Quote:
Originally Posted by goodsaint
OK. So I may have been wrong about the bitpay card load fee. Just did another cash out on a different network for same $300. After 3% cash out fee I received $291 in Blockchain. Sent $280 to bitpay with a priority miners' fee ~ $2.90. Card loaded $278. So I may have been wrong about the bitpay card load fee.
I'm a BitPay user too. From what I understand (in my admittedly small experience of 3 or 4 card loads), the BitPay fee isn't based on a percentage of the transaction value. Rather, the fee is intended to cover the miners fees on BitPay's end. In other words, when you send your BTC to the address associated with your card, then BitPay (the company) has to move it somewhere to do whatever it is that they do with it (i.e., an exchange to sell it, or some Bitcoin wallet that they send all their customers' bitcoins to before spending it, etc.), and they don't want to have to eat these fees themselves. Thus, the fee is dependent basically on the Bitcoin network miners fees, so it will be higher in times of network congestion, or if you have a txn with multiple inputs/outputs. That is what I always have understood it to be at least, and it seems like it makes more sense than these percentages that I am seeing here.