Follow Us On Follow us on Facebook Follow us on Twitter Watch us on YouTube Follow us on Instagram
Register
Advertise here!
Results 1 to 7 of 7
  1. #1
    Epic Admin
    Phone Authenticator
    Phone authenticator enabled.
    Admin
    Here to help. Just contact me if you have any questions.

    Status
    EpicNPC is online now
    Join Date
    Oct 2007
    Country
    United States
    Posts
    36,847
    Feedback Score
    39
    0
    0
    100%

    Bitcoin Fees Increased

    Our bitcoin processor Bitpay announced new fees recently that have significantly increased the cost when making a purchase with bitcoin.

    The fees are to cover mining costs, which up until this month, Bitpay has covered. However due to dramatic increase in cost over the last year as shown by the below graph, they're no longer covering these fees.

    As you can see in Jan 2016, the fees were about $2 million/month, now they're about $50 million/month. Because of this, Bitpay has passed the fee onto the customer, charging a network/mining fee which can be quite large.




    Example Transactions:

    $8 - $1.32 fee (16.%)
    $4 - $2.15 fee (54%)
    $10 - $1.92 fee (19%)
    $77 - $4.13 fee (5.4%)
    $50 - $7.71 fee (15.5%)


    These fees are insanely high and I don't understand yet how they're being calculated. I've contacted Bitpay to get more information about how the fees are being calculated and if there's anything we can do to lower them. I'm also looking into other Bitcoin processors to see if this is something the industry is dealing with or something specific to Bitpay, so moving to another bitcoin processor might be a possibility also.

    I'll update here once I have more info.

    Update: I just realized I never update this. Bitcoin stated there's nothing they can do about the fees. Basically the use of Bitcoin worldwide is increasing dramatically faster then Bitcoin miners are increasing. Until this supply and demand evens out, fees will be high.

    Last edited by EpicNPC; 07-10-2017 at 12:46 PM.
    Follow Us: Facebook | Twitter | Instagram | Youtube
    Giveaways, Promotions, Videos, and Special Events



  2. #ADS



  3. #2
    EpicNPC Verified
    Trusted Upgrade
    Our most trusted usergroup. Members are verified, have 50+ positive feedback and have been a member for over a year.
    Verified Upgrade
    Members who have verified their identity with us.

    Status
    Aria Company is offline
    Join Date
    Mar 2016
    Country
    US/Canada
    Posts
    207
    Multiple Accounts
    0
    Feedback Score
    75
    0
    0
    100%
    Jesus Christ, those fees are even higher than Paypal's when accepting foreign currencies and paying the second fee when converting to USD. Well, at least that's an incentive to use epicnpc credits.


  4. #3
    EpicNPC Verified
    Trusted Upgrade
    Our most trusted usergroup. Members are verified, have 50+ positive feedback and have been a member for over a year.
    Verified Upgrade
    Members who have verified their identity with us.

    Status
    Aria Company is offline
    Join Date
    Mar 2016
    Country
    US/Canada
    Posts
    207
    Multiple Accounts
    0
    Feedback Score
    75
    0
    0
    100%
    Do note that due to the implementation of SegWit, tx fees have drastically fallen. People are reporting that txs with fees of ~10c are being processed successfully.


  5. #4
    Epic Admin
    Phone Authenticator
    Phone authenticator enabled.
    Admin
    Here to help. Just contact me if you have any questions.

    Status
    EpicNPC is online now
    Join Date
    Oct 2007
    Country
    United States
    Posts
    36,847
    Feedback Score
    39
    0
    0
    100%
    I'm still seeing large fees when selecting the Bitcoin option here. I've contacted Bitpay to find out more information, perhaps an update has to be made to their system before we see any lower fees here.


  6. #5
    Newbie

    Status
    Luma Is Here is offline
    Join Date
    Aug 2017
    Country
    Serbia
    Posts
    25
    Multiple Accounts
    0
    Feedback Score
    0
    0
    0
    0%
    @EpicNPC
    Have you checked out other bitcoin payment processors? Maybe some of them offer lower fees.


  7. #6
    Epic Admin
    Phone Authenticator
    Phone authenticator enabled.
    Admin
    Here to help. Just contact me if you have any questions.

    Status
    EpicNPC is online now
    Join Date
    Oct 2007
    Country
    United States
    Posts
    36,847
    Feedback Score
    39
    0
    0
    100%
    I did and most if not all did the same thing, passing on high bitcoin mining fees to the customer.

    I read up more about the SegWit update and it seems most have confirmed fees have not come down yet, but they still expect fees to gradually decrease over the next few weeks and months. At this time we can only wait and see.


  8. #7
    Epic Member
    Phone Authenticator
    Phone authenticator enabled.
    EpicMember Upgrade
    Upgraded member.

    Status
    Raxienz is offline
    Join Date
    May 2017
    Country
    United Kingdom
    Posts
    76
    Multiple Accounts
    0
    Feedback Score
    6
    0
    2
    75%
    Those fees are crazy

    1 month and over double the cost--nearly

    Last edited by Raxienz; 09-08-2017 at 01:17 PM.

 

 

Similar Threads

  1. Trading Bitcoins - Paypal Exchange Service (10% fee)
    By raffa11 in forum Currency Trading & Loans
    Replies: 0
    Last Post: 06-02-2016, 05:44 AM
  2. Cashout fee added for Bitcoin cashout requests
    By EpicNPC in forum EpicNPC News/Announcement
    Replies: 3
    Last Post: 05-17-2016, 11:33 AM
  3. Selling Fifa 15 coins | ps3 | ps4 | xbox one | xbox 360 | fees covered | [paypal] [bitcoin]
    By fifacoinbuy in forum FIFA Ultimate Team FUT Coins
    Replies: 0
    Last Post: 02-11-2015, 12:10 PM
  4. Buying Castle in Tram or Fel, Paying Very Well! Also paying finders fee!
    By Doostur in forum Ultima Online UO Accounts
    Replies: 0
    Last Post: 10-15-2004, 01:32 PM