Bitcoin Forum

Hi fellow crypto enthusiasts,

I'm the CEO of Magnocash (https://www.magnocash.com (https://www.magnocash.com)), a 0$ fees digital wallet where you can send money internationally with 0% fees. That's it. We don't make money from transactions and that's why we can deliver monetary freedom to you.

Our pilot launch is scheduled to be 1 month from now, so feel free to apply to get one of our beta keys!

Argentinians and Venezuelans are gonna be the first ones to access the launch, we will literally gift you 10$, and 5$ more for each users who signed up with your referral link (provided on signup).

Feel free to ask questions, technical or business-wise,

If you are using ethereum blockchain 0$ fees is not possible one.If you had used some other like Binance smart chain,the transaction fee will be near to 0$.
I had just checked website, it seems very amateur and empty,Actually fees is not a important one then a trust.If no trust with the website,my entire coin will be 0 dollars.All my savings will be taken by the website,which is not a accepted one.

We use the ETH network, and not only we can make transactions commission free, but we also have a business model to support it.

As for the website, im a minimalist enthusiast so I understand your concerns, but if you have the chance to get a Beta Key, you'll most likely fall in love with our detailed UI, here you have a snapshot:

https://imgur.com/RyiRo6d.png

Are you saying your service pay for users fee on your wallet? thats the first question,the secondly question is how secured is your wallet? is private keys and recovery backup phrase available either? this is the one reason i can use a new wallet,many new wallets nowadays are mainly online wallets

I want to try some of your wallet features, a little interested in shipping without transaction fees,
is magnocash also a cryptocurrency project? or is it just a wallet platform?

sorry before, i can't open your site, is there a problem?

https://i.imgur.com/1A6qsDa.png

btw, i don't use VPN or antivirus pro,

You will have to donate a lot of money, if you would like to make a custody service wallet with 0 fees.
But, I wish you can achieve it and help Venezual people to get some free cryptocurrencies in difficult times.

There is no 0$ transfer fees for ETH wallet. Except if the coin doesn't move from the wallet. Some other wallets did claim this, but in reality it was not true. Fees was still due and maybe could cost more than the current network fees. And you did not have access to the private key.

Sounds like scam (I hope am wrong ). I have seen similar services popping up these days. I guess the real intention is to get enough people use it and hope that someone with large amount uses the service too. Again, I hope i am wrong. We got to be careful, you know.
How exactly do you plan making money without fees? Through advertisements or token value?

Exactly! Is this your plot to promote your wallet then users hold their balances there and you'll just gone like a bubble getting all those, same sentiment with @Ucy.

90 percent of all ERC-20 based tokens are trash thats price is going to zero almost in all cases. Secondly, how do these guys are going to avoid gas fees, if they are using ethereum blockchain, where all are forced to pay fees.

Hey guys, sorry about the page, we had a problem with our DO server that's now been fixed.

I will be releasing the white paper and all the technical information in the upcoming weeks, and then it will all be clear.

Thanks for the interest, there will be news soon, for the meantime i'm full of work but will take the time to answer all your questions.

PD: Definitely not a scam :)

So if you do business why you not get anything?, its looklike you hide something  ;D.
people do business to get profit/money, not for charity.

Really!
I checked your account, it was just created today and all of a sudden you are coming up with a service that involves people entrusting you and your system with their funds.
Things do not come so easily like this. You should have at least tried to build trust, before bringing up this form of service. Also, you need to work on your website, because it does not portray or show that you can handle what you claim to be or want to do.

Really nice idea especially if your wallet also offers international remittance services where one can send crypto to someone abroad and he/she can receive local fiat from bank or western union etc, but yes before this you have to get approved, develop trust and reputation and also get necessary licensing before starting your service to ne fully compliant and avoid any future problems.

What's the business model for your project? I know altcoins that has 0 fees too for transfers but they proved to be legit and operational until today.

This sounds weird considering that it's ETH wallet since transactions need small gas fee in ETH.  Trying out new wallets without proper verification is not my thing anyway, highly risky. Let's see how reliable the magnocash is in future, but I won't advise anyone to use unverified wallets.

I think 0 fees is really possible in this business but more than likely they will take the fees from their conversion rate.
I am comparing the transaction that we do have in local exchange, no fees to transfer your btc into fiat going to your bank account and other payment centers.
But the catch is, the selling rate of your btc is lower than the world market. That's where they will get their income.
And if you do buy btc, it is relatively higher than usual. So that's it, 0 transaction fee is really possible in this business.
They have to get the income somewhere. No business is doing for charity only. And if eth based, it always requires gas fees.

It is possible but I want to know the business model that he talks about. I know those transfers exception especially if it's under or inside the exchange's premises.

You are using ethereum network and you are not controlling ethereum network and it means you must follow what already implemented in ethereum network. That guy above you was correct if you can't promise a zero fees transaction in ethereum network especially the blocksize of ethereum is not so big as the latest platform that has already created.
I just waiting for you to explain what will be your theory for that? it seems very strange for me as ethereum user.

I would not trust this system then because if you tell me it is zero fee, then where do we expect you to get money that would help you to maintain your site from, a project without financial solid background will only end up collapsing and offering very low quality product to the public.

There is no arm in trying your services out anyway, then what is the assurance that if I ask you to send money on my behalf, you will really deliver, is there any escrow service backing this up, I am sorry for bugging you mate, but you know how shits has been happening in the cryptocurrency market because of scammers, and everyone will be careful now because gone are the day where we just take and act on any information that we get without thoroughly investigating and analyzing it.

There a lot of things need to be checked to trust your own funds to the wallet, the private key might be compromised

Zero fees are the bait alright. The intended target here is the crypto illiterate. You can't have zero fees when most blockchain networks require transaction fees, even the PoS networks has fees. How will they suppose to profit from this? I might believe them if they shilled cheap fees instead.