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Onchain Fees
10 sats \ 11 comments \ @grayruby 12 Feb 2023 bitcoin
I paid over 40k sats to move a couple million sats from exchange to hardware wallet yesterday.
Not the end of the world for me, but this has to be really hurting people using Bitcoin for remittances. Still cheaper than western union but every sat counts.
Hopefully the nonsense jpeg fad dies out soon. There are better ways for miners to generate revenue or access cheaper energy to maximize profits.
Cheers, GR
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10 sats \ 2 replies \ @Eximpius 12 Feb 2023
Pretty sure withdrawal fees on strike are free
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0 sats \ 0 replies \ @grayruby OP 13 Feb 2023
Some services offer that. You just end up paying for it in the spread between spot and executed price over time but it is a nice feature.
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0 sats \ 0 replies \ @WeAreAllSatoshi 12 Feb 2023
I believe you’re correct. I think purchasing is also fee-less. Though I think you end up buying at a slightly higher price point than from other exchanges, so really you’re paying a fee there, it just shows up as 0 on the receipt ¯\_(ツ)_/¯
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0 sats \ 1 reply \ @Neo 13 Feb 2023
Even without JPEGS, you will have to pay high fees in the future, if Bitcoin becomes a global settlement layer. To move a few million sats, might better to start using lightning these days. I hope more exchanges will be forced now to integrate LN deposits/withdraws. Was the same with Segwit in the past, most just started reacting when fees where skyrocketing and customers moved to other exchanges with Segwit support.
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0 sats \ 0 replies \ @grayruby OP 13 Feb 2023
Yes most activity will migrate to lightning and other layer 2s, eventually base layer will be for large transactions only. I am thinking about people who currently need base layer for purposes of remittances or international settlement more than myself who is just using once per week to send sats to hardware wallet.
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0 sats \ 0 replies \ @fiatbad 13 Feb 2023
Are you sure the exchange isn't taking a fee? I doubt all those fees were purely from the protocol.
Exchanges who are adopting Lighting are the real heroes.
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0 sats \ 4 replies \ @Eximpius 12 Feb 2023
Stop using exchanges
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10 sats \ 2 replies \ @sudonaka 12 Feb 2023
only p2p? in a perfect world are we able to buy directly from miners?
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1 sat \ 0 replies \ @grayruby OP 13 Feb 2023
I would be interested in this business. Mining for the sole purpose of p2p offering as a means to strengthen the p2p network. I like this idea.
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0 sats \ 0 replies \ @Eximpius 12 Feb 2023
Yeah, if you know a miner lol
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0 sats \ 0 replies \ @grayruby OP 13 Feb 2023
This would be ideal but p2p network is not robust enough yet. Hopefully in the future.
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