Great stuff. Thanks everyone for your help and suggestions. As this is such a small amount and a test I've set it at 20 sat/b. I'm not fussed on receiving it in any length of time so I'll have a look in a few days and try the bump function if it still hasn't confirmed.

Ahhhh I see. Yes it has changed when tapping the value and allows those other options.

So if I did the lowest at 20 sat/b, left "Final" unticked, but found it hadn't confirmed in say 2 days. How would I go about bumping it?

I don't get those options unfortunately. Its just a sliding scale in Electrum for Android which alters the Target (Mempool) value from lowest 10MB from the tip to 0.1MB from the tip.

I note a few of you mentioned "replaceable". How do I ensure that's enable for my transfer? There aren't any options I can see in the pay section to do this?

Hi,

I'm looking to do my first transfer, its more of a test really. I want to move the very small amount I have from my Electrum software wallet to cold storage.

I'm not fussed about it being a super fast transfer, but I don't want it to not get confirmed either. The lowest I can do is 20 sat/b, but the next level up is 119 sat/b, but that's 50% of the BTC I'm trying to transfer. If I do it on the lowest one, is it likely it won't get confirmed? Or will I just have to live with the loss and use the 119 sat/b?

Thanks all.

So I'm still very new to Crypto and Bitcoin. I've learn a lot from reading posts on this board, but I know there's still so much more to know.

I'm after a little advice from regular / long time traders. I've made a a few small purchases, nothing large while I get used to how things work, but I've bought at varying value stages. The most expensive two purchases at 25,834GBP and 27,705GBP. I'm not disappointed at these, I see them both as my learning phase, but my question is as the BTC rate rises and falls, should I try to recoup on these large trades by placing some Limit Sale Orders at the same or a little more than what I bought for, then buy again when it's lower knowing what I now know about how wildly BTC price fluctuates?

Or should I just own my trades, and just HODL it away regardless. I know it's just as likely the price could go even higher than what I've bought at months or years down the line.

I have it on Binance at the moment. It doesn't amount to much, and I have an amount in mind that I would move to my wallet when reached. Where it is at the moment on the exchange it makes it easy to do the above if I decide to.

I think fee's is how exchanges make their money, so I think it would be unlikely that's an option. Happy to be educated otherwise though.

I use Binance where the Faster Transfer to deposit and withdraw fiat is free, but to transfer to another wallet (e.g. a Ledger or whatever) costs about £15. I was advised it may be best to work out your acceptable loss and then transfer when you hit that minimising your transfer fees.

I'm doing similar to you but £50 a month. I stick £50 on Binance and then watch the rate and do Limit buys of what I'm prepared to pay.

Hi,

I've been making a few small BTC purchases through Binance, and I want to make sure I know the process to get Fiat out to my UK bank whenever I feel I should.

Assuming I sell BTC to GBP Fiat on Binance, is it as easy as going to Wallet > Fiat and Spot > Withdraw and then going through the Faster Payments bit? The reason I ask is I couldn't see any way on the mobile app when I was looking last night, so I Googled it and there was virtually no information on getting Fiat out of Binance other than people taking about transferring it to another exchange or using P2P. But then looking on my Binance website account this morning I see all the options for Faster Transfer.

With another scenario, assuming I've bought on Binance and then transferred to my Ledger Nano. When I come to cash out some of the crypto, whats the best and easiest way to do that? Transfer it back to my Binance account > sell the crypto for Fiat > then again use the Faster Transfer in the Withdraw section?

Thanks for your help.

Thanks very much everyone for the replies. Whilst I knew withdrawal fees would factor, I hadn't considered that they would be that much. Presumably it's a static fee and doesn't multiply based on how much you are withdrawing so I'm happy enough to leave up to £100 maybe a little more on it I think.

Aside from localcryptos and localbitcoins, do you have any other suggestions for reputable places to buy from that don't have high withdrawl fees, or for decentralised p2p have good security for both buyer and seller? Where are the preferred non-exchange places to buy from?

To be honest, since I'm still new to it I was was a bit nervous about using a p2p system like that. LocalBitcoins has been suggested to me, but I understand that is still centralised and you still have to pay a fee to transfer from that. What security does LocalCryptos offer a buyer? Reading their site it simply said "Once the seller confirms payment, crypto is released from escrow to the buyer" but doesn't that rely on the seller being genuine?

Hi,

I've just bought my first BTC with Binance. Just a small amount. I intend to buy about £10-£15 a week, then when I see big drops in the rate I'll buy larger one off sums.

My question to any others buying the same smaller amounts, do you wait until you hit a self decided amount (say £50) then withdraw to cold storage? I'm mindful of multiple fees from transferring it after every small purchase on the exchange. I know its a risk leaving money on the exchange but I figure risk of loss up to £50 with a reputable exchange like Binance is acceptable to save on transfer fees.

Any differing opinions on this from your traders / HODLers?

