Bitcoin Forum

Hi, Today i sent 0.01 BTC from my electrum wallet to my localbitcoins account.I was shocked to see that i have been charged an incoming fee of  0.00048174 BTC for just 0.01 BTC.

Almost $2.80.

Do you feel that its a fair fee that too for an incoming transaction?

That's Ridiculous.

Yeah, the rates are about there, still increasing since demand for Bitcoin transactions have gone up. Yeah, I agree that the fees are unfair, which makes Bitcoin almost impossible for daily usage. I don't think its localbitcoin that 'loots', other sites like Coinbase also have high fees, and its inevitable.

All we can hope for are off-chains transactions with zero fees when transferring from one account to another.  :-\ I usually wait till I have a large amount of BTC to send compared to the fees to minimize my loss through fees.

This is a serious error of bitcoin. When the capacity of the users was enough to secure the bitcoin transaction fee per transaction will be charged. When the miners took a monopoly Board appeared and continues to grow. I think that the developers had to take care of it. First, any monopoly is bad. Secondly it seriously hampers the development of bitcoin and actually plays into the hands of the state. All users have to collect coins in the wallet then change a large amount in the Fiat and then make a purchase.

ye, this is one of the downside of this system, nothing we can do about it.
If the demand is going up, the transaction fee increase accordingly.

Use this site to calculate the fees : https://bitcoinfees.21.co/ .... It says : The fastest and cheapest transaction fee is

currently 280 satoshis/byte, shown in green at the top. For the median transaction size of 226 bytes, this results in a fee of

63,280 satoshis. There is definitely something going on again, because more people are complaining again.  >:(

what in the word is an "incoming fee"?
sorry i have never used localbitcoins so this may be such an obvious question, but is 0.00048174BTC the amount you paid for your transaction fee also known as network fee, or is it another fee that localbitcoins takes out of your money just because you made a deposit there?

if it is the later then that is a very unfair amount of fee, and they are robbing people if you ask me!

LocalBitcoins are using incoming fees to try and prevent people from sending to them too often.  Because they have an automated system for sending out transactions, they don't want the cost of additional inputs to be added by people sending them small and unnecessary transactions.

The only way to prevent these small transactions is by adding a fixed fee for incoming transactions.  This way they don't lose money no matter what you send to them, but you're incentivised to only send larger amounts.

The fees do seem unnecessarily high considering that the fees for a BTC transaction isn't particularly high these days, and they should be warning their customers before they make a deposit, but it's not as ridiculous as you seem to think.

I don't think incoming should be charged a fee only those which are sending should be I'll be staying away from localbitcoins.

What is incoming fee? Why they charge a fee when you send money to their site? I never use it but people already pay a transaction fee so i think it's not fair if they charge another fee on top of that.

I had already paid the transaction fee 0.00013 btc for sending 0.01 btc from my electrum wallet.this 0.0004817 btc is just for depositing btc in my local bitcoins wallet

This has something to do with your gas bill. Friend。 If you need low fees, you can use LTC coins or ETH.

I am not really sure and particular about it though, but isn't it you are already double paying the fees? Because i think it seems to be like that.

I got that type of fees too unfortunately, but miners are being paid yay

I am using this site for last few months and I am also paying double fees once from where I am withdrawing my funds and second here on this site once I contact about this issue to support reply was its our rule and for all if you want to use this then you have to pay fees otherwise leave this site but I have to pay because have no other option

I don't think you're being fair to Localbitcoins, which is the first method I used to buy Bitcoins.

The fees to send bitcoins is not controlled by Localbitcoins.  It's controlled by the Bitcoin miners.

He is talking about incoming fees in localbitcoin which is pretty absurd ,i do not remember whether they had those fees earlier because i am not using that site for a long time and if this was a fees they were collecting earlier,i never bothered because when i was trading in that site the price of bitcoin was well below $600.With the price of bitcoin increasing,sure it is a loot.

I think you are wrong here. Whole of the fees charged by third party wallets and exchanges does not neccessarily goes to miner. They charge a cut in the fees which they keep with themselves for processing transactions.

That does sound ridiculous. I’ve never used localbitcoins so I wasn’t aware that they charged a fee to receive Bitcoins. Other exchanges and Coinbase only charge a fee to send Bitcoins or to buy Bitcoins with fiat. I don’t think they charge a fee to send Bitcoins to their site. And that fee seems very high to me. That’s about a 5% fee just to send Bitcoins to the site. If you don’t have any other options, then I guess that’s what you have to do, but I would check around for something cheaper if I were you.

do you guys even bother to read thoroughly the original post and its replies??
some replies did response accordingly, the others keep saying it's part of miners fee... it's NOT
the OP has clearly stated an explanation he paid 0.00013 tx fee for 0.01 BTC,
then localbicoin charged him extra 0.0004817 deducted from his original 0.01 deposit
I think it's just a strategy of that site shifting cost to you to get more profits out of each transaction
If I were you, I would stay away from localbitcoins!

That is the fee you pay to the network to make sure your txn can never be tampered with or changed. This is normal with a web wallet like that because they don't have dynamic fee structures.

sound like ridiculous, but i think thats the fee for the network, you can send bitcoin from what options you like, they will be implement additional fee if you want to do a fast transaction, so i thinks that fee is deserve on what service you did. ;D

This is not surprise for me cause I already experienced worst than that. last week I was about to send 0.0015 btc to invest in one of the mining site using my local bitcoin accounts, then I was upset because when I saw the processing fee amounting of  almost $ 11 to be added on top of  0.005 btc, then due to the disappointment I canceled the transaction. its very unfair if the processing fee is huge for a little amount of bitcoin we are sending.

It sucks, but I don't think this is a problem with Bitcoins. Localbitcoins charged you that amount, because they want to profit off of you. It's really just that. They're providing a service, and if you want to avail it, then you pay the fee they require. If it's too much, which I believe it is, then maybe you should move on to a different platform.

But yeah exchanges charging incoming fees are ridiculous. Bitcoin transactions are already large as is. I get that there aren't many to choose from so there's very little competition, but that's just straight up greedy.