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Author Topic: Crazy fees  (Read 1101 times)
koktel217
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February 16, 2017, 01:36:19 AM
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I'm totally new to BTC and Mycelium.

Yesterday I tried my first transaction and added 50$ to my account with my mastercard....but these 50$ arrived on my account as 36$... so it means 14$ fees !!! how is this possible ? i can't believe these are the regular fees.
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February 16, 2017, 03:19:14 AM
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I'm totally new to BTC and Mycelium.

Yesterday I tried my first transaction and added 50$ to my account with my mastercard....but these 50$ arrived on my account as 36$... so it means 14$ fees !!! how is this possible ? i can't believe these are the regular fees.
Can you give more information about this? Do you mind to post the Transaction ID? What account do you mean? Is it from Mycelium?
I'm little confused but as what I understand(correct me if I'm wrong), you added funds to your Mycelium wallet, using your MasterCard. Then what platform/exchange do you use to send funds from your Mastercard to Mycelium?

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February 17, 2017, 09:55:36 AM
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Sounds like you used a really bad exchange to purchase your bitcoins and got ripped off... or you are buying in one currency, and Mycelium is displaying in another (I think it defaults to USD).

If it was indeed some sort of "fee" that you got hit with, I doubt they will be BTC transactions fees. These are measured in satoshis/Byte and generally aren't very large. If you look at: https://bitcoinfees.21.co/ you can get an idea of the BTC transaction fees people are using...

As at 1000 UTC 2017-02-17:
Quote
The fastest and cheapest transaction fee is currently 0.0000014 BTC/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 0.0003164 BTC.

0.00031640 BTC is ~$0.33c at current prices.


NOTE: Transaction fees are purely voluntary, you can technically choose whatever you like as a fee, even zero... just don't expect miners to include your transaction if you use a low or no fee. Wink


EDIT:

OK, so I just checked out the BUY/SELL option in Mycelium...  Undecided Shocked Huh Simplex wants USD$1200 to buy 1 BTC... the current going rate is around $1050... that is just a RIDICULOUS markup!!?!  Shocked

Indeed, putting in $50 it tells me I'll get 0.03465495 BTC... which is roughly USD$36. So, it seems you just got ripped off by Simplex. Such a shame they are being promoted by Mycelium. Sad

Caveat Emptor  Undecided


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