Many thanks

Yep I've got a software wallet and a hardware wallet that I'll be transferring it too, when I do I'll be able to see that TX on the blockchain, I understand that, but I was expecting to see a blockchain transaction for the initial purchase from Binance. Is that a case of because its not specifically my wallet and its on the exchange, I won't be able to validate the purchase on the blockchain?

Hi,

I made my first purchase of bitcoin through Binance this morning (first purchase on any exchange in fact). I paid using card and it's gone through saying the purchase was completed and it gives me a transaction ID, but I can't find that ID on any blockchain explorers. It just says "Oops! We couldn’t find what you are looking for".

After buying through Binance app using fiat, and getting this completed notice and transaction ID, shouldn't I be able to verify it on the blockchain or am I missing something?

Thanks

 

My biggest issue so far has been knowing when to buy. I've been studying hard for about 1-2 months learning all I could from posts on this forum and suggested reading / video material so with a few questions I understood it quite well quite quickly. Knowing how to read the Bitcoin market I find difficult.

I know I have to invest, but I'm still looking for that tell tale sign that its the right time. I have Binance BTCGBP running all day on my second monitor watching and waiting for "that time". I know we're still in a bull run at the moment, but the waiting is tough. I've now got sub 12k in mind as my starting point but I've not seen that since the beginning of November, but before that I had sub 10k in mind but then it kept going up lol. I hear and read everyone saying that we're heading for a correction so I find it hard to make that purchase until we get that, but I try to keep in mind that we may not get a correction. This might be the new norm and it might go up.

I'm not worried about losing what I want to put in, I'm just being cautious because I want to do it right and limit my losses based on what I'm hearing and reading. So yeah, that's my biggest issue as a beginner.

It's absolutely crazy that these fake wallets can get away with releasing it on the mobile marketplaces. You'd think either the main wallet company would be bashing on the appstores doors, or the appstore would be more vigilant about what they allow. Especially considering they are finance.

If you are new shide2020 I'd have a look at the sticky on wallets for starters https://bitcointalk.org/index.php?topic=1631151.0.

There are number of different types, that thread is a great place to start to give you some background on each type. When you know which type you want, then you can start narrowing down which wallet would be best for you.

Personally I went with Electrum for Android for my software hot wallet, and a Ledger Nano S for my long term HODL cold storage wallet.

Is it commonplace to understand everything on these exchange sites like Binance in order to successfully buy and sell crypto? Looking at Binance through my web browser and it absolutely terrifies me. I have no idea what all these terminologies are and ticker moving items are, spots, futures, WazirX, etc.

I installed the app and in lite mode it looks simple, "buy this, using that". I can deal with that. Is it normal to just use exchanges in this lite way? I'm not supposed to be understanding everything showing on the main website am I? I feel like I'm supposed to be Gordon Gekko or something to be getting the most out of it all!

I'm not looking for anyone to describe all those things BTW  I'm just looking for some reassurance that many people just use the basic functionality of buy and sell without utilising all that complex stuff.

I'd highly recommend anything by Andreas Antonopoulos. I started looking into crypto (specifically Bitcoin) in September, although I didn't buy any as I wanted to understand it first. Looking at the price now it may have been foolish not to buy some but hindsight is a wonderful thing and I guess knowledge is far better than if I'd dived in and made a mistake so I'm not bitter lol.

But seriously, have a watch of Andreas Antonopoulos YouTube videos where he does talks on Bitcoin. I find the underlying technology and the passion he clearly has around Bitcoin far, far beyond making money to be absolutely mesmerising. This guy is all about what Bitcoin can do for the world and explains it and the background in very easy way to understand. You might also want to look up the Joe Rogan podcasts where Joe spoke to Andreas. Seems to be even more simple watching those and in my opinion absolutely fascinating.

Bookwise you can go wrong with Master Bitcoin which is free reading it from the GitHub - https://github.com/bitcoinbook/bitcoinbook

EDIT: Sorry I now realise that you asked specifically about resources to learn about trading. My apologies. My comments still stand around general Bitcoin knowledge though, otherwise ignore. 

I agree Delta looks really good. I installed both, but Delta seems to do everything I need it to do. The multiple user set alerts looks great, and as you say tracking by the exchange is great. Going to run with Delta for a while.

Thanks Lucius. At this point I'm really just looking to monitor BTC. I'm looking to HODL it, so really just don't want to be checking it all the time if there's a way that most people looking to buy at a good rate keep tabs on it.

I started with Electrum for Android the other day. I selected to setup a 'legacy' wallet rather than a 'SegWit'. Does that have any bearing on using Lightning in my mobile Electrum? Or not linked?

As I created a 'legacy' wallet for maximum compatibility, is there any benefit in setting up another wallet that uses SegWit or is it no worth it for a software wallet that's only going to be used for minimal BTC? I will be ordering a Ledger this week for main HODL cold storage.

To OP... I can say Electrum is a very nice starter wallet. Nice and clean.