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Author Topic: Isit worth withdrawing $20 in Bitcoin  (Read 532 times)
AngelSky
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December 03, 2017, 03:18:03 PM
 #21

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?

Your query is seems like a newbie person. We all after the big bump in the bitcoin you will find the transaction fee as little high only so you do not need bother it. If you are earning more money in bitcoin related projects.
Put your complete asset in bitcoin, I am sure that you are not being wasted. Your fund will return to you like double the value after a 6 months or year for sure. If you find any dump also don't panic and sell it. Still that time too hold it for sometime to find the bump again.

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Akash1243
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December 03, 2017, 03:22:56 PM
 #22

Well $20 is small amount as transactions fees would be around $5 to $7 which is very high for $20 so i would recommend to hold as bitcoins would increase, this amount will increase a bit.But $20 won't increase much so it's up to you whether to hold or get amount after reducing the transactions fees.

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December 03, 2017, 03:23:39 PM
 #23

I really don't think its a good idea considering how much they are going to charge for withdrawing the amount in bitcoins, I think it will be a good idea to wait because i have come to realize that the transaction fees usually to normal after it soars for a while.



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December 03, 2017, 03:26:00 PM
 #24

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.

Yes, I just had to go through hoops on Bittrex to get my small amount of btc off of there and then they charge 0.001 BTC withdrawal fee, which is right now around $12. For people with smaller amounts they are basically just claiming your BTC as the transaction fee will cost more that your balance.

Since they don't lower the withdrawal fee which is denominated in btc, it doesn't matter what btc is worth as the fee will scale as well. So if btc hits $20k their withdrawal fee will essentially be $20.
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December 03, 2017, 03:28:24 PM
 #25

$20 is not that big a amount to warrant this much thinking over in my opinion. the rise and fall is not that big and won't affect your amount received that much either.
for example currently you get 0.0017BTC according to preev.com and back when price was $10000 you could have received 0.0020BTC. that 0.0003BTC is what you are worrying about right now!

also i should mention, based on my experience waiting for the price to drop never ends well unless you are nearly certain of it.

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December 03, 2017, 03:33:10 PM
 #26

Id definitely withdraw it now. Its low enough amount to no be a huge loss, but worth the risk. Only invest what you can lose, right?

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December 03, 2017, 03:33:17 PM
 #27

I think that is not worth, because you need to pay around 2-3$ for confirmation
Hold them and maybe in 1 year your 20$ can be trasformed in 100$
Or if you need money, then withdraw them  Grin
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December 03, 2017, 03:35:27 PM
 #28

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.


It is like the McDonalds hamburger (sell) why would anybody use their satoshi to purchase a $9.00 hamburger using their bitcoin (satoshi) when next week, that $9.00 in satoshi will be, could be closer to double the amount. You actually loose on both ends of the trade.
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December 03, 2017, 04:14:19 PM
 #29

Well Bitcoin has gone up around 10% in the last day, so that's $2 I've lost. I'll probably withdraw it, and see what effect the fees have. Also, I have to guess what the exchange rate will be when they process the withdrawal, and that may be in 24 hours or more.

I'm experimenting now with such a small amount to get some idea of the mechanism, and the effect of the delays. $20 doesn't matter one way or the other, but $2,000 or more may be worth a bit more consideration.

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December 03, 2017, 04:26:26 PM
 #30

Well Bitcoin has gone up around 10% in the last day, so that's $2 I've lost. I'll probably withdraw it, and see what effect the fees have. Also, I have to guess what the exchange rate will be when they process the withdrawal, and that may be in 24 hours or more.

I'm experimenting now with such a small amount to get some idea of the mechanism, and the effect of the delays. $20 doesn't matter one way or the other, but $2,000 or more may be worth a bit more consideration.

