LocalBitcoins fee's - page 2. | Bitcointalksearch.org

Hhampuz

legendary

Activity: 3136

Merit: 6299

Meh.

Quote from: bryant.coleman on June 20, 2017, 06:29:46 AM

I have used Localbitcoins for trade at least two dozen times (since 2014), and not even once did I paid any sort of deposit fees. I used LBC for the last time two weeks back, and then also I didn't paid any fee for the deposit. I am not sure whether their fee structure has changed or not, but I just hope that it won't change. I don't want to pay fee multiple times, while converting my BTC to fiat.

Yeah it does seem like they have changed the structure. A bad move IMO. I had to pay 0.0005XXX BTC on a 0.2 BTC deposit. Makes little sense to me but not much to be done about I guess.. Other than the obvious of switching over to another service, which is a shame since I really enjoy localbitcoins the few times I have to convert some to FIAT quickly.

Quote from: BitcoinHodler on June 20, 2017, 06:35:49 AM

Quote from: Hhampuz on June 20, 2017, 06:27:45 AM

Quote from: reflector on June 20, 2017, 06:19:03 AM

Quote from: Hhampuz on June 20, 2017, 06:01:51 AM

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

then if it is the first time that is happening and you don't know what it is maybe you should ask localbitcoins, maybe they have recently changed their fee rules somehow or maybe it is a bug which in both cases the support staff of LBC can only help you.

I've already sent out an email to the LB staff regarding this matter. Figured I'd make this thread to see if anyone else had noticed it as well or perhaps was a bit more informed than I. I'll eagerly await the reply from LB and will share it here once I've received it. Seems very likely that they've changed their fee structure though.

Hhampuz

legendary

Activity: 3136

Merit: 6299

Meh.

Quote from: buwaytress on June 20, 2017, 06:37:51 AM

On June 13, localbitcoins informed that they will be charging a deposit fee actually. My last deposit there was 2 days ago but I wasn't charged anything so I assume it has begun implementation today as it indicates 19-21 in the email. Outgoing fees are supposed to be less though. Could you share the % of the fee you paid?
Personally, I feel this is a bad move, since we already pay the fees when we deposit, now we are charged on both ends. I don't mind paying fees for withdrawals but I guess they are thinking "hey, we don't get anything from sellers".

This was the first part of the email I received:

Quote

Dear LocalBitcoins customer,

Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions. At the same we will lower Bitcoin sending fees for all customers. The new fee system will be put in to effect around 19th-21st June.

With our old transaction fee system you pay a transaction fee when you send Bitcoins out from LocalBitcoins to a different Bitcoin wallet. This fee covers the cost for us to send your transaction and the costs for us to manage the deposit(s) that we used to send your transaction.

In the Bitcoin network managing deposits uses up a lot of blockchain space while handling a withdrawal uses up much less space. This means that a large part of the old Bitcoin transaction fee was for covering costs related to deposits. This means that customers who make many small deposits to their LocalBitcoins wallet causes the sending transaction fees to rise, and these costs were paid by customers who were sending Bitcoins.

We want to spread these costs more fairly between our customers. By introducing deposit fees customers who make many small deposits will pay a larger share of the overall transaction costs and customers who send out transactions will enjoy lower fees.

All fees will be adjusted dynamically based on how congested the bitcoin network is.

Hmm, I was not aware of such an email but makes sense I guess. I do agree with you that it is a bad move since it makes localbitcoins less attractive from here on out. I'd expect them to earn enough for this to not be needed.

About %: I deposited 0.2 BTC and the fee was 0.0005xxx BTC. That seems a bit excessive if they do go by %. Can't imagine anyone would be willing to deposit several bitcoins and have to pay for the ability to sell other than the fee's LB already takes from the sale.

Ohwell, not much to do I guess.

buwaytress

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Join the world-leading crypto sportsbook NOW!

On June 13, localbitcoins informed that they will be charging a deposit fee actually. My last deposit there was 2 days ago but I wasn't charged anything so I assume it has begun implementation today as it indicates 19-21 in the email. Outgoing fees are supposed to be less though. Could you share the % of the fee you paid?
Personally, I feel this is a bad move, since we already pay the fees when we deposit, now we are charged on both ends. I don't mind paying fees for withdrawals but I guess they are thinking "hey, we don't get anything from sellers".

This was the first part of the email I received:

Quote

Dear LocalBitcoins customer,

Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions. At the same we will lower Bitcoin sending fees for all customers. The new fee system will be put in to effect around 19th-21st June.

With our old transaction fee system you pay a transaction fee when you send Bitcoins out from LocalBitcoins to a different Bitcoin wallet. This fee covers the cost for us to send your transaction and the costs for us to manage the deposit(s) that we used to send your transaction.

In the Bitcoin network managing deposits uses up a lot of blockchain space while handling a withdrawal uses up much less space. This means that a large part of the old Bitcoin transaction fee was for covering costs related to deposits. This means that customers who make many small deposits to their LocalBitcoins wallet causes the sending transaction fees to rise, and these costs were paid by customers who were sending Bitcoins.

We want to spread these costs more fairly between our customers. By introducing deposit fees customers who make many small deposits will pay a larger share of the overall transaction costs and customers who send out transactions will enjoy lower fees.

All fees will be adjusted dynamically based on how congested the bitcoin network is.

BitcoinHodler

hero member

Activity: 1456

Merit: 579

HODLing is an art, not just a word...

Quote from: Hhampuz on June 20, 2017, 06:27:45 AM

Quote from: reflector on June 20, 2017, 06:19:03 AM

Quote from: Hhampuz on June 20, 2017, 06:01:51 AM

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

then if it is the first time that is happening and you don't know what it is maybe you should ask localbitcoins, maybe they have recently changed their fee rules somehow or maybe it is a bug which in both cases the support staff of LBC can only help you.

bryant.coleman

legendary

Activity: 3808

Merit: 1219

I have used Localbitcoins for trade at least two dozen times (since 2014), and not even once did I paid any sort of deposit fees. I used LBC for the last time two weeks back, and then also I didn't paid any fee for the deposit. I am not sure whether their fee structure has changed or not, but I just hope that it won't change. I don't want to pay fee multiple times, while converting my BTC to fiat.

Hhampuz

legendary

Activity: 3136

Merit: 6299

Meh.

Quote from: reflector on June 20, 2017, 06:19:03 AM

Quote from: Hhampuz on June 20, 2017, 06:01:51 AM

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

reflector

sr. member

Activity: 826

Merit: 263

Quote from: Hhampuz on June 20, 2017, 06:01:51 AM

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

Hhampuz

legendary

Activity: 3136

Merit: 6299

Meh.

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

Topic: LocalBitcoins fee's - page 2. (Read 1167 times)