Notes about bitcoin and monero payouts
Posted: Mon Dec 25, 2017 10:46 am
I wanted to provide an update on bitcoin payouts.
The transaction fees on the bitcoin network have fallen enough that it is now just barely possible for us to remain in business while offering bitcoin payouts. We still plan to change our payout structure to use Coinbase after the New Year, but until then it will probably be possible for us to offer payments to users who are willing to pay the transaction fees.
We raised the minimum payout threshold for bitcoins to $1000, and all customers requesting bitcoin payouts will be charged the transaction fees, which are averaging around $15.00 per customer per payout. Spending the transactions after they are paid will cost another $35, so customers who want to be paid in bitcoins should expect to lost $50 (or as much as 5%) from their bitcoin balances to fees.
If you want bitcoins, we still recommend accepting payouts in litecoins, and exchanging your litecoins for bitcoins in an exchange if that's what you want to end up with. However, if fees remain low, we will process payments on a best-effort basis until we are able to implement Coinbase bitcoin payments after the holidays.
Users should also be aware that the transaction fees for Monero have risen very high, causing us to increase the minimum transaction amount for Monero dramatically. If you want Monero and don't expect to earn a lot of money, you may want to generate a Poloniex LTC deposit address and exchange paid LTC for Monero at Poloniex.
The transaction fees on the bitcoin network have fallen enough that it is now just barely possible for us to remain in business while offering bitcoin payouts. We still plan to change our payout structure to use Coinbase after the New Year, but until then it will probably be possible for us to offer payments to users who are willing to pay the transaction fees.
We raised the minimum payout threshold for bitcoins to $1000, and all customers requesting bitcoin payouts will be charged the transaction fees, which are averaging around $15.00 per customer per payout. Spending the transactions after they are paid will cost another $35, so customers who want to be paid in bitcoins should expect to lost $50 (or as much as 5%) from their bitcoin balances to fees.
If you want bitcoins, we still recommend accepting payouts in litecoins, and exchanging your litecoins for bitcoins in an exchange if that's what you want to end up with. However, if fees remain low, we will process payments on a best-effort basis until we are able to implement Coinbase bitcoin payments after the holidays.
Users should also be aware that the transaction fees for Monero have risen very high, causing us to increase the minimum transaction amount for Monero dramatically. If you want Monero and don't expect to earn a lot of money, you may want to generate a Poloniex LTC deposit address and exchange paid LTC for Monero at Poloniex.