Xapo will start charging a fee to receive transactions - page 3.

LTU_btc

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Quote from: Vikingr on January 28, 2017, 08:24:37 AM

Quote from: coinplus on January 27, 2017, 01:15:55 PM

Quote from: GregH37 on January 27, 2017, 01:08:49 PM

It is really a bad news for faucet users, Xapo was for a long time the best way to earn bitcoin from faucets and receive them directly to your wallet

I believe it will not affect Xapo based faucet users as they are getting paid from another Xapo account only. The internal transfer within Xapo will not touch blockchain so that types of transactions will be complete free (and instant as usual).

Xapo's fee for out going transaction is an expected one but for incoming transaction is highly unexpected.

But you may know that most people use faucetbox for earning bitcoins from faucet sites and that faucetbox use an external address for to send your bitcoins to your xapo address so those who will use faucetbox will be charged with that fees. But if they keep the threshold of their withdrawal at faucetbox as higher than the limit then they will get their bitcoin without any fees.

Looks like you lived under rock in past months. Faucetbox service is already closed.
But your point about withdrawal is right. Users need to set higher withdrawal limit to avoid fees. The problem is that some faucets like 99bitcoins.com withdrawal limit is very low and can't be changed.

Vikingr

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Quote from: coinplus on January 27, 2017, 01:15:55 PM

Quote from: GregH37 on January 27, 2017, 01:08:49 PM

It is really a bad news for faucet users, Xapo was for a long time the best way to earn bitcoin from faucets and receive them directly to your wallet

I believe it will not affect Xapo based faucet users as they are getting paid from another Xapo account only. The internal transfer within Xapo will not touch blockchain so that types of transactions will be complete free (and instant as usual).

Xapo's fee for out going transaction is an expected one but for incoming transaction is highly unexpected.

But you may know that most people use faucetbox for earning bitcoins from faucet sites and that faucetbox use an external address for to send your bitcoins to your xapo address so those who will use faucetbox will be charged with that fees. But if they keep the threshold of their withdrawal at faucetbox as higher than the limit then they will get their bitcoin without any fees.

coinplus

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Quote from: GregH37 on January 27, 2017, 01:08:49 PM

It is really a bad news for faucet users, Xapo was for a long time the best way to earn bitcoin from faucets and receive them directly to your wallet

I believe it will not affect Xapo based faucet users as they are getting paid from another Xapo account only. The internal transfer within Xapo will not touch blockchain so that types of transactions will be complete free (and instant as usual).

Xapo's fee for out going transaction is an expected one but for incoming transaction is highly unexpected.

GregH37

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Quote from: onlinedragon on January 19, 2017, 09:09:42 AM

Yesterday I noticed for the first time that XAPO will start charging a fee for incoming BTC transactions. Bad news for the people who used XAPO also for receiving micro transactions. All transactions lower than BTC 0.00030942 will have to pay this fee.

It is really a bad news for faucet users, Xapo was for a long time the best way to earn bitcoin from faucets and receive them directly to your wallet, and them applying these fees makes it even harder to earn from these faucets especially now since they are giving so little, it is not a big deal for the ones who are using large transaction like me but still it is bad news for the new users.

Hazir

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Quote from: erikalui on January 21, 2017, 05:08:56 AM

The issue is not that these transactions are small but the problem is that if bitcoin prices increase to an extent that even 0.0001 is worth $0.5-$1, 0.00031041 would be $1.5-$3. I understand the main problem is with blockchain to have a fixed fee of 0.0001-0.0002 and they don't consider the market rate in USD which makes even small transactions expensive. Where earlier 0.0001 BTC was worth 1 or 2 cents, now I need to add a fixed fee of 20 cents to get small transactions confirmed. Not everyone would be sending out over $10 at a time and Xapo was popular mainly for it being free to send/receive bitcoins. If all wallets start charging, there will be no difference between PayPal and Xapo/Coinbase.

That is how bitcoin network works - fee is implemented for a reason, to sustain the network.
Maybe this is not that apparent now, as we have block reward still distributed but in the future collection of fee will be primary sustain factor for the network.
We don't necessarily want share fake idea of bitcoin as "zero fee" payment system.

JANGKRIK BOSS

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Fix, xapo will start charging a fee, I tried to send 20k to my xapo account and the amount is not shown.

Outgoing bitcoin transactions from your Xapo account to a bitcoin address outside of Xapo will be charged a fee of BTC 0.00025005.

For example:

If you receive more than BTC 0.00037507, no fee applies.

If you receive more than BTC 0.00025005 and up to BTC 0.00037507, then a fee of BTC 0.00025005 will be deducted. The amount to be credited will be the difference between the incoming amount and the processing fee.

If you receive less than BTC 0.00025005, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0.

angaper

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Seeing this new rule, it is clear that xapo will lose competitiveness, because one of the main reasons that led many users to choose xapo as their preferred wallet was the possibility of receiving micropayments from faucets. But I least I hope this new rule can help them to improve their services, reduce costs and ensure a long and sustainable life.

passwordnow

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Quote from: soul-impact on January 26, 2017, 06:17:52 AM

Quote from: Vivace92 on January 26, 2017, 05:09:42 AM

Quote from: t3ChNo on January 25, 2017, 05:56:01 PM

Bad news to those who transacts with instant satoshis from faucets.

Luckily I am not a user of xapo, I think user interface makes loading long xapo, I often experience long loading. one other thing that makes me less like we are every login in one computer always ask for a PIN sent via SMS.

