Bitcoin Sending Fee - Indonesian Experince

[Yasien Sayidiman]

Good evening ,

Hi I need some advise, as Indonesian we only familiar exchanger like Indodax.com , luno.com or binance
I just curious which wallet or exchanger have low fee for sending bitcoin , sometime I just to invite my friend to using bitcoin (giving him/her little bit satoshi) but if I sending from Indodax or Binance fee sending is 0.0005 btc . please advise also why they have difference cost fee (IMHO speed sending is same)

[OmegaStarScream]

Never use an exchange platform as your wallet, just use it for trading and withdraw to your personal wallet. I would suggest going with Electrum (desktop) or Mycelium (phone).

[AB de Royse777]

Good evening ,

Hi I need some advise, as Indonesian we only familiar exchanger like Indodax.com , luno.com or binance
I just curious which wallet or exchanger have low fee for sending bitcoin , sometime I just to invite my friend to using bitcoin (giving him/her little bit satoshi) but if I sending to Indodax or Binance fee sending is 0.0005 btc . please advise also why they have difference cost fee (IMHO speed sending is same)

The most convenient way to store your Bitcoin is to have a wallet of your own like Electrum or a hardware wallet. You can send Bitcoin will the lowest possible fees like, 0.00000226BTC

So my suggestion will be to ask your friend (teach him if needed) to have a Bitcoin wallet such as Electrum. And send him the Bitcoin in his personal wallet instead of any exchange. Also do remember that he knows and aware of the risk involved with Electrum wallet or any other Bitcoin wallet.

[Yasien Sayidiman]

Never use an exchange platform as your wallet, just use it for trading and withdraw to your personal wallet. I would suggest going with Electrum (desktop) or Mycelium (phone).

Thank you for your good answer, but the main Issue In Indonesia more than 50% user Bitcoin here using Indodax also they thought Indodax provided a good wallet
time to studying more about bitcoin, I will try Mycelium

[harizen]

Thank you for your good answer, but the main Issue In Indonesia more than 50% user Bitcoin here using Indodax as wallet
time to studying more about bitcoin, I will try Mycelium

To make it simple, like any exchanges, Indodax has its own set of fees when it comes to deposit and withdraw. Maybe fixed or adjusting it depending on the current network traffic. It's a business after all. When using any exchanges, you are dealing with their own fees plus their own exchange rates. Not familiar about Indodax and their supported currency on their "wallet" but you can take advantage of much cheaper withdrawal fees with the use of other coins e.g XRP (if supported).

However, using it as an own wallet might put you on risks since you don't hold your own funds here "technically" that's why others suggested here to consider using a wallet that you really own and control e.g Electrum.

[Thirdspace]

Thank you for your good answer, but the main Issue In Indonesia more than 50% user Bitcoin here using Indodax also they thought Indodax provided a good wallet

just because most of them use it doesn't mean you obliged to follow them and use it too
if you insist using indodax then you may want to use onsite voucher to give bitcoin to your friend
but then your friend would have to open an indodax account to redeem it and do kyc (cmiiw)
I think only thru voucher you can avoid paying the fee

[Yasien Sayidiman]

Thank you for your good answer, but the main Issue In Indonesia more than 50% user Bitcoin here using Indodax also they thought Indodax provided a good wallet

just because most of them use it doesn't mean you obliged to follow them and use it too
if you insist using indodax then you may want to use onsite voucher to give bitcoin to your friend
but then your friend would have to open an indodax account to redeem it and do kyc (cmiiw)
I think only thru voucher you can avoid paying the fee

Hi.. thanks for reply , I don't want follow majority Indonesian using indodax as wallet thats why I need more time to study best wallet .

yes Indodax have voucher to redem , but this is feature from indodax website not using technology bitcoin (CMIIW)
but today I already have good answer for my question : to using Electrum (desktop) or Mycelium (phone).

  

[PrimeNumber7]

Good evening ,

Hi I need some advise, as Indonesian we only familiar exchanger like Indodax.com , luno.com or binance
I just curious which wallet or exchanger have low fee for sending bitcoin , sometime I just to invite my friend to using bitcoin (giving him/her little bit satoshi) but if I sending to Indodax or Binance fee sending is 0.0005 btc . please advise also why they have difference cost fee (IMHO speed sending is same)

The most convenient way to store your Bitcoin is to have a wallet of your own like Electrum or a hardware wallet. You can send Bitcoin will the lowest possible fees like, 0.00000226BTC

So my suggestion will be to ask your friend (teach him if needed) to have a Bitcoin wallet such as Electrum. And send him the Bitcoin in his personal wallet instead of any exchange. Also do remember that he knows and aware of the risk involved with Electrum wallet or any other Bitcoin wallet.

Actually wallet software does not set the mining/network fee, they only measure the fee based on an estimation of what it will cost to get transactions confirmed in future blocks. Most wallet software will allow users to set custom mining fee rates, either a specific rate, or a generalized "slow" or "fast" rate based on the above.

[Pmalek]

I will mention something that other users didn't mention so far.
You mentioned that you intend to send your friends a couple of satoshis every now and then from your exchange wallet. You should know that most exchanges, probably those Indonesian exchanges you mentioned as well, have a fixed minimum withdrawal amount which means you can't withdraw less then X amount of Bitcoins.
Lets say that amount is equivalent to $10 in BTC. If you are planning to send a lower amount then the fixed minimum you wont be able to do that. So besides the fee you also need to take into account this minimum withdrawal limit.