In the post below, I've enumerated all the fees that I've paid in a recent purchase attempt with bitcoin. This highlights just how poorly bitcoin actually functions as a payment system in the current environment where speculation, not function, has driven the price up to astronomical levels. What I tried to buy was a ledger nano S hardware wallet (yes, this is a recursive purchase, buying bitcoin infrastructure with bitcoin). The ledger site accepts payments in bitcoin, but they use bitpay to process the transaction. I wasn't able to figure out how to make a payment with bitpay without using a QR scanner. I see an image like the following:  However, if you select copy instead of scan, it doesn't give you a wallet address to transfer into, but instead you get a strange URL: bitcoin:?r=https://bitpay.com/i/R9EVEb3Rr5oGTwEo7ztTqo I'm not sure what to do with that. I had a blockchain.info wallet, but not enough in it, so I transferred some Ethereum into it (which I figured would be faster than transferring bitcoin). That eth to wallet transfer from the polonium exchange that I had some eth on cost: 0.005 eth == $3.63 USD That worked fine, and I was able to use the exchange feature in the blockchain wallet to convert that eth into bitcoin (since bitpay accepts only bitcoin). However, there was a fee for the eth -> btc exchange in the blockchain wallet: 0.002 BTC == $28.10 USD, so my attempt to use ethereum as a middle man currency to avoid high fees failed completely. Unfortunately, it seems that the blockchain.info wallet is busted on my phone, and any attempt to use the QR scanner causes it to crash. When I tried to buy on overstock.com previously, which uses coinbase as the backend engine, that purchase attempt failed due to some combination of too-low fees and slow bitcoin network transactions, but succeeded later when I retried the transaction from a coinbase wallet (there appears to be a short circuit in place for coinbase wallets -> coinbase retailers). So, I thought I'd try a bitpay wallet instead. Unfortunately, this meant a separate set of network fees to seed the bitpay wallet, and another fee to pay for the item itself. Looks like poloniex charges for that transfer were: 0.0005 BTC == $7.09 USD Finally, I'm setup to make the payment from the bitpay wallet, using the QR code required for the payment. Here's the fees charged for the payment transaction:  observe that the fees for this transaction were a whopping 24%, or 0.002422 BTC == $33.91 USD So, to buy an item with a total cost of: 58.00 € + 23.70 € (shipping) == 81.70 € == $97.71 USD the total fees that I had to pay to successfully pay for this item with bitcoin were: $72.73 USD Effectively, the fees on this item were 74% of the total cost of the item+shipping!
| author | peeterjoot |
|---|---|
| permlink | another-attempt-to-spend-bitcoin-effective-total-fees-for-the-transaction-were-74 |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin","bitpay","blockchain","qr-scanner","fees"],"image":["https://steemitimages.com/DQmbNoQEQ4Y3BDf26C4wYCi2EenW9ivvBXAPnAP5emN5qCE/Screen%20Shot%202017-12-28%20at%2012.54.34%20PM.png","https://steemitimages.com/DQmT5X9xUW7BG5XoeSKei2wB7DNs2Mgt6BTGAMu4fnx9dPt/Screenshot_20171228-115539.png"],"links":["https://bitpay.com/i/R9EVEb3Rr5oGTwEo7ztTqo"],"app":"steemit/0.1","format":"markdown"} |
| created | 2017-12-28 18:34:00 |
| last_update | 2017-12-28 18:34:00 |
| depth | 0 |
| children | 1 |
| last_payout | 2018-01-04 18:34:00 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 HBD |
| curator_payout_value | 0.000 HBD |
| pending_payout_value | 0.000 HBD |
| promoted | 0.000 HBD |
| body_length | 3,113 |
| author_reputation | 4,108,216,103 |
| root_title | "Another attempt to spend bitcoin: effective total fees for the transaction were 74%" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 25,735,903 |
| net_rshares | 634,010,877 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| wendynoel | 0 | 398,639,330 | 100% | ||
| authors.leage | 0 | 158,514,047 | 5% | ||
| zafarjadoon | 0 | 76,857,500 | 100% |
### Greetings my friend! **I am glad that our community has increased with one more member! I hope that you will find here a way to realize yourself, and to benefit others Be yourself, be sincere, be honest and worthy of the place you are in.** I Upvoted your post and Resteem of your greeting in my feed, where you you can search friends and other minnows... I think you can use this collected information: --- First off all! Most answers to your questions you can find here https://www.steemithelp.net/ --- Blockchain Explorer [https://steemd.com/@_Your_Steemit_Nickname](https://steemd.com) Blockchain Explorer and statistics [https://steemdb.com/@_Your_Steemit_Nickname_](https://steemdb.com) Your account achievements [https://steemitboard.com](https://steemitboard.com/board.html?user=clixmoney) Navigate the prices and exchanges where you can buy Steem or sell SBD [Steem](https://coinmarketcap.com/currencies/steem/#markets) [SBD](https://coinmarketcap.com/currencies/steem-dollars/#markets) --- _For the your first post