Fees so High?
Woke up to see SBD is on a bull run once again and is about 1.8$ currently, which is kind of annoying because STEEM is still only 1,1$. Isn't SBD supposed to be tied to dollars? What is causing SBD to be so volatile lately? When will it finally correct? And why isn't STEEM rising as much as SBD?
So I thought ok, I will sell my SBD now and buy in later when it corrects. I checked how much I would get for selling SBD to Blocktrades and the numbers just weren't adding up.
So for 10 SBD you would get about 0.00037887 which is like 4$.1,8x10=4$??
But if you want to buy the same 10 SBD I was trying to sell and would get 4$ for, they ask 18$???
This is happening because when you want Bitcoin they need to pay higher transaction fee.
When you want to swap a bigger amount of Bitcoin, the course is better.
You can see that blocktrades takes less than 5% per transaction for himself. According to my calculations, they take about 0.00118 BTC to cover the cost of transaction (when you swap more SBDs, you will not even notice that). For 10 SBD you will get from blocktrades 0.00052576 BTC now. If you use Bittrex instead → 10×0.00017430 - 0.001 BTC (their tx fee for withdrawal) = 0.00074300 BTC (I do not count with their maker/taker fee but it is not much). And 0.00074300×11000 (current BTC price) = 8,173 USD
10*1,8 equals 8,173? Probably not. ;)
For microtransactions do not use Bitcoin, because there are big tx fees needed in its blockchain. Try to do this with dogecoin and you won't notice anything. ;)
Thanks for clearing things up, I thought it may had to do something with btc fees but this much? I had nmo idea.
If you want more bitcoin, it is not that much from that perspective. When you want to change 1 SBD to BTC, it will say that you will get 0 BTC - from that perspective... well, it is really scammy. :)
This post has received a 0.54 % upvote from @boomerang thanks to: @samotonakatoshi
@boomerang distributes 100% of the SBD and up to 80% of the Curation Rewards to STEEM POWER Delegators. If you want to bid for votes or want to delegate SP please read the @boomerang whitepaper.
You can thank BTC's $10+ fees for this. It's not Blocktrades' fault.
That's why a lot of people started moving over to Bitcoin Cash. If the network doesn't get a boost of miners it's always going to lag behind BCH. I also saw today that SBD to litecoin is crazy profitable. 26 SBD x 0.5732175 LTC VS 0.00471685 BTC.
TL:DR FEES
Yeah, always use Bittrex or Poloniex for this purpose. (Or HitBTC, but I have had issues with them holding my SBD for a few days, so I don't recommend it) Blocktrades charges a lot for convenience. I've never used blocktrades for buying/selling SBD or STEEM because of the fees. Only thing I would recommend using it for is renting Steem Power delegation for 90 days, as it offers a pretty nice rate.
It's not actually a "scam" per se, more like a store with very high prices that takes advantage of people that are uninformed.
Finally got approved on Bittrex so I wont have to deal with this nonsense any more. Thanks for the tip tho. Is it profitable to rent it? When I did a lease from minnowbooster I barely made any profit.
Nice! Bittrex is solid. Nah, it's not profitable; I rent it so I can help support more Steemians.
Thats so awesome of you. Wish there were more steemians stopped self-voting and started following your path.
That sad day when you learn about bitcoin fees :D
it is like this from the start that what made me always using Exchange websites
Thanks for posting a quality content !!!
Withdraw it straight to an exchange like Bittrex or Poloniex and sell it for bitcoin, see if the fees are cheaper first.
I know, but still, why are they doing this? look at the price difference when you want to buy and sell.
Go with Ethereum
Let's ask @blocktrades to comment on this issue because those numbers are obsurd!!!
I know, right? As I said I noticed the same thing before, but the difference wasn't so extreme so I didn't write or ask about it but this is just too much.
@runicar Absolutely don't blame you for writing this post and will appreciate if @blocktrades could answer this. 10 SBD for $4 = $0.4 for 1 SBD that's like 400% cheaper than the price!
Yep, lets hope they do. I am really curious to know why this is happening because this is straight up stealing our money. I'm feeling bad for those who actually sold some SBD to them at that price.
Btw, I just checked you out. I'm loving the fractals man, great work. You can share some of them in @steemcreations if you like. It's an initiative for free digital artwork for steemians that supports its contributors with upvotes/exposure.
@runicar thanks for checking out my profile, I've just started with the fractals, I'm kind of obsessed with rendering them at the moment. Glad you like them!!! They are strange things. Also thanks for the tips on @steemcreations I will definitely check that out, much appreciated!
This post has received a 9.75 % upvote from @booster thanks to: @runicar.