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Author Topic: How does instawallet pay for transaction fees?  (Read 1068 times)
Killdozer (OP)
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February 19, 2013, 02:35:37 PM
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As I can see, they don't charge their users anything? And even though the fees are pretty small right now, they must have thousands of transactions which in the end must cost a "real" amount of money?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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cbeast
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February 19, 2013, 03:13:25 PM
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MtGox recently added an optional transaction fee and coinbase does not have one either. There is enough mining out there right now that a fee really isn't necessary yet.
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February 19, 2013, 11:34:58 PM
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As far as I know Instawallet does not pay the fees for the customer
They do. Otherwise I wouldnt've asked the question Tongue
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February 19, 2013, 11:56:32 PM
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Quote from: Killdozer on February 19, 2013, 11:34:58 PM
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As far as I know Instawallet does not pay the fees for the customer
They do. Otherwise I wouldnt've asked the question Tongue

Sorry about that.  I guess that's what I get for trying to comment on something that I don't use and haven't paid much attention to.  I'll remove my uneducated and ridiculous attempt to contribute on a topic I clearly know nothing about.  Thanks for the info.  I'll keep it in mind so as to avoid saying the same dumb thing again in the future.
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February 20, 2013, 12:09:58 AM
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Sorry about that.  I guess that's what I get for trying to comment on something that I don't use and haven't paid much attention to.  I'll remove my uneducated and ridiculous attempt to contribute on a topic I clearly know nothing about.  Thanks for the info.  I'll keep it in mind so as to avoid saying the same dumb thing again in the future.
Cmon, don't worry about it man, we're all friends here Smiley
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CurbsideProphet
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February 20, 2013, 12:12:30 AM
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Quote from: cbeast on February 19, 2013, 03:13:25 PM
MtGox recently added an optional transaction fee and coinbase does not have one either. There is enough mining out there right now that a fee really isn't necessary yet.

Coinbase does pay a fee, you just don't see it because they pay the fee for you.
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February 20, 2013, 12:15:11 AM
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Quote from: Killdozer on February 20, 2013, 12:09:58 AM
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Sorry about that.  I guess that's what I get for trying to comment on something that I don't use and haven't paid much attention to.  I'll remove my uneducated and ridiculous attempt to contribute on a topic I clearly know nothing about.  Thanks for the info.  I'll keep it in mind so as to avoid saying the same dumb thing again in the future.
Cmon, don't worry about it man, we're all friends here Smiley
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February 20, 2013, 12:17:45 AM
 #8
Maybe they use it as a loss leader to promote their other services. Probably it is quite a cheap and effective way of marketing.
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