Posted December 5, 2023 Hello everyone! Long time no talk! Recently I have had a few providers reach out to me about issues they are facing with Bitcoin, which is what we have to use to pay for our ads on TOB and other places. In the recent months cryptocurrency has been taking downfall, and because of this we are seeing an increase in mining fees. More specifically, "Coinbase" which I have used for years and recommended to other providers to use is charging extremely high fees to transfer funds. What I see happening to providers is they buy the amount of bitcoin they need for their ad, plus the amount they expect to pay for the fees and then they send the bitcoin to their ad. The problem with this, is because coinbase is charging so much in fees by the time you send your bitcoin to your ad, you do not have enough money to cover the ad, so then you have to go buy more bitcoin, transfer it to your ad, and are charged the fee again. So, now you are spending an extra $15-30 on your ad just because of the fees. How can you avoid this from happening? Well if you want to continue to use coinbase to purchase your bitcoin I recommend buying at least an extra $10-15 dollars for fees. Additionally before you send your bitcoin from coinbase it tells you what the fee is in USD and how much will be sent after fees. If the amount does not cover your ad, DO NOT send the money. Instead, go back to coinbase and purchase an additional amount before sending it to your ad. This way you are not paying double fees to transfer money. Another option and probably the better one is to purchase bitcoin from cashapp and transfer it directly from cashapp to your TOB ad. The transfer fees on cashapp are much lower, less than $5, however fees fluctuate minute by minute so it is not a guarantee that your fee will only be $5. Also and this is IMPORTANT, do not buy bitcoin on cashapp until your identity is verified. If you make the mistake of buying it before you have verified your identity then your bitcoin will sit in your cashapp and you will not be able to do anything with it. It will then fluctuate based on the market, which means if you bought $100 in bitcoin you could lose some of it before you have a chance to be verified, because it can take days to get verified. The amount you lose depends on the fluctuation of the market, but it could be a significant loss. I ALWAYS recommend buying the amount of bitcoin you need and sending it over to your ad right way. Now, if your a person who likes to take risks then sure let your bitcoin sit and fluctuate. Personally that's not for me. I am not a gambler lol. Anyway I hope this helps some and if any of you have questions feel free to reach out! Sincerely, Marilyn 4 Share this post Link to post Share on other sites
Posted December 11, 2023 Awesome thanks for this information. I have been having issue until tob admin told me to buy bitcoin from cashapp and pay ad that way, which was same person when switching to bitcoin, told me to buy bitcoin on cashapp and send bitcoin to edge app to pay ad, had problems recently with high fees. This information is handy when buying ad. You rock. Have a wonderful week and stay safe out there!! Sena from TOB 3 Share this post Link to post Share on other sites
