Categories: CryptoNews

BitMixer User Angry Over Low Transaction Fee Causing Hours of Delays

Using Bitcoin mixing services is always a double-edged sword. While these services provide anonymity, they also require trust between unknown parties. In some cases, things can go very badly. One Reddit user lost close to US$3,500 due to a lower transaction fee. If he had taken the time to do the mixing himself, these issues would not have occurred.

Using Third Parties is Always A Risk

The Bitcoin mixing service in question – BitMixer

– did nothing wrong during this whole ordeal. The user sent them Bitcoins to gain additional anonymity and paid a high-priority transaction fee for doing so. BitMixer, however, used the standard TX fee, causing a delay in having the transaction completed. Since this was a business deal relying on transaction speed, the sender lost out on US$3,500.

To put this into perspective, the sender is angry because BitMixer doesn’t let users specify a transaction fee to receive funds back. While it is certainly possible such a feature could prove useful for mixing service users in the future; the provider is not obligated to add it. Not everyone values speed over lower fees, and in most cases, lower fees seem to be more important.

This lower transaction fee used by BitMixer caused the transfer to be delayed by several hours. A US$0.13 fee for a bitcoin transaction is somewhat standard these days, and hours of delays seems a bit unusual. Then again, if there was a mempool backlog due to network congestions, events like those may transpire. A higher transaction fee would have completed the transfer sooner; that much is certain.



Related Post

At the same time, services like BitMixer are not unique in what they can offer. It is -with some technical expertise – more than feasible for Bitcoin users to conduct their own mixing services. In doing so, they can determine whether they want to prioritize speed over transaction fees or vice versa. Using a third-party is convenient, but they may not always offer what one is looking for.

Is BitMixer to blame for using standard transaction fees? Not necessarily, but it is worth looking into additional options for users who prefer speed over savings. A system that matches input and output fees could prove to be a solution. Regardless of what the team decides to do, they’re not at fault for what happened to this particular user. After all, he decided to rely on a third-party service in the Bitcoin world.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

100% Bonus Offer from BlockDAG, INJ Dominates DeFi & ADA Price Stumbles

Whales Make a Splash After BlockDAG's 100% Bonus Offer Goes Live - INJ Ecosystem Boosts…

7 hours ago

Plus Wallet: Top Crypto Wallet for Massive Rewards

Plus Wallet—Where Effortless Crypto Management and Rewards Align Perfectly In the world of cryptocurrency management,…

8 hours ago

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

16 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

16 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

16 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

17 hours ago