I sent 30 SBD ($30) to Blocktrades and got $13 worth of Bitcoin ?
The fees to buy Bitcoin using Steem Dollars (SBD) on Blocktrades are very High ....
Current Bitcoin Price $ 6,726
Curent Steem Dollar Price = $1.02
I just sent 30 SBD and received .00202 of Bitcoin. = $ 13.58
So the fees are $16.42 ..... Yikes !
Did I do something wrong ? Maybe they will post a correction ??? If they do I will update this post but they take a 120 % fee ????
I think it is better to convert to Steem and stay in Steem Power.
Lesson Learned the hard way.
Update : This is @blocktrades answer ..... Was there an error ? $17 Fee ?
No, mostly that cost was the fixed fee we have to pay right now to send bitcoin (it doesn't end up in our pocket, it goes to the bitcoin network), and we just pass that expense to the customer.
There's a clear warning about it in the display when you get the deposit memo, where we recommend you only send in amounts at least 5 times the fixed fee to get a reasonable exchange rate. Also, I generally recommend buying something other than bitcoin right now, unless you're just planning to hold the bitcoin. See this post for more details (it's a bit old, so the fees for bitcoin have skyrocketed even further than when I wrote the post):
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
Also, note that bitcoin fees are abnormally high now, due in part, I believe, to games being played by bitcoin/bitcoin cash miners, as mentioned in this post.
It is a bad time to be transacting in Bitcoin. The fees are ridiculous.
No kidding. I'm not sure it will get better as the price of Bitcoin rises to 1 Million. In order to spend or convert our Bitcoin into things we can use like food or housing the fees will be astronomical. The people who will make all the money will be the exchanges. I'd like to own a piece of them.
The future of micropayments is with a different technology. Steem and SBD will be part of the micropayment infrastructure. No fees, fast transactions. It is what the people want.
Most Excelleny - I will keep all my precious Steem Sollars right here on Steemit then. I have learned a valuable lesson today.
I posted this on the other thread but just in case anyone missed it.
10 % ??? I paid 130 % in Transaction fees ..... I Sent them $30 - they kept $17 and gave me $13
I would have no problems with a 10 % fee ... or even a 20 % fee .... But the Banks take nothing from me when I transfer money... maybe $1 to send electronically by email.
Sorry some of it got cut off the screenshot. ( Am on my phone right now. The transaction fees are in dollars not %. Doesn't matter if you send $30 or $30000. Fees look to be about $13
Actually closer to $15
Thanks .... Yes. @blocktrades told me that the $17 that I paid on the $30 I sent is taken by the Bitcoin Miners and not them ....
I won't be sending any more of my hard earned Steem Dollars thru @blocktrades to buy any Bitcoin and lose so much .... Those days are over.
It takes me a very long time to earn $15 Steem Dollars - So I will keep all my Steem here and hopefully someday be able to by food with Steem Dollars.
Did you send the BTC to a private wallet? Your other option would be to send it to an exchange like Bittrex and change it to BTC there. But then keep your BTC on Bittrex intil you build up a larger stash. This would save you on transaction fees because you would only be sending the Steem.
Of course there are some additional risks to leaving cryptocurrency on exchanges but it might be an option. That or invest in other cryptocurrency like DASH that have low fees.
Update : This is @blocktrades answer ..... Was there an error ? $17 Fee ?
No, mostly that cost was the fixed fee we have to pay right now to send bitcoin (it doesn't end up in our pocket, it goes to the bitcoin network), and we just pass that expense to the customer.
There's a clear warning about it in the display when you get the deposit memo, where we recommend you only send in amounts at least 5 times the fixed fee to get a reasonable exchange rate. Also, I generally recommend buying something other than bitcoin right now, unless you're just planning to hold the bitcoin. See this post for more details (it's a bit old, so the fees for bitcoin have skyrocketed even further than when I wrote the post):
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
Also, note that bitcoin fees are abnormally high now, due in part, I believe, to games being played by bitcoin/bitcoin cash miners, as mentioned in this post.
I did the Transfer through Steemit Transfer (Buy/Sell button) to Blocktrades then Blocktrades to Coinbase.
What?! That's damn expensive. Losing more than half the money on fees?! Blocktrades should do something about this. What do you think of Changelly?
I haven't tried any other Exchanges but 120 % in fees is ridiculous
Do you think that's just with Blocktrades though? I usually send sbd or steem to bittrex exchange and trade it for bitcoin there, not much a fee there.
Thanks ... I will have to try Bittrex
there's a withdrawal fee.
I don't think its as much as Blocktrades though
What is the cost to transfer $30 SBD to convert to Bitcoin at Bittrex ??? $17 ? (120 %)
To "sell" SBD for bitcoin their trading flatrate is 0.25%. What @bearbear613 was saying is that to withdraw bitcoin to a different wallet, (i.e. coinbase, etc), there is a fee. But I really don't think it's $17. I could be wrong about that because I havent done it and bitcions fees could have shot up recently. I'm pretty sure a few weeks ago it was like $6 to move bitcoin anywhere.
Well - this morning it cost me $17 to move $30 from Steemit to Coinbase via Blocktrades. .... I sent $30 and got $13 worth of Bitcoin deposited into my Coinbase Wallet. Bad idea.
Okay so to send bitcoin from bittrex to coinbase it costs 0.001 bitcion, which is like $6.50 at the moment. So basically send SBD to bittrex, sell it for bitcoin (bittrex takes a 0.25% fee there) and then send bitcoin to coinbase (for $6.50).
The way Bitcoin works right now is broken, I would stay out of it. Steem on the other hand works perfect and fast with no transaction fees. Once the broader audiences find about that fact things will get interesting.
Absolutely. My experience here on Steemit has been incredible. I was shocked with a 130 % exchange fee to trade my Steem Dollars into Bitcoin. I am not sure who took all the fees... Is it Blocktrades or Coinbase ?
My uneducated guess is you had to transfer into bitcoin, and then move the bitcoin. Two transactions that are not cheap these days. Also SBD is less than one dollar value. I would only move big amounts and let the small ones sit here, only in case of the emergency move it. Bad time to move the money around.
Actually, Steem Dollar was at $1.02 when I made the Transferthis morning .... So I should have received more than $30