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as a small amount holders, transaction fees are killing me, i don't want to leave anything on exhangers so, having my dust on a wallet leave me in a sort of limbo.
Sending it to exchangers will cost a lot compared to what i have, then after some trading (with some luck to gain something) you have to send it back to the wallet, and some more fees have to be paid.
In 2018 i will change my tactic and somehow will find a way to keep some on a trusted exchanger for when this kind of dips occur.
I hear ya regarding fee, insanely high! Yesterday I made my first transfer from wallet to exchange and couldn't believe the fees which was something like £40. I selected a lower fee but then realised this the bad as never knew how long it would be delayed by! Two hours in, still not even one confirmation and because I wanted to purchase Bitcoin Cash quickly I purchase accelerator for hefty premium (should of seen that as a sign not to buy Bitcoin Cash!). At first as this was my first send back to exchange I was going to send just a small amount worth £10... but the fee for this was £5, and that was considered low fee so still would have taken ages to reach exchange! How can Bitcoin survive long term with such high fees?! |
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Hello
Purchase my first Bitcoin in October and gains have been crazy. Since then I have also purchased alts (Litecoin, Ripple, Bitcoin Cash, Neo, Ethereum). I was always going to go long, hodl for next five years at least and of course fully expected such dips. I'm wondering however for those that don't day trade, when these dips occur do you sell and buy back at lower price or simply hodl?
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Hi At 2:47am today I received an email from Coinbase advising fork may still happen at 2am (yeah I received it 47 minutes too late!). You can read that email on their blog here... https://blog.gdax.com/bitcoin-segwit2x-update-9abcc4de2d00So did the fork happen? I purchased my first Bitcoin last month and anticipating the fork I was going to move all my Bitcoin onto Coinbase to get the Bitcoin2x as that seemed like the easiest way, although this goes against everything I read about keeping Bitcoin on exchanges. Then I read that the fork was cancelled and so my Bitcoin remained as it was. I hold most in Electrum wallet and some in Kraken. If the fork happened and there is support for it, how can I get the Bitcoin2x (if at all possible) please? Thank you |
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I'm pleased to confirm it worked, and took just over 2 hours to arrive from Revolut to Kraken.
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Phew thanks LoyceV, thats put me at ease! Yeah I've written down backup seed phrase thank you... now just need to find a safe place that I won't forget!  Wooha, clock has now turned to green tick! Took just over an hour. I didn't know about miners fee and that its possible to set these. I assume the lower you set, the longer a transaction would take right? Not that I'm going to mess with this, I will just leave it set to use dynamic fees. Looking at the transaction details the fee shows as 'unknown'. Why would this be? As my balance shows 0.999 it would appear a fee hasn't been taken. That can't be right can it? |
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Great stuff, thanks LeGaulois.
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Hello
Ok so I've purchased my first Bitcoin and attempted to send from Kraken to Electrum, but not sure I've done this right.
I had one Bitcoin and after Kraken fee of 0.00100, 0.999 would be sent to Electrum. In Electrum I therefore set the requested amount to 0.999.
On Kraken the status has updated to 'Success'. On Electrum however it was unconfirmed for a while and now that's been replaced with a clock icon (2 confirmations). The balance shows 999. mBTC.
Some questions please...
1. Have I done this right, if not where have I gone wrong?
2. When receiving why do I have to enter the amount. Shouldn't a wallet simply know the amount once received like that of a bank account transfer? What happens if I input incorrect amount compared to what is actually received?
3. I understand that transaction times may varies, but roughly how long should it take?
4. Does the balance of 999. mBTC seem right? I expected it would be show 0.999.
5. Do I get to see the miners fee costs?
Thank you
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Fantastic guide, great stuff HI-TEC99, thank you!
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Hi After ignoring Bitcoin for YEARS, I decided on Saturday I couldn't leave my head stuck in the sand any longer... it was time to buy my first Bitcoin! Saturday: Bootycall happened. Delayed 1 day. Bitcoin price UP. Sunday: As a newbie headed straight to Coinbase. 4% fee?! Nah thanks. Researched. Discovered Revolut and Bitstamp = awesome! Verification in process. Delayed 1 day. Bitcoin price UP Monday: All verified. Small test amount SEPA transfer to Bitstamp. Delayed 1 day. Bitcoin price UP at all time HIGH! Tuesday: Found out Bitstamp's bankers are on holiday with they feet up watching the money roll in. Deposits won't be processed until Thursday! Delayed 1 day. Bitcoin price UP at all time high... AGAIN! Wednesday: Backup plan... Kraken to the rescue! No time to lose, transfer everything including my soul via Revolut SEPA. 30 minutes later I read official statement that Kraken blocks payments from Revolut?! What..... the ........  !!! Now funds could be stuck for 10 days whilst the price of Bitcoin continues to raise to infinity to beyond! Thursday (prediction): Get hit by a bus and get stuck in purgatory as I don't have any Bitcoin in which to bride my way in to the golden gates!! Bitcoin price UP at all time high again of course. The end. |
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Thank you! That gives me hope as at least it work for one person! There was an issue a few months back where Revolut was using Lithuanian IBAN numbers, and for whatever reason this was causing an issue, however they have now changed to using United Kingdom IBAN format.
Another issue that may catch people out and why deposits are not arriving to Kraken successfully is that it's all to easy to miss adding the reference number when sending the payment. I think peoples experience will differ depending on the screen size of the device they are using, but the 'Add reference' option was completely hidden behind the 'Send' button for me and I had to scroll down for it to come into view.
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Hello
Today I made a transfer via SEPA from Revolut to Kraken, but only a short time after I read via some old posts saying that there have been issues with such deposits as Kraken blocks them. Is this still the case please? Has any one successfully transferred from Revolut to Kraken within last month?
Thank you
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Found this... https://support.coinbase.com/customer/en/portal/articles/815435-does-coinbase-pay-miner-fees-?b_id=13521Coinbase does not pay the network mining fee on behalf of customers for outgoing digital currency transactions.
The fee you pay for outgoing transactions is calculated dynamically at the time the transaction is created. This means that the fee may be higher or lower depending on the overall transaction volume currently on the digital currency network. The fees are displayed on the send confirmation screen. Please note that no portion of this fee goes to Coinbase. Would be great to hear from someone whom has sent Bitcoin from Coinbase to another wallet and what it cost in miner fees percent wise please. |
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Wow thanks all for the quick response! Think I will like it here!  I'm aware of all the other fees, but it's the fees for withdrawing/sending Bitcoin to my own wallet (say to Electrum for example) that I'm trying to ascertain. Any idea if it's a flat fee or a percentage, and if so any idea of percentage charged please? |
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Hello I'm trying to discover Coinbase fees without getting a nasty shock when it comes to withdrawing Bitcoins, but their fee pages is very vague... Transfers of virtual currency to an address off the Coinbase platform may incur network transaction fees, such as bitcoin miner’s fees, which Coinbase may pass through to you. Any such transfer fees will be disclosed to you at the time of the transaction. Can anyone confirm if fees are passed on to us, and if so what percentage please? Thank you |
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