End of Xapo for poor noobs?

[winspiral]

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

How can noobs or people with little amount of satoshi do transactions if fees are higher then the transaction?

A way to force people to let bitcoin in Xapo and not use it to pay ouside?

Very bad news...

[OmegaStarScream]

It's not really to force but to probably encourage to use their services , all bitcoin transactions have fees but with Xapo If you do transactions to another account , they will pay the fees for you. It's definitely not recommended to use Xapo as a wallet though because they clearly don't give you control over your private keys and that's risky.

[klaaas]

Miner fees and maybe some earnings are my best guess here.

[danherbias07]

Yeah encourage them to be there forever until they can afford the transaction fee.   Way too high and I thought the other exchanges are the ones who are greedy for fees. Now its all coming out. Maybe they are saving some money to expand their company and they are taking it from users.  

[Reid]

If you receive less than BTC 0.00025013, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0.

The hell? Zero? Really? What the!
Thanks to this news winspiral. Gotta go and warn my friends about this BS. No heart for those who are using faucets that is directed to them. 

[STFU!]

maybe they changed the Fees rules, because of too many account in empty balance  , created xapo account just for balance transit, in other word,,user transfer it again into another bitcoin wallet likes blockchain.

[krishnapramod]

Today, when I logged into my Xapo account I had a message from them especially for faucet admins/users. They are a popular bitcoin wallet provider and there are not many faucets that use Xapo, but still they do care about these faucets. First of all, from the time they were launched till their new fee policy they had provided fee less service, minimum 5500 satoshis to any bitcoin address without fee, was it possible with Blockchain wallet or Coinbase, no. Now with the increasing bitcoin price they are left with no other choice, but to add fee.

But when they finally decided to add fee they thought why not charge a fee for incoming transactions also , 0.00025013 BTC. The fee limit is also low only 0.00037519, if someone really wants to send you less than 0.00037510 BTC to your Xapo account then he would to pay a fee and then you would also have to pay a fee to receive funds, too cumbersome process. As far as outgoing transaction fee is concerned it is 0.00025013 which is acceptable so now Coinbase is the only wallet that does not charge a fee for outgoing transactions.

And as far as Xapo faucets are concerned this fee policy is not going to affect them in any way, still Xapo to Xapo is free

[bitbunnny]

I don't think this will be a huge issue. The fee is not that big and it doesn't apply to all transactions, there is reasonable treshold. Also for faucets directly paid to Xapo this doesn't apply. They have analised their business and found the reasons for this changes. Maybe some users will give up Xapo because of this but I beleive the majority will stay.

[mrjoy15]

If you receive less than BTC 0.00025013, then a fee equivalent to the amount received will be charged. In this case, the amount to be credited is 0.

Yes,that's the main point.You can't expect it anyhow..
Earlier I also noticed that XAPO will start charging a fee for incoming BTC transactions.All transactions lower than BTC 0.00030942 or less will have to pay this fee. Bad news for the people who used XAPO for receiving micro transactions how can they afford the transaction fee specially the people who using this only for receiving micro transactions?Obviously could not not recommend to use Xapo untill it come fair.
Yeah,XAPO decided charging fees get established their business but what about poor xapo costumer's who receive small amount of transaction?

[Roboabhishek]

I don't think it's over for poor noobs 

I remember when i was using coinbase before my account was banned they were giving the tx fee for my transactions, So i think they will use coinbase.

[bL4nkcode]

I don't think it's over for poor noobs 

I remember when i was using coinbase before my account was banned they were giving the tx fee for my transactions, So i think they will use coinbase.

Yeah, that's their only choice for now, I guess only if they are using it for small transactions as it's not totally safe to save your coins there. And this update of xapo is really horrible even while you're just receiving a small amount of bitcoin has its fee. But it will have good result from those who are spamming in sending with small amount. 

[Vikingr]

That much smaller income is only from faucets and if you think these faucet earners can also avoid the fees if they keep the threshold of their earnings from faucetbox above than what is required for denying the fees of xapo.

[NeuroticFish]

A way to force people to let bitcoin in Xapo and not use it to pay ouside?

From what I read it's about incoming transactions.
"Poor noobs" that still use faucets will have to use
* faucets that record the earnings and send them only after a threshold is reached (like freebitco.in)
* faucets that use something like faucetbox was.
* Xapo faucets.

I see it as a cost cutting mechanism and it's normal, when the tx fees are on the rise, because the many inputs will increase transactions sizes sooner or later.


Edit: I completely missed the outgoing fees from the list (sorry!), I posted more here.

[winspiral]

A way to force people to let bitcoin in Xapo and not use it to pay ouside?

From what I read it's about incoming transactions.
"Poor noobs" that still use faucets will have to use
* faucets that record the earnings and send them only after a threshold is reached (like freebitco.in)
* faucets that use something like faucetbox was.
* Xapo faucets.

I see it as a cost cutting mechanism and it's normal, when the tx fees are on the rise, because the many inputs will increase transactions sizes sooner or later.

Why do you only read "half"?
why have you not read about outcoming?

[ipanks]

my advice is don't use xapo and better to find another wallet which have small fee for every transaction. i think with multibit, we can manage how much we want to pay for fee in every transaction, we can set it up in how much amount we want. i think there is many online wallet that will give you the option so you can selected with easy.

[franky1]

"while the peasants hand pennies to the bank... the bank is accumilating pounds."

all the bank needs to do is hold them until their age(confirms) is long enough that it costs nothing to move the pennies by which time a penny is also worth more then a loaf of bread, and then change them for pounds (spend them to yourself to combine the value)

knowing that as that time passes the peasants give up waiting and never come back to get their pennies

[NeuroticFish]

Why do you only read "half"?
why have you not read about outcoming?

You mean this?

Outgoing bitcoin transactions from your Xapo account to a bitcoin address outside of Xapo will be charged a fee of BTC 0.00020681

I indeed missed it (twice!), thanks for pointing it out.
Yes, that hurts indeed the newbies, although it's a quite normal tx fee these days. But yes, you are right on that, some will have to think twice if they want to use Xapo anymore.

[Xester]

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

How can noobs or people with little amount of satoshi do transactions if fees are higher then the transaction?

A way to force people to let bitcoin in Xapo and not use it to pay ouside?

Very bad news...

It is a bad news indeed especially for newbies who are dependent on faucets. This will be the moments when the newbies will leave xapo since their deposit will just be eaten away. Maybe xapo is no longer accepting small time users and focuses on big time investors but this will lessen their future clients because the newbies today will be the big time tomorrow.

[adzino]

https://in.xapo.com/fees/
How can noobs or people with little amount of satoshi do transactions if fees are higher then the transaction?

Eventually they had to take this step else their business was going to get hurt big time. Now dust collectors will have to find alternative ways and they sure i going to come up with one.

A way to force people to let bitcoin in Xapo

Actually, more like a way to keep them on business.

[Daedra]

once applied Lightning Network solves the problem of small transactions