 Show Posts
|
|
Pages: [1]
|
Anyhow, here's my dilema: I've been slowly accumulating Satoshis this year, and I also bought a cold storage wallet recently. I tried today to move a small amount of BTC to the wallet as a "test" transaction to insure it went to the designated wallet, but the fee was a lot of money in my opinion.
Which cold wallet you have bought, if you could just share the name here, many users of that wallet would share their experience with you. Plus I get the feeling you are getting right now, when I was a newbie and I have to transfer funds from the wallet to exchange I was damn worried, like what if my funds never show up on my exchange, I fear that what if a single letter or word is missed from my wallet address, this and that, I was totally imagining things. But with time, I don't care anymore. Although it's not a good thing, we should care about things, especially when we are making tx, so, if you doubt it, then don't as I hope you must have bought a good cold wallet. Speaking of fees, I don't think they are going to be down, I don't know how much you are seeing, and from which wallet you are sending them, but fees can be a little high and a little down if you find the best time, then proceed and send the funds. BTW if you already have tested the cold wallet with a small amount then why asking here, or you stop there after seeing the fee. I stopped the test transaction. Even though I can afford the fee, I'm going to wait until I have a bigger pile of Sats. |
|
|
|
For example, this week I only bought 10K Sats, which cost me around 70 USD$,
I hope you bought 100K Sats for that price, not 10K. Show me where to buy 100K Sats for 70usd, and I will go there right now. Most exchanges. 1 Bitcoin just under 70k Usd. 100K Sats is 0.001 Bitcoin, just under 70 Usd. 10K Sats is worth less than 7 Usd. I'm an idiot, you're right, too many zeros too count. I had more than I thought....so there's that! 
Show me where to buy 100K Sats for 70usd, and I will go there right now.
Minimal order value on exchanges are likely $10 but you can check it with some websites. You need to check their minimal withdrawal and withdrawal fee too because at the end, after one or some purchases, you will have need to withdraw your bitcoin from exchanges to your own wallet. You must know a minimum value of your bitcoins in the exchange account, and cost of withdrawal fee to avoid turning your money to dust after a withdrawal. https://www.cryptowisser.com/exchanges/https://exchangewar.info/https://withdrawalfees.com/ Thank you...you are correct ✅
As far as UTXOs go, that's a paradigm I don't quite understand yet.
I thought I was doing a good thing by buying Sats whenever I got paid, but now some are telling me that is a bad thing. This is worrisome.
Not necessarily a bad thing. Buying satoshis in small amounts and accumulating multiple transactions of small amounts only affects your transaction fee in the future if it is your own non-custodial wallet. But since you bought satoshis on a centralized exchange, it has no effect. The amount of the withdrawal fee in your case depends solely on the exchange and their internal policy. You can't influence that, except you can decide to exchange BTC for some altcoin that has a lower withdrawal fee. And 'Consolidating Inputs' ...I have no idea what that is.
I guess I truly am a newbie when it comes to BTC *facepalm*
Again, this is related to holding coins in a non-custodial wallet. "Consolidating Inputs" is basically combining multiple small transactions (UTXOs) into a single larger transaction. This can help you save on transaction fees in the future. Bitcoins are like bills and coins in your physical wallet. Imagine you have a wallet full of one dollar bills. Consolidating inputs is like exchanging a hundred one dollar bills for one $100 bill. Just as a $100 bill takes up less space in your wallet, so a Bitcoin transaction with a smaller number of inputs takes up less space on the network, and for that reason the fee for the transaction is lower. These are excellent points and make a lot of sense to me. Thinking I'm getting the gist now. Thank you for this valuable, non-judgmental input. Everyone has been really terrific in this thread. 🤝👍🤝👍🤝👍 |
|
|
|
P2P is the best way if you want to avoid paying huge withdrawal fee especially when the amount you are trying to withdraw is small. https://kycnot.me/ is place where you can find all the available options to convert fiat to crypto or vice versa and crypto to crypto without going through any KYC process. You may have to pay higher fee than the market fee depends on which fiat that you are using to buy crypto. I don’t think P2P can help here, OP is trying to move funds from a centralized exchange to his custodial wallet. If he does P2P on an exchange he might still need to pay transaction fee for the bitcoin to be moved to his wallet. The reason why OP seeks a decentralized exchange is because there transfer charges of withdrawal charges are usually small compared to the centralized exchanges. OP should simply use exchanges that charges lower and move his funds out of the exchange. With this amount of the transaction fee, you don't have to complain but if your transaction fee is higher than this then you have only done few transactions in the wallet.
