bitcoin

[ghkjlfghjk]

Hello,
is there anybody who receives their payout in btc? Does anyone know what price they buy the bitcoins for? I usually lose about 10 percent of the money i earned because somehow i always get my payout when bitcoin goes down, even though my wallet processes the deposit immediately. I already figured out its better to just pay the extra fee for daily payout, but it would be nice to know what it depends on how much they buy it for, so i can cash out at the best possible time without losing too much money on top of all the cuts and fees? Thanks,

 

[Autumn Nights]

At the bottom of the Payment Information form on Chaturbate, it says:

† Payments in currencies other than USD will be converted using the EOD (End of Date) rate of the date of the payout. E.g. For the 1st-15th period, the rate will be taken at 23:59:59 on the 15th.

Realistically, they most likely keep an amount of BTC in cold storage, and re-buy the same amount of BTC from an exchange when they send payments.

I usually receive payment it around 11 AM or 6 PM EST time (15:00 or 20:00 UTC), 1-3 business days if requesting daily payout, and anywhere from like 1-7 for regular payout. I definitely receive it faster if the price of BTC is on the upswing, and longer if the price is bleeding. Since the amount of BTC is set when you request payout, if the price of BTC goes up after, they pay out more than what you earned in USD; but if the price of BTC drops after you request payout, they can wait until the price bottoms out (within the time frame for payment) so they pay you less than the value you earned.

There's also transaction fees which can be really high when the network is congested. I wish Chaturbate would allow withdrawal to SegWit-Bech32 wallets, which would reduce fees.

Timing the market can be fairly difficult with the volatility of cryptocurrency. If the price goes down, best thing to do just wait for it to go up again.

 

[Nigerian Prince]

At the bottom of the Payment Information form on Chaturbate, it says:

† Payments in currencies other than USD will be converted using the EOD (End of Date) rate of the date of the payout. E.g. For the 1st-15th period, the rate will be taken at 23:59:59 on the 15th.

Realistically, they most likely keep an amount of BTC in cold storage, and re-buy the same amount of BTC from an exchange when they send payments.

I usually receive payment it around 11 AM or 6 PM EST time (15:00 or 20:00 UTC), 1-3 business days if requesting daily payout, and anywhere from like 1-7 for regular payout. I definitely receive it faster if the price of BTC is on the upswing, and longer if the price is bleeding. Since the amount of BTC is set when you request payout, if the price of BTC goes up after, they pay out more than what you earned in USD; but if the price of BTC drops after you request payout, they can wait until the price bottoms out (within the time frame for payment) so they pay you less than the value you earned.

There's also transaction fees which can be really high when the network is congested. I wish Chaturbate would allow withdrawal to SegWit-Bech32 wallets, which would reduce fees.

Timing the market can be fairly difficult with the volatility of cryptocurrency. If the price goes down, best thing to do just wait for it to go up again.

I always assumed that the length of time is due to them adjusting the cost of fees to keep it reasonably low, which results in lower priority transactions during periods where there is a lot of activity on the network. I haven't noticed any lose of income due to transaction fees though, which there shouldn't be since they take $3 from every payment to cover those fees in the first place. Edit: unless you mean transaction fees from moving your BTC off your wallet.

 

[Autumn Nights]

Chaturbate does charge a flat $3 for BTC withdrawal, but I believe that's in addition to the fees associated with the BTC transaction. Last time I received payment from CB in BTC, it cost $24.35+ in network fees. In cross-referencing my payout stats on Chaturbate with the transaction on the blockchain, it's

BTC received + network fees = EOD price * ( payout amount - $3 )

I requested daily payout over the weekend and it still hasn't been broadcasted yet. Keeping my fingers crossed lol.

Edit: The EOD price tends to be lower, so it's in our favor they choose the price then.

 

[Nigerian Prince]

Chaturbate does charge a flat $3 for BTC withdrawal, but I believe that's in addition to the fees associated with the BTC transaction. Last time I received payment from CB in BTC, it cost $24.35+ in network fees. In cross-referencing my payout stats on Chaturbate with the transaction on the blockchain, it's

BTC received + network fees = EOD price * ( payout amount - $3 )

I requested daily payout over the weekend and it still hasn't been broadcasted yet. Keeping my fingers crossed lol.

Edit: The EOD price tends to be lower, so it's in our favor they choose the price then.

That's strange, I've never seen a discrepancy that high. My last payment was only off by $1-3, from what I calculated, and that could easily be based on slight discrepancies from the USD/CAD rate I used and the BTC price I used. There was one time where what I got was a bit less but I emailed support and they sent me the difference, other than that the amount I get never seems to have fees included.

 

[ghkjlfghjk]

At the bottom of the Payment Information form on Chaturbate, it says:

† Payments in currencies other than USD will be converted using the EOD (End of Date) rate of the date of the payout. E.g. For the 1st-15th period, the rate will be taken at 23:59:59 on the 15th.

