escrow.ms (OP)
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Merit: 1004
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July 30, 2017, 10:24:57 AM
Last edit: July 30, 2017, 10:38:39 AM by escrow.ms |
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I do not understand why they are charging high fees from users while paying the usual fees in transaction.
One of my friend was sending 1.76 Bitcoins to someone and zebpay charged 0.002 bitcoins as transaction fees while they actually paid just 0.00068.
Total Input 1.82040761 BTC
Total Output 1.81972589 BTC
Fees 0.00068172 BTC
Fee per byte 31.826 sat/B
Estimated BTC Transacted 1.76310706 BTC
Price of 0.00068 Bitcoins is 115.52 Indian Rupee
Price of 0.002 Bitcoins is 340.02
Difference amount is 225 Rupees.
@Mahin Please tell me where this 225 Rupees difference is going?
If there are 1000 Transfers each day on your app of 1 bitcoins. Please tell me where 200*1000= 200000 Rupees is going?
Isn't this is unaccounted money since you are not spending what you are taking from your users as fees.
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cryptoheadd
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July 30, 2017, 10:37:39 AM |
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I've noticed this a lot of times as well.
Looking forward to a reply from them.
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S_D
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July 30, 2017, 05:03:27 PM |
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Saving this thread, interested in reply. Also I observe their transactions have multiple output i.e. they club withdrawals of multiple customers. So the "revenue" from withdrawal fees is further magnified. If they are willing to charge such high fees for withdrawals, they need to pass on the fees to miners as well for faster confirmations.  |
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iram3130
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ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀
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July 30, 2017, 05:14:34 PM |
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I'm one of their customers from long time now but didn't know about this till now. I think it's better to tweet them once as I have seen them very active on Twitter.
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karan1498
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July 31, 2017, 06:08:42 AM |
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I do not understand why they are charging high fees from users while paying the usual fees in transaction.
One of my friend was sending 1.76 Bitcoins to someone and zebpay charged 0.002 bitcoins as transaction fees while they actually paid just 0.00068.
Total Input 1.82040761 BTC
Total Output 1.81972589 BTC
Fees 0.00068172 BTC
Fee per byte 31.826 sat/B
Estimated BTC Transacted 1.76310706 BTC
Price of 0.00068 Bitcoins is 115.52 Indian Rupee
Price of 0.002 Bitcoins is 340.02
Difference amount is 225 Rupees.
@Mahin Please tell me where this 225 Rupees difference is going?
If there are 1000 Transfers each day on your app of 1 bitcoins. Please tell me where 200*1000= 200000 Rupees is going?
Isn't this is unaccounted money since you are not spending what you are taking from your users as fees.
this happened exactly with me bro , this is nothing , i paid something approx 800 rupees in btc as withdrawal fees and they put just 100 ish like only 20% of what i paid . zebpay is thief amateur looting innocent peoples money . ZEBPAY KARMA WILL HIT U HARD |
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manav24
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Activity: 122
Merit: 13
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July 31, 2017, 06:16:41 AM |
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It has happened to me as well Paid $3 fee charged $5, transaction confirmed after 12 hours reason fee paid was less than 1 $ . this is crazy and unacceptable.
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Bitrated user: manav24.
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S_D
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August 11, 2017, 06:08:25 AM |
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Well everyone.. this is their business model. Similar is being followed by other service providers if you aren't aware. We cannot conclude what they are doing is wrong. They are no NGO. Either we complain and change it or move to other service providers.
What I am interested is how the Zebpay justifies earning huge margins compared to their competitors via transaction fees.
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cryptoheadd
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August 11, 2017, 11:00:59 AM |
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Well everyone.. this is their business model.
I wouldn't call it their business model as they aren't being upfront about it. If I pay a 0.002 BTC tx fee, I expect the miners to receive them (unless stated otherwise) and the transaction to be verified within the next few blocks. The actual tx fee that they are paying is very low. (Which leads to an increased confirmation time.) |
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tcsmate
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August 11, 2017, 05:17:27 PM |
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How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.
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cryptoheadd
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August 11, 2017, 05:56:20 PM |
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How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.
Can you share the TX ID? Or maybe the Bitcoin address you transferred the BTC to? Here or via PM? |
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cryptoheadd
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August 11, 2017, 06:36:17 PM |
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How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.
Can you share the TX ID? Or maybe the Bitcoin address you transferred the BTC to? Here or via PM? Just received the TX ID via PM. The actual fees paid by CS is: 0.00072358 BTC. (The tx contained multiple outputs and had a combined fee of 0.00072358 BTC) |
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tcsmate
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August 12, 2017, 06:28:58 AM |
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How to find out how much transaction fee did the website actually pay while doing a bitcoin transfer.
I recently did a 1 btc withdrawal from coinsecure and had manually entered the fee as 0.001 btc so that the confirmation can happen quickly. However it took over two hours for the first transaction. I think coinsecure may have paid only 0.0001 btc instead of the 0.001 btc that i had paid, leading to confirmation delay.
Can you share the TX ID? Or maybe the Bitcoin address you transferred the BTC to? Here or via PM? Just received the TX ID via PM. The actual fees paid by CS is: 0.00072358 BTC. (The tx contained multiple outputs and had a combined fee of 0.00072358 BTC) That is very bad on coinsecure's part. When I am specifically paying a higher fee to get the confirmation faster, they pay less than 75% of it and then club it with whole list of other outputs , delaying my confirmation by atlest 6 hours. |
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Somz1
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August 23, 2017, 01:31:14 PM |
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They have been charging excessively from the very beginning
In Coinbase I would receive 15 rupees worth of bitcoin and could send just as much minus a few paisas of transaction fees but with Zebpay they used to charge 23 rupees (At that time) as transition fees alone so you get the picture.
And never fall for their excuses saying that they charge higher to make the transaction faster,its complete illogical.
This is why I strongly advocate you do p2p trading in Localbitcoins website where it's faster and anti fraud as long as you operate in the site with their escrow service.
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Wapinter
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Hire me for Bounty Management
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August 24, 2017, 12:19:55 AM |
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Indian btc exchanges and wallet must stop ripping off their customers.Not fair  |
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sachinunchwal02
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August 24, 2017, 12:27:15 PM |
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zebpay btc fees is take gst or not
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Kewl
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August 24, 2017, 07:32:05 PM |
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No one from Zebpay is present here?
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mohucool
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Merit: 101
Radix-The Decentralized Finance Protocol
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August 31, 2017, 04:22:07 PM |
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Yes transparency is needed in fees, Zebpay must resolve this issue.
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reliable
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August 31, 2017, 05:31:23 PM |
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Indian btc exchanges and wallet must stop ripping off their customers.Not fair I guess only Zebpay charges such fees for btc transfer. Rest of the exchanges do charge but only to a limit and not so much extremely high. Just trying to understand why do they charge so much when other exchange only takes in a limit. Is it indirectly making of money as they do not charge on buy/sell as its 0% fees do they cover up from here? |
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