Quote
Hi,
We have an important announcement about your Xapo account that will affect you - so please read!
In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.
No portion of this fee goes to Xapo, it is simply the fee that needs to be paid to miners in order for an outgoing transaction to be processed via the bitcoin network! This fee will be dynamically calculated based on the current network conditions and will be paid by you at the time of the transaction.
Due to the increase in transaction volume of the bitcoin network, we'd like to give our users some control over their transactions. That being said, Xapo will give you the ability to select which type of fee you'd like to pay - a standard or high priority fee - thus allowing you to choose how quickly you'd like for your transaction to be processed!
Please keep in mind that this will apply to outgoing transactions that touch the blockchain, but all Xapo to Xapo payments will still be free of charge!
Thanks for your understanding,
The Xapo Team
We have an important announcement about your Xapo account that will affect you - so please read!
In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.
No portion of this fee goes to Xapo, it is simply the fee that needs to be paid to miners in order for an outgoing transaction to be processed via the bitcoin network! This fee will be dynamically calculated based on the current network conditions and will be paid by you at the time of the transaction.
Due to the increase in transaction volume of the bitcoin network, we'd like to give our users some control over their transactions. That being said, Xapo will give you the ability to select which type of fee you'd like to pay - a standard or high priority fee - thus allowing you to choose how quickly you'd like for your transaction to be processed!
Please keep in mind that this will apply to outgoing transactions that touch the blockchain, but all Xapo to Xapo payments will still be free of charge!
Thanks for your understanding,
The Xapo Team
This is an email that I received from Xapo saying that from the next couple of days I cannot send transactions without any fee...
Do you agree with their decision? I personally believe that a big part of their business was from people wanting to do a lot of micropayments, because coinbase, coinjar and other online wallet giants have added fees and they were the only ones left yet to add a fee. But obviously that probably hurt them a lot and set them back on a lot of extra income as transaction fees skyrockets.
Your thoughts?
It really can't be helped the fees that they would need to absorb are large so providing free transaction services in Bitcoin is becoming a real hassle. The difference from paying a penny before to a dollar per transaction just means it is not profitable or sound business to absorb those costs. I actually commend them for holding out this long with the fees as they are.
Until we solve the real issue of size that policy will remain in effect and people will likely start to demand we do something so its useful in a sense, until a route for Bitcoin is decided the market will pay.
