I feel like coinbase robbed me
fyi I'm JUSTTTTT starting out. I looked up some videos on how to buy burst. Using what I saw I decided to make a test run with $5.
I went to coinbase and bought $5 worth of bitcoin... which charged me an additional $1 transaction fee (20% wtf). OK so I have spent $6 and I have $5 worth of bitcoin. Then I sent it to Poloniex and it took forever so I check on it the next day, and the bitcoin arrived in my POLO account, YAY.
But, not YAY because, it said I have $1.54 worth of bitcoin... so somewhere, $3.46 of bitcoin was stolen or charged as a transaction fee or something... that's 69%... wtf!
Then I exchange my bitcoin for burst and I have $1.53 of burst coin... ok 1 cent transaction fee I'm OK with that.
Then I send it from POLO to my burst wallet. and FINALLY i end up with... drum-roll... $1.47 worth of burst.
Does all this seem normal?... I kinda feel like I was mugged. I definitely don't want to get into crypto if that's the scam.
@jnioc every thing seems normal but the transfer from coinbase to Polo .... i would check to see how much the trans fee is set to .... not even sure if you can change that on coinbase but you have the ability to charge more to make it go faster give it priority over lower fee transaction's .... as for the burst from polo to wallet it charges 1 burst ...burst value has been going up and down alot vary fast so that can be exsplained i dont think the 20% is standard with coin base might be a 1$ minimum have to look into that as well
If you did 500 it would probably be the same fees so % wise insignificant. You were trying to test the system with small transactions. Your test cost you $4.53 which like yo said seems high but not outrageous for a test.
shipping rates are now bitcoin crazy, is coming the time to send small amounts will not be unprofitable
It is already now but is coming to have to pay 5 dollars to send another 5, this does not even the banks.
Since the large pool and Chinese miners have taken control, this has not been more than worse