Forum

Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

1.) ioffer bill is $6.25 (bitpay)
2.) I have $10 in account (coinbase)
3.)Tried sending funds to their address but each time it states *not enough funds*
4.) Downloaded scanning app and tried scanning their barcode from pc to my phone but when trying to open browser it says "invalid"

What in the world am I doing wrong? I am going insane.

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

Figured out how to send funds, as well as to why I didn't have enough funds to pay my fees, and the reason being is because of Coinbase EXTREMELY HIGH NETWORK FEES.

To send $6.25usd cost $16.85 in fees. That is ridiculous. Guess from here on out I'll be paying via Money Order.

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

Bitcoin at the moment isn't designed for paying small bills like that (or buying coffee) etc.

It works better with higher tier payments, where fees are less noticeable.

However, it is on the cusp of adapting, to make fees lower and payments faster (with the lightning network).

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

That is the Segwit thing they talk about right?

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

The high transaction fees are why Steam just stopped accepting BTC payments this week. The transaction fee was getting to be higher than a lot of the games they sell.

At it's current price/mining difficulty BTC is more of a collector's item or an investment tool than a currency. Play is right about it being suitable for higher amount transactions - but who in their right mind is going to pay thousands of $'s for something in BTC where they're offered zero protection if something goes wrong? It's evident in the blockchain that nobody is using BTC to make purchases. It's mostly either people buying to hold long term, or people shorting BTC for a quick (huge) buck.

I read yesterday that with the current mining difficulty level it takes more than $10 worth of electricity to process a single BTC transaction - which is why transaction fees are getting higher and higher. You can buy virtually nothing with them. I think Newegg still takes BTC but a lot of companies have stopped.

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

I suspect this will all workout in time when larger corporations accept bitcoin. As long as there is demand, there will be supply. Money talks....

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

The problem is that big companies will never widely adopt a cryptocurrency because of the volatility and lack of protection.

This is exactly the same thinking all those investors who bought in right before the great depression had before they lost their life's savings. There will always be demand.. until there is no demand and you're stuck with worthless coins.

I'm not anti-BTC I'm just pointing out that every financial bubble ever has burst at some point.

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

BTC will never be any kind of currency. Its more of the niche market for some people.

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

I couldn't disagree more. Whilst it's not a currency right now, it has a lot of room for improvement. These improvements are in the works as we speak, and if successful, it could outwit existing currencies.

Never say never.

Re: Having a hard time paying ioffer bill with Bitcoin (coinbase)
 

I think BTC might end up having such good returns that no one will want to spend it even if the transactions were cheap and fast.

Say you buy a GPU for mining from Newegg with BTC for $469 today, a year from now that same amount of BTC might be worth $1,000+. Making it one very expensive GPU and you very pissed off.

I guess only time will tell, we'll have to wait and see what happens when futures start.. See if it stops the volatility and moon shots.