Why do Bitcoins on Bittylicious cost so much?: Difference between revisions
Jump to navigation
Jump to search
Astropoint (talk | contribs) No edit summary |
No edit summary |
||
| (3 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
The price of Bitcoin on Bittylicious can be more than some of the large exchanges out there. To do a fair comparison you would need to compare it with other GBP sites. | |||
There are many costs associated with offering Bitcoins and other virtual currencies to you, the user, on Bittylicious. Compared to the bigger exchanges, the benefits of Bittylicious over a large market include: | There are many costs associated with offering Bitcoins and other virtual currencies to you, the user, on Bittylicious. Compared to the bigger exchanges, the benefits of Bittylicious over a large market include: | ||
# Bittylicious is | # Bittylicious is Isle of Man-based and follows Isle of Man law. | ||
# Bittylicious is priced primarily in British pounds. | # Bittylicious is priced primarily in British pounds. | ||
# You would need to pay foreign exchange costs to put GBP onto a market (e.g. converting to US Dollars). | # You would need to pay foreign exchange costs to put GBP onto a market (e.g. converting to US Dollars). | ||
| Line 13: | Line 9: | ||
# You often need to pay fees to put money onto the exchanges in the first place. | # You often need to pay fees to put money onto the exchanges in the first place. | ||
And other costs that | And other costs that we face include: | ||
# There is fraud in the banking world, meaning brokers sometimes lose money altogether. | # There is fraud in the banking world, meaning brokers sometimes lose money altogether. | ||
# Most banks hate cryptocurrencies, meaning there's the risk of losing bank accounts. | # Most banks hate cryptocurrencies, meaning there's the risk of losing bank accounts. | ||
# Banks often charge fees for transactions, especially on business bank accounts. | # Banks often charge fees for transactions, especially on business bank accounts. | ||
Those costs, including time costs, all add up. We believe Bittylicious offers the | Those costs, including time costs, all add up. We believe Bittylicious offers one of the simpler ways for people to buy Bitcoins and sometimes this can come at a little extra cost. | ||
===Transaction fees=== | ===Transaction fees=== | ||
As well as the costs listed above, the Bitcoin network has a concept of ''transaction fees'', which originally was designed to be a small fee for transactions to be sent and included in a Bitcoin block. Bittylicious uses the recommended fee set by the Bitcoin core client to get a transaction confirmed quickly, although if there are unexpected spikes in network activity or a lack of blocks it can take a little longer. Generally these fees are not particularly high, however at times of extreme load on the network | As well as the costs listed above, the Bitcoin network has a concept of ''transaction fees'', which originally was designed to be a small fee for transactions to be sent and included in a Bitcoin block. Bittylicious uses the recommended fee set by the Bitcoin core client to get a transaction confirmed quickly, although if there are unexpected spikes in network activity or a lack of blocks it can take a little longer. Generally these fees are not particularly high, however at times of extreme load on the network, these have however been exceptionally high (~£25) and would always need to be included within the price. | ||
Estimates of the current network fees are available can be viewed at [https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m BitInfoCharts]. | Estimates of the current network fees are available can be viewed at [https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m BitInfoCharts]. | ||
Latest revision as of 11:45, 26 September 2024
The price of Bitcoin on Bittylicious can be more than some of the large exchanges out there. To do a fair comparison you would need to compare it with other GBP sites.
There are many costs associated with offering Bitcoins and other virtual currencies to you, the user, on Bittylicious. Compared to the bigger exchanges, the benefits of Bittylicious over a large market include:
- Bittylicious is Isle of Man-based and follows Isle of Man law.
- Bittylicious is priced primarily in British pounds.
- You would need to pay foreign exchange costs to put GBP onto a market (e.g. converting to US Dollars).
- On many markets, there are huge restrictions on withdrawing fiat and large Bitcoin amounts.
- You often need to pay fees to put money onto the exchanges in the first place.
And other costs that we face include:
- There is fraud in the banking world, meaning brokers sometimes lose money altogether.
- Most banks hate cryptocurrencies, meaning there's the risk of losing bank accounts.
- Banks often charge fees for transactions, especially on business bank accounts.
Those costs, including time costs, all add up. We believe Bittylicious offers one of the simpler ways for people to buy Bitcoins and sometimes this can come at a little extra cost.
Transaction fees
As well as the costs listed above, the Bitcoin network has a concept of transaction fees, which originally was designed to be a small fee for transactions to be sent and included in a Bitcoin block. Bittylicious uses the recommended fee set by the Bitcoin core client to get a transaction confirmed quickly, although if there are unexpected spikes in network activity or a lack of blocks it can take a little longer. Generally these fees are not particularly high, however at times of extreme load on the network, these have however been exceptionally high (~£25) and would always need to be included within the price.
Estimates of the current network fees are available can be viewed at BitInfoCharts.