That one crappy experience with steem-engine. Beware the exceptions!
It is mentioned on steem-engine they would charge a 1% fee from withdrawals. It also states how much satoshi I would receive on the destination address.
However, there is a hidden BTC transaction fee on top of that 1%. It is not obvious this fee is there because there are services offering free BTC withdrawals. The most noticeable example is the faucets service, which usually profits somewhere else.
I.e. if I deposit and then withdraw to and from coinpot, I will not lose a single satoshi.
When trying to get help on their tech-support Discord chat, this is the answer @aggroed gave me:
First of all, even if BTC has it's own transaction fee, it's adjustable. Second, if an exchange fee is used, it could easily be displayed. Last but not least, none of that is mentioned anywhere!
If either were displayed I would not have chosen to withdraw in the first place... But I'm not getting refunded. Small traders, stay alert.
Thank you for the heads-up.
By the way, you mentioned Coinpot and faucets. I've considered trying them out a few times, but gave up because it apparently takes too much time to get just a few satoshi. Do you think they're worth it? How hard is it to build up the equivalent to, say, 5 SBD from faucets?
You can withdraw starting from 400 satoshi. Convert it to dash then trade it for steem over blocktrades.us.
I like the suggestion. This was the sort of thing I had thought of doing.
400 satoshi doesn't sound that bad. At current values, that'd be around 17 cents. And since STEEM's value is around 1/3 of the USD right now, it'd mean around 0.51 STEEM! Not sure if this is reachable in a week, but if so, then it might be considerable help for a small user to grow SP.
I decided to give the faucets a try and see what happens. I've registered at CoinPot, but didn't register at the faucets yet. Do you have referral links of the CoinPot faucets? I don't think it'll mean much, but I'd gladly use them. I only hope that the faucets' captchas have the audio option like CoinPot does (I'm visually impaired).
Edit: oops, wrong calculations. I had calculated the satoshi values based on BRL instead of USD, then confused BRL cents with USD cents.... 400 satoshi should be around 0.15 STEEM! To me, it's still a nice amount, though!
It's reachable in just three days if you use them a little often. Sometimes I can reach it more than once in a single day. And yes, it does mean a lot to me, thanks. If you use my referral on https://steemmonsters.club to create a new account, it'll work for each of their sites, but it probably won't work on the acount you've already created. The ones I use are all from the coinpot network. bonusbitcoin, bitfun, moonbitcoin, etc...
Great to hear that it isn't that hard to reach 400 satoshi.
I had already created an account at CoinPot without any referral, but still didn't register at any faucet. If there are separate referral links for each faucet, I think it should work.
I only found the link to Bitfun at Steemmonsters.club. What about the links to Moonbitcoin, Bonusbitcoin etc.?
Referral only works during registration. Getting referred with an already existing account does not do anything.
I registered at Bitfun using your link from Steemmonsters.club. The process was like when creating a new account (input the email, password, solve the captcha, accept the terms of service, click the link from the confirmation email). They didn't say the email needed to be the same one I used for CoinPot, but I used the same one. I did my first claim of 5 satoshi (yes, there are audio captchas! I'm happy :D ), and the satoshi went to the CoinPot account that I had created before.
So, didn't it really count as a referral? Can you check? If it didn't, then it's really a pity...
Looks like I was wrong, it worked. Will you still take my other refs?
Hmm intetesting.
I never tried to withdraw to a btc address. But thanks for the heads up!
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Hopefully some lightning networks will reach steem...
Hopefully :D
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I found that out yesterday also.
I only bought a small amount of Steemp, and had seen the !% deposit/withdrawal fee, but forgot about it when purchasing the steep.
When buying or selling, I really like the places that show you
All prior to clicking confirm, not that they are trying to hide anything, Just to make life easier for the buyer.
That sucks when I withdraw $3 worth of btc and only get $0.20...
Oh wow.... Yeah that would be rather annoying.
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Slow transaction speed and high fees have always been the problem with Bitcoin. The lightning network helps significantly but doesn't completely solve the problem. The fact that there is a a BTC transaction fee shouldn't be a surprise, however this is something that should be mentioned up front and at the very least a rough estimate of what the fee will be should be given.
BTC's lightning network does eliminate the problem completely if it is connected to the wallets related to the withdrawal (and in no other scenario).
This is why it surprised me there was a transaction fee on steem-engine:
Everything happening is explicited on coinpot and mostly any other site out there. I would have expected the same from steem-engine.