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Author Topic: All The Fees  (Read 6275 times)
hoo
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January 27, 2012, 10:50:12 AM
 #1

Anyone else becoming completely disillusioned because of all the fees?

Start speaking up please.


bitcoin, 2nd most popular currency used by criminals.
bitcoin, 2nd most popular currency used by criminals.
bitcoin, 2nd most popular currency used by criminals.
bitcoin, 2nd most popular currency used by criminals.
bitcoin, 2nd most popular currency used by criminals.
The probability that you too are a criminal, is very high.
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Revalin
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January 27, 2012, 10:53:41 AM
 #2

Which fees?

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January 27, 2012, 11:06:16 AM
 #3

Which fees?
Fees for convenience?

Bank->Dwolla = free
Dwolla->MtGox = $.25
MtGox->BTC = typically .5% to .6% for majority of users, I imagine

Total exchange fees for Bank(USD)->BTC = .6% + $.25

Fee for transaction in the same currency using Paypal? 2.9% + $.30

Edit: I should have been more clear. I was trying to contrast the fees of going the slow route (Bank->Dwolla) vs. the fast route (buying BTC with PPUSD or something)

Don't mix your coins someone said isn't legal
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January 27, 2012, 11:24:39 AM
 #4

Why would I be disillusioned, though?  Even if you're going full-circuit with every transaction, the fees for dealing with Bitcoin are much lower than Paypal or credit cards.

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Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
PrintCoins
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January 27, 2012, 03:45:41 PM
 #5

Which fees?
Fees for convenience?

Bank->Dwolla = free
Dwolla->MtGox = $.25
MtGox->BTC = typically .5% to .6% for majority of users, I imagine

Total exchange fees for Bank(USD)->BTC = .6% + $.25

Fee for transaction in the same currency using Paypal? 2.9% + $.30

0.6% isn't so bad. You can always get your BTC the old fashioned way. You can earn them. I have never bought any bitcoins through an exchange, and only bought a couple bitcoins off of a miner in person when I started. Everything else was from selling something.

Speculators have their role, but in any health currency they should constitute only about 5% (number pulled from...) of the transactions.

If you have anything you can sell, or can make and sell, or a service that people actually want, then sell them in bitcoins. You don't even need a website. Just use the marketplace. It could use something other than someone selling.

Bitmessage.org: BM-2cT3oFVj68gugBD5JFvP3qmoBHWXJQ6ZkT
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January 27, 2012, 04:34:20 PM
 #6

I think once bitcoins (hopefully) become more useful as an actual currency, people wont need to convert them so often. When there are less conversions there will be less fees.
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January 27, 2012, 05:44:44 PM
 #7

Earn coins, spend coins, win?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Koekiemonster
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January 27, 2012, 06:10:15 PM
 #8

If Bitcoinica is actually setting up an exchange like Zhoutong considered somewhere here with a 0.1% fee, mtgox is forced to lower their fees and this will be great for Bitcoin.

https://www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
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January 27, 2012, 06:12:31 PM
 #9

with a 0.1% fee,
Where did you get that from?

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January 27, 2012, 06:34:56 PM
 #10

Fees for convenience?

Bank->Dwolla = free
Dwolla->MtGox = $.25
MtGox->BTC = typically .5% to .6% for majority of users, I imagine


$1,000.00 Transfer

Total exchange fees for Bank(USD)->BTC = .6% + $.25   =  $6.25

Fee for transaction in the same currency using Paypal? 2.9% + $.30  =  $29.30

Refer friends and earn 25%!

http://offers.coinad.com/?r=3
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January 27, 2012, 07:16:52 PM
 #11

Fees for convenience?

Bank->Dwolla = free
Dwolla->MtGox = $.25
MtGox->BTC = typically .5% to .6% for majority of users, I imagine


$1,000.00 Transfer

Total exchange fees for Bank(USD)->BTC = .6% + $.25   =  $6.25

Fee for transaction in the same currency using Paypal? 2.9% + $.30  =  $29.30

$1M is kind of a bad example. With Bitcoin you'll move the market against you, with PP you have some solid chance of getting it frozen or taken.

For $100-$10k Bitcoin kicks ass even if you have to come in from the outside. If you've already got coin it's great from a few cents up. Everyone should have a little bitcoin revenue stream imo.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
BadBear
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January 27, 2012, 07:38:13 PM
 #12

His example is $1K, not $1M.

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FreeMoney
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January 27, 2012, 09:06:03 PM
 #13

His example is $1K, not $1M.

Can I get Lasik for bitcoins somewhere?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
DeathAndTaxes
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January 27, 2012, 09:09:24 PM
 #14

Speculators have their role, but in any health currency they should constitute only about 5% (number pulled from...) of the transactions.

Forex trades globally are $3.21 trillion (yes with a T) a day.  That is over a quadrillion USD annually.  Compare that to world GDP is ~$60 trillion.

Maybe you got the 95%/5% mixed up.   The reverse is closer to reality.  95% of all economic activity is speculation.  5% is actual commerce.
BadBear
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January 27, 2012, 09:22:51 PM
 #15

His example is $1K, not $1M.

Can I get Lasik for bitcoins somewhere?
Probably, may or may not be a real doctor though  Wink

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Littleshop
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January 27, 2012, 09:45:40 PM
 #16

The reason why I love bitcoin is the lack of fees!  I now do most of my transactions fee-less.  I am buying and selling directly with others and have far less in the way of BTC-USD need.  When it happens it is 25 cents Dwolla and .5 % exchange fees, which is pretty low when you do $300 worth. 

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Gerald Davis


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January 27, 2012, 10:28:37 PM
 #17

The reason why I love bitcoin is the lack of fees!  I now do most of my transactions fee-less.  I am buying and selling directly with others and have far less in the way of BTC-USD need.  When it happens it is 25 cents Dwolla and .5 % exchange fees, which is pretty low when you do $300 worth. 

Yup.  I only need to pull value back into fiat to pay the power bill so I make a few large transactions each month via Dwolla.  Fewer larger transactions gives me a fee % of 0.1% + 0.5% and that is just on the portion that I convert to fiat.  The funds I don't have even lower fee rate.
Koekiemonster
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January 28, 2012, 03:22:27 AM
 #18

with a 0.1% fee,
Where did you get that from?

https://bitcointalk.org/index.php?topic=60105.0

https://www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
Bitcointalk topic over Bitbuy!
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January 28, 2012, 05:07:24 AM
 #19

I think the fees are too high. I buy everything with cash, a debit card (fee is around 25 cents in the US I think), or a check.

Don't day trade.
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January 28, 2012, 05:12:53 AM
 #20

I think the fees are too high. I buy everything with cash, a debit card (fee is around 25 cents in the US I think), or a check.

How do you use cash online?  I would stick it in the CD drive but most computers do not have them now.

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