The AK Monster
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- Mar 9, 2022
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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?
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?