Topic: Web wallets with no transaction fees charged, for how long? - page 2. (Read 987 times)
xapo is using bank stratgys and i am supprised why they are not getting bandded by public because mtgox also hit that mistake i am sure most pf the prople hate less control over their wallets
Xapo and Coinbase are web wallets which allow transferring bitcoins free of charge. Maybe, there are a few other wallets that do the same and pay the transaction fees for their users. But what would happen if Bitcoin price rises manyfold and the fees rise proportionately in fiat terms? Will these wallets raise the transfer amounts above which the network transaction fees will still be paid by themselves or will they just begin charging their clients the fees in full?
To mods, if this thread doesn't belong here, please move it to its home board.
To mods, if this thread doesn't belong here, please move it to its home board.
Ask them. Do you seriously expect us to know what some services would do in the future if the tx fee go higher?
You do not have to ask, you only look at what Circle did... They offered the same deal in the beginning to draw in the crowds and once
they have done that and they got enough users they f$%^ed us over and turned business model. These companies are in this game to
make money, not to support Bitcoin. Those free tx's are being paid for by other extra features offered by these sites. Nothing in life is
FREE.
Xapo and Coinbase are web wallets which allow transferring bitcoins free of charge. Maybe, there are a few other wallets that do the same and pay the transaction fees for their users. But what would happen if Bitcoin price rises manyfold and the fees rise proportionately in fiat terms? Will these wallets raise the transfer amounts above which the network transaction fees will still be paid by themselves or will they just begin charging their clients the fees in full?
To mods, if this thread doesn't belong here, please move it to its home board.
To mods, if this thread doesn't belong here, please move it to its home board.
Ask them. Do you seriously expect us to know what some services would do in the future if the tx fee go higher?
I'm not talking about tx fees going higher. I'm asking only about the case where the Bitcoin price rises a lot. The transaction fees would obviously stay the same in Bitcoin terms, but would rise in fiat terms. See the difference?
Yes, you can be asked to pay fees at any moment:
~snip~
~snip~
But if the payment chain doesn't involve fiat, they should keep the transactions free regardless of Bitcoin price, right? My point is that the users of other wallets such as the Blockchain wallet or desktop vanilla wallet may not be quite happy paying grand fees and may want to start using the web wallets which won't ask them to pay the fees.
For transafering small amount to external address they still charge fees and the size they think are small enough and users has to pay fee can be easily modified by them in future if price of bitcoin rises so high. As well as they may charge fees for all withdraw to external address trasnactions, i don't see any benefits to them with paying transaction fees by themselves for users.
Those web wallets will get mining fee from users, But not fully i think. Because they don't send bitcoins from your address, they always come 2 or more transactions at a time and reduce their mining fee.
So in future they have some scheme like send bitcoins within 20 minutes or some different time frame and come more transactions. They ill collect mining fee if you want to send instantly.
They may fix percentage of mining fee according to the wait time like,
send bitcoins
within 24 hours = Mining fee free
within 10 hours = 10% mining fee
within 5 hours = 50% mining fee
Instantly = 100% mining fee
This is completely my guess, they may even continue free mining fee, if they have more profit from other services
So in future they have some scheme like send bitcoins within 20 minutes or some different time frame and come more transactions. They ill collect mining fee if you want to send instantly.
They may fix percentage of mining fee according to the wait time like,
send bitcoins
within 24 hours = Mining fee free
within 10 hours = 10% mining fee
within 5 hours = 50% mining fee
Instantly = 100% mining fee
This is completely my guess, they may even continue free mining fee, if they have more profit from other services
Xapo and Coinbase are web wallets which allow transferring bitcoins free of charge. Maybe, there are a few other wallets that do the same and pay the transaction fees for their users. But what would happen if Bitcoin price rises manyfold and the fees rise proportionately in fiat terms? Will these wallets raise the transfer amounts above which the network transaction fees will still be paid by themselves or will they just begin charging their clients the fees in full?
To mods, if this thread doesn't belong here, please move it to its home board.
To mods, if this thread doesn't belong here, please move it to its home board.
Ask them. Do you seriously expect us to know what some services would do in the future if the tx fee go higher?
Yes, you can be asked to pay fees at any moment:
https://support.coinbase.com/customer/portal/articles/815435
Quote
Does Coinbase pay miner fees?
Aug 23, 2016
Yes, Coinbase pays the miner fees on external transactions in order to ensure these transactions propagate throughout the bitcoin network quickly. For very small transaction amounts you may be prompted to pay the transaction / miner fee.
Miner fees are a small amount of digital currency that is included in transactions as a reward/incentive to the people who operate the network. They help the network continue to grow and provide an incentive for your transactions to be verified quickly.
Remember, Coinbase to Coinbase wallet transactions are always free of fees, no matter how much you are sending.
Aug 23, 2016
Yes, Coinbase pays the miner fees on external transactions in order to ensure these transactions propagate throughout the bitcoin network quickly. For very small transaction amounts you may be prompted to pay the transaction / miner fee.
Miner fees are a small amount of digital currency that is included in transactions as a reward/incentive to the people who operate the network. They help the network continue to grow and provide an incentive for your transactions to be verified quickly.
Remember, Coinbase to Coinbase wallet transactions are always free of fees, no matter how much you are sending.
https://support.coinbase.com/customer/portal/articles/815435
Xapo and Coinbase are web wallets which allow transferring bitcoins free of charge. Maybe, there are a few other wallets that do the same and pay the transaction fees for their users. But what would happen if Bitcoin price rises manyfold and the fees rise proportionately in fiat terms? Will these wallets raise the transfer amounts above which the network transaction fees will still be paid by themselves or will they just begin charging their clients the fees in full?
To mods, if this thread doesn't belong here, please move it to its home board.
To mods, if this thread doesn't belong here, please move it to its home board.
Jump to: