Bye Bye Localbitcoins wallet!

[Skarner21]

Such a good news. I never used localbitcoin wallet before.. but looks like their offer is good due to high price increase and high miners fee increase..
And hoping that other wallet too are doing the same thing so that all transaction are fair..
Transferring my bitcoin in localbitcoin for me i don't think its safe if we transfer our bitcoin there just to save for fee..

[mrayazgul]

There are always people that are going to actively judge another person's company and/or service.  They will until the end of time try to tell these people how to run a business that they are not a part of in any way and do not own in any way.

[wantjokull]

It is sad that such a big trading platform is charging so much fees. But who knows it is fair if we look from the business perspective of local bitcoins wallet service. They have trusted services and trusted transactions always. So sometimes it is good to pay high fees of my transaction is in safe hands. But believe that it will reduce soon otherwise everyone of us will start loosing local bitcoin and they might end up with decreased user base, which is not healthy for any business.

[richardsNY]

It's insane how people keep complaining about services that are starting to charge fees for something that used to be free before, or start to increase their existing fees. It says a lot about what type of people here account for the major part of this forum. I know it's difficult for people here, but just place yourself in the position of Xapo, Coinbase, LocalBitcoins, etc -- it's a freaking business that is solely in the game to book positive results, and not to nurse faucet farmers and other related cheapskates....

[CyberKuro]

Look like now all users who were doing small transactions will simply stop to do it and maybe stop to using them due to this change.
Deposit fees seems ridiculous, or I missed something in the story. I never used Localbitcoin and I doubt I am planning to use in a near future

Me too. In current moment I use Blockchain wallet and even if the fee value for the slow transactions is like 0.7$ there I plan to move all my earnings directly on the exchanger that I use. Anyway I don't hold coins too long, I just need that money, cause of I am unemployed. I am sure that strategy will help me to stay away from almost all kind of transaction fees.

With high fees of bitcoin transactions, micro payment isn't fit to bitcoin these days, small amount to send or receive in or out of an exchange (localbitcoin) should prevent any further similar transactions which flood the network.
I believe we can't avoid all kind of transaction fees obviously, simply because people should pay fees to send bitcoin, or at least pay fees in order to cash out - convert to fiat currency and send to your bank account .

[audaciousbeing]

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets

1$ is still a fair one to me unlike one exchange wallet I used some time ago that for every deposit, they just deduct 0.002btc no matter the amount of bitcoin received into the wallet which when converted to dollars is far above what you have there. And thankfully the crypto space is full of several organisations trying to offer their services in which I just switch and I am happy you did same.

[aTriz]

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets

You were using them as a wallet provider? That's seriously not a good idea because even though they might be legit now they could be shut down by government or just go scam one day and claim that they are hacked.

i mean they are one of the most trusted platforms out there for p2p trading and probably the most popular one as well. But considering the same could be said about Cryptsy and Mt Gox and now, poloniex for their side of the crypto world, i think it is clear that if you don't hold your priv keys, you don't own the coins.

This new rule is going to mainly affect small buyers, and will benefit sellers. Right now sellers are eating all the fees, the 1% escrow fee as well as blockchain fees. buyers are paying 0. Although I do think that buyers should pay some of this as well, $2 is just riduculous. They are basically charging the blockchain fees twice, and pocketing the change A better model would be to have escrow fees paid 50/50.

[xIIImaL]

New fee structure started today. Here's the news article about it:
https://news.bitcoin.com/localbitcoins-new-fee-structure/

I received (what was supposed to be) a $20 transaction to my localbitcoins wallet, and was charged a little more than $1.40 "deposit fee". The sender paid over $2.00 fee to send. This seems pretty excessive considering the small amount being sent.

Aaaand... I'm switching wallets

1$ is still a fair one to me unlike one exchange wallet I used some time ago that for every deposit, they just deduct 0.002btc no matter the amount of bitcoin received into the wallet which when converted to dollars is far above what you have there. And thankfully the crypto space is full of several organisations trying to offer their services in which I just switch and I am happy you did same.

It is incorrect information bro. They added a deposit fee as 0.00056 btc for each deposit. This shows ridiculous thought from the localbitcoins team. There are huge number of users from forum have account and do trading in localbitcoin comparatively with blockchain users.
They should atleast reduce the fees to 0.0001 for one deposit, Still they can get the profit with this deposit as well.
Please refer below for more information.
https://localbitcoins.com/blog/new-bitcoin-network-fee-model/