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eclecticuniversalas
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February 22, 2017, 04:00:04 PM
 #1

 Just Curious, Lets say I have a paper wallet with .05 BTC on it and want to lose as little of the funds as possible transferring it over into my usd bank account, Currently I have to transfer the paper wallet to mycelium then to coinbase (coinbase wont import paper wallets, .then have coinbase convert my BTC to usd and put it in my bank account. however using these transfers eats into my original BTC/USD amount and imo takes way too much of my money, . . what is the most economical way of transferring BTC to USD and into my bank account to help cut losses
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BillyBobZorton
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February 22, 2017, 04:30:42 PM
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Just Curious, Lets say I have a paper wallet with .05 BTC on it and want to lose as little of the funds as possible transferring it over into my usd bank account, Currently I have to transfer the paper wallet to mycelium then to coinbase (coinbase wont import paper wallets, .then have coinbase convert my BTC to usd and put it in my bank account. however using these transfers eats into my original BTC/USD amount and imo takes way too much of my money, . . what is the most economical way of transferring BTC to USD and into my bank account to help cut losses

It's a matter of looking at the websites of every possible exchange and calculating the fees, you can easily search this yourself in google comparing the different exchange fees.

If you want you can try to find a better deal in localbitcoins, but it will be hard.


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pedrog
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February 22, 2017, 05:47:14 PM
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You need to transfer considerable amounts of bitcoin so transaction fees seem irrelevant.

If fees are too high for your transaction you probably shouldn't be using bitcoin.

OmegaStarScream
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February 22, 2017, 07:05:38 PM
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Paper wallets are meant for long term storage and high amounts of bitcoins so I don't see why you are storing 0.05 BTC In the first place . Mycelium is importing as far as I know so no fees should be consumed In that case , the only time you are spending some fees (only a few cents) is while sending to Coinbase and buying bitcoins.

It's normal that companies like Coinbase use high fees , because they need money to both operate and make profit. I personally would suggest trading with individuals instead of using services like this , there is nothing better then P2P trading unless you are in a rush.

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