Quote:
Originally Posted by PokerKid1989
Complete new to this, could someone please explain to me when the miners fee is taking out?
If I wanted to deposit $100 to ACR would I need to get more than $100 from my bank? Or does the fees get taken out after all the transactions are complete, by the time I deposit $100 into my account I will just have $99.xx after its complete?
Thanks for response!
Quote:
Originally Posted by parisron
I only did 1 transaction and I didn't see any miners fee. It was 1% to buy bitcoin fee and then I transferred the exact amount of bitcoin I was told to in the deposit screen for poker.
Maybe any fee is included but you will see it on coinbase(if that is what you are using).
The "mining fee" is a small amount of bitcoin that you add to your transaction to ensure that it is verified by the network more quickly.
The amount recommended varies, but .0001btc should be enough... which is only like 2.5 cents.
So if you are sending .5 bitcoin to WPN for example, you would send .5btc + .0001btc fee = .5001btc total needed.
Coinbase automatically pays the mining fee for you though, so when you are sending from there to your own separate wallet you don't have to worry about it.
You only need to add a fee when you then send from your own wallet to WPN. Scroll back thru the last few pages to see the process of how that works.
WPN gives you an exact amount of bitcoin that you need to send when you deposit. And that number won't be known until you are actually ready to send your bitcoin.
Because of varying exchange rates the $100 you buy from Coinbase might not be the exact amount required for a $100 deposit to WPN.
Right now, buying $100 on Coinbase might give you 0.3875btc. But when you go to deposit on ACR and type in $100, it might tell you to send 0.3952btc.
So you'll want to buy $100 from Coinbase, and then when ready to deposit on ACR you'll have to adjust the dollar amount until you get close to the amount of bitcoin you have.
For example - you might need to type in a deposit on WPN of $98.40 or $102.60 to get the number they are asking for to match the amount of bitcoin you have, including the mining fee.
Hopefully that all makes sense.