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Author Topic: Minimize Fee for Micro transaction on Exchanger  (Read 63 times)
brotherwood12
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January 28, 2018, 02:55:55 PM
Merited by Fidemoga (3), cpoer2011 (1)
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Hello I Want share my writing on steemit  about trick to minimize the bitcoin fee on exchanger especially for micro transaction ,  this trick help me a lot when i want withrdaw my little money .
The main idea of this trick is using 2 exhanger with same alt coin  as an intermediary for bitcoin exchange
you can read completely on : https://steemit.com/bitcoin/@brotherwood11/minimize-your-fee-bitcoin-tips-and-trick-1
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January 28, 2018, 05:52:33 PM
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It is an old known "trick" to simply convert BTC into an altcoin with cheap transfer fees, send them and exchange them back to BTC, but it is nice written especially for newbies. You could add to your article some possible issues on this method to take care of:
Take attention, that wallets of transfer coins are not under maintance.
Take attention on bid/ask prices on both exchanged and the market activities.
Take attention to withdraw fees of altcoins on exchanger: Yobit for example takes rediculous high fees on several altcoins like dogecoin (a few hundred dogecoins).
But step-by-step-guides like yours are great for newbies to get familiar with basics.
The headline is excellent and the article combined with screenshots will get the attention of many visitors.
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January 28, 2018, 05:58:40 PM
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This might only work with crypto that have good daily trading volume and low price spread which is quite hard to find. And even with ETH like coin, it will be hard to sell it on another exchange for same price mostly because of difference in number of buy/sell orders on that platform (specially on small exchanges).

Even bittrex and binance like platform have difference in order book for altcoins.

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January 28, 2018, 11:31:24 PM
 #4

Hello I Want share my writing on steemit  about trick to minimize the bitcoin fee on exchanger especially for micro transaction ,  this trick help me a lot when i want withrdaw my little money .
The main idea of this trick is using 2 exhanger with same alt coin  as an intermediary for bitcoin exchange
you can read completely on : https://steemit.com/bitcoin/@brotherwood11/minimize-your-fee-bitcoin-tips-and-trick-1
Well, it's not new trick and many people already doing something similar to avoid huge Bitcoin transaction fees and slow transfers. I see your post only as a method to make your Steemit article more popular. And I'm not sure what did you tried to say in this sentence:
Quote
1st thing what i  do is convert my bitcoin into another bitcoin
Maybe you mean that you convert your Bitcoin to another Altcoin, not another Bitcoin?
Personally, when I need to transfer coins between exchanges, I choose Dogecoin. Dogecoin transactions are very cheap and fast and it's what I need for.

brotherwood12
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January 29, 2018, 05:58:39 AM
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It is an old known "trick" to simply convert BTC into an altcoin with cheap transfer fees, send them and exchange them back to BTC, but it is nice written especially for newbies. You could add to your article some possible issues on this method to take care of:
Take attention, that wallets of transfer coins are not under maintance.
Take attention on bid/ask prices on both exchanged and the market activities.
Take attention to withdraw fees of altcoins on exchanger: Yobit for example takes rediculous high fees on several altcoins like dogecoin (a few hundred dogecoins).
But step-by-step-guides like yours are great for newbies to get familiar with basics.
The headline is excellent and the article combined with screenshots will get the attention of many visitors.
really thanks for correction  ,that give me more knowledge , yeah that old trick i got from someone , i just try to rewrite it with my writting ,

Hello I Want share my writing on steemit  about trick to minimize the bitcoin fee on exchanger especially for micro transaction ,  this trick help me a lot when i want withrdaw my little money .
The main idea of this trick is using 2 exhanger with same alt coin  as an intermediary for bitcoin exchange
you can read completely on : https://steemit.com/bitcoin/@brotherwood11/minimize-your-fee-bitcoin-tips-and-trick-1
Well, it's not new trick and many people already doing something similar to avoid huge Bitcoin transaction fees and slow transfers. I see your post only as a method to make your Steemit article more popular. And I'm not sure what did you tried to say in this sentence:
Quote
1st thing what i  do is convert my bitcoin into another bitcoin
Maybe you mean that you convert your Bitcoin to another Altcoin, not another Bitcoin?
Personally, when I need to transfer coins between exchanges, I choose Dogecoin. Dogecoin transactions are very cheap and fast and it's what I need for.

actually i dont get profit for the visitor because that my old arctile , and steemit just give a week / 2 week to rise the ammont of upvote

and thanks for the correction that my mistake on writting
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January 29, 2018, 08:59:17 AM
 #6

Hello I Want share my writing on steemit  about trick to minimize the bitcoin fee on exchanger especially for micro transaction ,  this trick help me a lot when i want withrdaw my little money .
The main idea of this trick is using 2 exhanger with same alt coin  as an intermediary for bitcoin exchange
you can read completely on : https://steemit.com/bitcoin/@brotherwood11/minimize-your-fee-bitcoin-tips-and-trick-1

The big if is if you are doing it from one exchanger to another. If you need to send somebody money, then you can't just send them altcoins and let them convert it to bitcoin itself, since they'll still be charged that transaction fee.

However, it's a good guide, and it often comes in handy.

It is worth noting that this only works if you're dealing with amounts under 0.2 BTC, though. Otherwise the spread will hit you harder than the actual bitcoin withdrawal fee will, so you'll be taking a loss. Plus, if the market fluctuates, you'd be likely to lose lots of money. If bittrex decides to hold up your withdrawal, and lumens crash during that period of time, you also will lose lots of money. So it's not a risk free method, but for 0.005 BTC, it's probably worth it.

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January 29, 2018, 03:15:49 PM
 #7

Hello I Want share my writing on steemit  about trick to minimize the bitcoin fee on exchanger especially for micro transaction ,  this trick help me a lot when i want withrdaw my little money .
The main idea of this trick is using 2 exhanger with same alt coin  as an intermediary for bitcoin exchange

It's not trick for withdrawing, you are misleading the information about it.
You may have to move this thread to the Trading discussion as this trick is a common thing to do for traders.
and it can be classified as arbitrage trading, using 2 exchanges and 2 different coins to get more profits.
Another advice; you may want to learn how to write an article in the proper way with the correct grammar.
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