Crypto and fees

Discussion in 'Bitcoin and Cryptocurrency' started by Synthetic1, Dec 23, 2018.

  1. Synthetic1

    Synthetic1 Member

    When sending bitcoin with electrum does the sender or receiver pays the fees?. I thought the fees would be added to the amount sent. For example of I sent $100 I would be deducted $100 plus fees from my wallet..Just curious I sent a payment and according to my wallet I sent 9$ less
     
  2. Savagesteve

    Savagesteve Member

    Out of the wallets I’ve used it always costs me to send the funds. If I sent $100 it would always be more than $100 deducted for the fees. Not sure how you sent $100 and they only got $91 unless the value decreased that much in that time frame
     
  3. TX_Hempknight

    TX_Hempknight Member AnabolicLab.com Supporter

    Same, I always paid the fees. You have to purchase enough to cover the fees. Also, I have bought coins to send immediately to a sponsor and it decreased in value like $5 before it got sent within 5-10 minutes or so. Luckily they let it slide. Thats the shitty thing about bitcoin. Its all on the consumer to take the hit on fees and the decrease in value before it gets sent.
     
  4. Serono

    Serono Member

    The issue becomes, what "exchange" the sender, and receiver are using to set price.

    For example, if someone is using blockchain.info to get the current price, and the receiver is using Bitstamp, then the amount sent might not add up. It is not always a matter of fees, just a matter of using 2 different USD:BTC conversions.

    I think if sources are going to complain about the difference of a few dollars, they should specify which exchange rate to use, at time of sending.
     
  5. Savagesteve

    Savagesteve Member

    I’ve always sent what was asked and never heard any complaints.
     
  6. Synthetic1

    Synthetic1 Member

    The transaction took a few minutes not sure what happened..Is a transaction fee considered a mining fee? Does electrum charge a seperate fee to use their service..Im still learning the fine details, dont want to short any source no matter how little..
     
    Last edited: Jan 3, 2019
  7. Synthetic1

    Synthetic1 Member

    Luckily they were cool about it being a little short..