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Author Topic: Isit worth withdrawing $20 in Bitcoin  (Read 514 times)
Jet Cash
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December 03, 2017, 01:17:14 PM
 #1

I've got a sales account with around $20 in credit, and I can withdraw this in Bitcoin. I don't use Bitcoin for purchases, so I haven't been following the transaction costs. I've got two concerns -
- By waiting to withdraw this money, I may find that the rise in the Value of Bitcoin reduces the amount transferred.
- The transaction charge will be too high, and it will make withdrawals like this uneconomic.

The money is for savings, and I don't need it immediately. I have a continuing relationship with the seller, so I am likely to have more sales in the not too distant future. The big question is - Should I grab the money now, or should I hold off for a drop in either the value of Bitcoin, or the transaction fee?

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December 03, 2017, 01:20:32 PM
 #2

Well if you just plan to buy, sure you can if someone offers this small of a btc-fracture.. just make sure not to transfer this amount anywhere because that will already et up half the value. but for storing it somewhere you purchased it, itll be just fine and you can add more later on before its worth to deposit the bunch to a safer wallet/exchange or whereever you wanna put it.

Ask for the next best x100 coin and you will get people to tell you what the most desperate coin in their portfolio is.
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December 03, 2017, 01:29:00 PM
 #3

I run a full node with a couple of wallets, so I'm not too bothered about the storage, and I don't plan to spend it, I'll just add it to my Bitcoin savings. I might mail the seller to see what he thinks of current transaction fees, he may be using a cheap option as transfer time is usually two or three days. This may be the result of the optimisation of his acquisition of Bitcoin. The last transfer was for a couple of hundred dollars worth, so maybe I should wait for the balance to build up a bit.

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December 03, 2017, 01:29:53 PM
 #4

In my opinion you should keep it and wait for the dip or the impending correction, your $20 will be 0.001712 BTC for now, but if that is not a big problem with you then you can sure put it in your bitcoin account, and if you are still attaining a continues $20 and bitcoin is the only option you have for a withdrawal or exchange then go for it, but If you would put it in another Coin it would sure have a much larger value,

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December 03, 2017, 01:34:42 PM
 #5

There are lots of options for using the dollars or withdrawing the money in fiat. However, the main purpose of selling for me, is to accumulate Bitcoin for long term savings.

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December 03, 2017, 01:39:43 PM
 #6

If you now do not need money it is better to keep the coins. First, you can earn more Fiat due to the constant price growth of bitcoin. The second problem is the cost of the transaction exists and it is to be solved. Perhaps next year a consensus will be reached on increasing the size of the unit and the price of the transaction reduced.

.

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December 03, 2017, 01:41:10 PM
 #7

This all depends if u need money withdraw then if u dont keep them many studies are sayung it gonna get higher in the first quarter of 2018
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December 03, 2017, 01:43:52 PM
 #8

for 20$ id go for the btc dust unless you need 20$ cash right now, and seems that you have already some btc add it to your current balance, that's what i would do, every bit (satoshi in this case) helps Smiley
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December 03, 2017, 01:51:51 PM
 #9

You obviously do not need money in a hurry, I'd have suggested you go for it in fiat. But as things stand, your concern is transaction fees which is quite high. A $20 transaction would set you back about $7. That's nearly half the Bitcoin you've got there. Therefore, I do not think it's a good idea making the withdrawal now.

What I think you should do is build up the fund to something substantial. I can understand a transaction of say $200 for + to 10 dollars fee, not that of $20. It's just not worth it.

I cannot encourage you to wait for a correction, there's none coming in the near future to bring your transaction fee to as low as $5 for a $20 transaction. So focus on making more sales with the wallet to get a substantial sum in it to  over your transaction costs.

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December 03, 2017, 02:00:06 PM
 #10

for 20$ id go for the btc dust unless you need 20$ cash right now, and seems that you have already some btc add it to your current balance, that's what i would do, every bit (satoshi in this case) helps Smiley

How things have changed to consider $20 as dust. Smiley

Thanks for the comments guys. The way that it works is that I ask for withdrawal in Bitcoin, and the sales site doen't make a charge for the transfer. He doesn't quote a Bitcoin amount, and I just get what I am given - it sounds stupid to work like that, but the last payment was pretty close to the xe.com conversion rate, and I was happy with what I got. It's an unusual situation, and I have an ongoing trusted relationship with the company. I wouldn't suggest that this arrangement is suitable for many trading situations.

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December 03, 2017, 02:40:46 PM
 #11

No, 20 dollars are just 0.001 btc, if you use math's, you could see that you are going to be earning $0,10 everytime that bitcoin goes up by $100.

- By waiting to withdraw this money, I may find that the rise in the Value of Bitcoin reduces the amount transferred.

Do you think that it is a good amount to make a "saving" of bitcoins? it is not even worth it, withdraw that money.

Maybe the fees are going to eat all that money, but it is better than nothing. I would not sell my bitcoins because i have a good amount, and i do not like the idea of "selling" them.

but withdrawing $20, is like a joke.


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December 03, 2017, 02:47:00 PM
 #12

I've got a sales account with around $20 in credit, and I can withdraw this in Bitcoin. I don't use Bitcoin for purchases, so I haven't been following the transaction costs. I've got two concerns -
- By waiting to withdraw this money, I may find that the rise in the Value of Bitcoin reduces the amount transferred.
- The transaction charge will be too high, and it will make withdrawals like this uneconomic.

