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Author Topic: Xapo will start charging a fee to receive transactions  (Read 3806 times)
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January 20, 2017, 11:08:26 PM
 #21

Oh that is really a bad news for me because I often use xapo for recharging my mobile phone which require a small amount of bitcoins to transact and for that small amount I do not want to pay any fees from any way. It is currently a fees for receiving the transaction but I am sure that they will start for sending too.



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January 21, 2017, 12:26:31 AM
 #22

Oh that is really a bad news for me because I often use xapo for recharging my mobile phone which require a small amount of bitcoins to transact and for that small amount I do not want to pay any fees from any way. It is currently a fees for receiving the transaction but I am sure that they will start for sending too.
Quote
"If you receive more than BTC 0.00031041, no fee applies."
Simple. Then try sending a little over .00031041 to your xapo account. That should get rid of the 'receiving fee'.

Far as I can see, the only ones who'll be affected by these 'receiving fees' are the ones using faucets.
Quote
"If you receive less than BTC 0.00020694, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0."
Meaning, do not send less than 20,694 satoshis.

https://in.xapo.com/fees/


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January 21, 2017, 08:47:22 AM
 #23

Oh that is really a bad news for me because I often use xapo for recharging my mobile phone which require a small amount of bitcoins to transact and for that small amount I do not want to pay any fees from any way. It is currently a fees for receiving the transaction but I am sure that they will start for sending too.
Quote
"If you receive more than BTC 0.00031041, no fee applies."
Simple. Then try sending a little over .00031041 to your xapo account. That should get rid of the 'receiving fee'.

Far as I can see, the only ones who'll be affected by these 'receiving fees' are the ones using faucets.
Quote
"If you receive less than BTC 0.00020694, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0."
Meaning, do not send less than 20,694 satoshis.

https://in.xapo.com/fees/
That means that the fees is only for those people who only send some dust to the wallet. Then it is not bad because they only want to use their wallet for higher payments they cannot take the burden of fees of satoshis.



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BitHodler
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January 21, 2017, 09:37:50 AM
 #24

People complain without knowing what the point of Xapo really is. It's only micro amounts also referred to as being dust that they want to prevent with this action.

If you think logically, then it makes sense as they want to take the weight off their own wallets due to all the worthless dust transactions that may take ages to confirm.

Mainly because these people are mostly also stingy about their fees. It doesn't only help Xapo, but also the Bitcoin network this way. It's pointless to send out transactions that low as it only clutters the network.

I don't even see the point of playing with these low amounts, but for people that do care about them, if you at least deposit anything above 0.00030967BTC, you'll still be enjoying free transactions.

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January 21, 2017, 09:42:35 AM
 #25

I can't see any problem there. People doing such small transactions should really think about their life and where its heading.

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January 21, 2017, 10:08:56 AM
 #26

Oh that is really a bad news for me because I often use xapo for recharging my mobile phone which require a small amount of bitcoins to transact and for that small amount I do not want to pay any fees from any way. It is currently a fees for receiving the transaction but I am sure that they will start for sending too.
Quote
"If you receive more than BTC 0.00031041, no fee applies."
Simple. Then try sending a little over .00031041 to your xapo account. That should get rid of the 'receiving fee'.

Far as I can see, the only ones who'll be affected by these 'receiving fees' are the ones using faucets.
Quote
"If you receive less than BTC 0.00020694, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0."
Meaning, do not send less than 20,694 satoshis.

https://in.xapo.com/fees/

The issue is not that these transactions are small but the problem is that if bitcoin prices increase to an extent that even 0.0001 is worth $0.5-$1, 0.00031041 would be $1.5-$3. I understand the main problem is with blockchain to have a fixed fee of 0.0001-0.0002 and they don't consider the market rate in USD which makes even small transactions expensive. Where earlier 0.0001 BTC was worth 1 or 2 cents, now I need to add a fixed fee of 20 cents to get small transactions confirmed. Not everyone would be sending out over $10 at a time and Xapo was popular mainly for it being free to send/receive bitcoins. If all wallets start charging, there will be no difference between PayPal and Xapo/Coinbase.

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January 25, 2017, 08:01:00 AM
 #27

I think with the fee of course they have a compelling reason, I believe the existence of fee will make xapo transactions faster and better, I wouldn't mind if the imposed fee with better service record.
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January 25, 2017, 08:55:56 AM
 #28

That's a bad news. I feel so lucky that we had our local exchange that we can send bitcoin to other address without fees even in smallest amount. They can still make a transaction with no fee, just made the required amount. I know its hard to acquire donations, for sure they will use it for maintenance of their site to provide a good service.

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January 25, 2017, 09:05:39 AM
 #29

One of the main wallets for the faucet users, and business is business, for those small users they will need to setup their own wallet and spend those extra few seconds when using the faucets and putting their address in.


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January 25, 2017, 03:59:57 PM
 #30

I think that type of fees is not bad for anyone and they have started it because they do not want to keep busy their system for free only for dust that is why they have kept the fees for the people to keep the incoming transactions higher. Only faucet earners will be affected with it and the effect will not be that much high but they only will need to keep the threshold withdraw higher.

