Bitcoin Thread - 2018

John Tempus

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These ATMs will likely charge no less than 15% above market , im sure its a total ripoff unless someone can confirm its within a reasonable 3-5% markup at most.
 

John Tempus

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Got a response from them. Price is pegged to Luno. ATM fees are fixed at 11%
Ye thats a super ripoff so if its pegged to Luno they are probably pegging it to the Luno direct instant buy which is 3% above the luno exchange platform rate and the luno exchange platform rate is on average 5% above the USD market rate.

So in all you would be paying nearly 20% above the USD market rate at these exchanges.

Insane, at these rates it makes buying or having crypto completely pointless vs just sticking with your normal bank card.

If you are going to buy longterm it makes even less sense to buy from an ATM vs going through the hoops and at minimum buying directly on luno or better yet from USD market exchange.
 

acidrain

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Ye thats a super ripoff so if its pegged to Luno they are probably pegging it to the Luno direct instant buy which is 3% above the luno exchange platform rate and the luno exchange platform rate is on average 5% above the USD market rate.

So in all you would be paying nearly 20% above the USD market rate at these exchanges.

Insane.
Yeah I don't see someone using it to buy bitcoin... at least not someone who knows about exchanges. Be interesting for someone in Strand street to go see what the atm price is and check it against luno.

The withdrawal fee I don't think is too steep looking at current banking rates, although does depend on what banking structure you are on I suppose. They also likely won't get decent CIT rates due to their small size at the moment.
 

John Tempus

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Yeah I don't see someone using it to buy bitcoin... at least not someone who knows about exchanges. Be interesting for someone in Strand street to go see what the atm price is and check it against luno.

The withdrawal fee I don't think is too steep looking at current banking rates, although does depend on what banking structure you are on I suppose. They also likely won't get decent CIT rates due to their small size at the moment.
I don't really understand why these people bother with ATM's

If you make arrangement with shops you could interface with Luno and process at till point and at reduced rates compared to these ATM's. Much cheaper to operate and essential zero up front cost compared to configuring/setting up these bloated ATM's.

The ATM's mask themself as a way to further crypto but its really just about scooping the bottom of the barrel buyers for as much profit as these ATM operators can muster.
 

L10Yn

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Anyone used Payfast to buy anywhere like Takealot. Not sure at which point they confirm a transaction so I can't figure out what's the minimum fees I need to set with my Bitcoin payment. Tried contacting them but they keep saying they can't advise on fees.
 

John Tempus

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Anyone used Payfast to buy anywhere like Takealot. Not sure at which point they confirm a transaction so I can't figure out what's the minimum fees I need to set with my Bitcoin payment. Tried contacting them but they keep saying they can't advise on fees.
Just ask them if they will accept your transaction the moment it hits the wallet at 0 confirmations. What usually happens is these processors will give you a address to send coins to within 10minutes so the moment you send the coins it will instantly show up on the wallet at 0 confirmations at this point your payment will be accepted until usually 2 confirmations. Just send to the wallet they provide with the recommended network fee so that you would not need to wait hours with the payment screen showing the block confirmation periods.

In short ask them if they will accept the payment the moment the provided wallet gets the transaction at 0 confirmations. You should be able to get your answers from this whether you need to wait around for it to confirm x blocks or if the 0 confirmations is enough for them to credit you.
 

L10Yn

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Just ask them if they will accept your transaction the moment it hits the wallet at 0 confirmations. What usually happens is these processors will give you a address to send coins to within 10minutes so the moment you send the coins it will instantly show up on the wallet at 0 confirmations at this point your payment will be accepted until usually 2 confirmations. Just send to the wallet they provide with the recommended network fee so that you would not need to wait hours with the payment screen showing the block confirmation periods.

