12/12/2022 0 Comments Bitpay visa cardThat is ridiculous and makes this card as close to completely worthless as you can get short of cutting it in half. $50.36 to send $33 to the BitPay Visa Card. WE PAID the blockchain network fees via Poloniex at the rate of 0.0002 for this transaction which resulted in an additional $3.43 for a total of This had NOTHING to do with blockchain network fees. $14 dollars? For WHAT? Where does this number come from? Why is this email trying to act like this didn't just happen? This is rather misleading. The email (above) gives us the correct amount of what equates to exactly $33, however WE SENT 0.002742 which was actually $47 dollars. We were able to use an exchange to fund the card and reduce the mining fees to about $4. BITPAY VISA CARD CODEThis test was done BEFORE BitPay enforced the QR Code protocol. BitPay created an invoice asking for a payment of 0.002742 at the rate of $17,115.43 cents. We requested to fund a BitPay Visa card in the amount of $33 USD. We gave this a try to see what the fees were and if we could duplicate a transaction resulting in ridiculous amounts of fees.įortunately, we were still able to send from Poloniex at the cost of 0.0002 since BitPay implemented the new requirement a couple days ago but then rolled it back before implementing it again today. The fees are no longer easily explained and it's unclear how things got to this point since sending funds to BitPay used to cost about $4 or $5. Of course, this is on top a Bitpay fee, GreenDot fee, and who knows what other fees in addition to any additional miner fees included resulting in the possibility of paying $60 to send just $10. This means you are forced to pay ridiculously high network fees of up to $35 or more to fund the BitPay card. BitPay no longer allows you to send bitcoin to a bitcoin address. Which is still far cheaper than sending it from your own wallet if you expect it to get anywhere anytime this century. Poloniex for example, charged only 0.0001 BTC to send bitcoin up until a few days ago when they raised the withdraw fee to 0.0002. Many pooled services calculate the fees as a group of transactions and send large groups which saves network fees on individual transactions. To remedy this situation and save on fees a BitPay card user could use an exchange or other pooled service to to save on fees. Of course, there is no going back once sent and once sent to BitPay it's as good as gone.There's no returning the value to bitcoin form.įurther Degraded Usability and Hidden Fees If you do not have at least 1 confirmation within 15 minutes of the invoices creation, the funds are then treated in various ways which sometimes result in the bitcoin price being honored and in others being credited once the payment received up to 6 confirmations at the price calculated 1 or even 4 hours later. This is further hindered by the BitPay invoice itself which limits the time to fund the invoice to 15 minutes. Now fees are as much as $15-$20 to get anything anywhere within any kind of reasonable time frame. That was until until the price of bitcoin hit the moon. Previously, using the Bitpay card was tolerable even with the network fee of about $4. In all fairness there are just as many offerings out there that operate exactly the same way in that they have to be funded and the problem with all of them is that once it's funded, there's no going back to bitcoin. It's further degraded in that it only is available to the United States. This is unlike other offerings such as Coinbase or XAPPO which draws on a specific bitcoin wallet account or Upheld's Master Card which allows the immediate funding online as an internal transaction. It's already limited in use being only able to load the debit card with bitcoin by paying an invoice created by BitPay which then funds the card through the GreenDot network. The card offering hit the scene about a year ago and boasts one of the higher withdraw limits of cash among the many industry offerings. Which if isn't used, gives you even less visibility of what fees are being charged on top of the already unclear fees. To make things worse, this was attempted using their own wallet to fund their product. This is BitPay, not the miners, and not the blockchain. To send just $10 USD to the BitPay card is going to cost $65.37 where $21.38 of that are BitPay fees and where Bitpay is forcing people to pay $31.99 in miner fees.
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