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BlackJacky (OP)
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June 08, 2015, 12:26:31 PM |
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Hi all,
recently I had a discussion with a friend where I tried to convice him on Bitcoin.
He asked the question. How are wallets (e.g. Xapo) actually earning money? I had no real answer...can you help?
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Erza
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Activity: 1078
Merit: 1000
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June 08, 2015, 12:35:27 PM |
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Hi all,
recently I had a discussion with a friend where I tried to convice him on Bitcoin.
He asked the question. How are wallets (e.g. Xapo) actually earning money? I had no real answer...can you help?
What do I know is that every wallet can't do the earning. It just the same as blockchain just to stored your bitcoin there. If you want to earn bitcoin you can do some trading, signature campaign, faucets (which I dont recommended it) and gambling |
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BlackJacky (OP)
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June 08, 2015, 12:39:14 PM |
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Hi all,
recently I had a discussion with a friend where I tried to convice him on Bitcoin.
He asked the question. How are wallets (e.g. Xapo) actually earning money? I had no real answer...can you help?
What do I know is that every wallet can't do the earning. It just the same as blockchain just to stored your bitcoin there. If you want to earn bitcoin you can do some trading, signature campaign, faucets (which I dont recommended it) and gambling I think you misunderstand my question. I would like to know how a wallet provider like Xapo is earning money to cover the costs? |
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Elwar
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Viva Ut Vivas
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June 08, 2015, 12:45:08 PM |
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Xapo has a long term storage service that they charge their customers for.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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AtheistAKASaneBrain
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June 08, 2015, 12:47:34 PM |
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Xapo has a long term storage service that they charge their customers for.
So it's actually the opposite? OP makes it sound as if you can make money off having your BTC stored there like a bank gives you some interest. |
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Elwar
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Viva Ut Vivas
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June 08, 2015, 01:02:47 PM |
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Xapo has a long term storage service that they charge their customers for.
So it's actually the opposite? OP makes it sound as if you can make money off having your BTC stored there like a bank gives you some interest. His question was: " How are wallets (e.g. Xapo) actually earning money?" |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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buysellbitcoin
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https://www.zebpay.com
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June 08, 2015, 01:09:58 PM |
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Basically they do not earn any money on storage of your bitcoins. But services like that will work hard to give you options where you can spend your coins ( any use case where you either directly pay,send, spend bitcoins or convert it to fiat for the same reasons ). That is where they will make money, if any.
Also its too early stage at the moment and every such is focused on customer feedback, maturing product and gaining market share on use cases.
Regards
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BlackJacky (OP)
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June 08, 2015, 01:57:45 PM |
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Xapo has a long term storage service that they charge their customers for.
That means that in some years we have to pay a storage fee for bitcoins on a wallet like Xapo? |
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Elwar
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Activity: 3598
Merit: 2386
Viva Ut Vivas
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June 08, 2015, 02:10:11 PM |
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Xapo has a long term storage service that they charge their customers for.
That means that in some years we have to pay a storage fee for bitcoins on a wallet like Xapo? If you use their "Vault" service which keeps your private keys in a very secure vault then you have to pay something like 1-2% per year. |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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manselr
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June 08, 2015, 02:25:25 PM |
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Xapo has a long term storage service that they charge their customers for.
That means that in some years we have to pay a storage fee for bitcoins on a wallet like Xapo? Xapo is using extra measures to keep your Bitcoin safe. As far as I remember they are storing your Bitcoin at some underground bunker, which is guarded by real people as well. As a result, you need to pay a fee to keep that going, just like one pays a fee on regular banking to keep your fiat on there. |
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The Sceptical Chymist
Legendary
 Online
Activity: 3514
Merit: 6985
Top Crypto Casino
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June 08, 2015, 02:28:18 PM |
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OP, don't know the answer to your question, but I'll give you one guess as to how Elwar is making money.
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Amph
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Merit: 1070
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June 08, 2015, 02:41:00 PM |
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Xapo has a long term storage service that they charge their customers for.
That means that in some years we have to pay a storage fee for bitcoins on a wallet like Xapo? If you use their "Vault" service which keeps your private keys in a very secure vault then you have to pay something like 1-2% per year. really stupid, bank do not ask you money, to keep your money more safe, if xapo is anything like a bank they should earn profit by investing your money and when you need them they will burrow from another deposit and so on... this is really a step backward, compared to fiat... |
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BitUsher
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June 08, 2015, 02:53:43 PM |
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really stupid, bank do not ask you money, to keep your money more safe, if xapo is anything like a bank they should earn profit by investing your money and when you need them they will burrow from another deposit and so on...
this is really a step backward, compared to fiat...
Bitcoin being disinflationary and volatile makes it very dangerous to lend at the moment. Xapos business model is fine. |
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sakira
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June 08, 2015, 03:13:34 PM |
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all storage wallets like blockchain, xapo and others. certainly benefit from the transaction fee
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unamis76
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June 08, 2015, 04:02:44 PM |
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Besides their Vault option and the card fees, they also allow to buy Bitcoins and certainly charge something for such service... They probably even mine Bitcoin  |
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Gultahin
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۩۞۩ secondstrade.com ★
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June 08, 2015, 04:11:52 PM |
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I am very much satisfied with Amph that bank doesnt take fees to do transaction rather they pay you intrest ..like wise xapo collects your coins like bank do for money and invest them,i think so..so they exempt us from transaction fees.. btw they are revolutionary in idea..  |
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Brother Darkness
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June 08, 2015, 04:28:37 PM |
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Hi all,
recently I had a discussion with a friend where I tried to convice him on Bitcoin.
He asked the question. How are wallets (e.g. Xapo) actually earning money? I had no real answer...can you help?
I don't know about Xapo but blocklchain.info makes money from advertisements so I assume xapo has ads too. |
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Gultahin
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۩۞۩ secondstrade.com ★
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June 08, 2015, 05:18:04 PM |
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Hi all,
recently I had a discussion with a friend where I tried to convice him on Bitcoin.
He asked the question. How are wallets (e.g. Xapo) actually earning money? I had no real answer...can you help?
I don't know about Xapo but blocklchain.info makes money from advertisements so I assume xapo has ads too. no man xapo dont earn from advertisements.. if you use their vault they do take some charges.. mainly i think they earn by investing your coins..not sure about it.  |
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