|
Title: Localbitcoins incoming fee??? Post by: ekoice on August 24, 2017, 02:35:35 PM Hi today,i sent 0.008 btc from my electrum wallet to my localbitcoins wallet.I was shocked to see that they have mentioned that 0.00073669 BTC would be charged as incoming fee for just 0.008 btc.I didn't understand why they charge for an incoming transaction.Could they justify it by any way?
Title: Re: Localbitcoins incoming fee??? Post by: odolvlobo on August 24, 2017, 03:11:36 PM Hi today,i sent 0.008 btc from my electrum wallet to my localbitcoins wallet.I was shocked to see that they have mentioned that 0.00073669 BTC would be charged as incoming fee for just 0.008 btc.I didn't understand why they charge for an incoming transaction.Could they justify it by any way? It is going to cost them money to send the bitcoins you sent them so they are trying to cover those costs. Title: Re: Localbitcoins incoming fee??? Post by: Lauren Smith on August 24, 2017, 06:45:06 PM They explained on the first page all about their reasons. You know they do need funding to support the site and pay for hosting and the domains and the server and support team. It must come from somewhere. Nothing is free in this life remember that. Also localbitcoins are a great exchange for BTC to Fiat or vice versa.
Title: Re: Localbitcoins incoming fee??? Post by: MinMan on September 12, 2017, 06:13:20 AM Hi today,i sent 0.008 btc from my electrum wallet to my localbitcoins wallet.I was shocked to see that they have mentioned that 0.00073669 BTC would be charged as incoming fee for just 0.008 btc.I didn't understand why they charge for an incoming transaction.Could they justify it by any way? I used to think I was the only one that noticed the outrageous prices that these people charge just for receiving money into your wallet, but then I got to know that they use the fees to support the company like hosting, servers and other stuff.Title: Re: Localbitcoins incoming fee??? Post by: btcney on September 12, 2017, 09:58:09 AM Hi today,i sent 0.008 btc from my electrum wallet to my localbitcoins wallet.I was shocked to see that they have mentioned that 0.00073669 BTC would be charged as incoming fee for just 0.008 btc.I didn't understand why they charge for an incoming transaction.Could they justify it by any way? I used to think I was the only one that noticed the outrageous prices that these people charge just for receiving money into your wallet, but then I got to know that they use the fees to support the company like hosting, servers and other stuff.Nope. Each bitcoin input contributes to a higher transaction size, therefore a higher transaction fee. Localbitcoins were able to manage to treat all incoming transactions the same because transaction fees were a lot smaller, but as they got bigger the sending fees got much bigger and people started to complain a lot about it. It actually makes more logical sense than charging everything on the sender from localbitcoins wallet, as it discourages people from sending dust that will only contribute to a higher transaction fee. So the fees are actually split now between the sender from LBC and the receiver to LBC, instead of just sender bearing everything. Title: Re: Localbitcoins incoming fee??? Post by: TheQuin on September 12, 2017, 10:03:52 AM Hi today,i sent 0.008 btc from my electrum wallet to my localbitcoins wallet.I was shocked to see that they have mentioned that 0.00073669 BTC would be charged as incoming fee for just 0.008 btc.I didn't understand why they charge for an incoming transaction.Could they justify it by any way? I used to think I was the only one that noticed the outrageous prices that these people charge just for receiving money into your wallet, but then I got to know that they use the fees to support the company like hosting, servers and other stuff.Nope. Each bitcoin input contributes to a higher transaction size, therefore a higher transaction fee. Localbitcoins were able to manage to treat all incoming transactions the same because transaction fees were a lot smaller, but as they got bigger the sending fees got much bigger and people started to complain a lot about it. It actually makes more logical sense than charging everything on the sender from localbitcoins wallet, as it discourages people from sending dust that will only contribute to a higher transaction fee. So the fees are actually split now between the sender from LBC and the receiver to LBC, instead of just sender bearing everything. Yes, this is exactly why they did it, it's designed to reduce the incoming dust transactions. I guess some people abused it as a dust collector. They did clearly warn in advance that they were going to introduce the fee so nobody can really complain. Title: Re: Localbitcoins incoming fee??? Post by: Sengoko on September 12, 2017, 10:52:17 AM Hi today,i sent 0.008 btc from my electrum wallet to my localbitcoins wallet.I was shocked to see that they have mentioned that 0.00073669 BTC would be charged as incoming fee for just 0.008 btc.I didn't understand why they charge for an incoming transaction.Could they justify it by any way? I just noticed that these guys charge fees that are just not fixed and depends on how the network is crowded or busy, I noticed that the transaction fees for localbitcoins keep fluctuating depending on how long the transaction queues on the network. |