All The Fees

[hoo]

Anyone else becoming completely disillusioned because of all the fees?

Start speaking up please.

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[Revalin]

Which fees?

[Kluge]

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)

[Revalin]

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.

[PrintCoins]

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.

[gregwtmtno]

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.

[FreeMoney]

Earn coins, spend coins, win?

[Koekiemonster]

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.

[rjk]

with a 0.1% fee,

Where did you get that from?

[N.Olmos]

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

[FreeMoney]

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.

[BadBear]

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

[FreeMoney]

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

Can I get Lasik for bitcoins somewhere?

[DeathAndTaxes]

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]

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

Can I get Lasik for bitcoins somewhere?

Probably, may or may not be a real doctor though 

[Littleshop]

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. 

[DeathAndTaxes]

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]

with a 0.1% fee,

Where did you get that from?

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

[nrd525]

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.

[Littleshop]

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.