Question re: Bitcoin for Licenses (Fees)

[The AK Monster]

I have used Bitcoin the last couple of years to renew AS/AS+ but I never paid such an astronomical "processing fee" for the transaction until this year. I use CoinBase - could be part of the problem?

The only reason I use crypto is for RedFox - I have never used it for anything else. I do understand the difficulties in finding a merchant bank willing to accept credit cards, so I'm not protesting this fee or RedFox's need to use crypto - I get it. But if anyone who knows crypto and uses it more than twice per year could shed some light on this one, I'd appreciate it. I'd certainly like to spend less than 33% on fees...

According to our records, the fee Coinbase charged us in 2022 for the crypto we needed to renew AS was $0.70 (70 cents) on a $30.00 transaction (2.3%), leaving us with $29.70 to work with. This year, of the $50.00 we purchased, $16.30 went to "processing fee" (33%) leaving us $33.70. We used the same bank to transfer the money into CoinBase all three years.

Is this a reflection of a changing landscape in crypto, or am I doing something wrong?

 

[RedFox 1]

No, the processing fees are about 5.00 now, we give you a 10% discount on Bitcoin purchases. When the number of transactions being processed on the Bitcoin network exceeds its capacity, transaction fees tend to increase

 

[The AK Monster]

OK, we'll see if we can renew AnyDVDHD during a more strategic time on their network!

Thanks for the last tidbit - makes sense.

 

[Ivan]

Bitcoin fees are volatile in general. A good source for having an idea about fees is https://bitcoinfees.net

..and:
https://www.blockchain.com/explorer/charts/fees-usd-per-transaction
https://ycharts.com/indicators/bitcoin_average_transaction_fee
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3y

 

[The AK Monster]

Note to self: pay the fees, the software is worth it. Buy extra years up front. Eat macaroni and cheese for a few days.

 

[tbbttbbt]

If you're looking for a lower fee option:
Litecoin (LTC) is your friend.

I'm not sure if this would count as advertisement... I don't think it should. (I'm just sharing what I do and why.)

I buy the TON Cryptocurrency via Wallet Bot in Telegram, then I use a service to exchange (currently "SimpleSwap") TON for LTC and usually send it to either my notebook or in more recent cases to my phone on Atomic Wallet, which compared to the WalletBot has really low network fees when sending TON.

The reason I buy TON first is...
a) to support that coin
b) you can purchase low amounts easily, which I don't see very often unfortunately

In a perfect world I'd probably use NANO to pay for everything.

Even like in retail stores. Haven't seen a single retailer accept real crypto yet. But I don't really hear every news immediately so it's possible I missed something.

 

[RedFox 1]

Yes, we are aware of the lower fees in Litecoin. We advised customers to use it in our front-page purchase section.

At the moment we are only able to process Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC). You can easily pay with credit card or wire transfer using an instant service:
Go to checkout, select Litecoin (LTC) and proceed to last page. Copy the LTC address and amount, go to Simplex and paste address and amount. Due to high Bitcoin fees we recommended to use Litecoin (LTC).

 

[February29]

Haven't seen a single retailer accept real crypto yet.

Years ago a local retailer in my area did accept crypto.

Although I did not get the exact details, as I am not an insider, the explanation I received was that the value of BTC suddenly went up in late 2017. This provide a financial incentive to return and buy the same merchandise.

Basically, "I'll return this item for 2 BTC and buy the same item for 1 BTC." Thus no merchandise was changing hands, but the retailer was giving a full refund of the original purchase, as measured in local currency. The retailer's loss was all in the change in crypto exchange rate between first purchase date and return date.

 

[George++]

Note to self: pay the fees, the software is worth it. Buy extra years up front. Eat macaroni and cheese for a few days.

Chowing down on Ramen noodles is my go-to for budget stretching.

 

[The AK Monster]

So I asked a friend if he had a better solution for me on the crypto fees. He's my go-to guy when I need to bypass import/export rules on things like highly-enriched uranium in research-laboratory quantities, Coca-Cola made with real sugar, and that complete collection of WKUK in something better than 360p. You know, the things you just can't find in the U.S. anymore because one guy ruins it for the rest of us. Well, I have my crypto solution and I will be executing it shortly. Thankfully, no one was executed in the acquisition of these imaginary currency units.

I was never a fan of ramen. I don't know why. Maybe the fact it was 10 cents and I could buy a Star Crunch for the same money was part of the problem. Of course that would explain why I had a cardiologist before I was 50...