Realistically, they most likely keep an amount of BTC in cold storage, and re-buy the same amount of BTC from an exchange when they send payments.

I usually receive payment it around 11 AM or 6 PM EST time (15:00 or 20:00 UTC), 1-3 business days if requesting daily payout, and anywhere from like 1-7 for regular payout. I definitely receive it faster if the price of BTC is on the upswing, and longer if the price is bleeding. Since the amount of BTC is set when you request payout, if the price of BTC goes up after, they pay out more than what you earned in USD; but if the price of BTC drops after you request payout, they can wait until the price bottoms out (within the time frame for payment) so they pay you less than the value you earned.

There's also transaction fees which can be really high when the network is congested. I wish Chaturbate would allow withdrawal to SegWit-Bech32 wallets, which would reduce fees.

Timing the market can be fairly difficult with the volatility of cryptocurrency. If the price goes down, best thing to do just wait for it to go up again.

Yea, well thats exactly the problem, if they are not going to send me my btc for days after i requested it anyways they might as well just buy it right before sending it (i am pretty sure in reality they just buy the dips with our money and keep the difference) or at least use that daily price to calculate the amount they are going to send me, then i could sell it immediately no matter the price, and cash out more or less the same amount i earned, since it is unlikely for btc to go down that much within the span of lets say 1 day especially without recovering first. It is really frustrating because they already cut so much from my salary and then they proceed to basically screw me over with bitcoin on top of that. Thanks for the info tho so in case of requesting daily payout i should be looking at the closing price of the day of the request if i understand you correctly.

 

[ghkjlfghjk]

At the bottom of the Payment Information form on Chaturbate, it says:

† Payments in currencies other than USD will be converted using the EOD (End of Date) rate of the date of the payout. E.g. For the 1st-15th period, the rate will be taken at 23:59:59 on the 15th.

Realistically, they most likely keep an amount of BTC in cold storage, and re-buy the same amount of BTC from an exchange when they send payments.

I usually receive payment it around 11 AM or 6 PM EST time (15:00 or 20:00 UTC), 1-3 business days if requesting daily payout, and anywhere from like 1-7 for regular payout. I definitely receive it faster if the price of BTC is on the upswing, and longer if the price is bleeding. Since the amount of BTC is set when you request payout, if the price of BTC goes up after, they pay out more than what you earned in USD; but if the price of BTC drops after you request payout, they can wait until the price bottoms out (within the time frame for payment) so they pay you less than the value you earned.

There's also transaction fees which can be really high when the network is congested. I wish Chaturbate would allow withdrawal to SegWit-Bech32 wallets, which would reduce fees.

Timing the market can be fairly difficult with the volatility of cryptocurrency. If the price goes down, best thing to do just wait for it to go up again.

By the way no matter what exact dates i calculate past payments with, it somehow never checks out, it really feels like they are sending me random amounts at this point lmao, the only consistent thing is that i always receive less than what i earned. I basically email support about this every single time they send me bitcoins, but they rarely reply, and there is no other way to reach them besides that one email address. I really would like to get 50 percent minus processing fees of the money i have earned, i dont want to speculate, i dont need btc to go up, i just want to get the amount i earned and counted on and not 10 percent less because they use funny ways to calculate without explanation. I mean lets be real, if i didnt need money i wouldnt be on chaturbate in the first place, so i think its pretty unfair to leave me hanging like this and just ignore my emails after cutting random percentages of my salary on top of everything i have to endure on that website and i think it is the normal thing to expect your salary.

 

[Autumn Nights]

That's strange, I've never seen a discrepancy that high. My last payment was only off by $1-3, from what I calculated, and that could easily be based on slight discrepancies from the USD/CAD rate I used and the BTC price I used. There was one time where what I got was a bit less but I emailed support and they sent me the difference, other than that the amount I get never seems to have fees included.

I ought to email support... I received the BTC from my last requested daily payout last night, and it was $24.98 short on the nose, with the difference shown as the fee on the blockchain.

BTW I'm curious on where Chaturbate sources the price. I calculated my transaction details using the index price on Coindesk and it was more or less on point so I'm not too concerned about it. (There may also be more accurate indexes than Coindesk in any case)

@ghkjlfghjk Yes, for daily payout you should look at the EOD price on the day you submitted your request. These practices like shifting the burden of fees and buying the dips before paying out aren't fun but it's what you should expect in the cryptosphere. Hopefully one day Chaturbate will adopt other cryptocurrencies that don't have these issues.

 

[Nigerian Prince]

BTW I'm curious on where Chaturbate sources the price. I calculated my transaction details using the index price on Coindesk and it was more or less on point so I'm not too concerned about it. (There may also be more accurate indexes than Coindesk in any case)

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