Bitcoin payout threshold to be raised
Posted: Mon Feb 06, 2017 3:09 pm
Bitcoin transaction fees have skyrocketed to an average of $.50 today, up from $.30 last week.
As a result, I directed Chris to increase the minimum payout threshold for Bitcoin from $6.00 to $12.00 beginning tomorrow. That means that customers by default will be paid for free every $12 in bitcoins they earn. The maximum payout threshold will be raised to $60.00 so that those who want to reduce fees or consolidate transactions can be paid even less frequently. You can set the payout threshold lower than $12, but you'll pay the bitcoin transaction fees that were caused by your portion of the payout.
Remember that bitcoin transaction fees will also eat up your earnings when you spend the transactions, so setting a low payout threshold means that you will need to pay even higher fees later (since the blocksize is unlikely to rise anytime soon and usage continues to increase.)
You can avoid fees by selecting Ethereum or Litecoin as payout options. The transaction fees for these networks are much more reasonable and both currencies have shown price stability recently. Other than DASH (which is $25), the payout thresholds for altcoins are $1. If Bitcoin Unlimited is adopted, we will reduce these thresholds as soon as the bitcoin network's fees become more reasonable.
As a result, I directed Chris to increase the minimum payout threshold for Bitcoin from $6.00 to $12.00 beginning tomorrow. That means that customers by default will be paid for free every $12 in bitcoins they earn. The maximum payout threshold will be raised to $60.00 so that those who want to reduce fees or consolidate transactions can be paid even less frequently. You can set the payout threshold lower than $12, but you'll pay the bitcoin transaction fees that were caused by your portion of the payout.
Remember that bitcoin transaction fees will also eat up your earnings when you spend the transactions, so setting a low payout threshold means that you will need to pay even higher fees later (since the blocksize is unlikely to rise anytime soon and usage continues to increase.)
You can avoid fees by selecting Ethereum or Litecoin as payout options. The transaction fees for these networks are much more reasonable and both currencies have shown price stability recently. Other than DASH (which is $25), the payout thresholds for altcoins are $1. If Bitcoin Unlimited is adopted, we will reduce these thresholds as soon as the bitcoin network's fees become more reasonable.