If $20 is not that big a deal for you, just withdraw it and get it over with.... WHY are you even over thinking this? If it was

$2000, you would have done this a long time ago. Soon enough, we will be implementing the Lightning Network and then the

scaling problems and the high fees will be a thing of the past.  Wink

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December 03, 2017, 04:36:23 PM
 #31

As I said, it's a trial. I want to see if it is worth switching to other services that pay in Bitcoin. It's quite difficult to sift out good opinions in forum posting these days. Many people seem to read about half a sentence, and then post a standard opinion. btw, that comment wasn't directed at kprawn.

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December 03, 2017, 04:58:36 PM
 #32

At now Bitcoins cost transaction are high, as you don't need it immediately, so i suggest just hold it.
At least you have a plan for saving, while you can add other income to this Bitcoins wallet.
Else way, you can convert it to Eth, which you can selling anytime with more low fees.

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December 03, 2017, 05:14:12 PM
 #33

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?

If you do not need to use your bitcoin immediately its better to hold it and not spending it. Transaction fee is very high this days and your 20 $ worth of bitcoin will only be a transaction cost. You can make an investment by just holding your bitcoin, who knows bitcoin will be 100k $ in the future.

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December 03, 2017, 05:19:12 PM
 #34

IMO, I don’t think it is worth withdrawing $20 worth of BTC. The transaction and or converting cost is high and it is going to be a big percentage of the $20.

If it is me, I will keep the $20 in the wallet until one day when I have more BTC to sell at once. If you are confident that BTC price will rise, why don’t just hold it for a few years.

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December 03, 2017, 05:21:17 PM
 #35

Hold it forever; just forget that you had $20 maybe come back to it a year from now to see what its worth. or add more bitcoin to it.
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December 03, 2017, 05:24:08 PM
 #36

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?

There you go, you have all the questions and you have yourself answered them in the first place. I mean $20 withdrawal will take a lot of fees now a days and it won't be worth it. If you have any other option then just do it that way. Holding your $20 is also very less amount. May be you can try our your luck on some cheap alt coins like ripple if the investment and time of investment is not your problem. If you can let go these $20 then I'm pretty sure that Ripple is best option for yourself to work with.

Really don't withdraw such less amount in bitcoin form, the transaction fees and network fees will kill the fun by reducing your money all upto $15-16 may be. Whats the use then. So better put it at work and forget about it for at least next 6 months and enjoy the rewards at atet time. :-)
 

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December 03, 2017, 05:24:23 PM
 #37

Well $20 is small amount as transactions fees would be around $5 to $7 which is very high for $20 so i would recommend to hold as bitcoins would increase, this amount will increase a bit.But $20 won't increase much so it's up to you whether to hold or get amount after reducing the transactions fees.

I am not sure about the withdrawal fee charged by various exchanges, but a few days back I paid around BTC0.002 (equivalent to $23.5) to withdraw around $100 worth of coins. I was about to convert my BTC to BCH and then withdraw it, but at that point of time the BCH exchange rates were declining.

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December 03, 2017, 05:24:41 PM
 #38

Naah, you will pay about $3 transaction fee for a $20 withdrawal? I wouldn’t do it Wink wait till you have more btc.
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December 03, 2017, 05:29:03 PM
 #39

Lols it’s too less to be withdrawn in the form of bitcoin. The minimum current fees for withdrawal is around BTC 0.0006 which is agin around 6.6 USD with current rate. Now ask yourself are you willing to pay that kind of fees to process your little transaction up threre. You will receive only $14 USD. Better hold it for long time and wait until the fees are low for each transaction.

It is wise to put this money into bitcoin for at least next six to twelve months because it is too less to grab big interest rates on it. It might turn into $100 if you do so, yes that’s practically possible. Or else why not put your money into ethereum which is also another option that is about to explode in the future.
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December 03, 2017, 05:48:06 PM
 #40

The transaction fee is too high for a $20 transaction. Leave it in your wallet until you accumulate more BTC from your customer will be a better way out.

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