Excessive fee charged to the user is a result of using Blockchain.com’s API, which creates a new address for each payment in Bitcoin.
A Brazilian merchant who accepts Bitcoin (BTC) as a form of payment was surprised by a fee of almost R$ 3 thousand, which was charged to withdraw the balance he had in cryptomoedas at Blockchain.com.
In total, the owner of the e-commerce business paid US$ 544.39 of fee, to transfer 0.22298819 BTC, or yet, R$ 2.881,51, considering the quotation of the American dollar this Friday (15).
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According to a posting in a Facebook group about the case, the user uses an API from Blockchain.com to receive the payments. However, for each transaction, the API creates a new address for the merchant, which generated multiple fees at the moment he decided to sell the balance in Bitcoin.
High fee to withdraw Bitcoin
The high fee charged for the withdrawal of about 0.22 BTC happened due to the number of addresses that the user created automatically. For each amount received in cryptomoedas by him, a new address was created in the Bitcoin network.
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In this way, it is as if a new portfolio was created for cryptomites in each sale that the e-commerce made, with payment in BTC. In total, the 0.22 BTC withdrawal corresponds to 150 sales, that is, 150 addresses were generated, as explained by the cryptomote seller, Michel P2P.
„Each Bitcoin address you receive within the same portfolio is called an input. Each address has a cost for exit, which is charged by the miner“.
Cryptomoedas as payment method
The trader from the interior of Goiás who receives cryptomoedas as a form of payment decided to accumulate 0.22 Bitcoin before exchanging the entire balance for Brazilian Real.
Thus, by accumulating 150 payments in BTC, the user sold the fraction of cryptomoeda through a transaction via P2P. Without being able to manage the addresses that are created, he said that after each sale a new Bitcoin address is created by the API.
„I have an ecommerce that I receive Bitcoin as payment. There, they generate several different portfolios. The system is automated. After the customer makes the payment, the order transaction is approved, and for each customer a different address is generated“.
150 addresses were created with the payments in Bitcoin (Reproduction/Facebook)
API was responsible for billing
Right after paying a fee of almost $ 3,000 to withdraw the Bitcoin he received, the Brazilian merchant said he should look for alternatives to the API of Blockchain.com, which charges a fee for each payment in cryptomoedas.
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With the sale in Bitcoin by the trader via P2P, he received approximately $ 44 thousand for the balance in BTC, in addition to the fee of almost $ 3 thousand that was discounted by the network.
According to Michel P2P, the fee of the BTC network was normal at the time of negotiation with the owner of the Brazilian e-commerce. However, the problem was in the excessive number of addresses created, to receive payments in Bitcoin.
„He has 150 addresses. Each one of them pays its exit fee, and added together they give that amount. The fee was even low, of 60sat/b practically, but, for being so much input, it gets high“.