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January 25, 2017, 10:36:48 PM
 #31

With this movement Xapo want to cut the cost that they have with faucet users spamming its servers with very low transactions. Users only need to wait a little before withdraw its balance (up to 32.325 satoshis) to its xapo wallet and they will not have this fee.
Most of its users never will be charged with this fee.
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January 25, 2017, 10:56:01 PM
 #32

Bad news to those who transacts with instant satoshis from faucets.

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January 25, 2017, 11:39:16 PM
 #33

With this movement Xapo want to cut the cost that they have with faucet users spamming its servers with very low transactions. Users only need to wait a little before withdraw its balance (up to 32.325 satoshis) to its xapo wallet and they will not have this fee.
Most of its users never will be charged with this fee.
But there are some faucets which pays immediately when user reach payout minimum like 15k or 20k satoshi. After fee, users won't receive anything. But I agree that small transactions isn't good, and it causes some problems on bitcoin network

Bad news to those who transacts with instant satoshis from faucets.
There will be no fee for instant payouts from Xapo faucets to Xapo wallets.

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January 26, 2017, 04:04:03 AM
 #34

I'm believing now that there is nothing free in this world. After blockchain.info did its upgrade together it came out again with its miners fee.

It is just a smart move for xapo as they need to have some profit for giving us good service.

I wonder if there are online wallet providers that are still not charging tx fees?

.

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January 26, 2017, 10:09:42 AM
 #35

Bad news to those who transacts with instant satoshis from faucets.
Luckily I am not a user of xapo, I think user interface makes loading long xapo, I often experience long loading. one other thing that makes me less like we are every login in one computer always ask for a PIN sent via SMS.
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January 26, 2017, 11:17:52 AM
 #36

Bad news to those who transacts with instant satoshis from faucets.
Luckily I am not a user of xapo, I think user interface makes loading long xapo, I often experience long loading. one other thing that makes me less like we are every login in one computer always ask for a PIN sent via SMS.
Because the security is very important to Xapo so they decide to make it as safe as they can. I like this feature and I do not have to worry about being stolen Bitcoin when I use Xapo. However, because now, we have to pay fees to use Xapo, I change my wallet to Coinbase. Coinbase is very awesome because there are many merchants connect with COinbase.

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Worldcore
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passwordnow
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January 26, 2017, 02:05:02 PM
 #37

Bad news to those who transacts with instant satoshis from faucets.
Luckily I am not a user of xapo, I think user interface makes loading long xapo, I often experience long loading. one other thing that makes me less like we are every login in one computer always ask for a PIN sent via SMS.
Because the security is very important to Xapo so they decide to make it as safe as they can. I like this feature and I do not have to worry about being stolen Bitcoin when I use Xapo. However, because now, we have to pay fees to use Xapo, I change my wallet to Coinbase.

Yes that loading interface of xapo doesn't matter. Maybe you do have a problem with your internet service provider. Because I don't find that loading screen of Xapo as a problem, it is just loading for a couple of seconds then it gets better. I love Xapo's security and it doesn't matter if they are going to charge fees for my transactions.



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angaper
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January 27, 2017, 01:35:55 AM
 #38

Seeing this new rule, it is clear that xapo will lose competitiveness, because one of the main reasons that led many users to choose xapo as their preferred wallet was the possibility of receiving micropayments from faucets. But I least I hope this new rule can help them to improve their services, reduce costs and ensure a long and sustainable life.

JANGKRIK BOSS
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January 27, 2017, 03:58:12 AM
 #39

Fix, xapo will start charging a fee, I tried to send 20k to my xapo account and the amount is not shown.

Outgoing bitcoin transactions from your Xapo account to a bitcoin address outside of Xapo will be charged a fee of BTC 0.00025005.

For example:

    If you receive more than BTC 0.00037507, no fee applies.

    If you receive more than BTC 0.00025005 and up to BTC 0.00037507, then a fee of BTC 0.00025005 will be deducted. The amount to be credited will be the difference between the incoming amount and the processing fee.

    If you receive less than BTC 0.00025005, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0.
Hazir
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January 27, 2017, 05:26:35 AM
 #40

The issue is not that these transactions are small but the problem is that if bitcoin prices increase to an extent that even 0.0001 is worth $0.5-$1, 0.00031041 would be $1.5-$3. I understand the main problem is with blockchain to have a fixed fee of 0.0001-0.0002 and they don't consider the market rate in USD which makes even small transactions expensive. Where earlier 0.0001 BTC was worth 1 or 2 cents, now I need to add a fixed fee of 20 cents to get small transactions confirmed. Not everyone would be sending out over $10 at a time and Xapo was popular mainly for it being free to send/receive bitcoins. If all wallets start charging, there will be no difference between PayPal and Xapo/Coinbase.
That is how bitcoin network works - fee is implemented for a reason, to sustain the network.
Maybe this is not that apparent now, as we have block reward still distributed but in the future collection of fee will be primary sustain factor for the network.
We don't necessarily want share fake idea of bitcoin as "zero fee" payment system.


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