In short ask them if they will accept the payment the moment the provided wallet gets the transaction at 0 confirmations. You should be able to get your answers from this whether you need to wait around for it to confirm x blocks or if the 0 confirmations is enough for them to credit you.
Thanks, so I did make a purchase yesterday using my ledger nano s setting the fees to high and it confirmed instantly. That fee though worked out to around R45 so I'm just trying to figure out how to set that fee as little as possible. I've asked them what you said now, will wait for a response
 

John Tempus

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Thanks, so I did make a purchase yesterday using my ledger nano s setting the fees to high and it confirmed instantly. That fee though worked out to around R45 so I'm just trying to figure out how to set that fee as little as possible. I've asked them what you said now, will wait for a response
Right if they can confirm that they just need to see the transaction hit without fully confirming(you should know if that was the case with your previous purchase) then you should be able to get away with the lowest reasonable fee possible which is around $0.68 atm.

https://live.blockcypher.com/btc/

Take a look at the low priority fee where first confirmation will occur roughly 7 blocks in.
 

L10Yn

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Right if they can confirm that they just need to see the transaction hit without fully confirming(you should know if that was the case with your previous purchase) then you should be able to get away with the lowest reasonable fee possible which is around $0.68 atm.

https://live.blockcypher.com/btc/

Take a look at the low priority fee where first confirmation will occur roughly 7 blocks in.
Thanks, I'll give it a try tonight. So does anyone else here spend their Bitcoin and where? Or is it all just holding and trading
 

John Tempus

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Thanks, I'll give it a try tonight. So does anyone else here spend their Bitcoin and where? Or is it all just holding and trading
Im not a Bitcoin maximalist. It excellent for international transfers , as a long term store of value and most importantly as a trading asset. For day to day payments I dont bother with it, in fact I think it is pretty **** and cumbersome to use in those cases.
 

Swa

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Thanks, I'll give it a try tonight. So does anyone else here spend their Bitcoin and where? Or is it all just holding and trading
I don't. It doesn't make sense to me to use it for payments. If I need to spend I sell and transfer then use the money. Even with exchange rate it costs less than if I used it directly.

The only way I'd ever use it directly is if it's a really great time limited special but even then it would take me a day to enable transfer so I might as well go the selling route.
 

John Tempus

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I don't. It doesn't make sense to me to use it for payments. If I need to spend I sell and transfer then use the money. Even with exchange rate it costs less than if I used it directly.

The only way I'd ever use it directly is if it's a really great time limited special but even then it would take me a day to enable transfer so I might as well go the selling route.
The main issue with usability is that every merchant who is actually jumping on board is price gouging.

Commission for processor, commission here and commission there where at the end the price of BTC comes down to a loss of 5-10% all of a sudden all the effort costing you more than swiping a card the old fashion way.

Example right above the ATM's, 11% charge on top of luno rate which is 5% or more above the true international rate. How can anyone hope for mass adoption when the ones pushing public adoption is straight up ripping off clients.
 

L10Yn

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Thanks, I'll give it a try tonight. So does anyone else here spend their Bitcoin and where? Or is it all just holding and trading
So I made a transaction with fees at 8 sats/byte (which was listed as low on https://live.blockcypher.com/btc/ ) which was like $0.16 I think. I bought a takealot voucher and I received it instantly. Looked at the transaction and it still says unconfirmed. So I'm a bit confused what would happen if I set the fees at basically 0?
 

L10Yn

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Try it and let us know
lol so I bought another voucher at 1sat/byte which is basically nothing (like 30c) and got my voucher instantly. Transactions are both still unconfirmed, will check tomorrow to see the status of them
 

John Tempus

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lol so I bought another voucher at 1sat/byte which is basically nothing (like 30c) and got my voucher instantly. Transactions are both still unconfirmed, will check tomorrow to see the status of them
Haha thats what you call super low transaction fee. It might take something like 40+ blocks before it gets any chance to enter a block for first confirmation.
 

SaiyanZ

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Seems to be a major trend reversal now. A close below around $8200 this week will confirm it. That weekly doji is working as expected:




On the 1hr scale, $7700 is a possible bounce area. There's not much wiggle room here though so it won't stay between $7700 and $7900 for very long. Has to move quickly in either direction. Once below $7700 it can fall pretty quickly to about $6800.

 

Salmank

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Seems to be a major trend reversal now. A close below around $8200 this week will confirm it. That weekly doji is working as expected:




On the 1hr scale, $7700 is a possible bounce area. There's not much wiggle room here though so it won't stay between $7700 and $7900 for very long. Has to move quickly in either direction. Once below $7700 it can fall pretty quickly to about $6800.

Seems ti be fighting to get back above $8000. So doubt it will go below $7700 again.
 
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