Bitcoin Forum

Hey guys!

I opened a thread not long ago to ask for opinions about web wallets!
I clearly asked for a wallet where I had no need to pay fees. I got multiple answers and I thank everyone for that.

I had a very unpleasant AND stupid private message from a Hero member so I thought about sharing both my tests and his message to you all.

So in addition to the special rudeness of the sender who prefered insults to explanation, there is also the simple fact that there actually ARE wallets without fees.
I tried a bit Xapo and it's rather good and WITHOUT FEES but of course you got no control over your money.

Greenadress seems like the best for me but it does have a fee.

Share your wallets ^^

Indeed , all wallets have fees. Services like Xapo not that they don't have fees but that they pay them for you and that's only to bring users to their platforms. I wouldn't even consider them as wallets as they don't give you control over your private keys in the first place.
I wouldn't mind using a few cents as transaction fees If I actually have control over my money while Its not the case in Xapo.

No wallet that give you control over your private keys/money will pay the fees for you.
End of discussion.

well i don't know what that user means or why he is so mad but let me explain what is going on:

when you are using a bitcoin wallet you have to pay the fees because that is how bitcoin works, you need to pay a specific amount of fee per byte for every transaction you want to send. you can send with 0 fees but miners can also decide not to include your tx in a  block.

but when you are using a third party service instead of a wallet, such as xapo or i think coinbase too, they offer special features such as no fee to attract more users. but in fact they are paying the transaction fee from their own pocket and it is just a promotion.
also when you use these services you give up control over private keys and your money to them.

All online wallets have fees. But such thing as USB bitcoin wallet haven't. I use exactly this one, because I'm not so sure in an online wallet. Even if the security of online wallets and exchangers became better, there is risk to it be hacked any moment. So my choice is USB wallet.

Instead of saving in such wallets which dont even give you control over you private keys, better try Electrum wallet which charges reasonably. I am using it for past one year and i have not found any issues.Dont try to save a liitle and loose your entire savings.

Online wallets like Xapo and Coinbase offers zero fee but they never give you private key. So there is always a risk of these sites to close suddenly or hacked, and all your money store there lost. Also Bitcoin fee is not so high that you starting finding wallets with zero Fee.

This is another funny thread. If we look carefully at the post the author is telling us that there is someone who told him that there is no wallet address that has no fee. In my own understanding, it is not creating a web wallet that has a fee but it is the transactions that you do with your bitcoins using your wallet that has a fee. In simple terms wallet does not mean fee, but bitcoin transactions does.

Coibase and xapo doesnt have any fees which means you could always send you bitcoin without it but expect the confirmation times would be long compared to those who put tx fees on sending bitcoin just like other wallet like blockchain but still you could able to adjust if you like to have fees or dont have.I dont know why that person pm'ed you such word.

I did suggest in another thread that it may be useful to have a low priority pool without fees for users to consolidate micro-payments. This could speed up the processing of the main pool. The secondary pool could be used by miners to complete partial blocks, this could work, even if it took up to a week to confirm a transaction. If you don't want to wait, then pay the fee for the main pool.

Truth, there are really wallets that does not provide fees but doesn't offer much security or fast service. That's the part we need to accept in order to get something in free terms, if we are not contented on their service better pay amounts we think is acceptable based on their performance. I'm thankful to those wallet that I'm using made in our country that offers better performance in free.

What are you talking about ? USB bitcoin wallets don't have any fees  ??? If by USB wallets you mean hardware wallets then they surely do have fees while sending bitcoins , It was never about the wallet , Its about the bitcoin network.

I think the question begging for answer here is what is in it for the service providers that opt to pay transaction fees for their clients? I think it is a trade-off, so they can have access to the deposits and possibly invest or loan them to businesses just like conventional banks do with depositors fund. A red flag is however up there, because insurance is highly needed here to cover the depositors funds in case of default or businesses gone wrong.

Good explanation, Circle also have a 0 fee in place for transactions, they still provide a bitcoin wallet service but you can no longer buy and sell bitcoin.  Agreed, that user seemed quite upset and angry at someone coming to the forum looking for advice sheesh!

Yes exactly, there is always some kind of catch. IMO its really stupid to use a wallet that gives you no control over your private keys just to save some bitcoin in fees, the risk you are taking would be much greater than just some minute fees.

You gotta have serenity, patience and understanding for some users that are very rude in this forum that if they would see an slight error or misunderstanding with your post would try to shame and deprive you in the maximum effort they can accumulate by means of replying to your post or send a private message, just keep a positive approach  and try to understand them more, I  also use Xapo and I think that there are zero transaction fees to begin with but In my opinion other services have a fee on it.

I dont know whats the exact thing on his mind regarding on USB wallet which he really mean about hardware wallets and as you said it does still needs fees to transfer bitcoin from other wallet and OP is mentioning directly on web wallets i suppose that doesnt require any fees on sending amounts.

Coinbase and Xapo cover the fees for users so newbies prefer to use them than other kinds of wallet. Well, we are all people and people love to use things which are given free. However, most of the third party wallet are not as secure as private wallets so that I never choose to use them. When you have learnt many things about Bitcoin, you will realize that holding Bitcoin for your own is always better

Not for micro transactions.
I don't care maybe losing 10$ of btc but earning 30 cents every transactions...

Why would you want to cheat the miners?
Give them some cents after all they are confirming your transactions to get through to the other side. Paying fee is the only way to make bitcoin work for you and for the entire ecosystem of the currency.

And by the way never trust an online wallet, they may be hacked the next day.

Correct me if i am wrong:
Coinbase doesn't have fees, right?

That is right . it's just only free of charge for users of XAPO so they can receive more money from XAPO Users and They still pay fees for all their transactions . Really, I can not believe in that wallet  and we do not know where my money is?

I tried Xapo long back and i was quite happy with the wallet but after some days I felt that i am insecure and finally i had withdrawn all my balance into blockchain wallet which is my all time favorite.

this issue of not having control over your private keys does not give any sense of security to me. The decision to pay or not should be by the account owner probably to get control over his/her keys. Blockchain.info has the problem with limited control on ones account

Quoted from Xapo site : " Xapo does not charge network transaction fees. Sending bitcoins using Xapo to another person, whether they are

another Xapo user or not, is free regardless of the amount. "

They do charge you to buy bitcoins : " Xapo charges a fee of 1%. Also, processing fees may apply depending on the payment method. "

For obvious reasons, Xapo has to charge something for the processing of bank charges, but for that.. you have to blame the banks.  ::)

You can try https://www.asmoney.com/ for NO or limited fees. I have used them before, without any hassles.  ;D

 

No one is cheating any miner here because Xapo for instance covers the fees on behalf of their customers, so nevertheless the fees are paid. What should be a source for concern is their reason for choosing to offset the fees themselves because there truly is no free lunch anywhere.