Xapo to stop paying miner fee

[erikalui]

Got this message from XAPO:

Xapo will discontinue paying network transaction fees for outgoing transactions.
In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.

This is truly so sad that even now Xapo has stopped paying tx fee for users. Earlier coinbase too stopped and hence from now on, the transactions would be so expensive to send with the increasing bitcoin rates. The minimum fee is about $0.4 now and for bigger transactions, it would cost $1-$2 for every transaction 

[BitHodler]

While I can understand that it feels like a loss, it really shouldn't come as a surprise at the same time.

You can't expect Xapo or whatever other service to pay transaction fees for free as being part of their service at current rates. It's a business that needs to make profit, or at least not to lose money.

If you consider how popular Xapo is, and how many people use Xapo for exactly that reason, then you'll surely understand their action. It will save them a good amount of money in the long term.

[erikalui]

While I can understand that it feels like a loss, it really shouldn't come as a surprise at the same time.

You can't expect Xapo or whatever other service to pay transaction fees for free as being part of their service at current rates. It's a business that needs to make profit, or at least not to lose money.

If you consider how popular Xapo is, and how many people use Xapo for exactly that reason, then you'll surely understand their action. It will save them a good amount of money in the long term.

I do understand their situation as well but the main reason I was using xapo was to save on transaction fee and till now, they also were benefiting from the same as they have a trading platform too and by sending out bulk transactions, they save on the miner fee. Xapo being a 3rd part wallet which requires even ID proof for verification purposes, it's not feasible now to use them as blockchain is better where you can adjust the mining fee and also send bulk transactions on your own. Xapo is letting us adjust the fee but they still haven't mention how much. Like coinbase has a fixed fee of 0.0004-0.0005, this amount would be high to pay for smaller transactions. Also, the size of the transaction cannot be known by us.

[channingwilmer]

the transaction fees are very high in the 2017 and XAPO can not maintain a huge amount of money like that. On the other side, there are many users abusing the free system in order to generate spamming transactions. This can not be accepted and therefore, XAPO can not allow them not to pay fee anymore

[SaShiRaJaVu]

Was expecting this from Xapo as they are putting in 0.0025 btc as transaction fees and it was evident that they would start charging from customers,coinbase started taking fees last month and now xapo will be taking fees which is really bad for the users.Is there any web wallets that offer to pay the transaction fees,if so i would like to hear from you fellows.

[gentlemand]

Is there any web wallets that offer to pay the transaction fees,if so i would like to hear for you fellows.

Why would any web wallet pay their customers' costs? It would add up to thousands of dollars per week. That possibility is probably over forever now.

[wuvdoll]

Yes, I too just got this update through email.
I now really started to worry about my expenses but I believe I have two options :
- I need to go for finding alternative to xapo.
- I may need to emphasize the importance of switching over to Xapo wallet to all my friends/employees as still xapo to xapo remains free of tx fees as it is being done off-chain.

[ibuddy122505]

Got this message from XAPO:

Xapo will discontinue paying network transaction fees for outgoing transactions.
In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.

This is truly so sad that even now Xapo has stopped paying tx fee for users. Earlier coinbase too stopped and hence from now on, the transactions would be so expensive to send with the increasing bitcoin rates. The minimum fee is about $0.4 now and for bigger transactions, it would cost $1-$2 for every transaction  

And it was expected that the Xapo team going to this step as they some weeks ago they started to receive a fee in every Bitcoin come in.
I just received an important announcement through email, that mentioned below-
-In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.
-Please keep in mind that this will apply to outgoing transactions that touch the blockchain, but all Xapo to Xapo payments will still be free of charge!

[carlfebz2]

Got this message from XAPO:

Xapo will discontinue paying network transaction fees for outgoing transactions.
In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.

This is truly so sad that even now Xapo has stopped paying tx fee for users. Earlier coinbase too stopped and hence from now on, the transactions would be so expensive to send with the increasing bitcoin rates. The minimum fee is about $0.4 now and for bigger transactions, it would cost $1-$2 for every transaction 

Just as expected and it already happens when I told in the past that xapo will surely stopped on paying tx fee for its users and now they are all the same on mot wallets either on exchange or plain online wallets.They are now asking for transactions fees and its really normal in my own view because they cant really patched up to pay up all the tx fee on their own pocket because it would really affect their own profit.Sad to know but we should accept and tx fee as of now is really high.

[adzino]

They had to take this step eventually as it was going to hurt their business a big time. Thousands of people use XAPO and now considering the current transaction fee they can no longer provide pay users transaction fee and it's quite understandable itself.

Is there any web wallets that offer to pay the transaction fees,if so i would like to hear for you fellows.

With the current transaction fee i don't think any web wallet would be able to provide transactions free of costs to their users. Better switch to desktop wallet. Much safer and better.

[LTU_btc]

It was only question of time, when Xapo will start charge fee for every transactions. Free tranactions helped to Xapo to build huge customer base and they one of the major online wallets. They reached what they wanted and now they can't cover transaction fees anymore.
Xapo was last wallet which had free transactions for their users. Now Xapo and Coinbase lost their main advantage against other wallets. Maybe it means that less users will choose to use these centralized wallets.

[ModGirl]

I was already doubtful about that at the time when they started a fees for smaller transactions. It was in my mind that sooner they will start to take fees from the members which happened today. That is very bad for those who have smaller fees. Now we have to look for any other wallet where the fees is near to zero.