The money is for savings, and I don't need it immediately. I have a continuing relationship with the seller, so I am likely to have more sales in the not too distant future. The big question is - Should I grab the money now, or should I hold off for a drop in either the value of Bitcoin, or the transaction fee?
Well nothing is not worth to do if it's not really needed at the moment. If someone needs money urgently and he or she can't get it somewhere, a 20 USD can be withdrawn for the sake of using it for emergency purposes. But if you have enough money with you, you don't need to withdraw 20 USD in your BTC wallet. You already know this that you just have to hold it and let it earn on it's own.

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December 03, 2017, 02:48:40 PM
 #13

Well why don't you just hoard it and wait until it becomes 50-60$? How will you be able to pay the 'expensive' transaction fee and you'll only get a small amount if money? 20$ is too small it's like about .002 i guess. Save money then let it grow then withdraw it if bitcoin's value will become higher. You can withdraw it if you are really in need but for me it is too small! Grin

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December 03, 2017, 02:54:21 PM
 #14

I think some of you are missing the point. "withdrawing" in this thread means taking it out of my product sales account, and placing the money elsewhere, this can be fiat, Bitcoin or a purchasing account. Any Bitcoin I have stays in my wallet for a long term investment. The question is " Should I transfer the money into Bitcoin now with high transfer fees, or wait for a better return as a result of market changes?"

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December 03, 2017, 02:57:59 PM
 #15

The real problem is that no one is paying attention to your real question. Everybody is spamming the same shit because they do not have anything to say more than say "no, dont withdraw bcause of fees".

I think some of you are missing the point. "withdrawing" in this thread means taking it out of my product sales account, and placing the money elsewhere

The only thing that i can tell you, is just move that money OUT of there and keep it in bitcoins, that is the best thing that you can do.

or maybe if that account allows you to withdraw on Eth, it would be better because probably it is a good option to move your money without having to pay two or three dollars worth of fees everytime that you want to move your money.

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December 03, 2017, 03:04:20 PM
 #16

If you need your money for yourself and it is really important for you to have money, withdraw it. Well, if there would be no important agenda, don't withdraw it, HODL. Just hodl until it will become big. Regarding the fee, yes, the fee is so high right now so not worth it to put it elsewhere.



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December 03, 2017, 03:05:29 PM
 #17

I run a full node with a couple of wallets, so I'm not too bothered about the storage, and I don't plan to spend it, I'll just add it to my Bitcoin savings.
Your setup looks legit, on an own node you can send BTC on really low fees (setup manually) and just wait until it arrives. Mempool occasionally runs low enough for these slow transactions to get through.

However, grab the money now. Time will not work for you or your $20

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December 03, 2017, 03:12:30 PM
 #18

How things have changed to consider $20 as dust. Smiley

Thanks for the comments guys. The way that it works is that I ask for withdrawal in Bitcoin, and the sales site doen't make a charge for the transfer. He doesn't quote a Bitcoin amount, and I just get what I am given - it sounds stupid to work like that, but the last payment was pretty close to the xe.com conversion rate, and I was happy with what I got. It's an unusual situation, and I have an ongoing trusted relationship with the company. I wouldn't suggest that this arrangement is suitable for many trading situations.

Indeed! To be honest, I can't really get over the fact than even 1,000 satoshi now - by most standards dust - is worth more than ten cents now. I also now view some site services I use with some disdain, with so-called low fees of 20k satoshi and up meaning I'm paying more than $2.50 for every withdrawal. With Localbitcoins I just paid more than $10 for three DEPOSITS even.

My advice: if your seller can send you the coins for next to nothing, while keeping the input low, then go for it. I actually accept plenty of "dust" txs with near-zero fees, and just wait out the week... when the network is below 10k transactions, that is. They have eventually confirmed for me.

If not, accumulate the funds and then request when you've got about $100. It's a seller account so you will expect to sell more right?

P.S. I'm also an accumulator, or an earner rather. And I do earn in small amounts too, so don't mind accumulating to save on txs/outputs.

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December 03, 2017, 03:14:00 PM
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How things have changed to consider $20 as dust. Smiley


Quite true. I was actually going through a list of old pools and exchanges I used to mine with long ago and I found a lot of leftover "dust". Funny, that some of this dust that was only worth $6 (~0.06 btc) in early 2013 when bitcoin was around $100 is now worth $600.

I managed to scrape up close to half a bitcoin in total from these forgotten amounts spread across probably 10 places. So this Christmas will be paid for by my old forgotten dust amounts Smiley

On the sad note, many more of the old sites I tried no longer exist so I probably lost an equal amount of dust with time as well.

I should mention that some of the sites were a bit hard to get funds off too, Vicurex for one where I still had 0.2 BTC I had to place a buy order for Doge coin, wait about a week for it to even fill, and then wait 2 weeks before the wallet would even let me transfer the money off. I had originally written this off as a lost cause, but it did eventually go through. I then converted the doge back to BTC at a slight 2 satoshi profit. Smiley

A couple other sites were sketchy as well, so I suggest if anyone is in a similar situation you act now as I am sure as the dust values go up some of these old sites will simply vanish.
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December 03, 2017, 03:15:46 PM
 #20

Your setup looks legit, on an own node you can send BTC on really low fees (setup manually) and just wait until it arrives. Mempool occasionally runs low enough for these slow transactions to get through.

However, grab the money now. Time will not work for you or your $20

Thanks for the reply. Unfortunately I have no control over the sending, and I don't know if the sender runs his own node. It is a commercial organisation, and I suspect they will have a wallet with one of the exchanges. This will allow them to pay out even if they don't have sufficient Bitcoin. I am concerned about the cost to the sender, simply because a high cost will cause him to start introducing fees. He already charges 2% for PayPal.

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