Online Bitcoin Wallet Xapo Is Introducing Network Fees

My long time favourite Online Bitcoin Wallet, Xapo, will charge for the transactions starting with February 15^th.

You can read their announcement for yourself:

Why Am I So Fond Of Xapo?

I bumped into Xapo long time ago because they have a referral reward for bringing new users and because, at the time, many bitcoin faucets were paying you directly to Xapo.

In fact, the wallet had this program with various faucets to attract new users. In my opinion the program was a success.

I stayed and am using Xapo as my primary online bitcoin wallet because it is relable, fast and oes exactly what I want it to do. Receive, store and transmit bitcoin. Nothing more and nothing less.

There is also a debit card and possibility to transfer bitcoin to many fiat currencies but it is a bonus and not a must.

Now, with the fees for transactions, I am looking for alternatives.

Why Do I Need It?

To collect claims and fees from various online sources of income, of course. These are most of the time small amounts which fall under the rules stated below.

Above mentioned sources are:

• Nice Hash miner
• Bonus Bitcoin faucet
• Bitcoin Aliens faucets

And other minor sources.

What Will The Fees Be?

I better quote some statements from their site which aplly to the wallet:

Outgoing bitcoin transactions from your Xapo account to a bitcoin address outside of Xapo will be charged a fee of BTC 0.00024884.

Incoming bitcoin transactions to your Xapo Wallet equal to BTC
0.00037326 or less are subject to a special processing fee of BTC 0.00024884 so as to cover the transaction cost of the bitcoin network. This special processing fee will be automatically deducted
from the respective transaction.

For example:

• If you receive more than BTC 0.00037326, no fee applies.
• If you receive more than BTC 0.00024884 and up to BTC 0.00037326, then a fee of BTC 0.00024884 will be deducted. The amount to be credited will be the difference between the incoming amount and the processing fee.
• If you receive less than BTC 0.00024884, then a fee equivalent to the amount received will be charged. In this case, the amount to be
  credited is 0.

In short, incoming receivals under 37326 Satoshi and every withdrawal will have a fee of 24884 Satoshi.

To put it in the perspective - 24884 Satoshi is currently $0.23. Too much in my opinion.

Any Alternatives?

What online wallets do you use? Can you suggest an alternative which is quick at transactions, has no fees and no lower limit for withdrawals?

I am certain that there are some. Thank you!

At this moment I will start using savings account at Magnr as my online bitcoin wallet.

Magnr is a two headed beast. It is a bitcoin trading platform and a savings account with interest at the same time. I am using the later part only.

At the moment the savings account rate is 1.28%. Not much but it is a decent rate.

You can withdraw from you account at any time. The process is not the quickest since they manually approve withdrawals. This means if you need some bitcoins right away then Magnr might not be you wallet of choice,

Since I usually plan my transfers in advance this doesn't bother me.

Referrals

Some of the links above are referral links. This means that if you join or make some action on a site we both profit. You from your claims and I receive an additional percentage of the claim.

Do as I do and starting using available referral systems for some passive income.

Good luck!

---

Better and better!