Quote:
Originally Posted by goodsaint
Bitcoin Cash has a few other things going for it -- namely the fact that it is now 2.2 times as profitable for miners who can secure blockchains to mine Bitcoin Cash than to mine Bitcoin. That means the Bitcoin blockchain has lost so-called hash power, which will mean it will take longer for transactions to be processed.
Hmm, I don't know a lot about the crypto world, but as far as I can see, Ignition only does bitcoin, not bitcoin cash. Also, the bitpay card that I and many others use only accepts bitcoin, not bitcoin cash, to the best of my knowledge. So I guess we're stuck with bitcoin, despite the huge transaction fees.
Not only are miners fees huge at the moment, but it appears that
bitpay is charging an admin fee whenever you transfer to your bitpay card which is currently even higher than the miners fee!
I just did an Ignition withdrawal for the first time in a while - a tiny one - $75. I figured I could pay a fee of around 500 sat/byte ($6.75) to get confirmed within an hour, which is outrageously high considering we were paying 7 cents a year ago.
Then I went to do the transfer to my bitpay card, using their current exchange rate, and figured out I have about $66 to send them after the miners fee.
As stated, they also have a charge to send to them, so I put in different amounts until what they asked me to send was less than the $66 worth of btc I have available. It wasn't until I put in $57 that that was the case!
That's a $9 fee being charged by bitpay!
Is this right? The most I've seen bitpay charge in the past is maybe $2+.
So I'm looking at paying a total of almost $16 to send $57, which comes out to paying a 28% fee.
Is there a better way to do this?