use please #introduceyourself tag! Thank you:)_ _You can become a participant in the competitions, by selecting the desired in the tag #contest or invent and organize your own._ _More_ [_useful tips_](https://steemit.com/inspiration/@clixmoney/the-best-steemit-tips-for-my-dear-followers-and-all-steemit-users) _and_ [_steemit app_](https://steemit.com/steemit/@clixmoney/the-best-steemit-tools-for-my-dear-followers-and-all-steemit-users) _you can find in #steemit & #steem tag_ --- There is a Steemit chat with various rooms, in which you can ask questions, advice, or place your post to advertise it to the community https://steemit.chat Upvote chat in the telegram massager: https://t.me/steem https://t.me/intercambiosteemit https://t.me/Steemplus Similarly, by reading the posts of other Steemians you can find invitations to the Discord channels! They often contain upvote chats, and you can easily find friends of interest in them Here are some of them: <sub>_World Of Photography https://discord.gg/4Ezx2eM_ _MinnowBOOSTER https://discord.gg/k7fWQD7_ _SteemSports https://discord.gg/ApvKKUF_ _WhaleShares https://discord.gg/DX7zErC_ _Steem Gigs https://discord.gg/NuFVxKA_ _SteemTrail https://discord.gg/gHt2aGN_ _Minnow-Power channel https://discord.gg/WvFQzXu_ <sub>notify</sub> _Steemit Lover https://discord.gg/EVKhssF_ _GuideSteemit https://discord.gg/nkwh36Y_ _BuildAWhale https://discord.gg/yebax27_ _Steemit ramble https://discord.gg/9pUSjv8_ _VotoVZLA https://discord.gg/VhgeFJQ_ _Steem Life https://discord.gg/SD3ReMm_ _SteemLab https://discord.gg/phWQveU_ _MinnowsUnite https://discord.gg/CJEEfgb_ _Steemians https://discord.gg/uR95R7t_ _Society for Narwhal https://discord.gg/repxc9v_</sub> Territorial communities <sub>Steemit Philippines https://discord.gg/VyG83AN | https://discord.gg/Q8956PF Steem NIGERIA https://discord.gg/Y3u2z6T East Coast Steem https://discord.gg/QXduBuk Ukraine SteemOn https://discord.gg/cxq8JQd Ru-Steem Trail https://discord.gg/8KyDBUx</sub> _Let us know if you know more or create new!_ --- **Alternative interfaces:** https://zappl.com https://busy.org https://steepshot.io (-mobile app have to) Forums https://chainbb.com --- **Mobile app** - eSteem : for Android https://play.google.com/store/apps/details?id=com.netsolutions.esteem&hl=ru for iOS https://itunes.apple.com/us/app/esteem-mobile/id1141397898?mt=8 --- **Forget about youtube! There is https://d.tube!** **Have fun and joke yourself with https://dmania.lol/** --- A public SQL database with all blockchain data http://steemsql.com https://sql.steemhelpers.com From Developers https://steemconnect.com **Rewarding Open Source Contributors** **https://utopian.io | https://discord.gg/kPYBCYK** --- **Autocuration**1 https://steemvoter.com **Autocuration**2 https://streemian.com/profile/curationtrail/trailing/943 **Bot Tracker** https://s3.amazonaws.com/yabapmatt/bottracker/bottracker.html#paid --- Use @minnowbooster for boost your rewards! More https://www.minnowbooster.net https://www.minnowbooster.net/minnowbannericon.jpg --- ## You also need to select witnesses and vote for them. These are people who ensure decentralization of the work of the blockchain. Make your choice consciously, by choosing responsible and useful delegates https://steemit.com/~witnesses --- **[Golos](https://steemit.com/sbdgiveaway/@dimarss/dejstvitelno-li-golos-russkoyazychnaya-platforma-12-08) wait for you too!** Find more [here](https://coinmarketcap.com/currencies/golos/) about Golos.io blockchain platform - analogue Steemit! This is Steemit,s younger brother! **Join us: https://golos.io/create_account** --- _Regarding the correction, insertion or deletion of your information, please contact @Dimarss_
| author | authors.leage | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| permlink | re-peeterjoot-another-attempt-to-spend-bitcoin-effective-total-fees-for-the-transaction-were-74-20171228t201608 | ||||||||||||
| category | bitcoin | ||||||||||||
| json_metadata | {"app":"steem-go"} | ||||||||||||
| created | 2017-12-28 20:15:36 | ||||||||||||
| last_update | 2017-12-28 20:15:36 | ||||||||||||
| depth | 1 | ||||||||||||
| children | 0 | ||||||||||||
| last_payout | 2018-01-04 20:15:36 | ||||||||||||
| cashout_time | 1969-12-31 23:59:59 | ||||||||||||
| total_payout_value | 0.000 HBD | ||||||||||||
| curator_payout_value | 0.000 HBD | ||||||||||||
| pending_payout_value | 0.000 HBD | ||||||||||||
| promoted | 0.000 HBD | ||||||||||||
| body_length | 4,888 | ||||||||||||
| author_reputation | 7,709,068,048,036 | ||||||||||||
| root_title | "Another attempt to spend bitcoin: effective total fees for the transaction were 74%" | ||||||||||||
| beneficiaries |
| ||||||||||||
| max_accepted_payout | 1,000,000.000 HBD | ||||||||||||
| percent_hbd | 10,000 | ||||||||||||
| post_id | 25,749,363 | ||||||||||||
| net_rshares | 1,797,457,965 | ||||||||||||
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| dimarss | 0 | 1,361,425,618 | 5% | ||
| dreamon | 0 | 56,935,698 | 5% | ||
| asuleymanov | 0 | 220,582,602 | 5% | ||
| authors.leage | 0 | 158,514,047 | 5% |
hiveblocks