Leery of using bitcoin

[rena35]

Coinbase is just not a good place to buy bit coins .


Has anyone ever used bitpanda?

 

[Savatage79]

So bovada has pushed this a bit, and I'm curious... I personally have zero idea about it all.

But at this current point all I want to do right now is simple, if I wanted to get my recent bovada cash out into my bank account... I get a bitcoin wallet, tie my debit to it and then opt for bitcoin from bovada?

What fees and ballpark are they high when you transfer from a wallet to your bank account?

 

[rena35]

I have never won enough to try to withdraw to bitcoin. Hope some one can answer that question for you. I know buying bitcoins the fees are killer. Can be worse depending on what wallet you use.

 

[dreamguardian1]

Bitcoin

I'm not using it PERIOD> I have reviewed it and am very worried about this new form of currency. The value of bitcoin can fluctuate meaning more or less. To me it is kinda like the stockmarket GOOD LUCK thank you for your money to make other people rich. That's just my opinion on it. Not using it. Read the terms and conditions of bitcoin closely it states "the value of bitcoin can and will fluctuate" also the fee's associated with bitcoin are horrendous.

 

[weesie]

Hi,

Yes, the fees are high, at least with deposits. I thought I was putting $12-$13 in my poker account this

morning and ended up with $9.91. Was miffed, to be sure. That's fees from the "miners" as I understand it.

I only play 25c tournaments so it will last a while but still irritating. The bank will show $14.49 plus about 20c

deduction, so $4.50 fee to deposit that was ridiculous. I usually do more than that but need to make a

bank deposit.

Anyway, as far as it being "new", it really isn't. And if you are worried about the fluctuation of the value

of btc, just don't leave any in your account. Only buy what you need at any give time.

I have done 2 withdrawal in btc and I really didn't see much in fees between the casinos and my btc wallet.

Today, at coinbase it is up to $3700.00+, so if you have some in there, you are making money and you

might want to sell.

 

[KasinoKing]

The Bitcoin rate is going INSANE!
On July 15th I noted it was $2,000...
Today, right now (August 13th, 10am) it is $4,134!

I put the time there, because it has gone up $100 in the last 2 hours - at this rate it will be $5,000 by tonight...

But it's not all bad... I'm holding several coins and the value has gone up by nearly $10K in a month...
Who cares about a few fees to get them out?



KK

 

[incrediblestuff]

The Bitcoin rate is going INSANE!
On July 15th I noted it was $2,000...
Today, right now (August 13th, 10am) it is $4,134!

I put the time there, because it has gone up $100 in the last 2 hours - at this rate it will be $5,000 by tonight...

But it's not all bad... I'm holding several coins and the value has gone up by nearly $10K in a month...
Who cares about a few fees to get them out?

View attachment 81047

KK

If i had a decent amount of 'em i 'd sell them all in a heartbeat...
I feel stronger then ever, that's it's a bubble that's about to burst.

Whatever you do, hope you end up a millionair

 

[KasinoKing]

Whatever you do, hope you end up a millionair

This time next year...
He who dares wins Rodney - he who dares wins!

KK

 

[dreamguardian1]

If i had a decent amount of 'em i 'd sell them all in a heartbeat...
I feel stronger then ever, that's it's a bubble that's about to burst.

Whatever you do, hope you end up a millionair

I agree with KK, this is not sustainable at any terms, that's just basic logic, I get it I really do, we risk a lot when we gamble and sometimes it pays off but not usually. Hell last night I lost 1100.00 at Graton Casino, (granted I won thousands before that) but that's besides the point, my point is nothing remains it always changes the luck, the payouts the costs the fees. I'm still on my first cup of coffee so my thoughts not fully together. Just please be careful.

 

[Pulver]

A mate of mine and I was discussing bitcoins mid july, as he had just invested in it. I didn't have the stomach for it, but he did. Guess he is laughing all the way to the bank now..

Who knows if it is a bubble or not? I have been saying the same thing for a while now, but the prices keep on rising. With the media attention bitcoin is getting these days, mixed with the uncertainty in Asia and the tension with North Korea, I guess the sky is the limit.

The momentum now is incredible. At this rate, I would not bee surprised if it is over 10k at the end of the year.

But yeah, the volatility is extreme, and investing in it is a big gamble in itself.

 

[secret2]

The next time I win a small amount bwaaahaaa (200+) I'm just gonna shove it in there and let it sit and maybe I will forget about it and then one day I will remember it and check it and it's over 12,000 and then I'll do a little dance.

But in reality I will check it everyday and bite my nails and mutter , 'do I let it ride or should I sell?'

Good luck KK and hope you make a killing!

 

[kahntrutahn]

The next time I win a small amount bwaaahaaa (200+) I'm just gonna shove it in there and let it sit and maybe I will forget about it and then one day I will remember it and check it and it's over 12,000 and then I'll do a little dance.

Careful what you wish for. In the scenario you describe, the world (or at least your local currency) may be experiencing hyperinflation. You don't want that at all. It's a nightmare. See Zimbabwe, Weimar Germany, etc.

Yes, the fees are high, at least with deposits. That's fees from the "miners" as I understand it.

the fee's associated with bitcoin are horrendous.

You two, and anyone else with this problem, need to use a different wallet. Use a wallet that YOU control, not someone else. Then, you can control the miners fee that you pay. The miner's fee fluctuates, depending on how backed up the blockchain is currently (

You do not have permission to view link Log in or register now.

). But you can send whatever fee you want, including zero. Now, the lower your fee, the less likely it is to be processed quickly, or at all if you're trying to send fee free, but often times you can pay far, far less than a wallet that automatically inputs miners fees for you.

