Damn fees!

[spngebob]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

[tora]

I exchange to litecoin when transferring as the fee is lower and transaction is quicker.

[European Central Bank]

They're falling now after the spam attack but they'll always remain vulnerable to malicious miners.

It sucks but it is what it is for now and none of us little people can do squat about it.

[Panfilov]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

It's bitcoin holders reality. Wanted to buy — pay fees, sell — pay fees. You can't but bitcoin on $ 10-25, because it's silly... Fees amount is too high for little transactions.

[1bitcoinsnet]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Use this link for your friends to buy

https://www.coinbase.com/join/53c02b2b0bebf65219000005

They buy 100 BTC they instantly have 110 bucks

If they use a CC the fee is then 4 bucks

so 106 net

if they wire in big amount the wire is 10

if they do a bank draft it's cheap but 3 to 5 days to buy

so most newbs use a CC for a minor amount

100 buy with the link gets 110 btc less 4 points

so that's how they buy

then they can setup a GDAX account for the exchange and tranfer to GDAX then it's no fees to exit to an offline wallet

it's best setup for a newb

[Dani33]

The fees are so high i was looking for a good exchange with less fees, for the moment i know that pay with credit card is more expensive than a bank transfer

[buwaytress]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Well, today a fee of 400 sats/byte is going to get you confirmed pretty quickly, whereas three days ago it would have taken more than twice that. It's unfortunate that of the past 12 months they decided to enter right now when the mempool is full up (but hooray it's coming down slowly). Though right now I wouldn't even mind waiting a few hours more (6 hours estimate according to bitcoinfees.earn.com) for 190 sats/byte. For an average transaction that should cost around 50k sats - 7 dollars. So you're getting ripped off by the fees of the exchange you're using.

Why not use localbitcoins? What you pay for is exactly what you get. Your maths is way off, too. 100-30 is 70, not 40. This isn't what "Bitcoin has become". You've always had to pay fees at exchanges. Try buying an alt, same spread, same fee.

[Captain_Planet]

Well if you play (buy and sell) bitcoin for that amount then you will suffer with a huge fee as you explained. You should buy other crypto then sell them in any exchange for bitcoins, and later when you want to sell that amount of bitcoin then buy any other crypto, for example, litecoin or Ether and then sell that one for the fiat currency to gain profits.

[ajqjjj]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

Now fees completely ridiculous if you buy the bitcoins with the cash you have also you cannot be able to keep the bitcoins in the same exchange wallet itself. However you need to give security for changing the bitcoins to desktop wallet or cloud storage which is best place to keep safe your bitcoins. So you need to bear the fees for the transaction so buy high amount bitcoins than you wish than you can bear the fees. If you okay to wait for sometime do that please wait for a week fees will be reduced.

[aeternus]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

You will need to explain that to them or they are going to blame you forgot giving them all the information, explain to them that bitcoin can be spammed similar to what happens to emails, explain to them that some solutions are already underway but that if they want to get in bitcoin now, that is something they will have to deal for some time.

[Darmanin]

stop making transfers in BTC and the price will finally drop

[dreamer81]

Just let them HODL. it will be fixed in 2018... but another coin will be much more interesting, and that is litecoin. It'll be the preferred coin for transactions!! thus price will be much closer to 1000 USD

[ashrobb]

Fees and slow transfers are killing BTC.

[szpalata]

Well if you play (buy and sell) bitcoin for that amount then you will suffer with a huge fee as you explained. You should buy other crypto then sell them in any exchange for bitcoins, and later when you want to sell that amount of bitcoin then buy any other crypto, for example, litecoin or Ether and then sell that one for the fiat currency to gain profits.

Yes the fees are on the ever increasing ride and the earlier people start using wallets where they could have the chance to fund transactions at fees of their choice the better for them because the online wallet companies are profiting immensely from these trades on the market.

[sobriket]

Honestly, if you are going to buy $100 or $150 worth of bitcoins, dont do it ,it is not even worth it.
If you want to have some bitcoins buy at least one thousand dollars worth of it, otherwise the fees are going to eat all your money.

[zenrol28]

Just hold their bitcoins til the fee crisis ended. I'm sure after the fees subsided bitcoin's price will be higher than today and will give you profit. It's a waiting game, if you're impatient, you'll lose.

[Anyobsss]

Is there really a particular reasom why bitcoin transaction fee has become that big. Few days ago i transferred my funds and have to pay 100 usd worth of btc just so my funds can be approved and transferred.

Back to the topic, yes you should tell it to them first that btc transaction fee has become huge because they will learned it anyway why there btc have become 40~50 usd worth of btc when they bought 100 usd. It's better to tell them beforehand.

[moli1]

Hit BTC Introduces Deposit Charges to Deal With High Bitcoin Fees..
The cryptocurrency exchange HitBTC has notified its clients that they need to pay a new fee to deposit bitcoin into the platform.
This move might be replicated by more exchanges in time as they try to find ways to cope with the high fees on the network other than not accepting new clients or advising their existing ones to use litecoin or bitcoin cash instead.

[Fappanu]

I was telling my friends about bitcoin for almost a year and they decided to enter crypto world and buy some bitcoins.
Not much, 50-100$ worth bitcoins just to start with it and to see how it works.
But here is problem - if they buy bitcoins for 100$ they will get that minus 25-30$ fee and they will pay fee for next transaction, so their 100$ worth bitcoins will become 40$ worth bitcoins. How to explain them this??

Is this really what bitcoin become? Currency used for miners so they can earn more money?

I really think that the reason why bitcoin transaction fee is increasing is because of the increase in bitcoin price. Bitcoin price is rapidly increasing it even grew a lot just this year. It's really expensive to transfer bitcoin from one wallet to another, that is why it is really advisable to transfer in bulk instead of chunks. I have tried to pay a fee that costed $20 and the amount of bitcoin that I transferred was just $50. So, I really think it's not worth to transfer in small amounts.

[FreelancerCoin]

The one of the big problem in the bitcoin market is too high commission fee.

I think alternative will take a charge of bitcoin position soon.