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Author Topic: Bitcoin7, and other exchanging websites are still taking the 0.01 fee?  (Read 606 times)
Exo
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July 15, 2011, 07:13:02 PM
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It has come to my attention that Bitcoin7, and other exchanging websites are taking the 0.01 fee that Bitcoin used to charge.

Do you think they should change it to that 0.005 fee, or keep it at 0.01?
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July 15, 2011, 07:15:52 PM
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Well I think part of the reason that we are stay at 14.00 USD is because of this fee. Honestly I would keep it at 0.1 for now. In few weeks it will go back up. Also, just browsing through the forums a lot of people are taking a break from mining do to this summer heat. I believe that once we get later in the year when all these power machines start outputting heat to heat our homes, more people will jump online and fee's will go up.

It's basically a trend.
Exo
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July 15, 2011, 07:21:27 PM
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Well I think part of the reason that we are stay at 14.00 USD is because of this fee. Honestly I would keep it at 0.1 for now. In few weeks it will go back up. Also, just browsing through the forums a lot of people are taking a break from mining do to this summer heat. I believe that once we get later in the year when all these power machines start outputting heat to heat our homes, more people will jump online and fee's will go up.

It's basically a trend.

I've never thought about that, but your right. It's also demand, since people aren't mining in the summer, there won't be as many people generating coins... meaning the price will rise when people will need it.

Iyeman
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July 15, 2011, 07:25:19 PM
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Well I think part of the reason that we are stay at 14.00 USD is because of this fee. Honestly I would keep it at 0.1 for now. In few weeks it will go back up. Also, just browsing through the forums a lot of people are taking a break from mining do to this summer heat. I believe that once we get later in the year when all these power machines start outputting heat to heat our homes, more people will jump online and fee's will go up.

It's basically a trend.

I've never thought about that, but your right. It's also demand, since people aren't mining in the summer, there won't be as many people generating coins... meaning the price will rise when people will need it.



Doesn't matter how many people mine, there will still be an average of 6 blocks an hour generated, the difficulty will just go down if people really do leave.

BTC: 1aombYbEyggW4uKuX2VgYBjPMu8yxcYCX
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July 15, 2011, 07:28:53 PM
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Yah, i've been trying to get a full year long chart of mining stats but I would throw a guess that summer lowers the processing power and increases the amount of lost share and blocks due to crashing and heat issues. I just have two cards and they alone bring up the heat in my room ten fold.

Much like the government keeps USD at near 0 rate level, bitcoin exchange markets should do the same. I was reading another post, but a real good change for bitcoin will be if the US defaults on their debt. People are running for safer currencys and if the US does ( I doubt it will) I would rack up the fee's when people start running for higher ground. But that is just me, I know currencys pretty well but I'm new to bitcoin and I'm just absorbing ^^

-Iyeman: But how many people will get turned off by that diffculty?
Stephen Gornick
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July 15, 2011, 10:45:50 PM
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It has come to my attention that Bitcoin7, and other exchanging websites are taking the 0.01 fee that Bitcoin used to charge.

Updated the Wiki article for them with that info.
 - http://en.bitcoin.it/wiki/Bitcoin7

Very few exchanges that I've seen have any fees for depositing or withdrawaing Bitcoins.  Camp BX I see does charge a 1% withdrawal fee 0.0005 BTC fee on BTC withdrawals.  Others, such as Mt. Gox, Tradehill, etc., do not charge any fee.

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July 15, 2011, 10:48:55 PM
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Yah, i've been trying to get a full year long chart of mining stats but I would throw a guess that summer lowers the processing power and increases the amount of lost share and blocks due to crashing and heat issues. I just have two cards and they alone bring up the heat in my room ten fold.

Much like the government keeps USD at near 0 rate level, bitcoin exchange markets should do the same. I was reading another post, but a real good change for bitcoin will be if the US defaults on their debt. People are running for safer currencys and if the US does ( I doubt it will) I would rack up the fee's when people start running for higher ground. But that is just me, I know currencys pretty well but I'm new to bitcoin and I'm just absorbing ^^

-Iyeman: But how many people will get turned off by that diffculty?
10 fold?  From kelvin?  From freezing temperature?  Either way, a 600+F room is not likely to survive long...
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