Bobbybingo

by Bobbybingo

Bitcoin fees

Hello friends, I’m after advise on calculating bitcoin fees when buying off here cos I’m frequently cocking it up and paying over the odds. I use Revolut, does the fee come out of the coin I send or is it deducted from my bitcoin wallet? I recently placed an order and made sure I withdraw an extra tenner to cover fees, converted it to bitcoin and sent the exact price of the hash but came up short payment. E.g partially paid. So did they take out the fee from the bitcoin I sent? If so how do I calculate how much the fee will be so I can add it on to the bitcoin I am sending? I’ve bought 5 times on here and never seem to get it right. I would appreciate any advise from people using Revolut unless the process is the same for all means of buying bitcoin. Thanks in anticipation

Comfortablenumb

Hey mate it's not always obvious where your fees are going and when you pay them. On revolut you can be paying fees for adding funds, fees for buying, fees for sending and the bitcoin gas fees. I think you get a breakdown of how much the other account will recieve before you confirm the withdrawal. If you are happy with revolut you are still going to need another wallet to send coin to because it has been known to limit the number of different withdrawal addresses you can use. Get a non-KYC wallet to use for buying from here, I use trust wallet and I know a lot of people use Exodus. Good luck 👍

MightyRux

Absolutely 100% this. Buy from the exchange and send to an external non-KYC wallet. It'll cost you a couple of quid (if that, in normal fee times like now) to send from Exodus or equivalent on, but the fees are clearly added on to your send amount and they'll receive what you expect them to. Invariably that extra £10 or whatever that is left in your wallet will lose money between the time you add it and the time you spend it, if your luck is anything like mine.

Bobbybingo

thanks mate, thats really helpful. Just to be clear...are you saying if the price of the product is say £10 and the fee £3 then i need to send £13 to the wallet and send that £13 from wallet to vendor who will receive asking price of £10?

MightyRux

Ha, worse mate. If it's £10 for the product and £3 fee then you're looking at another £3 fee to send on, so you'd need to fund £16 to send £10 in this scenario. All rough figures here obviously. If you send £10, £100 or £1000 then the last fee to send will always be the same (but fluctuate constantly) as it's based on transaction, not amount.

Bobbybingo

Ok, to calculate the exact amount to send from the wallet is there a breakdown of the fees i can look at so i can add that on to the asking price or is it better to just add on say an extra tenner and hope that covers it? Sorry for all the ??? just trying to get it right in my head.

MightyRux

https://mempool.space/

Don't be sorry for trying to learn how this convoluted system works mate, I'm still learning myself!

So, click on the link above and that lets you monitor the blockchain in real time. Click on the dial/guage in the bottom left and it'll show you the current fees. Always check this as sometimes your wallet wants to send at much higher fees than needed, and sometimes at lower fees which may never clear. Use the Custom fee option on Exodus when sending.

Bobbybingo

Thanks for taking the time to explain all this...its a bloody minefield but i'll get there. All the best mate

Bobbybingo

Hey bud thanks for your help. I havent been using another wallet, just been sending straight from Revolut. Would you say its easy to set up a wallet and send from there? Does it cost any more in fees to do this?

Thetechie2023