BTC-PAYOUT good or bad?

[Ladycrimson9]

Hey hey! So I'm an international broadcaster and use to receive my payout via wire transfer but honestly waiting until I have 500 dollars to do a cash out is a bit annoying I'm waiting to see if I can get a cosmo payment account but for the time being how is the cash out with BTC? Especially when it comes to daily payouts is it good? Are there any major issues that come with it? Just want to know if it's a good payout method or not

 

[m3lissa]

Hi, I'd say it's not a good option for daily cashouts unless you're banking hard and really really love bitcoin for some reason. The main issue being that it's very expensive. You pay $49 just in fixed fees ($45 BTC + $4 daily payout).

Then, I've heard that the rate they use when converting your USD to BTC is bad--it'd be interesting if somebody could actually tell us the approximate percentage--perhaps something between 3% to 5%? Then you'll experience another loss when converting it back to money, but I think this one could be minimal depending on how you cash it out.

Using BTC to replace the wire for bi-monthly pays of $500 (same fixed fees) could make sense. If your bank is expensive (or even predatory) then maybe just losing 5% will look better for you, but if your bank is giving you a good deal, then the difference could be significant the other way around. So it could be good for you if it's cheaper than the wire or if you're willing to pay the difference in exchange of getting your money faster.

Anyway, using it for the $200 minimum cashout would be the most inefficient and expensive way as it'd cost you more than a 25% loss.

 

[KingMarti]

As someone who's preference for payouts is always crypto, I wont use btc payouts on cb. Their fee's just dont make sense and you lose around 30% because they buy btc from the processor at 30% higher than market rates (it's variable usually between 15-30% depending on the day) so you get less btc per $ than you should. So with the $200 minimum you're looking at a total loss of around 55% (and thats before you convert it back to to fiat). The only way it makes sense is if you are cashing out multiple thousands per day, anything under $5k and you're going to be noticing how big the fees are.

 

[m3lissa]

As someone who's preference for payouts is always crypto, I wont use btc payouts on cb. Their fee's just dont make sense and you lose around 30% because they buy btc from the processor at 30% higher than market rates (it's variable usually between 15-30% depending on the day) so you get less btc per $ than you should. So with the $200 minimum you're looking at a total loss of around 55% (and thats before you convert it back to to fiat). The only way it makes sense is if you are cashing out multiple thousands per day, anything under $5k and you're going to be noticing how big the fees are.

Fuck! I didn't expect such a massive amount. Then the wire is always cheaper, for a lot.

Do you know if it's any better with the other cryptos they have available?

Right now I use wire transfer as payment method, do you think Cosmo or Paxum would be cheaper?

 

[KingMarti]

Fuck! I didn't expect such a massive amount. Then the wire is always cheaper, for a lot.

Do you know if it's any better with the other cryptos they have available?

Right now I use wire transfer as payment method, do you think Cosmo or Paxum would be cheaper?

Nope they are all pretty much the same because they dont actually buy the crypto they send it to a payment provider like mass pay who convert it at their rate which is normally around the 30% markup over market rate. You can actually see it on the blockchain too if you do USDC / USDT on eth because you can see the value at the time sent and they give around 70cents for every $1 you are supposed to be paid, and if you ask the sites about it they will say it's fees from your wallet or network fees... but that's not how it works, if it was a wallet fee it would show as a second transaction on the chain, and network fees are paid by the sender at the time of sending.

I use paxum because I got a warning from the bank I use about using my account for adult payments when I got paid via sepa. Paxum has similar issues, by the time I finish paying fees with paxum I lose anywhere from $10 - $35 (their crypto withdraw fee (where they let you withdraw your balance to a crypto wallet) increased by 300% in 3 months). (Paxum also gives around 70-80cents per $1 when withdrawing with crypto, and their exchange rates in general are fucking terrible)

I stopped using cosmo because they are incredibly shady with their fees, for example if you have $10 in the account + the atm fee and go to take out $10 it will tell you you dont have the funds and then the following day they refund part of the fees they paid so it was impossible to make the account hit 0. My password caused issues with their database too which makes me think they are not hashing the passwords but storing them in plain text, because I dont know how else the issue I had with my password would happen, cant verify it but when I had to aviod certain characters in my password it's the only thing I can think of as to why that would be an issue.

Even sepa at the $10 fee from chatrurbate I would say is expensive, the reality is that we shouldn't be paying them money to get paid and they defiantly should not be using paying people what they owe as a point of making profit, these costs should really be covered in the % they take from us because they should be classified as operating costs imo.

The ever increasing payout fees weighed into my decission to cam less and move more into clips.

 

[m3lissa]

Nope they are all pretty much the same because they dont actually buy the crypto they send it to a payment provider like mass pay who convert it at their rate which is normally around the 30% markup over market rate. You can actually see it on the blockchain too if you do USDC / USDT on eth because you can see the value at the time sent and they give around 70cents for every $1 you are supposed to be paid, and if you ask the sites about it they will say it's fees from your wallet or network fees... but that's not how it works, if it was a wallet fee it would show as a second transaction on the chain, and network fees are paid by the sender at the time of sending.

I use paxum because I got a warning from the bank I use about using my account for adult payments when I got paid via sepa. Paxum has similar issues, by the time I finish paying fees with paxum I lose anywhere from $10 - $35 (their crypto withdraw fee (where they let you withdraw your balance to a crypto wallet) increased by 300% in 3 months). (Paxum also gives around 70-80cents per $1 when withdrawing with crypto, and their exchange rates in general are fucking terrible)

I stopped using cosmo because they are incredibly shady with their fees, for example if you have $10 in the account + the atm fee and go to take out $10 it will tell you you dont have the funds and then the following day they refund part of the fees they paid so it was impossible to make the account hit 0. My password caused issues with their database too which makes me think they are not hashing the passwords but storing them in plain text, because I dont know how else the issue I had with my password would happen, cant verify it but when I had to aviod certain characters in my password it's the only thing I can think of as to why that would be an issue.

Even sepa at the $10 fee from chatrurbate I would say is expensive, the reality is that we shouldn't be paying them money to get paid and they defiantly should not be using paying people what they owe as a point of making profit, these costs should really be covered in the % they take from us because they should be classified as operating costs imo.

The ever increasing payout fees weighed into my decission to cam less and move more into clips.

Hey, thank you for sharing all that info. I was thinking on trying paxum but think I will stick with the wire as I never get less than 90% that way.

I totally agree with you, sometimes it reminds me too much of a company store.

 

[Ladycrimson9]

Wow thanks guys! This info really really helped! Very much appreciated!