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> You miss the point that the transaction fee is paid by the sender No, I haven't missed that. So if I send 10 USD via Ethereum to Mozilla, BitPay will take 1%
by capableweb 5y ago
> You miss the point that the transaction fee is paid by the sender
No, I haven't missed that. So if I send 10 USD via Ethereum to Mozilla, BitPay will take 1% of the amount that reaches Mozilla, but I'll also pay a huge transaction fee on top of that, making it almost guaranteed that I'll pay more in transaction fees than what Mozilla actually gets. That means that the answer to the question "Does giving cryptocurrency result in more of my charitable donation going to transaction fees?" is a sound "Yes" in some cases.
- celticninja 5y agoI guess it's a technicality whether the tx fee is part of the donation or not.
- tsimionescu 5y agoIt's not a technicality when the question was "will more of my money be going on transaction fees?".
- darawk 5y agoBitpay accepts plenty of cryptocurrencies with very low tx fees.
- capableweb 5y agoSure, but since the page is called "Donate Bitcoin" and the announcement is explicitly mentioning Dogecoin, Bitcoin and Ethereum, I think it's safe to assume they are mainly focused on Bitcoin.
- roenxi 5y agoThe only part of the equation that you don't have available is what BitPay's margin is. Mozilla gave that to you. Mozilla can't figure out what your transaction cost is, because it is variable. You have much better information on that part of the transaction than they do.
- capableweb 5y ago> Mozilla can't figure out what your transaction cost is, because it is variable. Yes, I agree with this, but for someone who is using cryptocurrencies the first time, it might not be, and the answer they currently have to that question doesn't say what you said, it says something different.