Because the security is very important to Xapo so they decide to make it as safe as they can. I like this feature and I do not have to worry about being stolen Bitcoin when I use Xapo. However, because now, we have to pay fees to use Xapo, I change my wallet to Coinbase.

Yes that loading interface of xapo doesn't matter. Maybe you do have a problem with your internet service provider. Because I don't find that loading screen of Xapo as a problem, it is just loading for a couple of seconds then it gets better. I love Xapo's security and it doesn't matter if they are going to charge fees for my transactions.

soul-impact

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Quote from: Vivace92 on January 26, 2017, 05:09:42 AM

Quote from: t3ChNo on January 25, 2017, 05:56:01 PM

Bad news to those who transacts with instant satoshis from faucets.

Luckily I am not a user of xapo, I think user interface makes loading long xapo, I often experience long loading. one other thing that makes me less like we are every login in one computer always ask for a PIN sent via SMS.

Because the security is very important to Xapo so they decide to make it as safe as they can. I like this feature and I do not have to worry about being stolen Bitcoin when I use Xapo. However, because now, we have to pay fees to use Xapo, I change my wallet to Coinbase. Coinbase is very awesome because there are many merchants connect with COinbase.

Vivace92

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Quote from: t3ChNo on January 25, 2017, 05:56:01 PM

Bad news to those who transacts with instant satoshis from faucets.

Luckily I am not a user of xapo, I think user interface makes loading long xapo, I often experience long loading. one other thing that makes me less like we are every login in one computer always ask for a PIN sent via SMS.

sunsilk

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I'm believing now that there is nothing free in this world. After blockchain.info did its upgrade together it came out again with its miners fee.

It is just a smart move for xapo as they need to have some profit for giving us good service.

I wonder if there are online wallet providers that are still not charging tx fees?

LTU_btc

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Quote from: Raimonn on January 25, 2017, 05:36:48 PM

With this movement Xapo want to cut the cost that they have with faucet users spamming its servers with very low transactions. Users only need to wait a little before withdraw its balance (up to 32.325 satoshis) to its xapo wallet and they will not have this fee.
Most of its users never will be charged with this fee.

But there are some faucets which pays immediately when user reach payout minimum like 15k or 20k satoshi. After fee, users won't receive anything. But I agree that small transactions isn't good, and it causes some problems on bitcoin network

Quote from: t3ChNo on January 25, 2017, 05:56:01 PM

Bad news to those who transacts with instant satoshis from faucets.

There will be no fee for instant payouts from Xapo faucets to Xapo wallets.

t3ChNo

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Bad news to those who transacts with instant satoshis from faucets.

Raimonn

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With this movement Xapo want to cut the cost that they have with faucet users spamming its servers with very low transactions. Users only need to wait a little before withdraw its balance (up to 32.325 satoshis) to its xapo wallet and they will not have this fee.
Most of its users never will be charged with this fee.

BarbieCasino

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I think that type of fees is not bad for anyone and they have started it because they do not want to keep busy their system for free only for dust that is why they have kept the fees for the people to keep the incoming transactions higher. Only faucet earners will be affected with it and the effect will not be that much high but they only will need to keep the threshold withdraw higher.

tiggytomb

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One of the main wallets for the faucet users, and business is business, for those small users they will need to setup their own wallet and spend those extra few seconds when using the faucets and putting their address in.

Text

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That's a bad news. I feel so lucky that we had our local exchange that we can send bitcoin to other address without fees even in smallest amount. They can still make a transaction with no fee, just made the required amount. I know its hard to acquire donations, for sure they will use it for maintenance of their site to provide a good service.

lOvE mE forEvEr

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I think with the fee of course they have a compelling reason, I believe the existence of fee will make xapo transactions faster and better, I wouldn't mind if the imposed fee with better service record.

erikalui

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Quote from: neochiny on January 20, 2017, 07:26:31 PM

Quote from: FLoving on January 20, 2017, 06:08:26 PM

Oh that is really a bad news for me because I often use xapo for recharging my mobile phone which require a small amount of bitcoins to transact and for that small amount I do not want to pay any fees from any way. It is currently a fees for receiving the transaction but I am sure that they will start for sending too.

Quote

"If you receive more than BTC 0.00031041, no fee applies."

Simple. Then try sending a little over .00031041 to your xapo account. That should get rid of the 'receiving fee'.

Far as I can see, the only ones who'll be affected by these 'receiving fees' are the ones using faucets.

Quote

"If you receive less than BTC 0.00020694, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0."

Meaning, do not send less than 20,694 satoshis.

https://in.xapo.com/fees/

The issue is not that these transactions are small but the problem is that if bitcoin prices increase to an extent that even 0.0001 is worth $0.5-$1, 0.00031041 would be $1.5-$3. I understand the main problem is with blockchain to have a fixed fee of 0.0001-0.0002 and they don't consider the market rate in USD which makes even small transactions expensive. Where earlier 0.0001 BTC was worth 1 or 2 cents, now I need to add a fixed fee of 20 cents to get small transactions confirmed. Not everyone would be sending out over $10 at a time and Xapo was popular mainly for it being free to send/receive bitcoins. If all wallets start charging, there will be no difference between PayPal and Xapo/Coinbase.

Ankara

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I can't see any problem there. People doing such small transactions should really think about their life and where its heading.

Topic: Xapo will start charging a fee to receive transactions - page 3. (Read 4186 times)