Bitcoin Median Transaction Fee $5 USD. Exodus wallet charges $61. Ridiculous.
Ridiculous.
The small amount of Bitcoin I have in my Exodus wallet is stuck there, unless I want to export the private keys and use a different wallet to send it where I can risk my chances with entering a smaller fee amount.
This is out of hand on both accounts. It should not cost $5 on average to send BTC. It also should not cost $61 to send BTC speedily.
I would almost say this is a deal-breaker for bitcoin except I know better. Crypto people flush money away very easily, for one we have a lot of profits, for two, the new people coming to crypto have a lot of hype luring them into it.
Economically, long-term, this is unsustainable. DASH? 15 cent fee. Pretty sure NAV is under a penny still. IOTA free.
This is (starting to) happening with Ethereum, too. I have BTC and ETH hanging out on exchanges I've used that I can't get out. Sure, it's a few cents here and there but that is extremely wasteful. This is not a good trend and why DPOS is a far better method IMO.
Yeah ETH is bad, especially if people do not know the gas trick. Apparently the network requires high gas at times, and will try to charge you $30 to get into an ICO. The trick I heard was to increase the gas, but drastically drop the gas price you are paying. It is something the wallets will not do automatically, so you have to manually figure this out, otherwise you can pay very high fees on ETH transactions.
https://wagerr.com/wagerr_whitepaper_v1.pdf What do you make the Oracle Masternode scheme in their whitepaper? Seems like an interesting option for exposure to the decentralized betting markets. you only need 25,000 wagerr to qualify for a masternode and its currently trading for $0.12/wagerr.
Not sure, there are many other more popular betting platforms at the moment. Personally the whole concept does not interest me, Augur, Round, ect. When the printing press started to get regular use, they first made Bibles. Then one of the very first things that followed was old-school porn/smut. The reason is, when an innovation hits that enables a new behavior perhaps past the barriers of prior restriction, the first thing people want to go for this the obvious illicit / shady activities. After they do this, they figure out real innovation in terms of the actual power of the technology invented.
Every time I see someone launch and hype their gambling project in crypto, I think how unimaginative. With gambling, it is less about the system, and more about the marketing, bells and whistles, and allure of drawing a crowd. Wagerr could be the system, but you need bells and whistles to attract most gamblers to use a system.
Alright, I get it. You don't like the industry. But look at the economics of it. for about $3,300 right now you could have an Oracle Masternode and this thing could just be an annuity. It's essentially like staking your coins with DASH. So I'm curious for your perspective on that aspect, less so about what they're trying to attract.
Yeah, this is absolutely ridiculous. I'm in a similar situation with Exodus as I'd diverted some mining payouts of BTC there when I first opened the wallet and it's now essentially stuck, b/c I refuse the pay the fees to get it out.
It's not a whole lot there, so I'm just going to wait it out for awhile to see if there's any changes to the fees in the future. Needless to say, but this is highway robbery with BTC fees right now.
Here is how to get around the Bitcoin Networking fees!
If Facebook or Amazon were to air drop a currency Bitcoin would be priced out of the market. The value lies in the network effect but is getting more and more difficult to mobilize Bitcoin.
At some point, I must wonder if letting my keys alone and letting Bitcoin acquire value over time is reasonable when a single transaction could cost all of that value.
What I will say sounds dumb, but parking it on an exchange makes bitcoin cheap again. You can trade it for other things, like USDT even, or litecoin. Then you could use the other currency to get it off the exchanges at a low transaction cost. Just if your exchange fails, its gone.
Yeah, thought the same. Is this how it begins? Us deciding between having our own keys and paying huge fees or depositing our Bitcoin in a bank (exchange)
Sad.
what if bitcoin goes to 500k as people expect , then what how much fees it would be
The $5 USD transaction becomes $500. The Exodus wallet would then be charging $6,000 to send.
No reason to think BTC will get that high without changing the protocol further. Something else would just beat it. After a year of paying 40% of our BTC value in transaction fees people would figure it out, I already have. I send using DASH, my last resort is a BTC network transaction.
nice post @crypto-investor sir, i think all other coins except bitcoins has a
reasonable fees.
Yeah its really true. I was in similar kind of situation on Saturday. I needed money. so i initiate a request but due to some issues i have to transfer in wallet. Then they charge a high amount that half of my money is lossed in different charges. I initiated many mails to them now, but they are saying that charges are there always. it is pure monopoly. they are taking advantage .
This is Totally Ridiculous That much High fees OMG !
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STOPThat much fees this is not fair !!