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Author Topic: Blockchain, BitPanda wallet question.  (Read 2387 times)
pacxiu
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February 08, 2017, 05:59:28 PM
 #1

Hello,

I bought my btc on BitPanda and then transferred them to Blockchain wallet for  withdrawals etc. Unfortunately on blockchain they've fees for withdrawals and on BitPanda I do not see any is this a better choice to treat BitPanda as a wallet? Or some other where the fees would not be high?
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February 08, 2017, 06:11:34 PM
 #2

BitPanda is an exchange which should clearly have some fees while buying or selling but Blockchain.info don't have any except the bitcoin network fees that every wallet has. I cannot recommend using BitPanda or any other exchange as a wallet because you don't have control over the private keys , If they ever get hacked or something similar then your funds will be lost forever.


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pacxiu
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February 08, 2017, 06:21:37 PM
 #3

Thank You very much for it.

I guess making bigger transaction over higher quantity of smaller ones will be an option then to avoid fees and being more secured. But then I have another question - fee sometimes differs why is that ?
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February 08, 2017, 11:19:13 PM
 #4

Thank You very much for it.

I guess making bigger transaction over higher quantity of smaller ones will be an option then to avoid fees and being more secured. But then I have another question - fee sometimes differs why is that ?
Fee is based on amount of data you are sending, not the amount of BTC you are sending. Basically it is the difference between the inputs and the outputs in your transaction.
For example if you receive many dust transactions and collect over time large sum of BTC, when you try to send it, you will pay humongous fee just because number of the outputs of your transaction is so high.

Well, if you want to know more please read this short article: https://blog.blockchain.com/2016/12/15/bitcoin-transaction-fees-what-are-they-why-should-you-care/


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