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RE: We've noticed Bitcoin transactions are slow to confirm right now, maybe related to rise in Bitcoin Cash price
Help ----- I sent you $30 SBD (1 SBD=$1.02) and I only received $13 USD of Bitcoin ? Are your fees now 120 % ? Is this a mistake ? I send you $30 and you take $17 in fees ???
No, mostly that cost was the fixed fee we have to pay right now to send bitcoin (it doesn't end up in our pocket, it goes to the bitcoin network), and we just pass that expense to the customer.
There's a clear warning about it in the display when you get the deposit memo, where we recommend you only send in amounts at least 5 times the fixed fee to get a reasonable exchange rate. Also, I generally recommend buying something other than bitcoin right now, unless you're just planning to hold the bitcoin. See this post for more details (it's a bit old, so the fees for bitcoin have skyrocketed even further than when I wrote the post):
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
OK - Thanks ! Lesson Learned.
Also, note that bitcoin fees are abnormally high now, due in part, I believe, to games being played by bitcoin/bitcoin cash miners, as mentioned in this post.
OK - Thanks - I will hold off from transferring anything into Bitcoin.
I didn't mind losing the $ 17 so much since you had recently Upvoted one of my posts with $70 + so still a big fan of @blocktrades and will do more trades as soon as the transaction fees return to normal or hopefully with larger amounts of SBD.... would you recommend minimum of $ 200 SBD ?
Another option is to buy Ethereum or Litecoin. Most exchange support those as well.
Yes - I have traded my SBD for both Litecoin and Ethereum and the transaction cost is almost zero. I will buy these on the dips. Thanks. You provide a Great Service here.
At the current rates, $200 SBD might be the right amount to use, but less should be fine once bitcoin transaction fee gets back to normal. If you're ever unsure, it's best to just use the estimator, it will give you a pretty good estimate on the rate you will get.
OK - Thanks - I have not used that tool before- I will next time.