Quote:
Originally Posted by Rich Checkmaker
so i was about to send $200 bitcoin thru my blockchain wallet when i noticed the fee is $13! WTF?!? whats going on with these fees? and if i withdraw $200 from bovada that means im only getting 187 after fees??? wtf?!?
looks like its time to dump bitcoin and switch to litecoin.
From a fees perspective it would seem litecoin would save the sites and players a ton in fees. Unless its market cap also hits a half trillion then who knows .. I'm just speculating of course.
But on your first point, as I understand it (and have experienced) the amount you
withdraw from Ign/Bov is the amount they'll send and the amount you'll receive. They pick up the miner's fees on the withdrawal (right?). On my last withdrawal I received the amount I withdrew (within a dollar). I believe if you're
depositing then obv it's the player picking up the miner's fee, which varies literally second to second.
Also the fee shown in that moment that you're looking to send (like the $13 in your example) is the auto-populated, recommended miner's fee generated by your wallet (based on current network congestion I suppose). That amount can be customized to a lower sat/b but it might not go through until the next block or whatever. Depends on your rush tolerance at this point.
But yea, the point is that the fees and real-time transaction times are absurd and are making BTC very difficult to use functionally .. a complete deviation from it's original purpose. It's become a speculative investing bubble the size of which we haven't yet seen in the era where literally everyone has a smartphone, a trading app with a very user-friendly interface, and an appetite to get rich quick.
If your post was also your little attempt to drive the price of litecoin up then kudos I guess.