Bitcoin Forum

I've got a sales account with around $20 in credit, and I can withdraw this in Bitcoin. I don't use Bitcoin for purchases, so I haven't been following the transaction costs. I've got two concerns -
- By waiting to withdraw this money, I may find that the rise in the Value of Bitcoin reduces the amount transferred.
- The transaction charge will be too high, and it will make withdrawals like this uneconomic.

The money is for savings, and I don't need it immediately. I have a continuing relationship with the seller, so I am likely to have more sales in the not too distant future. The big question is - Should I grab the money now, or should I hold off for a drop in either the value of Bitcoin, or the transaction fee?

Well if you just plan to buy, sure you can if someone offers this small of a btc-fracture.. just make sure not to transfer this amount anywhere because that will already et up half the value. but for storing it somewhere you purchased it, itll be just fine and you can add more later on before its worth to deposit the bunch to a safer wallet/exchange or whereever you wanna put it.

I run a full node with a couple of wallets, so I'm not too bothered about the storage, and I don't plan to spend it, I'll just add it to my Bitcoin savings. I might mail the seller to see what he thinks of current transaction fees, he may be using a cheap option as transfer time is usually two or three days. This may be the result of the optimisation of his acquisition of Bitcoin. The last transfer was for a couple of hundred dollars worth, so maybe I should wait for the balance to build up a bit.

In my opinion you should keep it and wait for the dip or the impending correction, your $20 will be 0.001712 BTC for now, but if that is not a big problem with you then you can sure put it in your bitcoin account, and if you are still attaining a continues $20 and bitcoin is the only option you have for a withdrawal or exchange then go for it, but If you would put it in another Coin it would sure have a much larger value,

There are lots of options for using the dollars or withdrawing the money in fiat. However, the main purpose of selling for me, is to accumulate Bitcoin for long term savings.

If you now do not need money it is better to keep the coins. First, you can earn more Fiat due to the constant price growth of bitcoin. The second problem is the cost of the transaction exists and it is to be solved. Perhaps next year a consensus will be reached on increasing the size of the unit and the price of the transaction reduced.

This all depends if u need money withdraw then if u dont keep them many studies are sayung it gonna get higher in the first quarter of 2018

for 20$ id go for the btc dust unless you need 20$ cash right now, and seems that you have already some btc add it to your current balance, that's what i would do, every bit (satoshi in this case) helps :)

You obviously do not need money in a hurry, I'd have suggested you go for it in fiat. But as things stand, your concern is transaction fees which is quite high. A $20 transaction would set you back about $7. That's nearly half the Bitcoin you've got there. Therefore, I do not think it's a good idea making the withdrawal now.

What I think you should do is build up the fund to something substantial. I can understand a transaction of say $200 for + to 10 dollars fee, not that of $20. It's just not worth it.

I cannot encourage you to wait for a correction, there's none coming in the near future to bring your transaction fee to as low as $5 for a $20 transaction. So focus on making more sales with the wallet to get a substantial sum in it to  over your transaction costs.

How things have changed to consider $20 as dust. :)

Thanks for the comments guys. The way that it works is that I ask for withdrawal in Bitcoin, and the sales site doen't make a charge for the transfer. He doesn't quote a Bitcoin amount, and I just get what I am given - it sounds stupid to work like that, but the last payment was pretty close to the xe.com conversion rate, and I was happy with what I got. It's an unusual situation, and I have an ongoing trusted relationship with the company. I wouldn't suggest that this arrangement is suitable for many trading situations.

No, 20 dollars are just 0.001 btc, if you use math's, you could see that you are going to be earning $0,10 everytime that bitcoin goes up by $100.


Do you think that it is a good amount to make a "saving" of bitcoins? it is not even worth it, withdraw that money.

Maybe the fees are going to eat all that money, but it is better than nothing. I would not sell my bitcoins because i have a good amount, and i do not like the idea of "selling" them.

but withdrawing $20, is like a joke.

Well nothing is not worth to do if it's not really needed at the moment. If someone needs money urgently and he or she can't get it somewhere, a 20 USD can be withdrawn for the sake of using it for emergency purposes. But if you have enough money with you, you don't need to withdraw 20 USD in your BTC wallet. You already know this that you just have to hold it and let it earn on it's own.

Well why don't you just hoard it and wait until it becomes 50-60$? How will you be able to pay the 'expensive' transaction fee and you'll only get a small amount if money? 20$ is too small it's like about .002 i guess. Save money then let it grow then withdraw it if bitcoin's value will become higher. You can withdraw it if you are really in need but for me it is too small! ;D

I think some of you are missing the point. "withdrawing" in this thread means taking it out of my product sales account, and placing the money elsewhere, this can be fiat, Bitcoin or a purchasing account. Any Bitcoin I have stays in my wallet for a long term investment. The question is " Should I transfer the money into Bitcoin now with high transfer fees, or wait for a better return as a result of market changes?"