For example, a few months ago unconfirmed transactions were near 100k and fees were the highest they'd ever been. On wallets that did not let users determine the fee, an algo was used and it was spitting out numbers ~ $3.00 per transaction. If you sent via a different wallet, say, blockchain.info (using their advanced send feature) and controlled your own fees, you could have paid a price of ~$0.75 and gotten your transactions to go through just fine. Currently, fees are well below $1.00, even for the auto-pricing wallets. Using your own you can push transactions through for less than 20 cents.

 

[weesie]

Hi kahntrutahn,

Ok, so I go to put money into my Intertops poker account.

I bought $25.00 in btc for $26.49 ($1.49 fee)

I sent all available to Intertops... I got $20.56! That is a real ripoff!

Are you saying if I would have sent it to my blockchain wallet FIRST,

the fee for sending from blockchain to Intertops would have been

less than the $4.44 that I was charged?

Is there a fee for sending from coinbase to blockchain?

Really getting fed up with these fees!

 

[weesie]

Well, this has really gotten out of hand.

Bought 26.00 in btc for 27.99 after coinbase fee.

The way kahntrutahn worded his post, I understood it would be less fees

going through a wallet. Sent it to blockchain, lost 2.50 on that one.

sent it to my poker account, received $19.00!!!

$19.00 for $28.00....... O M G!

 

[dreamguardian1]

Careful what you wish for. In the scenario you describe, the world (or at least your local currency) may be experiencing hyperinflation. You don't want that at all. It's a nightmare. See Zimbabwe, Weimar Germany, etc.





You two, and anyone else with this problem, need to use a different wallet. Use a wallet that YOU control, not someone else. Then, you can control the miners fee that you pay. The miner's fee fluctuates, depending on how backed up the blockchain is currently (

You do not have permission to view link Log in or register now.

). But you can send whatever fee you want, including zero. Now, the lower your fee, the less likely it is to be processed quickly, or at all if you're trying to send fee free, but often times you can pay far, far less than a wallet that automatically inputs miners fees for you.

For example, a few months ago unconfirmed transactions were near 100k and fees were the highest they'd ever been. On wallets that did not let users determine the fee, an algo was used and it was spitting out numbers ~ $3.00 per transaction. If you sent via a different wallet, say, blockchain.info (using their advanced send feature) and controlled your own fees, you could have paid a price of ~$0.75 and gotten your transactions to go through just fine. Currently, fees are well below $1.00, even for the auto-pricing wallets. Using your own you can push transactions through for less than 20 cents.

Unfortunately, US players have very little control over what we can use and what we cannot. which is vey frustrating. I guess I am just concerned about different currencies that fluctuate so much. Please note I do not knock anyone trying something different or new just for me I'm kinda old fashioned and set in my ways.

 

[kahntrutahn]

Hi kahntrutahn,

Ok, so I go to put money into my Intertops poker account.
I bought $25.00 in btc for $26.49 ($1.49 fee)
I sent all available to Intertops... I got $20.56! That is a real ripoff!
Are you saying if I would have sent it to my blockchain wallet FIRST,
the fee for sending from blockchain to Intertops would have been
less than the $4.44 that I was charged?
Is there a fee for sending from coinbase to blockchain?
Really getting fed up with these fees!

What was going on when you purchased bitcoin was not normal. Bitcoin recently split into Bitcoin Core (BTC) and Bitcoin Cash (BCH) coins. This is a sort of civil ware in bitcoin development. A true winner has yet to be crowned. The two camps are going back and forth with mining power (think of this as the army of computers keeping bitcoin transactions safe) rushing to one side or the other based on current levels of profitability. Because BTC lost a significant portion of its hashing power in the last 1-2 weeks, transaction speed slowed down. That and it appears there was a network spammer to boot.

Another issue is that Coinbase has a pretty crappy algo for determining price. On top of that they push hefty fees to force fast transactions. And they charge you $1.49 to buy the bitcoins as you've noticed. $1.49 isn't much when you buy $3,000 of btc, but it's a mid single digit percentage when you buy a small amount like $25.

There is a fee for sending bitcoin from one wallet to another, so sending Coinbase to Blockchain will incur a transaction fee, one that you can't control because of Coinbase. However, the Blockchain.info wallet lets you customize your fee to whatever you want. Lower fees take longer to confirm, but can save you money.

You can see how backed up the network is by viewing this page:

You do not have permission to view link Log in or register now.

A kind of rule of thumb... if transactions are over 50k deep in backlog, fees are probably higher than normal. If less than 25k, fees are typically very light (pennies). One of the reasons for the split of bitcoin is that the Bitcoin Cash crew wanted even lower fees, the type that bitcoin core (BTC) enjoyed for many years. On the Bitcoin Cash chain fees for sending are literally 1-3 cents per transaction currently, even for priority transfers. Unfortunately, Coinbase is slow and has yet to offer bitcoin cash to its customers... time will tell. Blockchain.info is going to add BCH support shortly (may already have for all I know, it was announced last week).

Well, this has really gotten out of hand.
Bought 26.00 in btc for 27.99 after coinbase fee.
The way kahntrutahn worded his post, I understood it would be less fees
going through a wallet. Sent it to blockchain, lost 2.50 on that one.
sent it to my poker account, received $19.00!!!
$19.00 for $28.00....... O M G!

I'm not sure why you're losing a large chunk going from blockchain.info to your poker site of choice. Blockchain.info's fee algo is pretty good. If you're not worried about your transaction going through right away, next time you send a transfer, choose the advanced option and type in a lower number. A suggestion box will give you a minimum number of satoshi's to send (fee price) and choose something just above that. You'll save a bit in the xfer fees at the expense of a slower transaction.

But there is no fundamental reason for you losing 25% of your deposit in xfer fees, even with a small xfer. I suggest keeping your bitcoin in blockchain.info and as much as possible avoiding the coinbase purchasing fees.