger and fees from blockchain is competitive enough I tjough we're going to have a low fees. Eventually the price of btc is going up. That's whay I have it when btc hits 20k or more coz the fees are getting higher 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.
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.
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.
Quote
So I'm saying payment software for Bitcoin should incorporate the fee into the price instead of having to pay the fee on top of the price
You forgot to consider that, basically with Bitcoin, you are supposed to set the fees yourself. How do you want a software knows what fees you agree to pay? If the fees were fixed then, for example, merchants could include the fees into the sales, let's 0.05 fees included (0.001BTC).
However what if the buyer is ready to purchase an item but he wants to pay 0.0005BTC because it may be enough
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.
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.
The fees from credits have never been hidden, it's something everyone is aware of, or at least they should be. You can't expect to go to the supermarket to buy tomatoes and see the price listed with the fees, VAT, origin, etc. Imagine:
3 kilo of tomatoes 5$
5.10$ if you pay with a card
5.20$ if you pay with a cheque
5.05$ if you pay with a banknote
it's to totally not doable.
The fees to process a payment using a card is still far cheaper than the Bitcoin fees, it's just some cents usually.
You seem to be thinking I'm saying the exact opposite of what I'm actually saying. I'm not saying the cost is different depending on how you pay. I'm saying the cost ISN'T different no matter how you pay. It's always the same cost. Because merchants have priced the fees of credit cards into the sale price. But with Bitcoin the cost IS different, because you have to pay a fee on top of the cost. So I'm saying payment software for Bitcoin should incorporate the fee into the price instead of having to pay the fee on top of the price. So that you don't get a situation where you pay $5 with anything except Bitcoin, but with Bitcoin you pay $5 plus however much the transaction fee is.
When you buy $5 of something with a credit card the merchant loses ~3% of that to the credit card company. It should be the same for Bitcoin. When you buy $5 of something you should pay a transaction fee on top of that, the merchant should just lose the transaction fee to the bitcoin miners, so that you still are only paying $5. Obviously for small purchases this isn't possible until Bitcoin figures out its scaling solutions. Because then the fee should be way less than the ~3% credit card fee, which is why Bitcoin will be good for businesses because they will lose less money on each purchase. Even now with average transaction fees of $3-$6 dollars as long as you're paying >$200 it would still be cheaper for the merchant than paying with a credit card. Though of course right now the merchant doesn't pay the fee the user does, and that is a terrible experience for the user! Because then Bitcoin users are just paying more for everything!
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.
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.
For now the bitcoin transaction fee is high but the transaction fee was decreased by good rate when compared to few years back so in couple of years the transaction fee will be decreased much more so then we can afford it to pay for buying products since the credit card purchases having hidden fee so it is okay to pay little fee for bitcoin transaction.
Jump to: