Noob Crypto question about sending/receiving fees.

a reply to: BlackArrow
???

You obviously have no idea what you are talking about.

Add: And could you please stop editing your posts AFTER someone answered? It's kind of annoying.

a reply to: projectvxn

Careful your speaking out against crypto ur gonna be badmouthed for truth just like I am.

a reply to: BlackArrow

I doubt it.

I'm a crypto evangelist.

I just don't like Ethereum or the ERC20 protocol.

a reply to: BlackArrow

First of all Bitcoin doesn't have "gas", but there are transfer fees, though they are no where near as high as you are claiming, and definitely not anywhere near 30%.

Most of everything else you said is also wrong.

Saw that coming

I should not laugh so much before going to bed.

a reply to: TDDAgain

Don't mistake the stock market crypto exchange as anything to do with actual crypto. Which is where I think you are being mislead hardcore.

The stock exchange and the way crypto can and is actually used have literally nothing in common. So make your money on the stock market but don't spread misinfo about real uses.

a reply to: IndieA

Gas is fees paid to miners who verify transactions. So yes, it's the same damn thing.

Gas is defined as fees paid for use.

This is what happens when you deal with dwindling iq numbers of the masses who can't even break an 80 on a sat. I am not going to argue, you will eventually see I am right.

But I refuse to argue, So I am bowing out now. My points were made, people who actually paid attention will know exactly what I am talking about.

People who used these services on launch will know what I am taking about. Enjoy your 30%-40% fees tax like England has on its citizens.

Ether uses "gas", Bitcoin doesn't. Bitcoin just has fees which are a tiny percentage.

I feel sorry for you because you think you know a bunch of things about crypto, but most of what you are saying is utterly wrong.

a reply to: TheGreatWork

I absolutely detest ETH.

However I know it's popular. You'll want to look online and find a fee calculator. And also look into when ETH fees are lowest.

originally posted by: BlackArrow
a reply to: projectvxn

Careful your speaking out against crypto ur gonna be badmouthed for truth just like I am.

The fact that you think the people in the crypto space are some monolithic hive-mind that doesn't have disagreements over the merits or problems with different coins/projects shows that you know nothing.

a reply to: IndieA

My guess is your talking about segwit, segwit is centralized.. defeating the purpose of decentralization.

Decentralized transactions cost more then segwit which is a secondary exchange for transferring crypto.

Segwit is a bait and switch of the original block chain. So you can argue your lower rates, and be right. However the original block chain rates are insanely expensive.

Do you remember the Bitcoin/Bitcoin cash split?

Have you ever done mining? I have. I use to run about 50grand in equipment on it, til china made it not worth doing due to energy price exchange.

a reply to: BlackArrow

No, I'm just taking about mining fees.

The term "gas" being used didn't come around until Etherium was created, well after Bitcoin was already in existence.

I use coinbase as it's the only way I can pay my *ahem* online streaming service. Beats the hell out of netflix and all those garbage no content sites.

I don't even notice a transaction fee. I know there is one, but I put my money in - a little bit more than is required as I've been caught $2 short before which doesn't allow me premium streaming - put their address in, click send, get the sms code, verify it and in less than 5 minutes I have another 6 months of good content streaming.

Bitcoin. It's easy as anything. And because I put the money in only when needed, it matters not what the exchange rate is.

This guy is full of it, another one who thinks like people did back in the day when MP3's first came out - "Uuuuuhh only criminals and pirates stealing music use MP3."

a reply to: jerich0

Exchanges have their own pool of crypto sitting around in off grid storage, they don't have to pay insane fees unless they run out.

I never said there wasn't ways around it. I was referring peer to peer transactions which is what the OP was complaining about.

P2p is a hell of a lot different then dealing via exchanges, or non company wallets.

A bank transferring to the same bank cost nothing. A bank transferring to a different bank gets fees.

Exchanges like coinbase has many accounts like a bank, so those that request coinbase and use coinbase can avoid or have reduced fees. These accounts are regulated and tracked. But the crypto in question is never actually moved out of said company dealing with it.

Having a wallet outside of coinbase (aka make your own it's easy enough and isn't regulated by an ID or other owner identification) have the huge fees of 30%.

So you want to argue crypto is decentralized. It can be, but the way you guys are using it. Isn't.

Maybe that is where you are not understanding my point, or argument.

originally posted by: IndieA
a reply to: BlackArrow

No, I'm just taking about mining fees.

The term "gas" being used didn't come around until Etherium was created, well after Bitcoin was already in existence.

I don't get it about mining fees though. People get paid for solving blocks, or at least I did, went into my crypto wallet and I sent them to an exchange to put it in my bank. This was a fork of litecoin long long ago, though. Back when you only needed a high end NVidia GPU and not some dedicated machine.

Back when BTC was $300... I had hundreds of coins. I saw BTC jump to $700+ so I cashed them in... next minute it was $1300AUD.... if I'd kept those coins, I'd be filthy rich now.. by my standards anyway lol

a reply to: BlackArrow

I guarantee you, this company is not tracked. They don't even allow new registrations as it is. Otherwise they'd use paypal.

You and I are not talking the same language. I bought things from people online using crypto. There was no huge or insane transaction fee. This was person to person.

ETA: No one knows who is at the other end of an address. Or do you know something I don't? I've been doing this for over 10 years. Don't have the time or patience to mine but I still use it.

a reply to: jerich0

You can't prove it now can you? Unless you are the company operator in which you wouldn't be paying yourself. Yes, indeed they are.

Coinbase reports all transactions to government yearly. As well as needing identification. So don't lie and say you didn't submit an ID.

Because by law all companies that deal/trade/sell or host accounts must have an ID associated with the account to reduce criminal activity.

a reply to: jerich0

And what wallet/company produced wallet did you and the recipient use? Because every company that has a ready made wallet that they generate with a 16-32 digit code is tracked.

You would have to make your own in order for it not to be.

In short of you can recover your wallet via website or app you are tracked.

The average joe does not know how to compile code to create a wallet themselves. And are often stuck using ready made wallets.

a reply to: jerich0

Google, does coinbase report to the IRS. I dare you!

koinly.io...

Does Coinbase send trading reports to the IRS?
Does Coinbase report to the IRS? Yes. Coinbase reports your cryptocurrency transactions to the IRS before the start of tax filing season. As a Coinbase.com customer, you'll receive a 1099 form if you pay US taxes and earn crypto gains over $600.

Yes. Crypto exchange Coinbase began submitting 1099 forms to the IRS and to individuals users in 2017.

Does Coinbase send investors 1099 forms?
For the 2020 US tax season, Coinbase will issue the IRS Form 1099-MISC for rewards and/or fees through Coinbase.com, Coinbase Pro, and Coinbase Prime.

For every U.S. crypto trader that makes more than $600 in the previous financial year, Coinbase will send two copies of Form 1099-MISC to the IRS: One to the taxpayer and one to the IRS

I do know what I am talking about, and I can back it up. I just assume people know the difference between centralized and decentralized versions of crypto. But I guess I shouldn't assume that.

If you lie about it,
lying about crypto to the IRS is confiscation of currency, and products purchased with crypto.

So yes, most people who use crypto are on the centralized trackable system. But if you want to pretend not to be.. please be my guest, IRS will take everything from you.

Please learn the difference between using centralized and decentralized/untrackable wallets.

My answers and facts are on the actual untrackable side of crypto. Not your nannies bank account. As this was the big issue Satoshi foresaw was when companies became providers. Which is literally why he disappeared from the face of the earth because he knew it would just wind up a repeat of the same banking system.

Where only the elite would be able to make their own accounts to hide money bypassing company(those that do the reporting) wallets. Where as everyone else would just be blinded and follow the same B's under a false claim.

Crypto was great until companies took it over and have to comply to government laws. So by using any company for any of the above defeats the entire purpose of crypto to begin with.

I hope this answers OPs question, fees for the decentralized side are insanely high. If you want to avoid fees like that you have to go through a company/operator. But as I stated it then defeats the purpose of crypto all together. No matter how you do it, you have to try and time transactions to get better rates. Avoid any companies charging their own rates ontop of transaction. Then you should be fine, only real downside to doing full decentralized is that you won't be able to buy currency outside of friends/neighbors sending it to you. Then depending on what withdraw options are available to you. Possibly needing an ID, some atms do not need an ID as it's assumed you are buying through a authorized dealer.

originally posted by: jerich0

originally posted by: IndieA
a reply to: BlackArrow

No, I'm just taking about mining fees.

The term "gas" being used didn't come around until Etherium was created, well after Bitcoin was already in existence.

I don't get it about mining fees though. People get paid for solving blocks, or at least I did, went into my crypto wallet and I sent them to an exchange to put it in my bank. This was a fork of litecoin long long ago, though. Back when you only needed a high end NVidia GPU and not some dedicated machine.

Back when BTC was $300... I had hundreds of coins. I saw BTC jump to $700+ so I cashed them in... next minute it was $1300AUD.... if I'd kept those coins, I'd be filthy rich now.. by my standards anyway lol

Sorry, I meant to say transaction fees.
Mining payouts aren't technically fees and aren't what we were talking about.