I don’t understand this better but I think you might have misunderstood the question here, OP is seeking a lower withdrawal charge exchange at the moment. Transaction fee on exchanges do not in anyway havd to do how many transactions you have made, they fix a withdrawal charges using some criterias and that’s all This! (thanks tho to everyone who left their thoughts and/or advice anyway, a lot of good points were made, and I now have a lot to consider moving forward.) As far as UTXOs go, that's a paradigm I don't quite understand yet. I thought I was doing a good thing by buying Sats whenever I got paid, but now some are telling me that is a bad thing. This is worrisome. And 'Consolidating Inputs' ...I have no idea what that is. I guess I truly am a newbie when it comes to BTC *facepalm*
For example, this week I only bought 10K Sats, which cost me around 70 USD$,
I hope you bought 100K Sats for that price, not 10K. Show me where to buy 100K Sats for 70usd, and I will go there right now. |
|
|
|
I have always been thinking about what we could do to make Bitcoin hit a tremendous amount.
Is there anything we could do??
I don't want it to grow too fast I'm still trying to collect Sats! |
|
|
|
Anyhow, here's my dilema: I've been slowly accumulating Satoshis this year, and I also bought a cold storage wallet recently. I tried today to move a small amount of BTC to the wallet as a "test" transaction to insure it went to the designated wallet, but the fee was a lot of money in my opinion.
Slowly accumulating satoshis this year, does it mean you do multiple purchases, not only one? It's good that you can spend money to buy a cold storage wallet but this is strange that you can not spend some money for transaction fee. Cold storage wallet is good but if you can not have more money for it, you can use free wallet software, open source like Electrum wallet. You can set it up as single signature wallet or multi signature wallet, free. Transaction fee now is cheaper than weeks or months ago and gives you good time for practice with on-chain transactions, pay fee. If you have been accumulating bitcoin since start of 2024, you would have known about some worse times with more expensive transaction fee last 5 months. https://jochen-hoenicke.de/queue/#BTC,6m,weightYes, I buy small amounts of Satoshis every week when I get paid. Usually between 10-30K Sats. I can afford the fee, but I find it unreasonably high. For example, this week I only bought 10K Sats, which cost me around 70 USD$, but the fee for my "test" transaction is 6K Sats....so the majority of what I bought will now be lost. 😞 |
|
|
|
|
Thank you to everyone who has responded so far.
You all have made interesting points. Like mk4 pointed out, I think the problem is I have a small amount of BTC and the exchange rates are unreasonably high, so a fifty dollar fee stings a bit, just to move currency that I ALREADY PAID FOR ONCE.
Yes, Bitmaz, I meant Crypto dot com. I cannot wait to get away from these infernal CEXes!
I really need to learn how to buy from a non-KYC source.
|
|
|
|
Hi all, newbie to the forums here. I've been in Crypto for four years, but I've recently seen the light on BTC. (wish it had been sooner!) Anyhow, here's my dilema: I've been slowly accumulating Satoshis this year, and I also bought a cold storage wallet recently. I tried today to move a small amount of BTC to the wallet as a "test" transaction to insure it went to the designated wallet, but the fee was a lot of money in my opinion. Should I just send everything and hope it gets there? Or wait until the fees go down (will they go down? I'm using CDC as the custodial exchange atm.) Normally, I always do a test transfer on new wallets, but the fee is almost the same amount I bought this week!.. Any thoughts? Thanks in advance for your thoughts & ideas.... |
|
|
|
|