The real problem is that no one is paying attention to your real question. Everybody is spamming the same shit because they do not have anything to say more than say "no, dont withdraw bcause of fees".


The only thing that i can tell you, is just move that money OUT of there and keep it in bitcoins, that is the best thing that you can do.

or maybe if that account allows you to withdraw on Eth, it would be better because probably it is a good option to move your money without having to pay two or three dollars worth of fees everytime that you want to move your money.

If you need your money for yourself and it is really important for you to have money, withdraw it. Well, if there would be no important agenda, don't withdraw it, HODL. Just hodl until it will become big. Regarding the fee, yes, the fee is so high right now so not worth it to put it elsewhere.

Your setup looks legit, on an own node you can send BTC on really low fees (setup manually) and just wait until it arrives. Mempool occasionally runs low enough for these slow transactions to get through.

However, grab the money now. Time will not work for you or your $20

Indeed! To be honest, I can't really get over the fact than even 1,000 satoshi now - by most standards dust - is worth more than ten cents now. I also now view some site services I use with some disdain, with so-called low fees of 20k satoshi and up meaning I'm paying more than $2.50 for every withdrawal. With Localbitcoins I just paid more than $10 for three DEPOSITS even.

My advice: if your seller can send you the coins for next to nothing, while keeping the input low, then go for it. I actually accept plenty of "dust" txs with near-zero fees, and just wait out the week... when the network is below 10k transactions, that is. They have eventually confirmed for me.

If not, accumulate the funds and then request when you've got about $100. It's a seller account so you will expect to sell more right?

P.S. I'm also an accumulator, or an earner rather. And I do earn in small amounts too, so don't mind accumulating to save on txs/outputs.

Quite true. I was actually going through a list of old pools and exchanges I used to mine with long ago and I found a lot of leftover "dust". Funny, that some of this dust that was only worth $6 (~0.06 btc) in early 2013 when bitcoin was around $100 is now worth $600.

I managed to scrape up close to half a bitcoin in total from these forgotten amounts spread across probably 10 places. So this Christmas will be paid for by my old forgotten dust amounts :)

On the sad note, many more of the old sites I tried no longer exist so I probably lost an equal amount of dust with time as well.

I should mention that some of the sites were a bit hard to get funds off too, Vicurex for one where I still had 0.2 BTC I had to place a buy order for Doge coin, wait about a week for it to even fill, and then wait 2 weeks before the wallet would even let me transfer the money off. I had originally written this off as a lost cause, but it did eventually go through. I then converted the doge back to BTC at a slight 2 satoshi profit. :)

A couple other sites were sketchy as well, so I suggest if anyone is in a similar situation you act now as I am sure as the dust values go up some of these old sites will simply vanish.

Thanks for the reply. Unfortunately I have no control over the sending, and I don't know if the sender runs his own node. It is a commercial organisation, and I suspect they will have a wallet with one of the exchanges. This will allow them to pay out even if they don't have sufficient Bitcoin. I am concerned about the cost to the sender, simply because a high cost will cause him to start introducing fees. He already charges 2% for PayPal.

Your query is seems like a newbie person. We all after the big bump in the bitcoin you will find the transaction fee as little high only so you do not need bother it. If you are earning more money in bitcoin related projects.
Put your complete asset in bitcoin, I am sure that you are not being wasted. Your fund will return to you like double the value after a 6 months or year for sure. If you find any dump also don't panic and sell it. Still that time too hold it for sometime to find the bump again.

Well $20 is small amount as transactions fees would be around $5 to $7 which is very high for $20 so i would recommend to hold as bitcoins would increase, this amount will increase a bit.But $20 won't increase much so it's up to you whether to hold or get amount after reducing the transactions fees.

I really don't think its a good idea considering how much they are going to charge for withdrawing the amount in bitcoins, I think it will be a good idea to wait because i have come to realize that the transaction fees usually to normal after it soars for a while.

Yes, I just had to go through hoops on Bittrex to get my small amount of btc off of there and then they charge 0.001 BTC withdrawal fee, which is right now around $12. For people with smaller amounts they are basically just claiming your BTC as the transaction fee will cost more that your balance.

Since they don't lower the withdrawal fee which is denominated in btc, it doesn't matter what btc is worth as the fee will scale as well. So if btc hits $20k their withdrawal fee will essentially be $20.

$20 is not that big a amount to warrant this much thinking over in my opinion. the rise and fall is not that big and won't affect your amount received that much either.
for example currently you get 0.0017BTC according to preev.com and back when price was $10000 you could have received 0.0020BTC. that 0.0003BTC is what you are worrying about right now!

also i should mention, based on my experience waiting for the price to drop never ends well unless you are nearly certain of it.

Id definitely withdraw it now. Its low enough amount to no be a huge loss, but worth the risk. Only invest what you can lose, right?

