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Author Topic: Today I was charged $86 in fees on a $250 buy order with Bitpay  (Read 219 times)
Rahar02
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December 27, 2017, 03:14:33 PM
 #21

You're right, business should not work like that.
I forgot to mention, bitcoin isn't in the best condition at the moment due to scale problems.
It's really the worst time to do a transaction using bitcoin, I'm sorry for your bad experience with bitcoin but you can check two things before transact using bitcoin.

First; how much unconfirmed transactions on the mempool (https://blockchain.info/unconfirmed-transactions). It's over 168K but normally less than 50K which indicate less fee to be paid, if it less than 20K or less than 10K unconfirmed transactions, you may pay only a few cents to send $250 worth of bitcoin.

Second; check recommended bitcoin fees at https://bitcoinfees.earn.com/ it's 650 sats/byte right now.
For the median transaction size of 226 bytes, this results in a fee of 146,900 satoshis. or equal to BTC0.00146 = $22.24
Essaint56
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December 27, 2017, 03:16:40 PM
 #22

I don't think its a good idea to use bitcoin for your daily transaction. There is an arising problem right now in bitcoin with regards to its higher transactions fees and very slow confirmation of the transactions.
crairezx20
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December 27, 2017, 05:53:59 PM
 #23

Not good right now to deal or to buy that asking for bitcoin payment because of the huge fee these days .. its not the same before that you can pay almost 10k sat every transaction but right now due to large amount of unconfirm transaction and converting miners to bitcoin cash the network is getting slow if you are just pay small miners fee.
I don't think if changing wallet into segwit wallet would be a good solution because i heard that it can decrease the size of the transaction and its more faster than a normal bitcoin wallet..
I recommend that better to wait for more days and see if the miners fee reduce you can transfer your bitcoin to bitpay with low fee..
Just keep checking the https://bitcoinfees.earn.com/ for updated fee..
Macadonian
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December 27, 2017, 07:33:23 PM
 #24

I don't think its a good idea to use bitcoin for your daily transaction. There is an arising problem right now in bitcoin with regards to its higher transactions fees and very slow confirmation of the transactions.

I think I'm starting to agree with this. If the network has become this congested then it can happen repeatedly and could cost a lot of businesses money in the long term. It's why steam pulled their support for Bitcoin.
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