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Transaction fee

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Transaction fee

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This topic contains 9 replies, has 3 voices, and was last updated by  alexg 1 year, 5 months ago.

Viewing 10 posts - 1 through 10 (of 10 total)
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  • #1641

    sambenny
    Participant

    Removing transaction fee when coinpayment has a transaction fee for each transactions, how do we handle that? Users need to see that there is a transaction fee for their transaction and know how much the fee is. also without the fee, website owners cant earn funds.

    #1643

    alexg
    Keymaster

    I removed the fees settings because they were getting too complicated. In a later version I will combine the fees into one setting that will be expressed as a percentage. I already have another request where several users are asking for fees to be expressed as a percentage of the transacted amount, so this will have to happen first.

    Since you are running a WooCommerce site, you should be earning funds by selling products, not by setting fees on transactions. The fee is mainly to cover blockchain fees.

    Like I said, this adapter is in beta so expect more changes soon.

    regards,
    Alex

    #1650

    alexg
    Keymaster

    Hello,

    I have implemented the proportional fees request in wallets version 2.4.5 and you can set proportional fees throughout all coinpayments adapters in one setting in the latest adapter version 0.3.1-beta. Also, the 0.5% deposit fee incurred by the platform is now correctly reflected in the transactions table, as is the fixed coinpayments withdrawal fee, which is different for each coin.

    0.3.1-beta should also fix the situation where coins were not being listed. Additionally, if there is an error while listing coins, you should be seeing a useful error message in your admin area. Try it in your staging area and let me know.

    regards,
    Alex

    #2326

    DeCryptoManiak
    Participant

    Hello,

    When is set a transaction fee in coinpayments adapter in my wp admin.
    How do i get these fees, does the owner earn some money with it?
    because in your youtube video in setting this dashed slug plugin, he said that this will make you money.

    Can you please be clear?

    #2327

    alexg
    Keymaster

    The CoinPayments adapter sets the fixed portion of the withdrawal fees to be equal to whatever amount is required by the CoinPayments platform to pay for blockchain mining. Any additional fees that you set are added on top of that. The extra fees that you set are subtracted from the user’s account but not from the wallet address.

    Please see this recent post to a similar question for more details: https://www.dashed-slug.net/forums/topic/failed-withdraw-and-fees/page/2/#post-2325

    The video you are referring to was done before any of the web wallets were implemented, but the general idea still holds. While earning some transaction fees can make you money, you cannot expect to create a website wallet with only that as your plan. Your users need a reason to use your website as a wallet, so you need a business plan. This is where the app extensions come in. They let you provide functionality on top of wallets.

    Hope this is more clear.

    kind regards

    #2329

    DeCryptoManiak
    Participant

    Hi,

    When a user of my website sends some coins, and pays the fee is set.
    Where will this fee go to, do i need to set a adress, or dont i get these funds?

    #2333

    DeCryptoManiak
    Participant

    Hello,

    Thanks for your reply.
    It is clear now, that i CAN earn money with the fees. BUT how do i get these coins/funds/money?
    Do i need to set my bank account, or my paypal or a wallet adress? Please be clear!

    #2341

    alexg
    Keymaster

    You do not need to have a bank account or a paypal account. You do need to setup a wallet, either a cloud wallet or one of the full node wallets, and to connect it to the plugin via a coin adapter. All of this is detailed in the documentation and website.

    To earn cryptocurrencies you do the same things you do to earn other kinds of money: provide goods and services that people want or need.

    Via this website I provide access to WordPress software that does specific things with cryptocurrencies, but it is up to you to figure out which ones can help you in your business. For example, if you have setup a shop using the WooCommerce extension, you can use the WooCommerce payment gateway to enable cryptocurrency payments, or if you want to pay microtransactions to encourage recurring traffic you could set up a faucet. These are all app extensions that provide functionality on top of wallets.

    I would suggest that you do not start with the question “How do I earn coins?” but with the question “What goods or services can I provide that people value?”. Cryptocurrencies, just like all forms of money, are tools that can help you grow your business, they are not a business in themselves.

    To answer your previous question, when fees are paid by users they are deducted from their balance. The actual coins (minus any miner fees) remain on the site’s wallet, they are not added to any of the user accounts. You always have access to the master wallet(s) for the site and the coins are always yours.

    #2345

    DeCryptoManiak
    Participant

    You say that fees remain on the sites wallet, where can i find the sites wallet??
    Were is the master wallet?

    Please be clear?

    #2346

    alexg
    Keymaster

    For each coin that you have online, there is a wallet backing it. This is either a full node or a cloud wallet. This wallet has a balance on it, which is how many coins are actually available on the site. The plugin then keeps a record of user balances and uses this master wallet to store the coins, to receive new coins, and to withdraw coins to external addresses. Perhaps all this is more clear with an example:

    Say you have a new master wallet with 0 coins.

    Then user A deposits 10 coins. There are 10 coins on the master wallet and they all belong to user A.

    Now user A transfers 2 coins to user B. Now user A has 8 coins, and user B has 2 coins minus whatever the fees are. Your master wallet still has 10 coins. And the fees are in the master wallet that you control.

    Now suppose you go to the cold storage section and withdraw 5 coins to a hardware wallet. Now user A still has 8 coins, user B has a bit less than 2 coins, and the master wallet has a balance of 5 coins. User B can withdraw their entire balance, but user A cannot. This is why you need to keep track of the percentage of user balances that is online. You do not want users to not be able to withdraw their coins, but you do not want to have the entire balance online either, because you don’t want to put all your eggs in one basket, security-wise. It’s a trade-off.

    Hope this is more clear?

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