[:en]”Almost all money gone into smoke when buying bitcoin”[:]

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”Almost all money gone into smoke when buying bitcoin”, says Swedish media.


Simply put, people are complaining about ridiculous exchange fees. Or well, transaction fees. Which the exchanges can’t even control, except by making the transaction much slower.

If you haven’t read up on transaction fees – and checked what fee you’re about to pay before you make the transaction! – and like the person in the above article don’t even know it’s not based on percent, you really shouldn’t buy bitcoin.

In this case, there were even huge warnings on most serious exchanges when the fees were ridiculously high this winter. They clearly stated that the fees were abnormal, linking to statistics and more information.

Imagine buying a hot dog.

The salesperson says ”just so you know, the hot dogs I order are much more expensive now, so I can only give you a piece of it for the price you usually pay for one.”

You’re given a choice – to skip out on the hot dog, to wait until next week when the price might be better, or to buy it now and pay extra. But you really want a hot dog so you buy it.

And then you sue the salesperson for giving you a too small hot dog.

Why do stupid people have spendable money?

Originally published on Steemit.

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