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Author Topic: The Minimum Cost For Wallet Bitcoin  (Read 98 times)
gtinvest
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December 03, 2017, 01:58:20 PM
 #1

what kind of bitcoin wallet with the cheapest cost for transaction like sell or buy ? For the example i am using Luno wallet with each transaction in their wallet charged $2 either sell or buy. If you are trader with small funds like me you must consider this cost for our profit. So let me know what wallet do you use for your bitcoin and their charged. Thank you

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OmegaStarScream
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December 03, 2017, 02:12:02 PM
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The fees are dynamic and are calculated on percentage, so it's not 2$ the whole time from what I understood here: https://www.luno.com/en/countries and compared to other exchanges, I believe It's kinda the same.

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December 03, 2017, 02:27:20 PM
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Any open source wallet will allow you set your own fees, so there is no cheapest. You can pay 0% if you wish, it is just that the miners will likely never confirm it and as a result other Bitcoin nodes won't even relay your transaction if it is bellow certain amount.

Electrum is a popular light weight open source wallet and Bitcoin Core is a backbone of the entire network which stores, validates and replays all transaction on the network.

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December 03, 2017, 03:07:12 PM
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Any open source wallet will allow you set your own fees, so there is no cheapest. You can pay 0% if you wish, it is just that the miners will likely never confirm it and as a result other Bitcoin nodes won't even relay your transaction if it is bellow certain amount.

Electrum is a popular light weight open source wallet and Bitcoin Core is a backbone of the entire network which stores, validates and replays all transaction on the network.

I think the OP did not express himself clearly. He does not talk about the transaction fees for sending bitcoins but those related to trading (buying/selling)

@gtinvest it doesn't matter if you trade small or big amount because the fees are (usually) based on a percentage, as mentioned by OmegaStarScream. On average the fees are more or less the same, about 0.25%

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December 03, 2017, 03:19:40 PM
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Try to use Electrum, which is an offline wallet
Offline wallet are better than online wallet or exchange wallet, because online or exchange wallet can steal all your money, and you don't have the control of them
And of course, the higher is commission, the faster is the confirmation
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December 03, 2017, 03:43:59 PM
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I suggest that you use a ERC20 wallet, which is to be paid with a ETH wallet. Indeed, the current bitcoin payment is a big problem. I believe that in the near future, this problem can be well improved, because this is a must for bitcoin.
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