I think that is not worth, because you need to pay around 2-3$ for confirmation
Hold them and maybe in 1 year your 20$ can be trasformed in 100$
Or if you need money, then withdraw them  ;D

It is like the McDonalds hamburger (sell) why would anybody use their satoshi to purchase a $9.00 hamburger using their bitcoin (satoshi) when next week, that $9.00 in satoshi will be, could be closer to double the amount. You actually loose on both ends of the trade.

Well Bitcoin has gone up around 10% in the last day, so that's $2 I've lost. I'll probably withdraw it, and see what effect the fees have. Also, I have to guess what the exchange rate will be when they process the withdrawal, and that may be in 24 hours or more.

I'm experimenting now with such a small amount to get some idea of the mechanism, and the effect of the delays. $20 doesn't matter one way or the other, but $2,000 or more may be worth a bit more consideration.

If $20 is not that big a deal for you, just withdraw it and get it over with.... WHY are you even over thinking this? If it was

$2000, you would have done this a long time ago. Soon enough, we will be implementing the Lightning Network and then the

scaling problems and the high fees will be a thing of the past.  ;)

As I said, it's a trial. I want to see if it is worth switching to other services that pay in Bitcoin. It's quite difficult to sift out good opinions in forum posting these days. Many people seem to read about half a sentence, and then post a standard opinion. btw, that comment wasn't directed at kprawn.

At now Bitcoins cost transaction are high, as you don't need it immediately, so i suggest just hold it.
At least you have a plan for saving, while you can add other income to this Bitcoins wallet.
Else way, you can convert it to Eth, which you can selling anytime with more low fees.

If you do not need to use your bitcoin immediately its better to hold it and not spending it. Transaction fee is very high this days and your 20 $ worth of bitcoin will only be a transaction cost. You can make an investment by just holding your bitcoin, who knows bitcoin will be 100k $ in the future.

IMO, I don’t think it is worth withdrawing $20 worth of BTC. The transaction and or converting cost is high and it is going to be a big percentage of the $20.

If it is me, I will keep the $20 in the wallet until one day when I have more BTC to sell at once. If you are confident that BTC price will rise, why don’t just hold it for a few years.

Hold it forever; just forget that you had $20 maybe come back to it a year from now to see what its worth. or add more bitcoin to it.

There you go, you have all the questions and you have yourself answered them in the first place. I mean $20 withdrawal will take a lot of fees now a days and it won't be worth it. If you have any other option then just do it that way. Holding your $20 is also very less amount. May be you can try our your luck on some cheap alt coins like ripple if the investment and time of investment is not your problem. If you can let go these $20 then I'm pretty sure that Ripple is best option for yourself to work with.

Really don't withdraw such less amount in bitcoin form, the transaction fees and network fees will kill the fun by reducing your money all upto $15-16 may be. Whats the use then. So better put it at work and forget about it for at least next 6 months and enjoy the rewards at atet time. :-)
 

I am not sure about the withdrawal fee charged by various exchanges, but a few days back I paid around BTC0.002 (equivalent to $23.5) to withdraw around $100 worth of coins. I was about to convert my BTC to BCH and then withdraw it, but at that point of time the BCH exchange rates were declining.

Naah, you will pay about $3 transaction fee for a $20 withdrawal? I wouldn’t do it ;) wait till you have more btc.

Lols it’s too less to be withdrawn in the form of bitcoin. The minimum current fees for withdrawal is around BTC 0.0006 which is agin around 6.6 USD with current rate. Now ask yourself are you willing to pay that kind of fees to process your little transaction up threre. You will receive only $14 USD. Better hold it for long time and wait until the fees are low for each transaction.

It is wise to put this money into bitcoin for at least next six to twelve months because it is too less to grab big interest rates on it. It might turn into $100 if you do so, yes that’s practically possible. Or else why not put your money into ethereum which is also another option that is about to explode in the future.

The transaction fee is too high for a $20 transaction. Leave it in your wallet until you accumulate more BTC from your customer will be a better way out.

It's sure worth it if you want to buy something up to 16$ and wouldn't want to go out of your way to and expose your privacy because these micro transactions come in handy when you want to protect your privacy and at that point it will be worth every one of your bitcoins. I gamble every weekend  and i wouldn't gamble without my bitcoins or leave my bitcoins  for fiat.

You are right mate, I think that 20$ in bitcoin, it's not worth to be withdrawn. As you said, bitcoin transactions fees is high know, so the best thing is to save this 20$ and try to collect more bitcoin.

I see so many threads and posts by newbies asking if now is the time to rush into Bitcoin, and some really sad ones asking if the poster should borrow $1,000 to buy Bitcoin - bad idea, and even if they should max their credit cards to buy Bitcoin - even worse idea, This leads me to believe that there will be a reversal in the not too distant future, and that could be a good time to pick up some more Bitcoin. In the meantime I think I'll use the $20 to buy a couple of expired domain names - that should give me a bit of profit to buy more Bitcoin.